London house prices have risen by an average of 4.2 per cent in the last month, according to research from Rightmove.
The property website's House Price Index reveals that potential homeowners hunting for properties in the capital will be part of a three-tier market consisting of the low loan to value 'elite', the 'bargain-hunting bottom feeders' and the average buyer in the middle.
The middle tier is suffering from "paralysis" because of a lack of UK mortgage offers and "insufficient equity to trade up", the website said.
Miles Shipside, director of Rightmove, commented: "With lenders stating that they expect mortgage lending to remain static at around 2010 levels throughout 2011 and new seller numbers practically unchanged year-on-year, what might have been seen as a passing phase of low transaction levels in the housing market now looks set to be the norm for the foreseeable future."
London House Price News
Monday, February 28, 2011
Saturday, February 26, 2011
Buy to Let Investment News: Buy to let conditions 'will remain tough'
Buy to let funding restrictions are set to remain tough this year, according to LettingFocus.com.
David Lawrenson, private rented sector expert at the property website, commented that the banks' requirement to pay back some of the money lent to them by the government will mean finance could be hard to come by for owners of commercial property in London and other parts of the UK.
"I certainly don't think it is going to get any easier," he said. "I expect mortgage fees and the typical level of deposit required to stay high. And there is a pretty strong chance that the base rate will go up - making all mortgages more expensive."
Mr Lawrenson's comments follow research from Paragon showing that tenant demand for property to rent in London and other UK towns hit a two-year high in the final three months of 2010.
Four in ten landlords reported an increase in tenant demand during the fourth quarter, compared with 36 per cent in the preceding quarter.
Buy to Let Investment News
David Lawrenson, private rented sector expert at the property website, commented that the banks' requirement to pay back some of the money lent to them by the government will mean finance could be hard to come by for owners of commercial property in London and other parts of the UK.
"I certainly don't think it is going to get any easier," he said. "I expect mortgage fees and the typical level of deposit required to stay high. And there is a pretty strong chance that the base rate will go up - making all mortgages more expensive."
Mr Lawrenson's comments follow research from Paragon showing that tenant demand for property to rent in London and other UK towns hit a two-year high in the final three months of 2010.
Four in ten landlords reported an increase in tenant demand during the fourth quarter, compared with 36 per cent in the preceding quarter.
Buy to Let Investment News
Thursday, February 24, 2011
Property Investors Look to Prime Postcodes for Rental Yeilds
High end property sales and rentals are becoming the focus of many London home buyers, according to London Central Portfolio.
Naomi Heaton, chief executive of the company, commented that location is the most important priority for many prospective homeowners looking for property to buy in London.
"Investors looking to place their money in blue chip tangible assets want to buy the best real estate available," she explained.
"The savvy investor will be looking at the prime postcodes around Hyde Park - areas like Kensington, Chelsea, Mayfair, Marylebone and Knightsbridge."
Ms Heaton noted that those interested in rental yields and returns in London will be looking for good value, well-presented one and two-bedroom flats - "this is where the astute investor should focus".
Her comments come in light of research from Savills showing that average prime London rents increased by 11.5 per cent in 2010.
Consequently, rents are expected to grow this year by an average of eight per cent across prime London and seven per cent in prime central zones.
London Housing Market News
Naomi Heaton, chief executive of the company, commented that location is the most important priority for many prospective homeowners looking for property to buy in London.
"Investors looking to place their money in blue chip tangible assets want to buy the best real estate available," she explained.
"The savvy investor will be looking at the prime postcodes around Hyde Park - areas like Kensington, Chelsea, Mayfair, Marylebone and Knightsbridge."
Ms Heaton noted that those interested in rental yields and returns in London will be looking for good value, well-presented one and two-bedroom flats - "this is where the astute investor should focus".
Her comments come in light of research from Savills showing that average prime London rents increased by 11.5 per cent in 2010.
Consequently, rents are expected to grow this year by an average of eight per cent across prime London and seven per cent in prime central zones.
London Housing Market News
Wednesday, February 23, 2011
London House Price News: Mortgage Lending and Affordable Housing
The availability of affordable housing in London and other parts of the UK should be improved.This is one of the suggestions made by PricedOut, the national campaign aimed at getting more people into the property market.
Matt Griffith, spokesman for the organisation, explained that the government's first time property buyer summit hosted by Grant Shapps focused on the wrong solutions.
These included "pushing banks to lend more or extending the availability of more risky mortgage or housing products", as "is it hard to see how a problem caused by loose lending will be solved by more loose lending".
Instead: "Rather than trying to prop up prices it would be better to let them fall and improve affordability in the simplest way. Lower house prices are the best way to help first time buyers," Mr Griffith argued.
His remarks come after the Council of Mortgage Lenders predicted that gross lending this year will, at £135 billion, be significantly less that the £360 billion worth of lending seen at the height of the pre-crunch housing market.
London House Price News
Matt Griffith, spokesman for the organisation, explained that the government's first time property buyer summit hosted by Grant Shapps focused on the wrong solutions.
These included "pushing banks to lend more or extending the availability of more risky mortgage or housing products", as "is it hard to see how a problem caused by loose lending will be solved by more loose lending".
Instead: "Rather than trying to prop up prices it would be better to let them fall and improve affordability in the simplest way. Lower house prices are the best way to help first time buyers," Mr Griffith argued.
His remarks come after the Council of Mortgage Lenders predicted that gross lending this year will, at £135 billion, be significantly less that the £360 billion worth of lending seen at the height of the pre-crunch housing market.
London House Price News
Friday, February 18, 2011
Building & Construction News: Green building techniques 'need government focus'
The government needs to be doing more to promote green building & construction techniques, according to Green Building Store.
