London Property sale & Rent | Estate Agents | Barbican | Docklands | Bloomsbury

HURFORD SALVI CARR FORECASTS FOR 2011

2010-12-20T12:11:00.001Z

In the second half of 2010 the Midtown, City and Docklands residential markets were strongly influenced by external political and economic factors. The May 2010 General Election and subsequent provisions of the Emergency Budget and the Comprehensive Spending Review dented confidence in the housing market. The austerity package will have a significant impact on economic conditions over the next four years, but particularly in 2011 due to the front-loading of public sector cuts. The international outlook, especially in the eurozone, is uncertain.

Recent growth in the sales market had been dependent on equity-driven overseas investors and UK cash-buyers, but by the end of the year there was a general lack of confidence, with lower transaction levels and reduced prices. The rental market, however, was buoyed by the relatively healthy central London employment market, barriers to owner-occupancy and a general shortage of rental stock. The trends for both the sales and rental markets established in the
second half of 2010, we expect to see continue in 2011 against the background of an economy characterised by low interest rates and low growth.

The London 2012 Olympic Games will have an increasing influence on the residential property london market in 2011 and 2012. Midtown, City and Docklands have excellent access to the Stratford Olympics site and will benefit from the positive publicity generated in the lead-up to the Games. In the meantime, 2011 will also see the opening of Westfield’s 1.9 million sq ft Stratford City shopping centre which has secured Marks & Spencer, John Lewis and Waitrose as anchor
tenants. This development will have a significant positive impact on residential markets within its extensive catchment.

investment market 2010

2010-12-20T12:05:00.001Z

The second half of 2010 saw an upturn in gross initial yields in Midtown, City and Docklands in line with wider national trends (Figure 3 and Table 4). With prices eroded by 2% and rents increasing by 4%, gross initial yields for a typical one-bedroom flat increased by 30 basis points from 5.3% to 5.6%. This followed a more modest rise in yields of 0.1% points in the first half of 2010, which was exclusively driven by rental growth. The last time yields were at this
level was in 2008, but the context then was very different – rent levels were falling and the adjustment in yields resulted from a steep fall in capital values.

There was one significant bulk purchase in Clerkenwell in the second half of 2010 at 156 St John Street, EC1. Here the head lease of 48 private units in a single block was put on the market by the receiver to the development in September 2010, inviting offers in excess of £20 million. By November the building was under offer to a single investor after significant interest from a number of parties. The purchaser intends to put the units into the rental market.

One market segment which did see significant investment activity in Midtown, City and Docklands in 2010 was the specialist serviced apartment canary wharf sector. These investments are typically underpinned by ten year leases where the base rent is equivalent to what would be achieved through AST lettings of the units. Demand from serviced operators has increased in line with the accommodation needs of major corporates seeking to accommodate staff for periods up to three months. As a result operators have been targeting individual units as well as whole blocks and this has underpinned the sale of individual investments – in some cases in the Far East.

SEALED BIDS ON THE RISE

2010-10-21T10:59:00.000Z

With the stock of rental properties across central London at an all time low, Hurford Salvi Carr are seeing a sharp increase in tenancies being agreed via sealed bids from the numerous applicants and corporates desperate to secure the right properties.

There has been a seasonal surge in demand for rental properties in September coupled with a lack of stock which has been feature of the central London lettings market for much of 2010.

The Barbican

2010-08-31T10:43:00.000Z

Is the Barbican is the City Of London’s top kept secret?
In amongst the high profile loft and regeneration and schemes in Shoreditch, Clerkenwell, City and Borough fringe regions is the residential village of the City of London. It was built between the years 1965 and 1971. The Barbican was actually built by the Chamberlin, Powell and Bon Architect Company, which provides residents an range of amenities. The company was actually founeded in the year 1952 by Geoffry Powell, Peter, Chamberlin and Christoph Bon.

The Barbican Estate is a residential property in the City of London, in a region closely packed with finance and commerce. It is adjacent to or also contains, the the Museum of London, Barbican Arts Centre, the Barbican public library, the Guildhall School of Music and Drama, a YMCA (Which is forming Barbican complex ) and the City of London School for Girls,. With the exception of the Milton Court that has a fire station, some flats and medical facilities, the complex has been listed as Grade II as a whole.

The Barbican Arts Centre is, certainly, world famous, being the home of the London Symphony Orchestra and the Royal Shakespeare Company. The Museum of London is also one of the popular tourist destinations in the city of London. With a renewal in the surrounding regions and a great appreciation of the building design quality of this wonderful estate, the Barbican Estate has never been so famous. With an options of 140 different kinds of property, which range from studios to five bedroom tower penthouses, which is rising to 42 floors the scope of range is big. There is a high level of security and secure underground vehicle parking below each block. In the middle of the Barbican estate there are two big communal gardens for the residents' personal use and there is a Barbican Lake which is an attractive center. Holmes Place Gym and Tennis courts are also on the site.

Offers invited in excess of £1.4 million 29 CHALTON STREET

2010-03-11T11:34:00.000Z

MIXED USE INVESTMENT FOR SALE

SITUATION
Chalton Street is situated just north and off the Euston Road, between Kings Cross /St Pancras International and Euston main line and underground stations.

No.29 is located on the west side of the road. The property is easily accessible from Eversholt Road and Euston Station with local shopping and public transport amenities.

DESCRIPTION & ACCOMMODATION

A mid terrace converted building and arranged over five floors ( including lower ground floor ) There is also a small rear garden. The accommodation briefly comprises:

Four self contained apartments ( 3 x two bedrooms and 1 x one bedroom) all let upon ASTs
plus unofficial ( vacant ) studio apartment located in the front lower ground floor together with
Commercial ground floor premises let upon a lease expiring in July 2010.

Canary Wharf local information and Apartments for sale

2010-02-19T16:34:00.002Z

Canary Wharf is at present looked upon as London's outstanding financial center with a lot of big named banks being established here. The expanse is converting progressively popular to live in with its lavish riverside apartments several profited from on-the-spot leisure facilities and 24 hour concierge services.

Canary Wharf has fantabulous transportation links with the Docklands Light Railway connecting to Bank and London City Airport. The Jubilee Line is a fast link to Bond Street in the West and Stratford in the East - with forwarding associations by National Rail to Essex and the Coast. There is as well a River Service serving Greenwich and Westminster. Canary Wharf is approximate to major roads, A13 and A12. Findout Canary Wharf apartments for sale and to rent in area.

Canary Wharf provides a boastful diversity of shops within its two shopping centers including Waitrose/John Lewis and Marks and Spencer. There are a copiousness of restaurants, pubs and bars both within the Canary Wharf Estate and distributed about the Isle of Dogs which cater for all tastes and budgets. The area as well has its own 10 screen cinema and a wide range of big name physical fitness centers.

Other related areas

New Homes for sale london ec1

2010-01-05T13:11:00.002Z

New Homes in london EC1

Manhattan Building - Bow Quarter, E3 £245PW

2009-12-11T10:16:00.002Z

A very well laid out 1 bedroom apartment on the 5th floor of the Manhattan building in The Bow Quarter. The property is offered furnished and also benefits from the exceptional communal facilities of the Bow Quarter, these include Gym, Pool, Restaurant, Large sun terrace, Onsite shop and 24/7 porter / security. Bow Property for sale

MAIN FEATURES

* Furnished

* Mansion Block

* Porter

* Gym / Leisure Facilities

* Balcony

A small first floor one bedroom apartment Solf

2009-11-26T16:02:00.000Z

A small first floor one bedroom apartment in need of total refurbishment right in the heart of Fitzrovia. Ideal as a West End pied a terre this property comprises of a small bedroom a kitchen/reception and bathroom. Hanson Street is a short walk to Oxford Circus, Goodge Street, Tottenham Court Rd, Warren Street and Great Portland Street. Fitzrovia Property

RENTS CONTINUE TO FALL ON OVERSUPPLY AND JOBS FEARS

2009-06-30T15:08:00.002Z

As in the sales market, there continue to be marked variations between the three sub-markets. In Midtown, rents fell by 10% in the first half of 2009, making a total reduction since the end of 2007 of 15%. In the City, rents fell by just 5% in the first half of 2009, with a total reduction of 13% since 2007 and the best performing of the three sub-markets. As in the sales market, Docklands exhibited the weakest trends, with rents falling by 10% in the first half of 2009, making an overall reduction of 25% since the end of 2007

One of the factors in Docklands has been the increase in the number of “distressed tenants”. Distressed tenants have been a feature here due to job losses at Canary Wharf and the subsequent need to apply for housing benefit which is against the terms of most AST agreements. It is notable, however, that this process has not
occurred in Midtown and the City, implying a higher level of job security or opportunities amongst residents in these markets.

The serviced sector of the rental market has experienced some contraction due to recessionary conditions and the reduced level of movement of senior staff by global occupiers. The serviced sector has strong links to corporate tenants which have reviewed and pruned their accommodation spend. Smaller serviced operators continue to seek out opportunities, however, where they can take a conventional lease on an entire building. In the first half of 2009, for example, the ten-unit Gazzano Building, 167-169 Farringdon Road, EC1, was let to a student university accommodation provider.

In spite of the downturn in rents over the past 18 months, traditional landed estates and property trusts have continued to take a longterm view of rental market prospects. In Exmouth Market, EC1, the Debenham Property Trust, which has extensive holdings along this pedestrianised street, is undertaking a programme of refurbishment of the upper parts for the rental market. This follows the gradual
improvement of the commercial element of the street over the past ten years and a recent re-branding exercise. Further west, the historic Bedford Estate in Bloomsbury continues to improve its residential rental portfolio through refurbishment activity, including office to residential conversions. The Estate is actively seeking to expand its rental portfolio through the current downturn.

Islington, N1 property guide and information

2009-05-14T15:44:00.003Z

The central district of London Borough is Islington. This place is now an inner - city area in North London. Historically this place was mainly a rural area, which was centred on the houses and inns alongside of Upper Street. Islington comprises 2 important areas. The most well - known is about the area which is bounded by the “Liverpool Road” towards the west and the “Essex Road” towards the southeast. This region’s northernmost point is at Islington and Highbury station. The chief Upper Street, high street runs around north - south through this. In addition, the region around the Chapel Market, which was once been considered as a part of Pentonville, is also more usually believed to be a part of Islington (Angel these days).

Less famous but larger in the area than the entertainment and shopping district round “Upper Street” is the area surrounded by City Road, Shepherdess Walk, the Regent's Canal, Essex Road and New North Road. This part of borough includes houses of the “Arlington Conservation” Area and this is the place where Islington meets De Beauvoir and Hoxton Town in Hackney. The south part of the City Road is towards Finsbury district of “St Luke's”. The northern part Islington is in Islington, while the other southern half is in “Fins bury”.

In Islington you will find the best restaurant. These restaurants which are located in Islington are not listed particular order. All restaurant table bookings and reservations are processed and free through websites. In the seventeenth and eighteenth centuries, the availability of the water made this place for growing vegetables.

If you are searching for a rated café shop, Islington is the best place for you. This place was originally named by “Saxons Giseldone” in 1005, and then “Gislandune” in 1062. The name Islington means “Gīsla's hill” from an Old English personal name “Gīsla” and “dun” (hill, down). This name was then later changed to “Isledon”, which remained in use into the seventeenth century when the new form arose. During the medieval times, this place was a small manor hereabouts, all along with “Bernersbury”, “Neweton Berewe” (Hey-bury) and “Canonesbury”.

Islington Council

Property in Islington

Housing

100% of income required for property

2009-03-20T10:46:00.000Z

According to an accessibility and affordability study conducted by the Royal Institution of Chartered Surveyors (RICS), First-time buyer couples on a low income now need to save 100 per cent of their joint earnings to enter the housing market.

The up-front buying cost of a typical home has substantially increased to £27,738 largely due to lenders increasing the loan-to-value (LTV) ratio on products.

David Stubbs, a senior economist at RICS points out that the credit crunch has deteriorated the access to the housing market with the decline of mortgage approvals.

In the second quarter of 2008, couple on lower quartile earnings spent 34.5 per cent of their aggregate household income on mortgage repayments, an improvement from 37.2 per cent in the first quarter.

However there has been an improvement in mortgage affordability due to falling prices and tighter lending conditions as well as relatively low interest rates.

Mr Stubbs further explained that while for those with large deposits this would mean reduced mortgage repayments, many would still struggle to meet their repayments with the rising food and fuel costs.

100% of income required for property

2009-02-24T10:09:00.001Z

First-time buyers unsure of mortgage jargon

2009-01-24T10:22:00.000Z

According to new research conducted by Halifax the UK's leading mortgage lender to first-time buyers, Two thirds of first-time buyers cannot correctly identify the letters KFI, which stands for Key Facts Illustration, a document outlining the key features and conditions of a mortgage.
The study which looked into first time buyer affordability, illustrated a significant improvement in house price to earnings ratio, a key affordability measure.

Jaedon Green, head of mortgage development at Halifax acknowledged the difficulty faced by most first time buyers in understanding mortgage jargon and highlighted the importance of obtaining advice and expert knowledge.

Halifax offers first time home buyers a range of features designed to reduce the cost of purchase. These include a five-year fixed rate mortgage, £500 cash back, refund of the cost of Halifax valuation fee and/or no conveyance fees paid.

www-buyingyourfirsthome-co-uk , a dedicated website for first time buyers provide assistance such as

• Jargon buster - A to Z of the key words and phrases used in the home buying process
• Affordability calculator
• Interactive to do list to track progress
• Viewing and moving checklist in printable forms to use as a guide

London New Property

2008-12-15T10:02:00.001Z

October saw the launch of another well-located scheme at 44 Hatton Garden, EC1, a fine Portland stone-faced building on the corner with St Cross Street, and an increasingly rare office-to-residential conversion in Hatton Garden. There are ten flats ranging from£425,000
for a 1st floor one bedroom flat to £995,000 for each of two duplex penthouses of three bedrooms on 5th-6th, reflecting prices of £740- £880 per sq ft. Themarketing strategy is aimed at owner-occupiers with a show flat completed early in the construction process and 50 potential
purchasers attended the launch with two sales achieved at close to the asking prices. The developer declined numerous lower offers.

Specification is a means of differentiating new schemes in a falling market, and at 44 Hatton Garden, Gaggenau kitchens, intelligent lighting and solid oak joinery are important in attracting prospective buyers. This pointwas proved by British Land plc atOne Osnaburgh St, NW1,
where 62 units were offered to the market in phases from June 2008 onwards. By November 2008, 48 of the 62 apartments had been sold or reserved, a 77% success rate, with the scheme not due to complete until well into 2009. One Osnaburgh Street is an 18 storey residential tower at the western end of British Land’s 2 million sq ft Regent’s Place office development, where the upper levels offer views across Regent’s Park. Johnson Naylor was responsible for the
apartment interiors, with high value design helping to sell the scheme, along with the more obvious attractions of location and height. In July very modest reductions in asking prices were made of £5,000 for one bedroom units and £10,000 for two bedroom units, but achieved prices ranged from £665-£1,050 per sq ft, with some of the three bed units exceeding £1 million.

Property market slumps by 40% in a year while fall in house prices in London is fastest in UK

2008-10-31T11:52:00.002Z

It is noted that the number of properties sold has come down by 40% in a year. According to HM Revenue and Customs, in last May, only 100,000 homes and offices which had been put up for sale has found buyers.

With the declining market, property prices are seeing falling faster than at any time for more than 25 years. London property has seen its biggest monthly fall in house prices for three years.London hot property ares are barbican, clerkenwell and bloomsbury .

