London Rentals Recovering as Company Bosses Look for Second Homes

The return of business chiefs seeking second homes near their offices has helped to increase the value of rents in prime London locations for the first time in more than a year, reports the Telegraph online. Demand from the corporate world had dried up following the financial crisis as the City cut jobs. However, with profits and bonuses on the rise again, rents are launching a recovery.

The growth is further evidence of an improvement in the economy and has been driven by locations such as Islington, Hampstead, St John’s Wood and Marylebone. Rental values increased 1pc in the quarter to September 30, the first rise since the second quarter of 2008, as supply of homes for rent also fell.

Rents had slumped by 11.8pc because the market was flooded with properties as homeowners rented out their homes rather than selling them because of the fall in house prices.

However, with house prices now recovering, transaction levels are soaring and rapidly eroding the number of “accidental landlords” looking to rent stock. This has, therefore, cut the supply of properties just as demand is recovering.
Rents on prime flats in Hampstead, St John’s Wood and Marylebone soared by 3.9pc in the past three months.

London West End Estate and Letting Agents LDG have houses, penthouses, lofts, studios, flats and apartments for sale and to rent in the West End, Fitzrovia, Soho, Covent Garden, Bloomsbury and Marylebone areas;

Flat to rent, Blandford Street, Marylebone, London, W1U

Flat to rent Portland Place, Marylebone, London, W1B

Flat to rent Pall Mall, London SW1Y

A majority of Britons say now is a good time to buy a home as the property market shows signs of recovery and mortgages become easier to obtain

A majority of Britons say now is a good time to buy a home as the property market shows signs of recovery and mortgages become easier to obtain, a survey by the Building Societies Association showed.

Fifty-eight percent of respondents said they tended to agree or agreed strongly that this is a good moment to acquire residential property, the organization representing customer- owned lenders said in a statement today in London. YouGov Plc questioned 2,080 adults for the BSA from Sept. 5 to Sept. 7.

Mortgage lenders and surveyors say the housing market slump has paused after prices dropped 15 percent since peaking in 2007, based on Nationwide Building Society’s measure. Economists say there is a risk that home values may start to fall again if unemployment, currently at the highest since 1995, forces some homeowners to sell.

“Homebuyers are increasingly viewing the property market in a positive light,” Paul Broadhead, head of mortgage policy at the BSA, said in a statement. “With mortgage availability perceived to be increasing, prospective buyers are more confident of securing funding to purchase a property.”

The survey showed that 19 percent of respondents disagreed that now is a good time to buy. In the same survey by the BSA a year ago, 48 percent disagreed, and only 34 percent agreed with the statement.

Housing Forecasts

Asked for a prediction on home values, the average forecast given by respondents was a 1.6 percent increase, compared with a 0.6 percent gain anticipated in the last survey in June. Sixty- one percent said that prices will rise, compared with 49 percent in the previous report.

The survey found that 49 percent of respondents said that obtaining a mortgage was a barrier to buying a home, compared with 55 percent in June.
Bloomberg

House Price Rise In London For Second Month

FT Advisor reports that house prices rose by 0.4 per cent in July, with none of the indicies with data for July reporting a decline prices.

It is the second consecutive month that the estate agents’ poll has shown average national house prices increasing.

Meanwhile prices in London and the South East showed some of the best rises, gaining 0.5 per cent month-on-month.On average, this means £1,486 was added to the value of a typical house in the capital in July.

Council Crackdown on Sub Letting

Labour Councillors have called on Westminster City Council to launch a crackdown on illegal sub-letting of council flats. With over 3,000 families on the waiting list and over 1,400 families waiting for a transfer to larger accommodation, Labour Councillors say that illegal sub-letting is creating real misery for local residents in housing need, while allowing unscrupulous tenants to rake in thousands of pounds a year in unearned and untaxed income.

Councillor Dimoldenberg said: “With so many residents in poor housing, it is scandal that illegal sub-letting of Council property is allowed to continue. For every illegal sub-let there is a local family that is forced to live in overcrowded conditions. There is no excuse for this illegal profiteering at other peoples’ expense and the Council should take firm action as a matter of urgency.”

Labour Councillors say that the rent for a 3 bedroom Council flat or house in Westminster is £114 a week but on the private rental market the property would command a rent of at least £550 a week in St John’s Wood, Marylebone, Bayswater, Maida Vale and Pimlico, netting the illegal sub-letting over £22,600 a year.