Chayley Collis, marketing manager for the company, explained that approaches such as Passivhaus should be focused on in order to build more low energy homes and retrofit existing premises with energy efficiency measures.
"It has been very well thought out and very robust. We really think that is the way forward," she said."It is snowballing but we want for that to be the main approach in the UK."
Passivhaus features five main parts, including 'super insulation' and air tightness.
"You need a building to be really airtight, otherwise you are losing heat out of the building," Ms Collis explained.
Existing policies go some way to address the challenge of building more energy efficient homes, but Passivhaus may be better.
"At the moment we have got the Code for Sustainable Homes which is [from] the government and we don't feel that it is as effective as Passivhaus. We are really hoping that Passivhaus will take off more," she added.
Building & Construction News
Chayley Collis, marketing manager for the company, explained that approaches such as Passivhaus should be focused on in order to build more low energy homes and retrofit existing premises with energy efficiency measures.
"It has been very well thought out and very robust. We really think that is the way forward," she said."It is snowballing but we want for that to be the main approach in the UK."
Passivhaus features five main parts, including 'super insulation' and air tightness.
"You need a building to be really airtight, otherwise you are losing heat out of the building," Ms Collis explained.
Existing policies go some way to address the challenge of building more energy efficient homes, but Passivhaus may be better.
"At the moment we have got the Code for Sustainable Homes which is [from] the government and we don't feel that it is as effective as Passivhaus. We are really hoping that Passivhaus will take off more," she added.
Building & Construction News
Monday, February 07, 2011
Mary Portas Tackles Estate Agents in Secret Shopper
Channel 4's Secret Shopper Mary Portas wants to start a revolution in the world of estate agents.
Buying a house is the most important purchase of our lives, but Mary thinks estate agents have been letting us down in a big way. Last year complaints rocketed by 40% and Mary's secret cameras show why.
Estate agents are caught with their trousers down as they pull out all the oldest tricks in the house-selling book; multiple viewings, misleading particulars and lack of specialist knowledge are among the long list of things that drive us up the wall.
But Mary wants to stop the rot. She hooks up with north London chain Martyn Gerrard and persuades boss Simon Gerrard to let her loose on his sales team in a bid to make them more customer focused. But, before long, tensions rise as Mary realises that she and Simon have very different views on what good customer service really means
Buying a house is the most important purchase of our lives, but Mary thinks estate agents have been letting us down in a big way. Last year complaints rocketed by 40% and Mary's secret cameras show why.
Estate agents are caught with their trousers down as they pull out all the oldest tricks in the house-selling book; multiple viewings, misleading particulars and lack of specialist knowledge are among the long list of things that drive us up the wall.
But Mary wants to stop the rot. She hooks up with north London chain Martyn Gerrard and persuades boss Simon Gerrard to let her loose on his sales team in a bid to make them more customer focused. But, before long, tensions rise as Mary realises that she and Simon have very different views on what good customer service really means
Thursday, February 03, 2011
London Property for Sale for Re Development
London Property Development Opportunities
Paramount Investments specialise in the sale of commercial, residential and licensed freehold property for investment and redevelopment in London.This property investments database offers hundreds of freehold property development opportunities for sale.
Paramount Investments can advise on overall site redevelopment or the conversion, refurbishment and modernisation of existing buildings such as pubs, hotels, hostels, care homes, petrol stations, factories, churches, hospitals, post offices and other former public buildings.
Subject to planning permission and change of use consent being granted, these distressed, run down, empty, or derelict properties may be suitable for refurbishment and redevelopment into offices, shops, HMOs, hostels, care homes, restaurants, flats or apartments.
London Property for Sale for Re Development
Paramount Investments specialise in the sale of commercial, residential and licensed freehold property for investment and redevelopment in London.This property investments database offers hundreds of freehold property development opportunities for sale.
Paramount Investments can advise on overall site redevelopment or the conversion, refurbishment and modernisation of existing buildings such as pubs, hotels, hostels, care homes, petrol stations, factories, churches, hospitals, post offices and other former public buildings.
Subject to planning permission and change of use consent being granted, these distressed, run down, empty, or derelict properties may be suitable for refurbishment and redevelopment into offices, shops, HMOs, hostels, care homes, restaurants, flats or apartments.
London Property for Sale for Re Development
Tuesday, February 01, 2011
HMRC: House Sales Slightly up in 2010 on Year
HM Revenue & Customs (HMRC) has reported that the number of homes sold in the UK during 2010 was 885,000.
While this was a slight improvement on 2009 levels, it was just over half of the peak seen during the housing boom years of 2006 and 2007.
The figures are evidence that the housing market remained subdued in 2010 and the ongoing lack of mortgage availability and economic uncertainty continues to put pressure on the housing market.
Today, the British Bankers’ Association (BBA) revealed a further fall in the number of new mortgages approved by the major banks in December.
According to the BBA, the number of new mortgages approved in the month fell to 28,726, down from 29,696 in November – representing the lowest figure since January 2009.
Net mortgage lending rose by just £0.88 billion – the worst figure since June 1999.
While this was a slight improvement on 2009 levels, it was just over half of the peak seen during the housing boom years of 2006 and 2007.
The figures are evidence that the housing market remained subdued in 2010 and the ongoing lack of mortgage availability and economic uncertainty continues to put pressure on the housing market.
Today, the British Bankers’ Association (BBA) revealed a further fall in the number of new mortgages approved by the major banks in December.
According to the BBA, the number of new mortgages approved in the month fell to 28,726, down from 29,696 in November – representing the lowest figure since January 2009.
Net mortgage lending rose by just £0.88 billion – the worst figure since June 1999.
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