Properties that came on to the market this month were averagely lower than in May. The 1.4% fall, compared with a national average of 1.2% was the biggest monthly drop since 2005, when property prices fell 0.7% in one month.

Before the credit crunch struck in July last year, more than 160,000 homes were selling every month, ut the number has been falling nearly every month. The situation is likely to get even worse with buyers continuing to disappear. Those who want to buy, cannot find a lender which is prepared to give them a mortgage, or at a rate that they can afford.

'These numbers clearly highlight the very real pressure on the residential property market’ said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors.

The Council of Mortgage Lenders expects the number of homes sold this year to be just 770,000, compared to more than one million last year. While a larger band of people are abandoning the market, some are buying because they see the current turmoil as a good time to get a bargain by negotiating a massive discount.

Howard Archer, chief UK Economist at the Consultancy Global Insight, expects property prices to fall by 12% this year and next year before 'flattening out' in 2010. The property website Rightmove, the number of properties which are on the market has also climbed above one million for the first time.
According to HMRC's figures, this will also prove a financial headache for the Government. Lord Oakeshott expects the lethal combination of falling prices and property transactions will cut Labour's stamp duty tax take by around £5 billion.

London Property Developer show cases outstanding Penthouses

2008-10-06T09:55:00.001Z

London property developer, St. George PLC, announces at the award winning Battersea Reach Development in Wandsworth, SW18, the sales release of two prestigious properties, the exquisite penthouses located on the 12th floor of the Ensign House.

Each house is provided with three spacious bedrooms, with an expansive open plan living/dining areas, designed for maximum impact and style. According to Mark Griffiths, Managing Director of St George South London commented: “With 95% of apartments are now sold in Ensign House.

The Penthouse properties feature a generous terrace and private balconies that allow for al-fresco dining whilst enjoying the spectacular panorama. It also offers breathtaking views of the river and the world famous London skyline from Putney Bridge through to Chelsea Harbour, the City and beyond.

‘The London Furnishing Company’ has designed the elegantly furnished interiors, at the East facing Penthouse whilst the west facing penthouse is being sold without furnishings, making it ideal for those wishing to stamp their personal taste and style on their new home.

The Internal finishes have been appointed to blend contemporary style with function ie., by incorporating Villeroy and Boch sanitaryware, music system by Opus, 50” LCD
high definition flat screen television, the custom designed Italian kitchens, comfort cooling in the main reception areas and under floor heating in the bathrooms & kitchen including the latest appliances, ie., Siemens cappuccino/espresso machine and chilled wine cooler.

According to Mark Griffiths, they will be launching another two of the most prestigious riverside penthouses in London. These platinum properties add to the ongoing success of Battersea Reach, a development that has established itself as the premier destination on the Thames riverside.

Battersea Reach is located close to some of London’s most fashionable areas including Chelsea, Fulham and Battersea. The King’s Road and Sloane Street are a short journey across Wandsworth Bridge, and offer many designer boutiques whilst the nearby Old York Road and Battersea Village feature a wide selection of shops, bistros and restaurants.

Residents of Battersea Reach have access to numerous transport options with trains from nearby Wandsworth town railway station taking just 12 minutes to Waterloo, where there are underground, mainline and international connections to Europe via Eurostar. The A3 and M25 are also within close proximity for easy reach to London’s airport network.

A managed underground car park is located within the development and is available at an additional cost.

Classy and classic should avoid the crunch

2008-05-30T09:14:00.000Z

The class divide is alive in London. If your home is flawlessly finished and impeccably located, you’ll still find the buyers lining up, whether you live in the leafy squares of Central London or deep in suburban commuter land.

Agents report that prices are between 10 per cent and 15 per cent lower than the highs reached last summer. But even with such reductions, predictions that prices will fall even farther mean that a single flaw is enough to scare off buyers, who are quickly made nervous by as little as a thoughtlessly planned extension or too much road noise. If it is not the best in its class, it’s not good enough.

At the top end, in the very best postcodes of Chelsea, Mayfair and Knightsbridge, demand remains unconstrained. Cash-rich international buyers still stalk the market, with £5 million or more to spend, looking for a London bolthole. They are also in the market for landmark, stucco-fronted homes for more than £10 million.

Ed Mead, of Douglas and Gordon, reports increased activity from Indians and Russians. But, he says: “Most of the activity is from countries in euroland. Between the strengthening of the currency, and the reduction in prices, the deals look very good to them. The staff in my office speak five languages and I rarely hear them in English.”

But agents say that the gloss is coming off even these homes, as the gloom that afflicted the national market has spread to Central London. Miles Shipside, of the property website Rightmove, says: “The super-rich have got the funds but they are canny buyers. If they think they can get something cheaper later, they’ll wait.”

Should international buyers close their cheque books, sellers will be left to brave the demands of the British buyer: the best home of its kind, for the sharpest price. Marc Goldberg, of Hamptons, says: “Nobody is willing now to pay over the odds for any property, and everyone wants a bargain.”

That is quickly translating into pressure on prices. Ed Mead advises: “Prices were reduced 10-15 per cent almost in unison. But now, anyone who wants an easy life and a sale must reduce prices another 10 per cent from what they think is a reasonable price. That adds up to a fall of 25 per cent.” The fast deterioration of the market has been blamed on the loss of bonus cash, which did so much to boost prices in the past two years. With job security under question and bonuses forecast to be slim, City buyers have gone on strike. David Salvi, of Salvi Hurford Carr, says: “You could draw a line between east and west. The west is relatively unaffected, whereas the farther east you go the worse it gets. Docklands has been badly hit.”

Chris Pendleton Interview - MS 3D MAP and Estate Agents

2008-05-21T07:57:00.000Z

Chris Pendleton Interview

Property managers fete 40

2008-05-21T07:46:00.000Z

More than 100 industry people attended an event marking 40 great years for the London Property Managers Association and the 20 presidents who made it all possible.

Run by dedicated volunteers, the non-profit group provides information and education to landlords across the province. Organized by Brenda Davidson, the evening was elegant and smooth at Windermere Manor.

In honour of its anniversary, the association unveiled a new logo representing its growth and bright future. Current president Richard Izawa (Transglobe) was joined by almost all of the past presidents for the celebration, including Paul Cappa (Cohen Highley), Kim Walker (Medallion Properties), Barry Parker (Sifton Properties), Brenda Trineer (Rogers Cable, formerly Tricar), Bill Amos (Bluestone Properties) and Mike Arnsby (Arnsby Property Management).

As part of an umbrella group within Ontario, the London Property Managers Association has been able to influence legislation related to the housing industry. Major issues tackled in the past few years were the proclamation of the Tenant Protection Act, the affordable housing crisis and a proposal by the City of London to license landlords.

INCREASE IN CENTRAL LONDON RESIDENTIAL LETTING TRANSACTIONS IN Q1 2008

2008-05-13T15:03:00.000Z

As the residential sales market is London slows down in the light of the escalating credit crisis both in the UK and US, Hurford Salvi Carr, specialist estate agent for the City, Docklands and West End, release figures which show a strengthened lettings market in the first quarter compared to last year.

A 5% drop in sales during the first quarter of this year has been reflected in a similar percentage rise in Hurford Salvi Carr’s lettings division; with 5.5% increase in new lettings as compared to the first quarter of 2007.

Kari Trajer, Associate Director of Lettings at Hurford Salvi Carr believes this is a direct result of current sales market conditions and the global credit crunch which has tightened lending constraints and put many people off buying.

She comments: “The credit crisis has definitely hit confidence in the residential sales market. Problems at banks like Northern Rock and Bear Stearns has brought the credit problem to the forefront of many people minds. However this has had a knock on effect of strengthening the lettings market this year as people are now renting for longer, or choosing to rent, when historically they would have bought. A concrete example is the classic pied a terre. Last year, commuters, international business people and parents of students studying in central London were quick to purchase a London property with a strong capital gains projections and good buy-to-let potential. Now, however, a lot of those ”would be” buyers are simply choosing to rent.” More Information

Property market: More snakes than ladders

2008-04-17T14:38:00.002Z

Telegraph > Property - Last Updated: 12:01am BST 17/04/2008

The City has not seen big price falls this year, according to Paul Driscoll of Hurford Salvi Carr, but anything marketed at last year's prices is not moving. A two-bedroom duplex on Saffron Hill, EC1, stuck at £650,000 but sold very quickly when reduced to £599,950.

"I think the market is still five per cent overvalued," said Driscoll.

Driscoll has seen three sharp falls of 10 per cent in property values over the last decade - after 9/11, the Iraq war, and Bank of England governor Mervyn King's 2004 speech about his concerns for the housing market. Each time, it restored affordability but the market soon reinflated.

"Whether that will happen again, I don't know," he said. "It is a matter of how far the uncertainty will continue. I haven't got a crystal ball.

Snapshots of a slowdown

# Prime Central London: Prices will fall 2-3 per cent this year (Liam Bailey of Knight Frank)

# The City: No fall yet, but anything marketed at last year's top prices isn't moving (Paul Driscoll of Hurford Salvi Carr)

# Streatham: Prices down 15 per cent on 2007 (James Brooks of Kinleigh Folkard & Hayward)

# Surrey Quays, Docklands: down 5 per cent in last quarter (John East of Kinleigh Folkard & Hayward)

# Kennington: Last month the Bear Stearns crisis "stopped business dead", but prices are now forecast to remain stable (KFH).

http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2008/04/17/lpsnakes117.xml

UK house prices fall by 1.7% in first quarter of 2008 - Nationwide

2008-04-07T08:19:00.000Z

"The annual rate of house price growth slowed dramatically in every part of the UK in the first quarter of 2008, bringing the average rate in the UK down to less than a third of the rate at the end of 2007. The annual rate of house price growth in the first quarter of 2008 was 2.2%, down from 6.9% at the end of 2007. House prices slowed most sharply in Northern Ireland where the annual rate fell from 24.2% to -3.4%, but this still leaves average prices more than £15,000 higher than at the end of 2006." - Fionnuala Earley, Nationwide's Chief Economist.

UK fact file

* Average house price: £179,363
* Annual percentage change: 2.2%
* Quarterly change (seasonally adjusted): -1.7%
* Most expensive region: London
* Least expensive region: North
* Region with strongest annual price growth: Scotland
* Region with weakest annual price growth: Northern Ireland

Annual house price growth slows across all UK regions

* Scotland is most resilient market in UK in the first quarter of 2008
* London and the South Easterly regions continue to see fastest annual growth in England
* Northern Ireland and the North West see fall in annual house prices

Commenting further on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

"The first quarter figures clearly show Scottish house prices as the most resilient in all of the UK. Although prices here edged down slightly from the previous quarter, Scotland has now overtaken London in the league table of annual house price inflation. Scottish house prices are 6.3% higher than one year ago, some four percentage points above the UK average of 2.2%. In the past we have alluded to the fact that mortgage affordability in Scotland is not as stretched as in other parts of the UK, and this is likely to be the main factor behind the relative resilience of Scottish house prices.

"After seeing blistering rates of growth through much of 2006-7, London property prices recorded their first quarter-on-quarter drop since the third quarter of 2005. This caused the annual rate of house price inflation to drop from 12.8% to 5.6%, the lowest since the second quarter of 2006. House price growth in London was always likely to slow from the double-digit rates of 2007, given that housing affordabilitywas becoming particularly stretched for local first-time buyers. However, the financial market events since August have probably added to the slowdown by reducing confidence among buyers working in the City of London.

"Despite this slowdown, London prices are still showing the highest rate of annual growth in England and Wales, a situation that has been in place since the first quarter of 2006. However, the gap between London and the second strongest English region, Outer Metropolitan, has narrowed to 2.0 percentage points in the first quarter, from 4.3 percentage points at the end of 2007.

"Annual house price inflation in the rest of England's regions ranged from a low of -0.2% in the North West to a high of 3.6% in the Outer Metropolitan region. The steepest decline in house price inflation was in the South West, where annual growth dropped from 6.4% at the end of 2007 to 0.3% in the current quarter. This leaves the South West with the lowest rate of annual house price inflation in southern England.

"Although annual house price inflation has fallen across all of the Northern regions, it has done so at a slower pace than in the South. As a result, the gap between house price inflation in the North and South has narrowed for the second consecutive quarter. The gap now stands at 3.1 percentage points, down from a peak of 6.7 percentage points in the third quarter of 2007. Nonetheless, a typical property in southern England still costs over £85,000 more than in northern England."

The countries of the UK

"Of all the UK's countries, Northern Ireland showed the clearest change in house price trends. The dramatic increase in house prices seen in the Province during 2006-7 has now come to an end. Prices in Northern Ireland are 3.4% lower than at this time last year. A correction is not surprising given the searing rates of growth seen in 2007 when prices in the first half of the year increased at an annual rate of over 50%. While prices have fallen in the first quarter in Northern Ireland, they are still more than 50% higher than two years ago.

"Looking at the other countries in the UK, the pattern of house price growth has followed a relatively moderate path by comparison. Scotland has outperformed England and Wales since 2003, and remains the strongest part of the UK in terms of house price growth. The annual pace of growth in Scotland has been slowing quarter by quarter for a year, but is still almost three times faster than in England, and more than six times faster than in Wales.

"Nevertheless, the price of a typical property in Scotland is still lower than in any of the other countries in the UK and is about 84% of the price of a typical UK property." Full report

Budget - key points for homeowners

2008-03-14T17:20:00.002Z

* Shared equity housing schemes announced to aid key workers
* Shared ownership (less than 80% of the home) means zero stamp duty
* More building
* Long-term fixed rate mortgages encouraged... at this point, though, it's not clear how

Many were expecting a more realistic movement on stamp duty. More >>

OPPORTUNITY TO RENT FILM LOCATION LOFT APARTMENT

2008-02-12T15:44:00.000Z

Hurford Salvi Carr’s City lettings office is pleased to offer a rare opportunity to rent a stunning top floor loft apartment in Clerkenwell that has been the filming location for two, top 5 music videos.

Roberts Place is an individual conversion of a former Victorian print works. The spacious 1,600 sq ft, three double bed apartment available to rent for £1,500.00 per week with Hurford Salvi Carr, was designed by acclaimed architect Spencer Fung in 2001. The apartment boasts a 1,000 sq ft, split-level decked roof terrace with 360-degree views over the city skyline.

Throughout its history the apartment in Roberts Place has shared a close connection with the media industry, from its beginnings as a print works to its modern incarnation as a residence and film location for various fashion photo shoots and magazine spreads.

The apartment’s minimalist interior design, provided the perfect setting for the video of singer Louise’s single, “2 Faced” in 2000 and the following year hosted DJ Pied Piper and his dancers for the filming of his 2001 chart-topping song “Do you really like it?”

More information

A million 'could lose home' in credit crunch

2008-02-01T10:18:00.000Z

More than one million families are in danger of losing their home over the next 18 months, Britain's financial regulator warned yesterday.

It fears that huge mortgages and other debts will prove a lethal cocktail during the global credit crunch. As banks become more wary, many coming out of a fixed-rate term on their home loan will find they cannot switch to another cheap deal.

Even the smallest increase in bills or repayments will tip some over the edge, according to the Financial Services Authority (FSA).

In the bleak forecast, it said that nearly one-fifth of those who took out a mortgage between April 2005 and September 2007 risk having their property repossessed. This group of 1.04 million includes those who took out their first home loan, and those who remortgaged from one deal to another.

All these customers, who borrowed during a time when property prices were soaring, have two or more of the FSA's three 'high-risk' factors.

2008 PROMOTIONS

2008-01-15T16:35:00.000Z

London estate agent, Hurford Salvi Carr, is celebrating the New Year with the announcement of three promotions at the company’s offices in the City.

