Bloomsbury Property London WC1: Google Trends in London Property Search During the World Cup
There is a relationship between google search traffic for the world cup, London property and divorce. This can be a very stressful time!
Councils and communities are being given new powers to prevent the destructive practice of ‘garden grabbing’ and to decide what types of homes are suitable for their area, Decentralisation Minister Greg Clark announced today.
Over the last decade, many councils have been left frustrated at being unable to prevent a dramatic increase in the number of new houses being built on previously residential land such as people’s back gardens – up from one in ten to one in four between 1997 and 2008.
Planning guidance has classified gardens as previously residential land’, in the same Brownfield category as derelict factories and disused railway sidings, robbing communities of green breathing space, safe places for children to play and havens for urban wildlife.
Mr Clark is today unveiling plans to take gardens out of the Brownfield category, a simple step that will dramatically transform councils’ ability to prevent unwanted development on gardens where local people object and protect the character of their neighbourhoods.
Recent government figures suggest the proportion of houses built on previously residential land, such as gardens, increased from one in 10 in 1997 to one in four in 2008.
New build statistics show the decline in the number of houses built has largely been for 4+ bed houses, with small declines in 2 and 3 bed houses. There has been a corresponding proportionate increase in 2 bed flats
Residential Landlords news service reports London is increasingly popular among foreign buy-to-let investors, and not simply because the rental sector is seen as lucrative, but also because it is seen as a safe investment option. Savills recently released statistics show a marked rise in the number of foreign clients looking to invest in residential rental properties. Approximately 55% of all sales and purchases of London-area properties involved foreign landlords and investors, according to Savills’ calculations. This represents near record levels, considering that at the height of the property boom, in 2007, just under half (45%) of all transactions were initiated by foreign investors.
In addition to London being seen as a safe investment opportunity, it is noted that the drop in the pound’s value, as well as lower prices following the economic crisis of autumn 2008 may have helped attract new investors from continental Europe and further afield, particularly in Asia and the Middle East.
Another factor which makes London attractive to international buy-to-let investors are continued low interest rates. This has made areas of Central London particularly appealing to foreign buyers. Residential property values have also shown positive signs of growth and recovery, even though increases over the past two months were relatively modest. The price of an average home in London, however, is now 8.5% higher than it was this time in 2009, and increased by an additional 0.2% this past April.
The RLA news Service is reporting that Britain’s residential landlords expect that property prices in London will increase by another 1.48% over the course of the next 12 months, according to statistics published as part of the Young Index. Nearly 8 out 10 landlords (78%) believe that residential property values in London will either increase by modest proportions or will remain at current levels. These finding suggest that much of the anxiety that surfaced in the buy-to-let sector following the financial crisis of late 2008 has subsided and has been replaced by a form of cautious optimism last seen immediately before the economic troubles began.
Yet there seems to be a stark difference between expectations for properties in London when compared to anticipated values in the rest of the country. The Young Index shows that most landlords predict either stagnation or a modest decline in values through much of the country. In fact, the anticipated decline in property prices this year for the rest of England stands at 0.58%. But it is important to remember that even this figure is an improvement over more pessimistic predictions late last year that prices would fall by an average of 1% in the coming year.
Many landlords are intent to stay in the buy-to-let business over a long period of time. The Young Index found that 47% of respondents expected to be letting properties 10 years from now. This represents a noticeable increase compared to last year, when only 35% of landlords were comfortable seeing their role in the buy-to-let sector as a long-term commitment.
Wealthy Greeks seeking a financial safe-haven have helped drive up the price of luxury house prices in London at the fastest pace in two years.
Greek buyers now account for 6 percent of all purchases of London properties costing more than 2 million pounds ($3 million), double the average of the past three years, as they try to protect their assets from the country’s debt crisis.
The U.K. has a record budget deficit, weak economic growth and may soon face a hung parliament. For wealthy Greeks, it’s a safe haven.