Flat for sale Luxborough Street, Marylebone, London W1U

Price reduced to £650,000
This well presented two double bedroom apartment is quietly situated on the raised 2nd floor of this ever popular purpose built block. The property benefits from a green and pleasant outlook as well as bundles of natural light with aspects over the gardens on Paddington Street.
Luxborough Street is moments away from the serious delights of Marylebone High Street, whilst being a short stroll from Baker Street and Marylebone stations, not to forget the tranquillity of Regents Park.
RECEPTION
TWO BEDROOMS
SEPARATE KITCHEN
BATHROOM
LIGHT AND AIRY
GAS CENTRAL HEATING
ENTRYPHONE
WELL PRESENTED
RAISED 2ND FLOOR
GOOD TRANSPORT LINKS
CLOSE TO MARYLEBONE HIGH STREET
LDG are specialist West End estate and letting agents covering
Fitzrovia, Soho, Covent Garden, Bloomsbury and Marylebone.

Please contact us for further details.

LDG West End
Estate & Letting Agents
39 Foley Street
Fitzrovia
London
W1W 7TP

Tel: +44 (0)20 7580 1010
Web: LDG Estate Agents
Blog: LDG West End News

Marylebone Fire Station Redevelopment Given Red Light

PLANS to turn the vacant Marylebone Victorian fire station into a high-class hotel have been given the green light by Westminster planners.

Owners the Portman Estate have won council backing to turn the Fire Station in Chiltern Street into a 33-room luxury boutique hotel.

The decision will see the loss of a community building in favour of a hotel but councillors said the development would see the Grade II-listed building saved from disrepair.
Ham and High Report

Plans for the hotel include an upmarket restaurant as well as a bar and gallery space. Original features such as the old watchman’s tower and fireman’s pole will be restored and incorporated into the new design.

Carl Upsall, chairman of the Marylebone Association, said he fully supported the decision.

“The development is going to be a great use for the building and it’s certainly more favourable than seeing this historic building lie empty,” he said. I’m relieved that the Portman Estate and the council managed to come to some agreement.

Flat to rent Wyndham Street, Marylebone, London, W1H

£525 pw (£2,275 pcm)
Available from: 1st Jul 09
Three double bedroom apartment set on the first floor of this beautiful Georgian Conversion, the apartment retains all the period features and comprises of three double bedrooms, bright reception, separate kitchen and bathroom.
Available furnished or unfurnished.
Three double bedrooms
Reception room
Fitted Kitchen
Bathroom
Double Ceiling Height
Contact Details
Telephone: 020 7580 1010
Fax: 020 7290 0595
E-mail: info@ldg.co.uk
For More Information on West End Property to Let Click Here

Flat to Let Devonshire Place, London, W1G

£325 pw (£1,408 pcm)
Unfurnished
One double bedroom apartment set on the lower ground floor of this handsome period building located in the medical quarter of Marylebone.
The apartment comprises of one double bedroom, separate reception room, fitted kitchen, bathroom with shower over bath and has the benefit of having its own private entrance.
Available now. Unfurnished.
Double Bedroom
Reception Room
Separate Fitted Kitchen
Bathroom
Contact Details
Telephone: 020 7580 1010
Fax: 020 7290 0595
E-mail: info@ldg.co.uk
See More Property

Flat for sale Ambika House, Portland Place, Marylebone, London W1B

Leasehold (lease ends 2060): £1,095,000

This meticulously refurbished apartment is situated on the sixth floor of a purpose built block in one of London’s most prestigious boulevards. Generously proportioned and flooded with light, the apartment boasts a spacious double aspect reception, open plan to the dining room. A balcony affords fabulous views over Portland Place. There is a well equipped contemporary kitchen, master bedroom with en-suite shower room, an additional double bedroom and shower room.
Minutes from Oxford Circus and a short stroll to Regents Park, this impressive property would make a fine London home.
OPEN PLAN RECEPTION
TWO BEDROOMS
KITCHEN
TWO BATHROOMS
BALCONY
VIEWS OVER PORTLAND PLACE
CLOSE TO OXFORD CIRCUS
CLOSE TO REGENTS PARK
MARYLEBONE
Contact Details
Telephone: 020 7580 1010
Fax: 020 7290 0595
E-mail: info@ldg.co.uk

Wigmore Court, 120 Wigmore Street, London, W1U
£630 pw (£2,730 pcm)Available Now
Three double bedroom apartment set on the fifth floor (lift) of this charming period mansion block located only moments from Marylebone High St.
The apartment comprises of Three double bedrooms, bright reception, separate fitted kitchen, bathroom & shower room and has the benefit of having the heating & hot water inclusive and a caretaker.
Available 01/04/09
Unfurnished
Long Let
Three Double bedrooms
Bright Reception
Heat & Hot Water inclusive
Lift & Caretaker
Contact Details
Telephone: 020 7580 1010
Fax: 020 7290 0595
E-mail: info@ldg.co.uk