Paul Driscoll has been promoted to a Director overseeing the company’s residential sales office in the City and Clerkenwell. Paul joined Hurford Salvi Carr in 1999 and comments: “The quality and diversity of Hurford Salvi Carr’s client base provides a constant stimulation and challenge on a weekly basis and I am thrilled to be starting 2008 in my new role as Director. I work with a great team of people in the City office and am pleased to be continuing my work with them in my new role.”

Kari Trajer has been promoted to Associate Director having joined Hurford Salvi Carr in 2004 as the Lettings Manager of the company’s West End and City residential lettings offices. Kari has helped to establish Hurford Salvi Carr as one of the leading lettings offices in the City and now plans to build on the success with the expansion of their West End office in Store Street WC1. “This promotion is a fantastic start to the New Year for me. I look forward to embracing my new responsibilities and the continued success of our Residential Lettings and Management Divisions,” comments Kari.

Marco Fugaccia has been promoted to Sales Manager at the company’s City office having been the company’s leading fee earner over the past 3 years. Having managed offices in Central London in his previous company Marco believes his new position will enable him to use his 20 years experience to good effect when advising clients in the coming year. “We are all aware that 2008 is set to be more challenging, and I hope my new role as Sales Manager will aid the continued smooth running of the City sales office and give me greater opportunities to develop new clients.”

David Salvi, Director of Hurford Salvi Carr, is pleased to be offering these internal promotions to three highly valued members of staff. David comments: “Our success is a reflection of the quality of our staff across all our divisions and we wish Paul, Kari and Marco continued success in their new roles.”

Google Real Estate

2008-01-09T15:06:00.000Z

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Home prices fall for second month

2008-01-02T22:16:00.000Z

UK house prices fell for a second consecutive month in December, the Nationwide building society says.

Prices dropped 0.5% in December after slipping 0.8% in November, but property prices were still up 4.8% year-on-year from December 2006, it said.

The average price of a UK property rose by £8,334 over the year, putting it at £182,080 at the end of 2007.

Nationwide said that this month's interest rate cut should help the market recover somewhat later in 2008.

"The housing market has weakened significantly in the closing months of 2007 after holding up more strongly than expected in the earlier part of the year," said Fionnuala Earley, Nationwide's chief economist.

Rankings

Nationwide data also showed that St Albans was the most expensive place to buy property in a survey of 30 towns and cities.

The average house price in the Hertfordshire town rose 13% to £347,563 over the year.Belfast saw the biggest rise in house prices, up 32% over the year to £306,698 - an increase of £201 a day.Durham and Newcastle saw the survey's only fall in house prices.

Average prices fell 3% in both places to £152,902 and £178,309 respectively.

CENTRAL LONDON PROPERTY PRICES SET TO DROP BY 5 PER CENT ACCORDING TO HURFORD SALVI CARR REPORT

2007-12-21T15:55:00.001Z

Property prices in Docklands and the City will drop by five per cent over the first half of 2008 as buyers and investors feel the effects of restricted loan terms imposed by lenders according to specialist London agent Hurford Salvi Carr which covers the West End, City and Docklands. In its half yearly report, Hurford Salvi Carr outlines how prices have dropped by three per cent in the last four months of 2007 and that this trend looks set to continue through the first six months of 2008 leading to a total drop of eight per cent between September 2007 and June 2008.

Director of Hurford Salvi Carr, David Salvi comments: “We predict the sales market will be slow during the first three months of 2008 with little stock being put to the market as vendors wait to see what happens to prices. However, this drop in property prices follows an explosion in prices of 46 per cent since the start of 2005. An eight per cent reduction in the 10 months leading up to June 2008 would take prices back to the level there were at the start of 2007.

UK property market 'turning down'

2007-11-30T09:30:00.000Z

UK house prices saw their biggest fall in 12 years during November, mortgage lender Nationwide has said.

The firm's data suggests the cost of an average home slid by 0.8% from a month earlier - the first drop in price seen since February last year.

The annual rate of house price inflation now stands at 6.9%, down from 9.7% reported in October.

At the same time, the Bank of England said the number of mortgage approvals fell to a near three-year low.

According to the Bank's latest report, 88,000 new mortgages for home buyers were approved in October, 12% lower than in September and down 31% from October a year ago. More >>

Fresh interest in Northern Rock

2007-11-21T09:12:00.001Z

Northern Rock has said it has received further "indicative expressions of interest" from firms which might be considering a buyout or investment.

But it said one interested party may make an offer for the bank below its closing share price of 97p on Tuesday.

It also said expressions of interest would not necessarily lead to offers for the bank, or investment in it.

On Tuesday, US buyout firm JC Flowers submitted a bid that included an offer to shareholders of a "nominal value".

And a second bid emerged on Tuesday from American private equity firm Cerberus.

In early London trade on Wednesday shares in Northern Rock were down 15% at 82.60p.

Prime London property price growth slows

2007-11-08T12:35:00.000Z

LONDON (Reuters) - Prime London property price growth has slowed to a two-year low, as the credit crunch takes the heat out of the market, according to a survey by estate agents Knight Frank on Monday.

Its prime central London index shows the rate of growth slowed to just 0.3 percent in October - the slowest monthly growth recorded since July 2005.

Liam Bailey, head of residential research, said: "London has seen a rapid turnaround in market sentiment.

"In early summer we were still in the midst of the strongest market for 20 years, now we are seeing growth fall back rapidly as the market cools.

"We have seen a seller's market replaced very quickly by a buyer's market.

"The new market sentiment means vendors are having to compete much harder to achieve timely sales and ambitious pricing has effectively ended across the prime and mainstream markets."

At the height of the central London boom this summer, prices were rising by more than 3 percent per month and growth hit 3.9 percent in July.

That stellar performance means prime London house prices have still risen by 34.1 percent in the year to end-October.

However, the top end of the market continues to out-perform, driven by demand from international buyers.

Properties worth five million pounds or more grew in value by 4.8 percent in the three months to October, while those in the one to two million pound bracket rose in price by 2.3 percent.

Knight Frank expects prime London property prices to grow by just 3 percent during 2008, but anticipates inflation of 8 percent or more among properties worth more than five million pounds.

That will be driven largely by demand from oil- and commodity-rich countries, such as Russia, Kazakhstan and the Middle East.

Bailey said: "The prime markets are likely to perform better than the mainstream markets -- but not by a wide margin.

"Vendors of the very best properties will still be able to name their own price -- almost -- but for the rest of the market price growth will be noticeably lower than that seen in recent months."

Property industry uses online social networking to go green

2007-10-26T14:38:00.000Z

Online social networking technology has been put to use by the commercial property sector, which has launched a $1.5 million online encyclopaedia and networking tool to help create green and profitable commercial buildings.

Designed to function as a collaborative web tool, Your Building was unveiled at Stockland’s sustainable headquarters in Sydney’s CBD, an office fit-out focused on improving the company’s environmental footprint.

How-to guides on developing businesses cases for green developments and refurbishments also feature on the site.

Your Building creates an online community whose members can add their own content, post comments, listen to podcasts and contact each other through their personal profiles — similar to the way a growing number of people use forums such as Facebook to communicate with friends and network with new people.

A joint initiative of the Australian Greenhouse Office (AGO), the Cooperative Research Centre (CRC) for Construction Innovation and the Australian Sustainable Built Environment Council (ASBEC), Your Building uses internet links to pool thousands of individual sources of information on current sustainability practices, regulation, technological innovations and case studies in a single location. More>>

London is top property investment market again

2007-10-23T11:52:00.000Z

London is the most attractive property investment market for the second consecutive year on an index of European cities.

The British capital has kept long-term leader Paris off the top spot for the second year, according to the ninth annual index by LaSalle Investment Management.

Its European regional economic growth index identifies those European cities out of 91 analysed that are expected to be in greatest demand among occupiers over the medium term.

LaSalle said the overall outlook for European property appeared good, despite the global credit crisis which has hit money markets and resulted in banks becoming more cautious, putting pressure on over-stretched homeowners and highly leveraged investors.

The top 10 cities where property investors could expect the best returns have remained unchanged in the past year, but the order has changed significantly, the report shows.

Although London has retained its number one ranking -- mainly driven by high gross domestic product, employment growth and the financial sector -- Munich has moved into second place ahead of Paris, pushing Dublin down to fourth, while Madrid has fallen out of the top five into 10th place.

Stockholm is in fifth place, followed by Luxembourg, Helsinki, Stuttgart and Oslo.

Robin Goodchild, head of European research at LaSalle real estate manager, said the index had "consistently identified an inner core of cities where property investors can expect robust returns": London, Paris, Munich, Dublin, Helsinki, Stockholm and Madrid.

"With market fundamentals positive and large volumes of capital still targeting European real estate, these cities can expect to take a large share of the transaction volume, notwithstanding the credit crisis," he added.

UK inflation rate stays at 1.8%

2007-10-16T16:01:00.000Z

The UK inflation rate remained unchanged at 1.8% in September, according to official figures.

The main upward pressure on the Consumer Prices Index (CPI) came from rising food prices, but these were offset by falling energy bills.

The rate remains below the government's 2% target. Analysts say an imminent interest rate rise change is unlikely.

The RPI inflation measure - which includes mortgage interest payments - fell to 3.9% in September from 4.1%.

The single biggest factor increasing prices was food, adding 0.09 percentage points to the yearly CPI rate, even though vegetable prices fell.

Dairy products saw particularly sharp increases, increasing 6.3% in September.

The latest figures are unlikely to have an impact on the interest rate outlook.

Following recent turmoil in the credit markets, previous expectations that the Bank of England would raise interest rates to 6% from 5.75% have been questioned.

Analysts are now saying the UK interest rate will remain the same and could even fall.

Gas and electricity bills fell even as oil hovered around the $80-a-barrel mark for the month.

Fewer homes for sale after HIPs

2007-10-08T15:00:00.000Z

There has been a steep fall in the number of homes with three or more bedrooms being put up for sale since the introduction of Home Information Packs, a survey showed.

There was a 37% fall in the number of properties that required one of the packs that were put on the market during September compared with the same month of the previous year, according to the Royal Institution of Chartered Surveyors.

This continued a trend seen in August, when the group warned there had been a 51% slump in the number of people looking to sell four-bedroom homes.

Home Information Packs (HIPs), which aim to speed up the house buying process by including more of the information buyers need up front, were rolled out to include homes with three bedrooms on September 10.

The packs had initially been launched in August for properties with four or more bedrooms that were put up for sale.

RICS said during September 65% more chartered surveyors reported seeing a drop in the number of people putting homes with three or more bedrooms on the market than those who saw an increase. More >>

Has Foxtons US violated American employment law?

2007-10-05T13:42:00.000Z

Two former Foxtons Inc. employees said the real estate company violated federal law when it didn't give them and their co-workers at least 60 days' notice before laying them off, according to a lawsuit filed Thursday in U.S. District Court.

Marco Cimmino of Neptune and Abram Covella of Pine Beach, who worked as home consultants, filed the lawsuit on behalf of a class of workers. They're seeking to recover lost wages and benefits, said attorneys David A. Krenkel and Lisa C. Krenkel.

West Long Branch-based Foxtons, a real estate broker that billed itself as a low-cost alternative, last week said it couldn't continue to operate in the faltering real estate market. It laid off 350 of its 380 employees and said it plans to file for bankruptcy.

The question: Did Foxtons violate the Worker Adjustment and Retraining Notification Act, which requires companies with 100 or more employees to give workers at least 60 days' notice before a mass layoff?

Foxtons could not be reached for comment. But the law has caveats. Employers don't need to give advance notice if they are the victim of a natural disaster or unforeseen business circumstances, or if they believed giving notice would have ruined their chances to obtain financing.

It’s going rental

2007-09-24T09:10:00.000Z

Buy-to-let landlords are enjoying the fastest rent rises on record, finds Paula Hawkins

RISING interest rates may have taken their toll on rental yields, but across the country the outlook for buy-to-let landlords is brighter. Lettings agents are reporting soaring renewals, falling voids and galloping rental growth. The latest lettings survey by the Royal Institution of Chartered Surveyors (RICS) reveals that rents are rising at their fastest pace since surveys began in 1998. London is particularly buoyant. “Central London residential rental value growth has hit a new high,” says Neil Chegwidden, head of research at Cluttons. “Rental values are rising by 15 per cent per annum – this is only the second time in the past 20 years that annual rental value growth has hit double figures.”

Why are rents rising so fast? It’s a question of supply and demand: figures from the Association of Residential Lettings Agents (Arla) show that tenant demand now outstrips supply in all areas of the rental market. Even in cities such as Leeds that have been afflicted by problems of oversupply, tenant demand is catching up. Families whose homes were made uninhabitable by the floods in cities such as Hull are also looking for accommodation. In London, 65 per cent of Arla agents say that there are now more tenants available than properties. Competition for prime rental properties can be so fierce that some flats are attracting sealed bids – unheard of in the rentals market until recently. “Areas such as Clerkenwell, Barbican and Bloomsbury are attracting a high proportion of sealed bids,” says Kari Trajer, of Hurford Salvi Carr.

Gazumping is another trend that has filtered over from sales to lettings. “We have noticed people getting gazumped on lettings properties, with landlords expecting tenancy bids of over the asking price,” says Sandy Armstrong at Oakhall Property Source. “We have heard of tenants paying 20 per cent over asking price for a rental property.”

What is driving demand? “Demand for rental properties mainly comes from young couples and frustrated first-time buyers,” says Stuart Allan of Broadley & Coulson in Bishop Auckland. Tim Hyatt, of Knight Frank, adds: “The recent turmoil in the financial markets has meant quite a lot of people are putting decisions on hold.” Lucy Russell, of the high-end estate agency Quintessentially Estates, has one client who has sold his £3.5 million home to move into rented accommodation for a year, because he believes the market is set to drop significantly.

A shortage in the sales market is also having an impact. “Tenants that would have left the market to buy are staying put because they just can’t find the right house,” says Trajer. Migration from eastern Europe remains a huge factor for lettings across the country, while relocations from western Europe to London have transformed the normally quiet summer market. “August was exceptionally busy, with families relocating from France, Italy and Spain,” says Dairin Garnier, of Henry & James, which covers London’s more exclusive postcodes.

Are more landlords coming into the market? Buy-to-let landlords are continuing to invest in the market, but in some areas the supply of private rented housing is falling. RICS figures show that the percentage of landlords selling their properties at the expiry of the tenant lease rose to 6 per cent. “In the first four months of this year we lost 15 per cent of our stock to the sales department,” says Hyatt.

Nineties' style property crash

2007-09-19T07:54:00.000Z

prices.One central London estate agency said it had seen a dramatic drop in the number of prospective buyers. David Salvi, director of Hurford Salvi Carr, said: "We do not believe it is a coincidence that our quietest weekend of the year occurred immediately after the Northern Rock share crisis.

"Our research of search engines has found that other estate agents and property portals have all experienced the same trend with web-based property traffic down between 25 to 40 per cent."

Peter Rollings, managing director of Marsh & Parsons said: "The market is taking a breather."

The buy-to-let market looks particularly vulnerable because lenders see it as riskier.

Howard Archer of forecasters Global Insight said: "If the Northern Rock debacle substantially undermines already dwindling confidence in the housing market, buy-to-let will be hit first - and hardest."

There are also signs that the credit crunch could hit funding for major property developments in London.

The firm behind the planned £1billion Shard of Glass tower near London Bridge said today the problems in the financial markets were hampering negotiations to secure backing.

But there was some better news for the property market when it emerged that the headline rate of inflation slipped from 1.9 per cent to 1.8 per cent last month. This makes it more likely that there will be a cut in the Bank of England base rate before the end of the year.