The London Rents Map shows average private sector rents for different types of home across London. Mayor Boris Johnson said the website, which he described as a ‘brilliant one-stop shop’ for both landlords and tenants, is part of his efforts to support London’s private rented sector.
Mr Johnson said, “It is hugely important for London’s economy, diversity and dynamism to have a thriving private rented sector, which accommodates people from all walks of life and encourages newcomers to the capital.
“We know that people looking to rent sometimes don’t know where to go for the right information, so this new website is about supporting the market by making that information available,” Mr Johnson added.
Simply type in a postcode, borough, or Tube station and the website will list the average price per week for any size of private property, from a room in a shared flat up to a four-bedroom pad.
The data on average rents is given at postcode district level (SW19 or E7, for example), and is based on a sample covering the last 12 months so does not fully reflect the most recent short-term trends in the market.
The number of mortgage approvals in September rose to levels last seen in early 2008, the British Bankers Association (BBA) said today, in a further boost to the UK housing market.
The number of loans granted for house purchase rose to 42,088, a 76.8 per cent rise on the same month last year and a 3 per cent rise on August.
However, the number of loans approved for remortgaging dropped by 10 per cent, down from 23,506 last month to 21,282.
The BBA said that remortgaging was less likely in the current environment, where reverting to lenders’ standard variable rates was often seen as more attractive than alternative mortgage deals.
First-time buyers would be better off buying a property than continuing to rent, according to new research from Abbey Mortgages.
The only exception is those looking to buy in London who would pay less to rent.
The average monthly rent in the UK i s £434, while those buying a similar type of property with a 25 per cent deposit would see a mortgage bill of £382 – an average saving of £52. Prospective buyers in Wales could make the biggest monthly saving of £90.91, followed by those in the North-west, £87.43, and Yorkshire, £77.06. Buyers in East Anglia will see only a marginal saving of £2.59. “It’s now cheaper in all bar one of the regions to buy rather than rent which shows that saving for that all-important deposit is worthwhile too,” said Nici Audhlam-Gardiner, a director of Abbey Mortgages.
In the capital, though, renting seems a more sensible option. The average rent for a flat is £650 per month, but because of inflated house prices, even those with a 25 per cent deposit would have mortgage payments of £1,116 for the same property.
But buying may be beyond the reach of many; in order to get the best mortgage rate deals buyers have to have deposits of 25 per cent or more. People with smaller deposits can find it hard to secure a mortgage or have to pay well over the odds.
With prices low and rents on the up, buy-to-let is still a good investment, writes
Jeremy Hazlehurst
It might not be the most popular thing to say right now, but people are going to get bonuses this year. In the years preceding 2008, the bonus season meant one thing in London – a boost to the buy-to-let property market as bankers sunk their money into bricks and mortar. The world has changed since the boom years, but if you are in line for a pay-check soon, is buy-to-let still a sensible option?
According to a new survey carried out by the Property Investor Show and OPP Live, yes it is. A nationwide survey of 93 sales agents said that they had seen an increase in demand for properties in the past six months.
Furthermore, there are a lot of bargains out there. The survey says that 50.4 per cent of properties are currently selling for up to 10 per cent below asking price. Although, as they are less keen to point out, over 25 per cent of properties that sold went for asking price or above.
With prices low and rents on the up, buy-to-let is still a good investment, writes Jeremy Hazlehurst
It might not be the most popular thing to say right now, but people are going to get bonuses this year. In the years preceding 2008, the bonus season meant one thing in London – a boost to the buy-to-let property market as bankers sunk their money into bricks and mortar. The world has changed since the boom years, but if you are in line for a pay-check soon, is buy-to-let still a sensible option?
According to a new survey carried out by the Property Investor Show and OPP Live, yes it is. A nationwide survey of 93 sales agents said that they had seen an increase in demand for properties in the past six months.
Furthermore, there are a lot of bargains out there. The survey says that 50.4 per cent of properties are currently selling for up to 10 per cent below asking price. (Although, as they are less keen to point out, over 25 per cent of properties that sold went for asking price or above.)
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