But some economists fear rising food prices could push up the rate of inflation again in coming months.

DOCKLANDS AND CITY MARKET FUELLED BY US BANKERS

2007-09-17T13:57:00.000Z

US financial institutions, flocking to London have contributed towards the strong rise in both sales and rentals in the City and Docklands according to Hurford Salvi Carr, a specialist estate agent covering the City, Docklands and the West End. In its half-year report, Hurford Salvi Carr outlines how sales prices have risen in the past six months by 12 per cent in Docklands and 10 per cent in the City as American banks, hedge funds and accountancy firms identify the benefits of London as a financial hub.

Director of Hurford Salvi Carr, Stephen Hurford comments: “The demand for property in London City and Docklands has been exceptionally high for some time. However, we are now finding this is being bolstered by the influx of US financial organisations attracted by the capital’s time zone position, skills base and less stringent financial constraints compared with New York’s Sarbox regulations. These factors are driving high capital markets to London and senior bankers are following suit.”

With US banks State Street, Bear Stearn and accountants KMPG also announcing moves to Canary Wharf, it is expected that an additional 10,000 employees will be seeking a place to live with many opting for a base near their new workplace.

Stephen Hurford states: “These highly paid staff will require high quality, well located residential accommodation, especially in the rental sector. A lot of City workers are aged between 20-35 and as they are coming to London for the first time and have no family ties, renting is often the most suitable form of tenure.”

House price increases slow

2007-09-07T14:47:00.000Z

House prices in England and Wales increased by 0.5 per cent during August, according to new research released today.

The average house price now stands at £224,930, up from £223,780 in July, according to a report released by the FT today.

Acadametrics, the organisation which carried out the research on behalf of the FT, now estimates prices are increasing by 9.3 per cent annually.

"House prices increased by 0.5 per cent in August with annual price inflation at 9.3 per cent, continuing the broad pattern of a stable rate of annual increase which we have been reporting since the beginning of the year," commented Dr Peter Williams, chairman of Acadametrics.

The annual trend showed no change from July, but is slightly lower than the 9.4 per cent recorded in June.

"However, even at this level it is high in relation to average wage increases and in that sense is unsustainable in the long term," continued Mr Williams.

"The shortage of supply along with the continued growth of the economy are key drivers of this continued trend."

Increases in house prices were recorded across the country but Greater London Property once again lead the way.

The region recorded the largest increase, with prices up some 16.8 per cent over the previous month.

The south-west also registered a large 10.3 per cent increase.

The smallest average house price increases were recorded in the north and West Midlands, which recorded increases of 4.7 and 4.8 per cent respectively.

"As we go on to show, regional differences in England are considerable, and stripping London out of the analysis would bring the annual rate of house price inflation down to 7.2 per cent.

"We note the London effect is getting greater over time reflecting the fact that the market there is out of kilter with the rest of England and Wales. The London ‘effect’ is now over 2 percentage points," concluded Mr Williams. Property Directory

Soho Property - From Sleazy to Jazzy

2007-08-22T10:39:00.000Z

Soho had been sleazy; but now it is jazzy. Today, its narrow streets and alleyways are enriched with trendy bars and restaurants creating a buzzing, juvenile atmosphere. Being located at the heart of the West End and with a wide variety of boutique, shops, restaurants, and theatres within walking distance, it offers a perfect living condition for all classes and all categories of people. So, no wonder that Soho property is such a craze!

The glitz and bright lights of Soho attract a wide range of age groups from the fields of media, advertising, theatre and film that ultimately make the area synonymous with flamboyance. Representation of people from different cultures and nationalities give this lively place a cosmopolitan image. However, living houses in Soho are not apparent but often tucked away behind the scenes. What immediately visible are studios and flats.

Though a small range of trendy new loft style apartments are available there, only dozen or so houses in the area can be seen. The more peaceful, residential roads in the area are further to the west, offering a slight retreat from the sleepless buoyancy of East Soho. Soho property has some small garden squares to relax in. The most obvious among them is Soho Square which remains highly popular with media workers in the summer months.

There is no wonder that the place which offers a range of eateries, café bars and Jazz venues along with spacious gardens will be in high demand. Attracted by the cosmopolitan character of Soho, people from multi-ethnicity rush there to live in. It is a hot favourite among designers and artists as well as London's gay and Chinese communities. With such a rush and limited living accommodation, it may not be easy for anybody to manage a space at Soho. So, taking help of Soho property agents is recommended to everybody who wants to sell or buy; let or rent a property there.

LONDON AGENT WARNS LANDLORDS OF LIMITATIONS OF ASSURED SHORTHOLD TENANCIES.

2007-08-07T08:45:00.000Z

Landlords should be aware of the limits of Assured Shorthold Tenancy (AST) as it is no longer applicable for many residential properties in London warns London estate agent Hurford Salvi Carr in its recently published half-yearly review. With entry level prices to the London residential property market continuing to increase and residential rents for many one and two bedroom rental properties following the upward trend, many tenancy renewals are now exceeding the legal threshold.

AST agreements were introduced through the Housing Act 1988 to protect the interests of all landlords and tenants in the private rented sector and have been the backbone of the rental market. However, as AST only covers properties with an annual rental income of up to £25,000, an increasing number of properties across the capital no longer qualify under this legislation.

Hurford Salvi Carr Lettings Manager Kari Trajer believes this could have consequences for both Landlords and Tenants alike. “Since 1997, the vast majority of new tenancies let to individuals have been let on ASTs. This is creating a misnomer for Landlords based on the assumption that the ASTs are regarded as appropriate for all rental agreements without realising that their rental value exceeds the £481- per week (£25,000 per year) legal ceiling of the AST.

Bow estate agents

Rate hikes dampen property market

2007-07-30T08:41:00.000Z

House prices edged ahead at their slowest rate for 18 months during July as higher interest rates hit demand for property.

The cost of a home in England and Wales rose by just 0.1% to put the average property price at £176,300, according to property research group Hometrack.

At the same time the annual rate of house price inflation also eased for the third month in a row, dropping to 5.9%, down from 6.4% in June. The group said the change in market conditions had finally impacted on the London property market, which it said had been the engine for house price growth during the past year.

Prices in the capital rose by just 0.2% during the month, well down on the recent high of 1.8% reached in March this year. Overall, prices rose in only three regions during July, these were London, the South East and Wales, while they remained static in five regions.

Prices fell in both the East Midlands and Yorkshire and Humberside during the month, dropping by 0.2% and 0.1% respectively.

Richard Donnell, Hometrack's director of research, said: "It was inevitable that the steady increase in interest rates which began last year would ultimately impact on levels of housing demand right across the market - a trend that has been exacerbated by the seasonal slowdown in activity over the summer.

"However, the slowdown has been accelerated by a rise in the supply of housing for sale over recent months. While the growth in supply across the country appears to have moderated, we expect demand to remain weak over the second half of the year as the impact of higher interest rates continues to feed into the market."

He added that the increase in the number of homes being put up for sale was probably due to estate agents encouraging people to market their homes ahead of the previous date for the introduction of Home Information Packs, which was June 1.

The figures add to a raft of data suggesting the property market has run out of steam. On Friday the Land Registry said prices rose by only 0.4% during June, while Nationwide Building Society recently said house prices rose by just 0.1% in July, the slowest rate for more than a year.

The Royal Institution of Chartered Surveyors has also pointed to a slowdown, saying house price inflation more than halved in June, as new buyer enquiries declined at their fastest pace since February 2006. Hometrack said the average time it took to sell a home increased to 6.5 weeks in July, up from a recent low of 5.8 weeks in May, with sellers now getting around 95.1% of their asking price.

Buy property in Marbella

2007-07-19T08:23:00.000Z

Discover the largest choice of luxury villas in Marbella and Puerto Banus on the Costa del Sol and Andalucia. Buy property in Marbella

The U-turn of King’s Cross Property

2007-07-18T10:59:00.000Z

King’s Cross was once notorious for a hub of sleazy bed and breakfast hotels, prostitution, pickpockets, drugs and drunks. But redevelopment and investment has converted King's Cross Property into the most sought-after in the area.

You are sure to be disappointed if you look for sleazy bed and breakfast hotels, prostitution, pickpockets, drugs and drunks in King's Cross. It might have had its fair share of all of them in its chequered past. But redevelopment and investment over the last few years have changed both conditions and image of this inner-city district, making King's Cross Property the most sought-after in the area.

From being a shooting venue for Harry Potter to the setting for the 1955 Ealing comedy, The Ladykillers, and Mike Leigh's High Hopes 1988, King's Cross and its surrounding streets with the railway station happens to always be in the limelight. The area also attracts attention of investors and buyers due to the rapid redevelopment works going on there. For shrewd businessman, making investment in King's Cross Property is the easiest way to ensure a quick yet big profit.

Of late, an ultra-modern contemporary house has just been completed by Lightspace Partnership Limited. This is a stunning and innovative example of modern architecture that offers privacy and seclusion in the heart of Barnsbury. The interior of the house combines elegant simplicity with functional efficiency. Many other such artistic structures will probably be mushrooming in King's Cross Property in the near future.

With the British Library already moved there and the Guardian and the Observer also in line to be shifted to King's Cross, the area is getting popular for running corporate offices. Already, there is opportunity for the discerning occupier or investor seeking a premium-grade commercial office investment or new business premises. They can take advantage of the rejuvenation of the King’s Cross Property and the strong growth in rental returns in this highly promising area.

Similar opportunity is there for those who want to buy flats or apartments in King’s Cross. They can choose a fully refurbished two bedroom apartment with good light and spacious feel throughout with its own private balcony and stunning City views, minutes from the City and local transport. For that matter, a plain single bedroom flat with Italian terrace can be chosen. Whether to buy or to sell; to rent or to let, going through the King’s Cross Property agents will be the best way. Barbican properties for sale

Investors pay £1 billion for Canary Wharf building

2007-07-04T13:54:00.000Z

The 42-story building in Canary Wharf in London that serves as Citigroup's European headquarters was bought Monday by Derek Quinlan, an Irish investor, and Propinvest Holdings for £1 billion.

Royal Bank of Scotland Group was the seller of the building at 25 Canada Square, said Carolyn McAdam, a spokeswoman for the bank. Royal Bank acquired the property at the end of 2003 for more than £700 million, or $1.4 billion. The sale Monday was the second-largest property transaction in British history.

"This is a long-term personal investment in a prime property in the heart of London's new financial center," Quinlan, a 59-year-old former tax inspector, said in a statement.

An increase in central London office rents, already the most expensive in the world, is prompting investors to pay record amounts for commercial real estate. HSBC Holdings one of the largest banks in Europe, in April sold its London base at 8 Canada Square to Metrovacesa for £1.09 billion in the biggest property deal in British history.

London House Prices Rise at Slowest in Five Months

2007-06-28T11:08:00.000Z

London house prices rose at the slowest pace in five months in June as the cost of a home fell in more than half of the U.K. capital's boroughs, Rightmove Plc said.

Asking prices increased 0.7 percent from a month earlier to 387,898 pounds ($764,000), half the pace of May, as values fell in 17 of the city's 32 districts, the U.K.'s biggest real-estate Web site said in a statement today. Gains across the U.K. outpaced London for the first time since January, with a 0.8 percent increase in June.

``London is falling behind the rest of the country,'' said Miles Shipside, Rightmove's commercial director. ``We can expect a drop in house prices over the next few months.''

A nationwide property boom, led by demand from rich foreigners and bankers in London, may be peaking as interest rates at a six-year high deter homebuyers with record debts. A further rate increase, signaled by Bank of England Governor Mervyn King last week, may crimp price growth.

Southwark, an area south of London's financial district, had the largest price drop on the month, falling 2.8 percent. The next-biggest decline was 2.4 percent in Hounslow, close to Heathrow Airport.

One bed Flat for sale - Gray s Inn Rd, WC1X

2007-06-13T08:22:00.000Z

A top floor, Georgian, one bedroom apartment situated in Bloomsbury. This third floor property comprises of a double bedroom, reception/ kitchen and bathroom. The property is located at the north end of Gray's Inn Road and only a short walk from King's Cross St Pancras.

* One Bedroom
* 493 Sq ft/ 46 Sq m
* 3rd Floor

* Georgian Apartment

Bloomsbury property for sale | Bloomsbury property to rent

55 studio, one, two, three & four bed apartments and penthouses - 56 WHARF ROAD, N1

2007-06-12T12:10:00.000Z

FIRST PHASE ALL RESERVED. SECOND PHASE LAUNCHING 27 SEPTEMBER 2007 PLEASE CONTACT US NOW IF YOU WOULD LIKE TO BE ADDED TO OUR DATABASE FOR THIS LAUNCH

Spectacular joint venture new build development by Modern City Living and Londonewcastle comprising 55 studio, one, two, three & four bedroom apartments and penthouses fronting directly onto the Grand Union Canal and Wenlock Basin.

Each Johnson Naylor designed apartment will be built to an exacting standard with an exceptionally high interior specification including fully integrated kitchen appliances and fitted bathrooms Every apartment and penthouse has either a balcony or private terrace with some being oversized.

Completion of the development is anticipated for early 2009.

MAIN FEATURES

* 55 studio, one, two, three & four bed apartments and penthouses

* Every apartment with private balcony/terrace

* Spectacular development fronting onto Grand Union Canal/Wenlock Basin

* Upper Street Islington and Angel Tube within a 750 metre radius

* High specification Johnson Naylor designed apartments

Lodon New Homes

THE NEW HURFORD SALVI CARR WEBSITE MAPS OUT ON-LINE HOMES

2007-06-05T08:43:00.000Z

Google mapping, which allows would-be buyers and tenants to see the exact location of their potential new homes, is just one of the many features boasted by the newly launched website of Central London estate agent, Hurford Salvi Carr.

The new website which was launched at the end of May reflects the expanding geographical areas served by Hurford Salvi Carr following the opening of its Store Street Office which covers London’s west end including Soho property and Covent Garden property . The website’s mapping gives buyers and tenants the opportunity to view the exact spots where properties are located allowing them to see the properties’ proximity to local amenities, train stations, parks, shops, schools, sports venues and of course, the River Thames.

Property hunters can also search their property by location by clicking on the areas where Hurford Salvi Carr operates which span from Stratford and Royal in the east of the capital to Marylebone and Fitzrovia property in the west. Other search options on offer are searches by homes available to let, properties available for sale, new-build properties available for sale and commercial properties available to buy. Website visitors can specify prices ranges and refine searches for each of Hurford Salvi Carr’s three London branches.

Hurford Salvi Carr are an innovative firm of property advisors and development consultants who have become synonymous with urban living in central London. Our experience and expertise in both the residential and commercial markets, in the City, West End, Docklands and East London put us at the forefront of property agency.

Since 1996 Hurford Salvi Carr have been a driving force of the 'city living' phenomenon having sold more than 3,000 new homes in over 200 developments, the majority created from former commercial premises, and we have played a pivotal role in the repopulation of Clerkenwell and the City fringes.

EC property developer awards R210 million development to Group Five

2007-05-31T15:08:00.000Z

Construction of the apartments will begin in August this year with the construction of the retail, office and the four-star hotel following in 2008. The 12 hectare R500 million development is expected to be complete by 2010.

Strategic development manager Grant Wheatley says that the one of the most important service providers to the project is construction and hence it was chosen, using several risk-mitigating criteria which included that the service provider be a JSE-listed contractor with a good track record who would be able to secure the necessary buying power for a project of this magnitude as well as contribute valuable project management skills.

“We believe Group Five appointment significantly reduces the risk of this project to us, the developers, as well as to our investors in the project,” explains Wheatley.

Managing director for Group Five Housing, Frank Enslin, says his team “is delighted to be working with Novate Property Investments on this ambitious project, which is similar to others Group Five has successfully completed, amongst these, St Michaels on the KwaZulu Natal south coast.”

Enslin adds that contracts director for St Michaels, Eric Higgitt, will lead the construction team at Triple Point.

“Eric lived in East London for almost 10 years and attended Selborne College before leaving for Johannesburg, where he joined Group Five as a bursary student. He has approximately 20 years’ experience in the field of upmarket residential construction.”

The contracts with Triple Point and another residential project, The Beacon, bring Group Five back to East London after almost a decade.

London property streaks ahead

2007-05-31T15:07:00.000Z

The average price of a house climbed 0.6% to £179,935 in April, according to the latest figures from the Land Registry, bringing year-on-year house price growth to 9.1%, one of the highest annual increases in almost two years.

This rate is slightly less than the 1.3% the Registry recorded in March, indicating a slight slowdown, but it was price rises in London which really stood out, as the capital recorded a rise of 15.6% year-on-year, and 2.3% in April alone.

The region with the lowest annual price rise last month was the East Midlands, with an increase of 6%, and Yorkshire and the Humber recorded the largest negative price movement with a change of -1.1%, the report says.

'The April data shows the current rate of increase for London house prices is over 6% per annum greater than that of England and Wales as a whole. This is the largest divergence in the last two years, when London lagged behind the rest of the country by approximately 6%,' it continues. 'The divide in annual growth between London and England and Wales has averaged 3.6% over the last six months.'

The average price of a house in Greater London now stands at £333,785, as the capital continues to drive house price growth in the South East, and indeed the rest of England, the report found.

Capital Economics said these findings confirm what other house price indices recorded in April: a gradual calming of the market. 'Although these figures are not conclusive evidence of a slowdown, higher interest rates will stretch affordability even further in coming months, with market activity levels likely to be much softer by the end of the year,' according to their assessment.

remortgage solutions

2007-05-25T12:58:00.000Z

Shorething Mortgages is a newly established mortgage introducer, set up in order to aid those with bad credit history, CCJs and mortgage arrears, find mortgage and remortgage solutions. The service they offer is completely free to the public, and once submitted, your details will be passed onto an FSA regulated mortgage broker, immediately. Theres no need to shop around, Shorething Mortgages has an unparalleled panel of lenders with the capabilities of helping you.

Houses 'are priced 65% too high' in the UK

2007-05-25T10:40:00.000Z

he Organization for Economic Co-operation and Development revealed that UK property prices are among the most stretched of any major world economy. At the same time, finance experts warned that the Bank of England could increase interest rates to 6% before the end of the year. The prospect will alarm homebuyers who are already struggling to meet their monthly mortgage payments after four hikes since last August. Annual payments on an average £150,000 ($297,916) mortgage are already £1,200 ($2383) higher than this time last year. The Paris-based OECD said it was worried about the valuations of homes in a range of countries following a world-wide boom. It said a slowdown is long overdue and that a property crash cannot be ruled out.

Among the G7 club of rich nations, only Canadian properties are more over- stretched than the UK's levels. If interest rates are not raised to slow down the economy, a major slump may do the same job - but with far worse consequences. The OECD's report said: "Some slackening in the pace of of housing investment is likely in many OECD countries, and that may contribute to a cooling down of some fast-growing economies. "There is always a risk, nonetheless, that it takes the form of a pronounced slump with, possibly, substantial knock-on effects to activity in the rest of the economy."

The research in the OECD's biannual Economic Outlook compared the price of the average house with annual rental incomes. The measure is widely used by experts because if houses do not generate enough rent, then landlords will be willing to pay less for property, pulling down prices. This indicator in Britain is now 65% above its historic average since 1970. An alternative-measure compares house prices with average annual incomes. This shows that UK prices are 45% higher than their long-term average, the OECD reported.

County property-tax levy to rise 6.5 percent

2007-05-25T10:39:00.002Z

MOUNT HOLLY — The Burlington County Board of Freeholders has introduced a $223.8 million budget for 2007 that calls for an increase of more than 6 percent in the amount of money drawn directly from property owners.

The freeholders unveiled this year's budget during a public conference meeting yesterday. It would increase total spending by county government by nearly 4 percent over last year's $215.2 million budget.

The biggest source of revenue in the new budget is $162.8 million to be drawn directly from property owners. That amount is up 6.5 percent from last year's county tax levy of $152.2 million.

A public hearing on the budget is scheduled for June 27.

Freeholder Director Jim Wujcik said the 2007 budget is as tight as it can get without trimming services.

Spending increases are for fuel, utilities, insurance premiums, pension commitments, employee raises included in labor agreements and debt service, he said.

“We believe this is a very austere budget,” Wujcik said.

The county would continue to commit the largest chunk of its budget, $45.2 million, to education.

Property demand expected to peak in 2008

2007-05-25T10:39:00.001Z

The soaring demand for industrial property space will peak in Sydney and Brisbane next year, then start to tumble in 2009, analysts say.

In a report, UBS property analysts attributed strong industrial tenant demand to Australia's economic growth, low unemployment and upbeat business sentiment.

"In 2008, Sydney and Brisbane are expected to peak, and then in 2009 begin a downswing," UBS said.

UBS said industrial markets in Sydney, Melbourne and Brisbane were currently at the top of the property cycle, with demand coming from some of the largest occupiers of industrial property space, such as supermarkets and transport companies.

The predictions on the downturn come amid an increase in the amount of industrial property up for sale, with rents rocketing 25.6 per cent in Perth in the year to March 2007, and 16.1 per cent in Brisbane.

Overall, in the year to March 2007, Australian prime industrial rents grew by 13.1 per cent to reach an average of $98 per square metre.

"Retail sales and consumer confidence data have returned to the levels last seen in 2003 amid the housing property boom.

"Further, jobs growth is healthy, while the unemployment rate is at a record low."

Investors were moving aggressively to establish a foothold around Sydney's M7, the TradeCoast in Brisbane and the Eastlink and Craigieburn Freeway in Melbourne.

Prices of property in London at 30 year high

2007-05-25T08:00:00.000Z

Prime central London property prices are growing at their fastest in almost 30 years - and at three times the rate of the wider British market, figures show.

The value of the best properties in central London has risen by more than 33% in the 12 months to end-April, according to estate agent Knight Frank’s prime property index.

That is the fastest rate of growth since mid-1979 and means prices in central London are rising at three times the UK average.A property worth just £100,000 in 1976 would now be worth more than 4.1 million pounds, the index shows.

Knight Frank said demand had been supported by growing numbers of overseas buyers and money spent on property by City bankers.

Over the past year, Belgravia and Knightsbridge have seen the strongest market, with prices surging by more than 40%.

Head of residential research Liam Bailey said: “London’s traditional spring market rush starts earlier and earlier every year.

For the past two years, the season has opened in December rather than March, and has run on well into May.

“The early part of 2007 saw an incredibly active market, with price growth totalling nearly 11.9% in the first quarter.”He said, even after 18 months of strong price appreciation, the pace of growth was yet to slow and, if anything, had quickened.In the six months to end-April, monthly price growth averaged 2.8%, against 1.7% in the same period last year.

“The strong performance of the top end of the market can be attributed, at least in part, to the continuing health of the City economy and the bonus season,” said Bailey.

House prices move higher in March

2007-05-23T08:12:00.000Z

UK house prices are still rising at a strong pace despite recent interest rate rises, according to the country's biggest mortgage lender, the Halifax.

The bank reported that prices rose by 1% in March, taking the annual rate of house price inflation to about 11%.

According to the Halifax, the average house price is now £194,362.

A strong economy and a shortage of houses for sale was behind the rise, the bank said, although it added that price growth may ease later this year.

The Halifax noted "emerging signs" that pressure on householders' finances - partly as a result of three interest rate rises since last summer - was beginning to have a dampening effect on the market.

"We expect the recent rises in interest rates, negative real earnings growth and above inflation council tax bills to lead to slower house price growth over the coming months," said Tim Crawford, Halifax group economist.

Last week, the Nationwide noted a similar cooling in the housing market.

One street, two property markets

2007-05-14T08:39:00.000Z

Now don't get the impression that I am obsessed with the Observer's property section - I'm not.

In fact I come to praise this week, rather than to bury as I did last week with Will Hutton's pompous and windy 'we're all doomed' column.

The paper's review section has a fine piece of reportage by Carole Cadwalladr this week on life in Albion Drive in Hackney and how the massive inflation in London property prices has affected those living there, from the squatters and council tenants to the retirees cashing in their nest eggs, the first time buyers aided by their parents to get on the ladder and the local estate agent.

It's a long read (You might prefer this link which takes you to the printable version) but well worth it. Cadwalladr doesn't prognosticate (unlike you know who) but listens and asks.

As for the real losers, she takes counsel from TV property expert Sarah Beeny, she says:

'The people 'who are really stuffed are the thirtysomethings who for one reason or another, and not through any fault of their own, didn't buy. They're absolutely stuffed.'

And Cadwalladr responds:

'That's me, actually, Sarah. And more of my friends than you might imagine. But this story really isn't about me. I may be a fiscal basket-case but I accidentally made money during my thirties anyway. I can buy - expensively, somewhere - but I have friends who can't.

'Because of stupidity, or poor wages, or relationship breakdowns, or trying to pursue unlucrative creative endeavours, or being out of the country at the wrong time, we, all of us, for our multiple different reasons, never quite got around to it.

'We're the outliers of our generation, perhaps, but we're where the current crop of twentysomethings is heading. So look forward, you youngsters, to one day raising your three-year-old son in a one-bedroom rented flat like my friends Karen and Phil. To making plans to leave the country, like my friend Simon, or deciding that you can't ever afford to come back, like my friend Amanda.'

PS For more classic Huttonry, read his column this week on his old mucker Tony Blair and how our Will taught him all he knew. 'I' count 13, 'Me' count, four. Marvellous stuff.

Selling property online to rise in the UK

2007-05-03T16:35:00.000Z

UK property industry insiders anticipate a surge in online property sales in 2007 owing to the introduction of the Home Information Packs. From June 1 2007, everyone involved in selling a home in the UK will need to know about Home Information Packs (HIPs). The anticipated online sales increases will come from the publics lack of appetite for the new fees associated with the packs. The combination of estate agents commission and new compulsory Home Information Packs is set to give UK house sellers a double dose of selling fees.

Gavin Brazg of www.TheAdvisory.co.uk is editor of the property advice website which helps home sellers by providing free and impartial advice to help sell property in the UK. The site contains information covering selling your house without an agent, selling property to a specialist cash buyer and through an estate agent.

Mr Brazg ‘We are industry insiders that have been dealing with estate agents, property lawyers and other industry "professionals" for longer than we care to mention. We've seen how the general public is taken advantage of and we've witnessed a lot of unnecessary heartache and financial loss. The insider knowledge we share in this website is the information that rogue "property professionals" don't want you to have. I believe Hips will have a dramatic effect on online and private sales with home sellers in search of a cheaper alternative

Nicholas Marr CEO of Homegofast.com ‘We work with hundreds of agents and private sellers and believe freedom of choice is paramount. Many of our private sellers just can’t afford commission payments. They are faced with large stamp duty fees, huge mortgages, ever increasing house prices and now Hips. Some UK estate agents will pay up front for a Sellers Hip however this could come with very stringent contracts so that they do not lose out to time wasters or sellers that want to change agent. Our experience indicates that once a seller goes it alone and sells a property privately it is rare for them not to reach for their keyboards in the future. Selling property privately online is here to stay and Hips will help sellers prepare properly whilst buyers will become better informed.

A Home Information Pack contains:

An Energy Performance Certificate which tells you how energy efficient the property is
Other compulsory documents, such as an index of contents, a sale statement, searches and evidence of title Optional documents, such as the Home Condition Report

More Information at http://www.homeinformationpacks.gov.uk/consumer/

£1.1bn HSBC deal seals capital's status as property market leader

2007-05-01T10:59:00.001Z

The global banking giant HSBC pulled off the UK's largest-ever commercial property deal yesterday, selling its London headquarters for a record £1.1bn to the Spanish property group Metrovacesa.

The bank also sealed an agreement to lease back the Docklands tower block for the next 20 years at an annual rent of £43.5m - giving the Spanish investors an initial yield of just 4 per cent on their investment.

Recent large deals in the UK commercial property sector have yielded in the region of 4.5 to 5 per cent. It is believed the company was willing to accept the lower yield due to the high profile of the property.

The company said it aims to become one of the world's leading real-estate investors.

HSBC also secured an option to extend its lease for an additional five years at the end of the 20-year term. However, Metrovacesa, which is believed to have beat some 14 other bidders to secure the deal, has a 998-year lease on the property.

The sale of the 210-metre tower block locks in an investment return of more than 100 per cent for HSBC, which spent some £500m building the skyscraper at the turn of the millennium. The company moved into the building in 2002, and now has some 8,000 staff working in the block.

Metrovacesa's purchase shatters the recent record for UK commercial property deals, which was set only last month when Beacon Capital Partners, the US real estate investment group, snapped up Citypoint for £650m at a yield of 4.85 per cent.

Citypoint is one of the largest office blocks in the City of London property , housing a number of offices, as well as a gym, shops, bars and restaurants. More >>

London boom is spreading

2007-04-17T09:30:00.000Z

London property - Barbican property, Clerkenwell flats , prices have spread to the rest of the country, according to Rightmove, the property website.

In its latest survey, the group claims property prices rose more than 1pc across all regions in England and Wales last month.

Last month, average property asking prices saw the largest monthly rise in 5 years, up 3.6pc or £8,307, said Rightmove.

Miles Shipside, commerical director, said: "Sellers' asking prices provide one of the earlier indicators of which way the market is headed, and whilst a boost is to be expected arouond Easter, £8,000 in a month is the largest amount we have ever recorded. Every region saw major increases, with the minimum jump being £3,000."

The average asking price for a property now stands at £236,490, £30,816 higher than a year ago.

The group said it expects the impending introduction of Home Information Packs (HIPs), on June 1, to boost the number of properties coming on to the market next month.

Stock hungry estate agents will see it as a one off uk opportunity for a "feeding frenzy", as they try to persuade sellers to put their houses on the market before HIPs June deadline.

Mr Shipside added: "The early indications are that the Spring timing of the run up to HIPs implementation, combined with the current market conditions, will lead to a distortion of traditional market forces over the coming months.

"We have a unique set of market conditions, and followers of housing fortunes should not regard this as the start of another national boom. As prices go higher, fewer buyers can afford to get on the ladder, or trade up, and that will restrain ongoing increases in many parts of the country."

Luxury property prices in central London have soared

2007-04-13T09:22:00.001Z

Luxury property prices in central London have soared to their highest level in almost 30 years, but will be hit by a slowdown within the next six months, estate agent Knight Frank has warned.

The influx of foreign buyers, mainly from Russia and the Middle East, coupled with a strong bonus season in the City, drove property prices up by 3.1pc in March, the highest monthly rate of growth in 28 years, Knight Frank's latest market survey revealed.

The estate agent said the average luxury house in London's prime locations, such as Belgravia and Chelsea, now sells for £5m.

However, the group expects returns for 2007 to come in at around 20pc, down from 31pc this year.

Liam Bailey, head of Knight Frank Residential Research, said: "The super strong market will not last much longer - perhaps four or five months."

International demand looks set to continue, with increased interest from Chinese and Indian buyers over the next few months.

Despite this, Mr Bailey warned that the wider central London market is more closely linked with the fortunes of those in the City, and "all it would take is a downturn in mergers & acquisitions activity, or in hedge funds, and the property market would take a downturn too."

He added: "Affordability is still an issue, even at the top end of the market.

"London property has outperformed most other big European cities, with the exception of Moscow - where prices in prime areas have grown 70-100pc in the last year, depending on who you talk to."

Top end of London property market to ease

2007-04-12T11:45:00.001Z

Luxury property prices in central London have soared to their highest level in almost 30 years, but will be hit by a slowdown within the next six months, estate agent Knight Frank has warned.

The influx of foreign buyers, mainly from Russia and the Middle East, coupled with a strong bonus season in the City, drove property prices up by 3.1pc in March, the highest monthly rate of growth in 28 years, Knight Frank's latest market survey revealed.

The estate agent said the average luxury house in London's prime locations, such as Belgravia and Chelsea, now sells for £5m.

owever, the group expects returns for 2007 to come in at around 20pc, down from 31pc this year.

Liam Bailey, head of Knight Frank Residential Research, said: "The super strong market will not last much longer - perhaps four or five months."

International demand looks set to continue, with increased interest from Chinese and Indian buyers over the next few months.

Despite this, Mr Bailey warned that the wider central London property market is more closely linked with the fortunes of those in the City, and "all it would take is a downturn in mergers & acquisitions activity, or in hedge funds, and the property market would take a downturn too."

He added: "Affordability is still an issue, even at the top end of the market.

"London property has outperformed most other big European cities, with the exception of Moscow - where prices in prime areas have grown 70-100pc in the last year, depending on who you talk to."

Traditionally, the London market has led property prices across the country, creating a ripple affect.

However, Mr Bailey said: "There is no way in two years time you'll see this sort of growth in the country - not even in the South East."

London property investment still hot, says Arlington

2007-04-10T14:16:00.000Z

Speculative development is picking up in the central London office sector, which is outperforming all other areas of the UK property market, but is not yet able to match demand, according to property investment management firm Arlington Securities.

However UK commercial property returns as a whole have slowed over the last six months. The total return for the IPD annual index over 2007 is projected to be 10% compared to the 2006 annual return figure of 17.9%.

Arlington UK fund of funds manager Richard Gale said: ‘The surge in rental growth was initially led by the West End, but the City has also seen a sharp improvement in the last six months. However rental levels in the West End, when viewed in relation to City rental levels, remain almost as high as ever.

‘The sharp increase in rents in central London has been driven by increasingly fierce competition for available space. In the City, the major Grade A buildings available, Moor House, 99 Bishopsgate and the Gherkin have been mostly let. The few available Grade A schemes are experiencing substantial rental growth.’

The Arlington UK Fund of Funds, which was launched in January 2007, allows investors to invest in a portfolio of balanced and specialist funds investing across the UK. The minimum investment is £100,000.

Doughty Street Property sale

2007-04-05T09:26:00.000Z

Doughty Street and its continuation of John Street, is a much sought after location for both residential and commercial occupiers. Originally a street of residential Georgian townhouses their usage gradually changed during the late 1900’s as commercial occupiers, mainly literary groups and law firms spilling over from the nearby Inn’s of Court took up occupation.

From the early 1990’s to the present date, Doughty Street has witnessed a resurgence of residential occupiers converting its fine houses back to family homes. These new and affluent residents realize that they are living in arguably the finest residential street in Bloomsbury.

On average only two houses are sold each year on Doughty Street, These grade II listed houses range in size from 3,000 – 6,000 square feet and some are blessed with long 40 – 70 ft Gardens.

There are also a few purpose built houses that have been configured as one and two bedroom apartments.

Marketing Your Property with Hurford Salvi Carr

2007-04-03T09:43:00.000Z

Hurford Salvi Carr are one of London’s leading property marketing agents, who develop both traditional and online marketing strategies to produce effective and innovative marketing campaigns that appeal to a target audience. We will ensure that we will select publications to market your property that reaches the appropriate audience profile.

We regularly advertise our clients properties in the Sunday Times, The Times, Financial Times, The London Evening Standard, The Wharf, Counsel, West End Review and Canary Wharf magazine.

We publish our own City living and Docklands magazines which are circulated to 50,000 local addresses, together with our extensive database, including corporate tenants, relocation companies, corporate and buy to let investors, and our overseas contacts.

Our creative team includes graphic designers, media buyers and web designer, while our website enables us to reach a global audience.

Online Marketing

The Internet plays an important role in the marketing of your property and our online presence at http://www.hurford-salvi-carr.co.uk/ is as effective and compelling as our traditional marketing offline. Our approach involves the latest developments in the fields of digital technology, virtual reality and online marketing.

Hurford Salvi Carr subscribe to all the major property websites including:

www.primelocation.com/
www.rightmove.com/
www.findaproperty.com/
www.propertyfinder.com/
www.naea.co.uk/
www.homesonview.co.uk/

Our website produces hundreds of new enquiries each week and our investment into search engine optimisation ensures that our instructions are accessed by potential purchasers as soon as we are instructed to market a London new property.

Public Relations

The company enjoys excellent press relations with the leading property journalists in London and the directors appear regularly on the radio, television and in the national, international and property press.

At our regular PR briefings we are able to highlight trends in the market and profile individual properties that are newsworthy. Independent third party endorsement combined with a coherent advertising strategy combine to promote your property to the maximum audience.

Research

Our Research publications including our Half Year Reviews are widely circulated and reported in the press and provide an in depth analysis into market trends, sub- market activity, the planning pipeline and give us the opportunity of highlighting the future direction of the residential market in London.

	Our Spring 2007 edition of City Living is now ready to download

CITY & DOCKLANDS RESIDENTIAL REVIEW 2006 For a PDF of this Bulletin CLICK HERE	CITY & DOCKLANDS RESIDENTIAL REVIEW, 1ST HALF YEAR 2006 For a PDF of this Bulletin CLICK HERE

CITY & DOCKLANDS RESIDENTIAL REVIEW, 2ND HALF YEAR 2005 For a PDF of this Bulletin CLICK HERE	LIVE/WORK For a PDF of this Bulletin CLICK HERE

First time buyers reliant on family

2007-04-02T16:05:00.000Z

WC1 property

More first-time buyers (FTBs) are relying on financial help from family and friends in order to get on the London property ladder, according to new figures released today.

Research from Hometrack showed that 14 per cent of FTBs relied on help from relatives or friends in 2006, although a further 14 per cent were able to buy a property without any financial support.

The drop in buyers able to go it alone is blamed on soaring house prices and interest rates up at 5.25 per cent.

Hometrack claims that while FTBs in the 1980s and 1990s were regarded as market drivers, established homeowners with existing equity are now driving prices up, and FTBs out.

Richard Donnell, director of research at Hometrack, said that more FTBs are likely to turn to the rental market as house prices continue to climb.

He said: "In the short term the pressure on first time buyers will lead to increased demand for rental properties, which in turn will lead to higher rental values.

"The current growth of house prices is unsustainable when so many people are being priced out of the housing market," he added.

The average cost of a home in England and Wales currently stands at £173,400, based on Hometrack's survey of 3,500 estate agents in England and Wales, up 6.7 per cent on last year's figures.

Barbican property

London shares higher midmorning, M&A news lifts BT Group, property issues gain

2007-04-02T10:30:00.000Z

Barbican property | London Flats

LONDON (AFX) - Leading shares remained higher midmorning with BT Group up on fresh consolidation news across the telecom sector while property stocks got a lift from favourable broker comment, dealers said.

At 10.15 am, the FTSE 100 was 15.80 points firmer at 6,323.8, having reversed initial losses, but off an earlier high with the broader indices mixed.

Early volume was moderate with 517 mln shares trading in 99,336 deals.

M&A hopes helped BT Group ring up early gains on news Pirelli is in talks to sell two thirds of its controlling shareholding in Telecom Italia to AT&T from the US and Mexican mobile phone operator America Movil.

The Pirelli stake is held via its Olimpia unit, which controls Telecom Italia SpA via an 18 pct holding.

The negotiations are based on a price per Telecom Italia share of 2.82 eur minus the net debt of Olimpia, it said.

BT Group took on 3-1/2 at 307-1/4, Cable & Wireless rose 1.8 at 168.4 and sector peer Vodafone also gained, 1.5 higher at 137, clawing back some of Friday's investor day losses.

M&A news also provided a lift to Experian, up 15 at 599, amid talk US credit checking peer First Data Corp is in discussions with private equity group KKR about a possible 25 bln usd bid.

Reports suggest a deal could be announced as early as today.

As it was, Compass Group rose to the top of the FTSE 100, up 9 at 349, as buyers emerged following last week's 5-month trading update which beat expectations prompting several broker upgrades.

The stock was also benefiting from Friday's announcement of its share buyback programme which will run until May 15.

Elsewhere, Daily Mail took on 21 to 833 as consolidation hopes were stirred after German peer Axel Springer said it could invest more than 2 bln eur on expanding internationally should a 'unique opportunity' come along, according to the firm's CEO Mathias Doepfner.

Europes largest publisher of newspapers and magazines could spend something close to the value of the aborted bid it made in 2005 for ProSiebenSat.1, Doepfner told the Financial Times.

Last weeks news that advertising revenues at its Associated Newspapers division increased by 10 pct in the five months to the end of February was also continuing to help the share price.

ITV was also courted, 1 stronger at 110 as the commercial broadcaster was reiterated a 'buy' at Goldman Sachs following last week's FA Cup rights news, which it says makes the group a more attractive takeover target.

In a note to clients, the broker said the rights win potentially makes ITV more attractive to Virgin Media, which is reported to be working on a second takeover bid should BSkyB be forced to divest its 17।8 pct stake. More >>

Inside Out reports - Property Hotspots

2007-03-30T09:44:00.000Z

Two property experts take Sumit on a tour around London's hottest spots....

Sumit gets the lowdown on where to buy property in London and he uncovers the capital's hot spots.

He meets two property gurus, Andy Coleman and Carrie Segrave, in an effort to get them to share their secrets with Inside Out.

Carrie, the editor of The London Property Guide, tells Sumit about the best locations.

Her advice is to focus on areas that are experiencing new development such as new housing estates or flat complexes.
Carrie says that you must always "go to the planning department before you move in".

Landlord

Andy is a landlord with an eye for picking up properties in areas with potential to become popular amongst trendy London buyers.

He knows his stuff - dabbling in the property market over the past 15 years has made him a multimillionaire.

Andy says: "You've got to be near the train stations and near the buses."

Sumit consults over 100 of London's top property experts in order to let you know about London's hot property areas।

barbican property | London property blog | London Property Management | doughty street property | WC1 property

Three-week-old London property mag folds

2007-03-29T14:26:00.000Z

Clerkenwell Estate Agents ,
Bloomsburry Estate Agents

Weekly London property magazine So London has ceased trading after launching just three weeks ago.

St Ives Plymouth was printing the 102pp London-based title, which cost £2.95 and promised to focus on arts, property and ‘shameless luxury’.

In a statement yesterday, publisher So London Publishing said: “We are sorry to announce that So London magazine is to cease trading as of today (28 March).

“Having tested the market with the first three issues, we feel that there is no long-term future for the title in the current marketplace.”

Mike Ironside, managing director of So London Publishing, said: “Everyone has put in a tremendous effort in producing these early editions and I am extremely proud of all of their efforts”.

UK property: To buy or not to buy?

2007-03-27T07:48:00.001Z

Doughty Street | Limehouse Flats | Clerkenwell Flats

Today’s main headlines again concentrated on the housing market uk and what could happen if interest rates rise. In fact over the last few weeks we have seen various experts and organisations air their different views on the future of the UK buy to let market.

The results from an Alliance & Leicester buy to let report concluded that the UK Buy to Let market is set to grow in value by over 40 per cent in the next decade. The reasons they gave were that the core market of renters (students, young professionals, and immigrants are forecast to increase in number and therefore increase demand. There is also a growing tendency amongst people to rent rather than buy as it provides greater flexibility and therefore job mobility. The Alliance and Leicester’s data actually shows that demand for rented property is growing steadily and that is being reflected in increased rental yields. They predicting the growth to continue, and Stephen Leonard, director, believes that "buy-to-let will become even more attractive to both existing and potential landlords".

Conversely, with house prices that are still rising at a fast rate, some experts such as Hometrack have warned that landlords are in for a prolonged period of compressed yields as rents are failing to rise at the same rate as property prices.

So the question is who do you believe?

Well nobody however many letters they have after their name has a crystal ball and knows for certain. But the fact of the matter is you have to do something to provide for your future. There are risks inherent in any investment and all the signs are that property will continue to produce far greater returns than other forms of investments such as pension funds and the stock market.

To a large extent it depends on what your buy to let strategy is. If you follow the strategy that we advocate, which is to build a portfolio at a steady pace, maximising the power of gearing (but without overstretching yourself) and hold the properties for 10 years or more, we believe that there is plenty of room for both capital and income growth and you will have no cause to regret choosing to rely on property for your future retirement.

“Housing Market Crash” headlines have been a regular feature of the British press over the last 20 years - as have AIDS, mad cow disease, bird flu, and any other crises they can help create to sell more newspapers.

There may possibly be some sort of “house price correction” at some point but if you understand the long term patterns and have a long term strategy so you never become a desperate seller - it simply doesn’t matter. Medium to long term we believe that the UK market will continue to grow steadily. As most people know, since 1952, house prices have doubled in value every 8 years. So regardless of any short term dips, property has proved itself to be far and away the best long term investment.

The government commissioned Barker Review estimated that by 2020, the UK will have to cater for an extra 6 million households. This means that:

· Based on the current rate of building homes, we would need to build an extra 120,000 houses a year to keep up with demand!

· The Halifax recently stated: the housing shortages are exacerbated by average annual rises in the population of 5% over the past 20 years

· Due to land use restrictions and a lack of skilled craftsmen, the house building industry has no chance of keeping up and increasing the supply of property

· Each year there is a large shortfall and by 2020 it is estimated there will be a shortfall of around 500,000 properties

· Based on that comprehensive report on the future of the housing market, this is why we believe investing in the UK is still a sound proposition:

· The average growth for the next few years may only be predicted at 4-8% (depending on which forecast you read) but it’s fairly easy to beat those averages and get a much better return simply by applying your knowledge about the property market. For example, buying in regeneration areas or other areas where certain triggers such as new industries, mean that demand will grow.

· The buy to let mortgage market in the UK is much more advanced than most other countries which means it is possible to buy using very little (even none) of your own money. For instance using an Armchair Investor Bridging Finance Product – it is possible to do this using none of your own money - if you are getting at least 15%+ genuine discount off market value.

· Even without using a specialist investment product such as bridging finance or deposit bonds, the deposits required on a residential mortgage are low so it is possible to buy a 100,000 pounds property with just a 5000 pounds deposit. If that property doubles in value over the next 8 years, you will have made 100,000 pounds for an investment of just 5,000 pounds – an ROI of 2000%.

· With regard to off plan property the deposits required to buy off plan in the UK are generally lower than overseas so again you can gain the benefit of capital growth with less capital expenditure.

· The UK market may be at the top of the growth cycle but if you are smart and buy property at 15 - 20% BMV (Below Market Value) you are in effect buying at the bottom of the market. Even if there is no further capital growth you can still sell for a profit. As Robert Kiyosaki says in Rich Dad Poor Dad “a wise investor will make his profit when he buys the property not hope to make it when he sells”

· Housing remains affordable despite the high price tags. The RICS forecast 2006 states: “Furthermore, house prices are sustainable at present levels as mortgage interest payments still account for 8.9% of households’ disposable income, compared with the long run average of 9.2%.”

· Rents and yields are increasing in many areas so profits from rents will increase steadily over time. Historically rent increases average out at 5% a year.

· Finally, for many people investing in a UK property is a less risky proposition than an overseas investment. It may not have the potential rewards of investing in India, China or Brazil but it is a solid investment and one they feel more comfortable making. There is no point giving yourself sleepless nights when you can make a very good return from investing in the UK.

© Frazer Fearnhead, the Armchair Property Investor

Frazer Fearnhead is the MD of The Armchair Property Investor, an organisation whose philosophy is to make property investment as affordable and accessible as possible so that more people will take control of their lives and use it as a means to achieve their financial goals. Frazer, is frequently quoted in the property press, writes for various investment publications and has appeared as a property expert on radio show panels.

London property sale nets €70m profit for investors

2007-03-26T08:40:00.001Z

London property sale nets €70m profit for investors

Anglo Irish Bank and a company owned by the developer of the Jervis Street shopping centre in Dublin have made a profit of €70 million in just two years on a London property investment.

A joint venture between Anglo and Paddy McKillen’s Clarendon Properties sold the Royal Opera House portfolio of properties in Convent Garden to property company Capital & Counties for €188 million, having bought it for about €114 million in 2005.

Clarendon is owned by McKillen and Tony Leonard, and its Dublin properties include the Powerscourt Centre on South William Street and the Habitat store on Suffolk Street.

It also owns the Savoy Centre in Cork and several properties in London and the United States.

Capital & Counties made an approach to buy the Royal Opera House portfolio which comprises 16 shops let to tenants including Boots and Nine West, earlier this year.

The company had previously beaten off competition from McKillen to acquire an adjoining portfolio comprising the Covent Garden market and surrounding buildings for more than €600 million. It had publicly stated its desire to acquire more shops in the area.

Covent Garden is one of the most popular tourist areas in London, attracting around 30 million visits a year.

The area is so congested with pedestrians at weekends that some underground trains do not stop at Covent Garden at certain times.

Clarendon paid more than €134million last year for an office investment at 265 Franklin Street in the centre of Boston’s financial district.

The company owns 200 State Street and the Borders bookstore in Boston.

Shareholders’ funds at Clarendon Properties (Holdings) stood at €75.3 million on June 30, 2005 - up from€70.2 million the previous year, according to accounts. The company had fixed assets of just under €80 million.

UK Property Cycle: What Next?

2007-03-23T09:26:00.000Z

Of course, its budget day today in the UK and Gordon Brown could yet stick a spanner in the spokes of the UK property cycle. Will he have a surprise rise in store for Stamp Duty?

Rob Mackrill - Other articles
Thu 22 Mar, 2007

Presumably, if the property market London were an earthquake, its UK epicentre would be London’s ritzy Mayfair and Chelsea. Address of choice to Russian oligarchs and hedge fund managers we hear. It must register at least a 9 on the property Richter Scale, devastating in an area and occurring about once every 20 years.

Its price shock waves then spread out down the scale of affluence pushing those who would have once chosen those areas to say Notting Hill or Hampstead. From there to Highgate, Fulham and onward and outward until perhaps the first time buyer, chained to London employment, can rustle up the wherewithal in the nether reaches

of the ’burbs.

And what happened to the first time buyer anyway? Still plugging away at the margins say Hometrack. First timers accounted for only 14 percent of transactions last year as market prices are increasingly set by existing home owners and investors.

‘Can house price keep rising?’, asks The Times yesterday.

Probably yes seems to be the answer from their assorted talking heads. Ed Stansfield, a property economist at Capital Economics reckons we’re vulnerable to a ‘shock’

somewhere along the line given the ‘elevated level of house prices’ but still forecast 3-4% rise this year.

Well, even this ‘slowdown’ scenario is another £6-8,000 on the £200,000 plus average UK house price.

Simon Nixon, ex-City banker and now financial journalist writes in MoneyWeek of his gratitude to his wife for not selling their London home a few years back when he sensed a property crash coming. If he had followed his financially informed view he would be locked out forever he reckons on a relatively modest scribe’s earnings. And that’s where we’re at it seems. Collective paranoia amongst home owners. If the average wage slave is out of the market for more than the glint in an estate agent’s eye. You’re a dead man. History. Adios amigo.

Martin Weale, a director at the National Institute of Economic and Social Research reckons those with large mortgages in the buy-to-let game are a potential stumbling block he tells The Times. Anatole Kaletsky is not too gloomy, though. Yes the wheels could come off he’s says with a sharp rise in interest rates or a slump in the economy. But he’s betting, like many, on one more UK rate rise and is bullish on UK plc to the end of the decade. Overall, houses should prove a ‘decent long-term investment but no guarantee of instant riches’ he says.

Richard Donnell, director of research at Hometrack talks of supply and demand in the South East. Ie there’s plenty of demand and not a lot of supply, a point we’ve heard recently from Hamptons International too. He adds that, surprisingly, in an age of greater job mobility, people on average are moving less. Once every 16 years now as opposed to every ten years back in the 1980s.

Of course, it’s budget day today in the UK and Gordon Brown could yet stick a spanner in the spokes of the UK property cycle. Will he have a surprise rise in store for Stamp Duty? Odds are against, in my humble layperson’s opinion, given that Stamp Duty has already become a hefty charge for property buyers over £250,000. A 1% charge up to £250,000 rises to 3% over that and 4% over £500,000.

This low profile tax is worth shedding a little light on...let’s think about it a sec.

You’re in the market for a new home. What’s your price band? Well Mr & Mrs Average (or whatever domestic combination applies) UK home purchase at around £200,000 costs the buyer you around £2,000 in tax alone. Move up a bracket for an extra bedroom and a larger garden and £300,000 costs £9,000 in tax. Move up again and a £500,000 transaction costs you a thumping £20,000.

Perhaps here’s a clue here as to why people are moving less?

And then, of course, there’s something called HIPs coming down the pipe in June. Home Information Packs (HIPs) have been watered down, beaten up and generally pawed over so that no one really knows what it will be, least of all us. What we can say with a modicum of assurance is that they will require sellers to provide certain information to buyers about their properties in the form of a report.

Oh good. The report will need to be done by a newly invented functionary, let’s call him HIPman. (Or woman...

equal opportunities and all that).

He’s paid to qualify himself as a HIPman so he can tell you your wirings a danger, your plumbing disintegrated years ago and your carbon emissions are about on a par with the average cement factory. And come June it’s payback time...

He’s paid to be a qualified HIPman, now you’re going to pay him to tell you you’re period home is a wreck and an environmental hazard.

The government as ever are filled with good intentions.

Their aim is to unglue the often tortuous home buying process, a worthy goal. But if sellers will be required to fork out hundreds of pounds before actually putting their property on the market, and buyers are having to fork out maybe tens of thousands in Stamp Duty are they really helping here? And is this really going to ease the already chronic supply problem?

As per usual, we pose the questions but don’t know the answers...at least not yet.

Come the rise of HIPman on June 1, however we may have a bead on it...

Regards
Rob Mackrill
for The Daily Reckoning

London Property Market 'gridlocked'

2007-03-23T09:24:00.000Z

The London real estate market is "gridlocked," with many homeowners keeping their houses off the market due to fear they will be unable to buy a replacement.

Data from the Royal Institution of Chartered Surveyors shows there were only 108,000 homes on the market in London in February, down from 225,000 in February 2003, The Telegraph reports.

The shortage of properties for sale extends into areas around the British capital.

"There is a gridlock situation developing, where properties are jammed because people who want to move can't find what they want, so they don't put their own house on the market," said Mark Rimell, who heads the country house department for Buckinghamshire and Hertfordshire for Strutt & Parker.

One consequence, Rimell and others said, is a growing gray market. People seeking to buy houses retain an agent to find a property that has not been advertised.
© 2007 UPI

new

2007-03-22T16:34:00.001Z

Technorati Profile

Bankers Lead London House-Price Explosion

2007-03-22T10:12:00.000Z

LONDON — London house prices advanced in March as buyers snapped up properties London at the fastest pace in almost three years, led by demand from wealthy foreigners and bankers.

Average asking prices in the U.K. capital rose 1.8 percent to 366,302 pounds ($713,000) in the four weeks through March 10, and 22 percent from the previous year, Rightmove Plc, the nation’s biggest property web site, said today. The average home stayed on the market for 65 days, the shortest period since July 2004.

“London is the financial capital of the world, and we’ve just got more people looking than properties available,’’ said Commercial Director Miles Shipside in an interview. He sold part of his stake in Rightmove to fund his own house-hunt in the city.

A shortage of properties for sale has driven up house prices even after the Bank of England raised benchmark interest rate three times since the start of August. Rising demand from the city’s richest residents is compounding a supply crunch that central bank policy maker Kate Barker said will probably outlast the current generation.

U.K. house prices rose 1.5 percent on the month, the most in four months, and 12.2 percent on the year, to an average of 228,183 pounds. Values increased from February in each of the nine regions measured by Rightmove in England, led by a 2.6 percent gain in the North, while they fell by 0.3 percent in Wales.

The average stock of unsold property per real- estate agent in London fell to 34 in February, the lowest in seven years, the Royal Institution of Chartered Surveyors said March 13.

‘Not Affected’

“The supply problem is extremely bad, especially at the top end,’’ said Gary French, chief surveyor at the Friend & Falcke agency in Belgravia, an area neighboring Queen Elizabeth’s London residence at Buckingham Palace. “If people with money in Russia, or in the longer term China and India, start to see London as a safe haven, rightly or wrongly, then it will keep prices going right up. We’re not affected by domestic interest rates.’’

Kensington and Chelsea, the district where film star Hugh Grant lives, led annual gains in London, rising 83 percent from a year earlier to an average of 1,208,981 pounds. The next biggest gain was in Westminster, at 50 percent from a year earlier, followed by a 29 percent increase in Hammersmith and Fulham.

Luxury- home prices in London rose at an annual rate of 31 percent in February, the fastest pace since 1979, when Margaret Thatcher become prime minister, real-estate broker Knight Frank said March 15.

Interest-rate increases in August, November and January may be discouraging some buyers. The RICS index of house-price growth showed the smallest increase in nine months as the number of people registering to browse property dropped to a two-year low.

Rate Policy

The central bank would have to lift its key interest rate to at least 8 percent from 5.25 percent to curb house price gains because of the supply shortage, said Martin Weale, director of the National Institute of Economic and Social Research, in a March 13 interview. That’s unlikely to happen, he said.

Kate Barker, a Bank of England policy maker who was commissioned by the Treasury to report on U.K. housing planning, said in an interview last month that the problem of short supply “will indeed take a long time to solve,’’ and may extend beyond the current generation in London and the southeast of England.

Investors are betting on borrowing costs rising in the first half, futures trading shows. The implied rate on the June interest-rate futures contract rose 0.2 of a percentage point Monday to 5.66 percent as of 9:56 a.m. in London. The contract settles to the three-month London interbank offered rate for the pound, which averaged about 15 basis points above the bank’s benchmark for the past decade.

Shipside’s House-Hunt

Shipside sold 779,562 shares in Rightmove, equivalent to 0.6 percent of the company’s stock, according to a March 12 statement on the PR Newswire. The sale at 480 pence per share netted about 3.7 million pounds.

“I live in Nottingham, so I’m looking to buy in London,’’ Shipside said, when asked about what he plans to do with the money. ``It’s quite a jump in price.’’ Nottingham is in the Midlands. Asking prices in the East Midlands rose 8.8 percent on the year to an average 161,069 pounds and they gained an annual 8.1 percent in the West Midlands to an average 193,080 pounds, Rightmove’s report showed.

Shipside’s stake was the biggest of four sold by company directors, including a holding of 300,000 shares by Group Managing Director Ed Williams, worth 1.4 million pounds.

The statement showed Shipside’s remaining stake totals 600,000 shares. “I have no plans to sell more,’’ he said.

Shipside said he has been searching for a London property for the past four months, “not too long compared to some people.’’

“If I tell you where I’m looking it might push prices up there,’’ he said. He would like “somewhere along the Thames. There’s very much a shortage of supply and you’re having to get in there very quickly now to get the property of your dreams.’’

UK property growth at 12.2%

2007-03-21T13:59:00.001Z

The average home in the UK is now worth £228,183 following 12.2 per cent growth in the 12 months up to March 2007, a Rightmove survey has found
The average home in the UK is now worth £228,183 following 12.2 per cent growth in the 12 months up to March 2007, a Rightmove survey has found.

This was up 11.5 per cent from the annualised rate in February said the price index, while monthly growth stood at 1.5 per cent.

The solid growth, which comes despite three interest rate rises since August, is due to chronic supply shortages in the property market said Rightmove.

"As we have seen recently, raising interest rates can be used to influence the direction of prices in the short term but do very little to address the underlying cause of house price inflation," said Miles Shipside of Rightmove.

"Crucially they cannot address the increasing demand for housing driven by the needs of a growing population."

High headline figures masked regional imbalances, with London property growing by 20 per cent overall and by up to 80 per cent at the top end of the market.

This compared to growth in single figures elsewhere in the country, with property prices in Wales and the north of England averaging around five per cent over the year.
Technorati Profile

The City of London's research programme

2007-03-21T12:58:00.000Z

Because the financial and business services sector covers a complex and rapidly evolving field, the maintenance of London's position as the world's leading centre depends on an ongoing understanding of the forces that have an impact on the industry. The aim of City of London's research programme is to provide accurate, timely and well-focused analysis to policy-makers both inside and outside the City of London to help them understand the performance trends and needs of the London economy, and in particular the financial and business services clusters based in and around the City.

The research programme has three specific objectives:

* To highlight the opportunities for and threats to the City's competitive advantages as the centre of choice for international financial and related business services activity.
* To assist the City of London in ensuring the provision of an adequate physical infrastructure to meet the City's needs.
* To inform policy-making in both the public and private sectors on the opportunities and threats to the London economy, taking advantage of the City of London Corporation's unique position and perspective at the physical, historic and economic heart of Greater London.

The City of London's research team undertakes a limited amount of investigative and analytical work with its own resources. Most major projects, however, are commissioned from external consultants. While the larger part of this work develops from the team's own research agenda as summarised above, the City of London is always interested in hearing from researchers who feel they can make a contribution to the research programme or from other agencies seeking support for research falling within its broad remit, or wishing to suggest specific topics for work by the City of London.

City News Monitor is part of a regular, free email information service provided to subscribers. This service provides information, and electronic links to information, relating to the City economy and economic development research.

Information provided as part of this service includes: summaries of information in the public domain; press releases concerning the City of London’s Research Programme; and electronic links to publications produced by the City of London, and / or third parties, including City Research Focus, City Economy Digest, City Agents’ Quarterly Office Demand Survey and the London Economic Outlook.

Properties Clerkenwell
Clerkenwell Flats

Property on Doughty Street

2007-03-20T10:46:00.000Z

Completed in 1790, Doughty Street is an exclusive period tree lined avenue within a popular and prestigious Bloomsbury location. The Grade II listed district has witnessed a wealth of historical events and noble residents who lived or worked in the street.

Charles Dickens lived at No 48 between 1837 and 1839. Whilst living at Doughty Street he published some of his most famous works, including Oliver Twist, The Pickwick Papers and Nicholas Nickleby . During this time, Doughty Street was gated at either end, and manned by porters.

Doughty Street and its continuation of John Street, is a much sought after location for both residential and commercial occupiers. Originally a street of residential Georgian townhouses their usage gradually changed during the late 1900’s as commercial occupiers, mainly literary groups and law firms spilling over from the nearby Inn’s of Court took up occupation.

From the early 1990’s to the present date, Doughty Street has witnessed a resurgence of residential occupiers converting its fine houses back to family homes. These new and affluent residents realize that they are living in arguably the finest residential street in Bloomsbury.

On average only two houses are sold each year on Doughty Street, These grade II listed houses range in size from 3,000 – 6,000 square feet and some are blessed with long 40 – 70 ft Gardens.

There are also a few purpose built houses that have been configured as one and two bedroom apartments.

Confidence boost in UK property market

2007-03-20T10:30:00.000Z

Confidence in the UK property market has been boosted since the fall following January's interest rate rise, the latest figures show.

A report from Propertyfinder.com claims that 81.9 per cent of Britons expect house prices to rise over the next year by an average of 6.4 per cent, which is good news for those wishing to reap returns by selling some of the property in their portfolio.

The figures were an increase on the 77.8 per cent of people who expected house prices to rise over the next 12 months in February, who predicted house price growth of an average of 5.9 per cent.

Chief executive of Propertyfinder.com, Warren Bright, said that the organisation had seen a slow down in the housing market in recent months.

He added: "However, people have faith in the value of bricks and mortar, and as long as the UK housing market continues to experience such drastic supply issues, this is unlikely to change significantly."

The report also revealed that the number of buyers and sellers expecting house price rises this month had become more balanced, whereas in February ten per cent more sellers had expected house prices to rise by two per cent more in value than buyers.

Hamptons International reported that there was currently an average of eight buyers for every seller in the UK property market.

Property on Doughty Street

2007-03-19T12:48:00.000Z

Doughty Street Property

Doughty Street and its continuation of John Street, is a much sought after location for both residential and commercial occupiers. Originally a street of residential Georgian townhouses their usage gradually changed during the late 1900’s as commercial occupiers, mainly literary groups and law firms spilling over from the nearby Inn’s of Court took up occupation.

From the early 1990’s to the present date, Doughty Street has witnessed a resurgence of residential occupiers converting its fine houses back to family homes. These new and affluent residents realize that they are living in arguably the finest residential street in Bloomsbury.

On average only two houses are sold each year on Doughty Street, These grade II listed houses range in size from 3,000 – 6,000 square feet and some are blessed with long 40 – 70 ft Gardens.

There are also a few purpose built houses that have been configured as one and two bedroom apartments.

History

Completed in 1790, Doughty Street is an exclusive period tree lined avenue within a popular and prestigious Bloomsbury location. The Grade II listed district has witnessed a wealth of historical events and noble residents who lived or worked in the street.

Charles Dickens lived at No 48 between 1837 and 1839. Whilst living at Doughty Street he published some of his most famous works, including Oliver Twist, The Pickwick Papers and Nicholas Nickleby . During this time, Doughty Street was gated at either end, and manned by porters.

Clerkenwell property for Sale
| Clerkenwell property to Rent

House Prices Report for Bloomsbury - January 2006 to January 2007

2007-03-18T15:49:00.000Z

This report displays the average property sale price for each type of property in Bloomsbury for each month from January 2006 to January 2007. The second graph displays the median property sale price graph for Bloomsbury, which may be more helpful for spotting trends. The third graph displays the number of properties sold each month in Bloomsbury.

You can view the House Prices Report for Bloomsbury over another date range or view the report for another location using the options at the bottom of the page.

Average Property Selling Prices in Bloomsbury (£000's)

Median Property Selling Prices in Bloomsbury (£000's)

Number of Properties Sold in Bloomsbury

Bloomsbury set to turn a new page

2007-03-14T10:26:00.000Z

Leafy squares, bags of history and all within walking distance of the West End. Maia Sissons finds an area long overdue its current revival

Patrick Hodgkinson happened to be in Bloomsbury last week. "I went to the Brunswick Centre, sat down and had a coffee - and it was bloody lovely!" The architect can barely contain his glee as he describes seeing his vision finally completed after 47 years, having first put to paper the bold lines of the Brunswick Centre in 1959. It was to be a proudly modernist development of shops and council apartments right in the heart of WC1; an area of London with a rich architectural heritage that had been sadly depleted during the Blitz.

Revival: The redeveloped Brunswick Centre's apartments

But halfway through building, in 1971, the developers McAlpine pulled out of the project. People moved in to the flats, but the ground floor remained mainly unused, apart from an incongruous art-house cinema. After decades of being poorly maintained, the windswept and shabby centre became a byword for bad town planning, and this had a knock-on effect on the whole area. "Despite its history, its location and its beautiful garden squares, Bloomsbury was seen as terribly run-down, and was quite overlooked in the property market," says Martin Bikhit of estate agents Kay & Co.

The area to the east of Tottenham Court Road was famous in the early 1900s as the home of the Bloomsbury Set, a group of artists and writers including Virginia Woolf, Roger Fry and Lytton Strachey who all enjoyed the hospitality of Lady Ottoline Morrell in her townhouse in Gower Street. These days visitors flock to the British Museum with its Foster-designed Great Court, and students pour in to the University of London. Until recently, however, not so many wanted to live there.

But that could all be about to change. This weekend a festival of local art and music marks the opening of the new, improved Brunswick Centre and, many hope, a new lease of life for Bloomsbury.

The developers, Allied London, were able to get planning consent to go ahead with the project after their chief executive, Michael Ingall, was inspired to call in Patrick Hodgkinson himself to draw up the plans. Eight years and £24million later, the Brunswick Centre looks spruce and the shopping concourse is already bustling. Flats here are being snapped up, and locals are pleased with the transformation.

MIPIM 2007

2007-03-14T10:00:00.000Z

Commercial Agency and Investments

Hurford Salvi Carr handle all aspects of the acquisition, disposal and letting of office, retail and warehouse space in the London area and commercial investment property throughout the UK. With the influx of technology, design and media companies into the Clerkenwell property and Shoreditch areas close to our main offices, the Commercial Division located has particularly developed the specialist knowledge needed to service the requirements of companies seeking space in locations close to the City of London. We provide a full range of property advice and feasibility analyses and should you wish to discuss your requirements, please do not hesitate to contact us.

Derek Lewis - Director, Commercial Division

Mob: 07860 428 423 - derek.lewis@h-s-c.co.uk
With over 30 years experience as a property agent, Derek runs the commercial division of the Company, covering the acquisition and sale of office, retail and warehouse space in London. He personally specializes in ‘mixed use’ uk property investment and development projects and also heads up sister company ‘Opportunity UK’ - a specialised service for overseas clients investing in the UK.

Daniel Lachs - Director, Investment Division

Mob: 07802 980 774 - daniel.lachs@h-s-c.co.uk

Daniel heads our investment division and is a leading multi-disciplined property consultant whose areas of expertise cover the sale and acquisition of residential investment and development opportunities, Landlord and Tenant legislation, and the sale and acquisition of residential ground rents. Among his clients are public and private companies, banks, educational institutions and high net worth individuals.

David Salvi - Director, Residential Agency

Mob: 07802 980 772 - david.salvi@h-s-c.co.uk

David oversees the Company’s residential agency departments and specialises in bespoke marketing and PR campaigns for new developments. As an authority on the London Property Market he is regularly quoted by the national press and heads the research side of the agency providing detailed analyses of current market trends, sub market activity and the planning pipeline in London and the UK generally.

Architect Aalto's Personal Paradise Inspires at London Barbican

2007-03-14T09:57:00.000Z

By Colin Amery

March 8 (Bloomberg) -- Inspiring words greet visitors to an exhibition of work by Finnish architect Alvar Aalto at London's Barbican Centre: ``The ultimate aim of architecture is to create a paradise -- it is the only purpose of building a home.''

These offices specialise in Bloomsbury property, Clerkenwell property, Docklands property, Barbican property, Shoreditch Property and properties for sale, property to rent / to let, in the surrounding areas. Our other fields include commercial and investment property and we also have a department dedicated to London property management.Each of our six departments are expert in their fields and together they form one of the most effective teams of Estate agents and property consultants in London. Our areas of expertise include land and site acquisitions, property management, property rent reviews, research, institutional and private investment advice, as well as evolving markets such as mixed use developments, strata and off-plan sales

Definitions of paradise are, however, subjective. The concrete bastions of the Barbican seem far removed from the sensitively designed houses of Aalto, who gained universal fame for his simple designs of bentwood furniture.

Still, the first major retrospective of the 20th-century architect's work is very much to be welcomed. In many ways, Aalto's built work lives up to his verbal aspirations.

This is not just a straightforward chronological history but a view of Aalto's life and work through the eyes of a Japanese architect/curator that give the show its sub-title: ``Through the eyes of Shigeru Ban.'' Much of Ban's work has been inspired by the organic and humanitarian principles that motivated Aalto and the comparative displays are instructive.

The Barbican Centre is getting a reputation for serious and intelligent architectural exhibits and this one is outstanding. The major themes of his life's work are illustrated in the selection of 14 major projects -- all of which are beautifully shown in models, photographs and original drawings.

The exhibits are given plenty of space and, although it is impossible to utterly transform the somewhat brutal interiors of the Barbican Art Gallery, the intervention of curved ceiling and wall elements ingeniously and inexpensively made of cardboard tubes hints at Aalto's gentle and natural sensuality. More >>

Terrace houses led property boom in UK, says Halifax

2007-03-12T10:45:00.000Z

LONDON - Terrace houses have been at the center of the property boom in the UK in the last decade, according to a new survey by Halifax. The report said that terrace houses have risen by 239 percent in value over the last 10 years as compared to 205 percent for all other types of property.

In the last five years, terraced houses have increased in value by 113 percent as compared to 91 percent increase in overall property values. However they remain one of the most economical properties in the UK with an average selling price of £186,316 when compared with £326,396 for a detached house, and £194,444 for flats.

The Halifax survey also said that biggest house price increases in the country were recorded in Northern Ireland where terraced houses sold like hot cakes followed by flats and maisonettes in East Anglia. In Northern Ireland an average terraced house increased in value by 372 percent, while in East Anglia fats and maisonettes have jumped by 328 percent.

"Our research shows there are big regional differences across certain property types. In many cases, this is a result of the availability of property types and the composition of historic housing stock," said Tim Crawford, group economist at Halifax Estate Agents. "For instance, the availability and popularity of flats in London is much greater than in other regions of the UK."

The research also said that in Scotland a semi-detached property increased in value by 129 percent, while detached properties recorded a 147 percent increase in prices.

Copyright © 2007 Respective Author.

Barbican Property , Estate Agents Barbican

London landlords look to century-old property

2007-03-07T09:35:00.000Z

New figures from the Association of Residential Lettings Agents (Arla) have revealed a split between the behaviour of the London buy-to-let market and that in the rest of the country.

London landlords are overwhelmingly choosing to invest in property that is more than 100 years old and are opting for more properties in need of investment, managing agents have reported.

The capital has a good stock of high quality Victorian and Edwardian property, according to Arla, which can make good rental propositions. They can be terraced or detached, mansion blocks or small conversions, and are usually well-built and spacious.

In other areas of the country, however, landlords are looking towards new-build properties that are less than ten years old. More >>

Chief executive of Arla Adrian Turner commented: "This may be contrary to what many people believe, but our survey is of sufficient weight to suggest that a rethink about the pattern of London investments is needed."

Central London and the south-east also showed a higher growth in the average capital value of rental properties in the last three months, at 12.4 per cent and 15.5 per cent respectively compared to a national average of 10.7 per cent.

According to government figures, London house prices rose 11.8 per cent in 2006 to reach an average of £296,160.

UK - Lanka Property Sales - Business Directory

2007-03-07T09:30:00.000Z

UK - Lanka Property Sales - Business Directory

Open new global avenues for your business. Currently we have only few orginzation who has registered with us. We will be listing thousands of companies in near future. If you are interested to list your business and start receiving export import trade enquiries contact us on info@webgeniuslanka.com

More information - http://www.lankapropertysales.com/home-builders.html

Information for Landlords

2007-03-06T15:17:00.000Z

Our Lettings division is based in a landmark building at One Britton Street on the corner of Clerkenwell Road, and provides a service to landlords that meets their precise requirements including valuation and marketing advice, credit checks, preparation of tenancy agreements, rent collection, a full management service, inventories, schedules of condition, furnishing, advice for overseas landlords, consents and permissions and a professional approach that attracts the best tenants.

Lettings negotiators and support staff receive comprehensive training, and our success in this sector of the market is borne out by the high number of referrals and repeat business from satisfied clients, and corporate tenants.

Hurford Salvi Carr are members of the Association of Residential Letting Agents (ARLA), who are recognised by government, consumer groups and the media as the leading professional body in the private rental market. Membership is only achieved after strict investigation. The Company are also members of The National Approved Lettings Scheme ( NALS ) which promotes the private rented sector.

Your property is safe in our hands.

properties docklands | docklands estate agents

Property price rises in London leading the market

2007-03-01T14:12:00.000Z

Of the 42 per cent of UK regions that saw an increase in housing prices this month, two thirds of these were concentrated in southern England, new research has shown.

Figures published by Hometrack have revealed that overall house prices have risen by 0.7 per cent in February, but this average does not paint a picture for the entire UK market.

Property prices in London rose by 1.3 percent, with an increase of 0.9 per cent affecting the south east. This compares to price growth of just 0.1 per cent in the East Midlands, Yorkshire, Humberside and Wales.

Rising prices can be attributed to demand outstripping supply, with shortages of affordable properties intensifying in the south.

Richard Donnell, Hometrack director of research commented: "Below average levels of property transactions - as a proportion of overall housing stock - are acting as a support to prices. As a result we are seeing property transactions, and pricing being set by those who can afford to move - that is to say existing owner occupiers, buy-to-let investors and the growing number of 'assisted' first time buyers."

Barbican Property for sale and to rent

First-time buyers access property market abroad

2007-02-27T09:56:00.000Z

With many first-time buyers facing the challenge of rising UK property prices, a significant number are seeking to gain access to the market by purchasing a home abroad, it has been claimed.

Andreas Theocharides of Creten Life stated that the "complexity" and "cost" of the UK market has led to a growing number of people investing in overseas property, the Scotsman reports.

"With no end in sight to spiralling costs and red tape it looks like this trend is set to gather pace," he remarked.

The company found that in Crete, first-time buyers accounted for 40 per cent of property inquiries from the UK.

SmartNewHomes.com recently reported that, in addition to people seeking a retirement home in the sun, the Spanish property market has become increasingly popular with young people with families.

David Bexon, managing director of the firm, attributed this to many people's perception of the country as a "safe and reliable" location, which is also close to the UK. More >>

2007 London Stock Exchange plc. All rights reserved

Barbican estate agents

House prices soar in Olympic areas - Esat London Property

2007-02-26T15:17:00.000Z

House prices in areas close to the site of the 2012 Olympic games have gone up 15 per cent - equivalent to £35,000 - since London won the bid in July 2005, new research shows.

Halifax Estate Agents' study reveals house prices increased most in Leytonstone, up 23 per cent since London won the bid, followed by Hackney (up 21 per cent), Clapton (18 per cent) and Leyton (13 per cent).

Across London as whole, house prices have risen 15 per cent over the same period.

And with just under 2,000 days to go, the Halifax study reveals house price rises are likely to accelerate in the build up to the Olympics.

House price inflation in Barcelona reached 131 per cent in the five years leading up to the 1992 Olympics. Spanish property values rose 83 per cent over the same period.

Halifax also points out for in the Sydney suburb of Homebush Bay, a former industrial area, house prices were up 70 per cent in the five year run-up to the 2000 Olympic games, compared with a 50 rise across Sydney as a whole.

The 2002 Manchester Commonwealth games also spurred redevelopment and rejuvenation of the city centre. House prices rose 102 per cent in the five years leading up to event. There was a 52 per cent rise in prices in the north-west over the same period, and an 83 per cent increase in prices across the UK. More >>

About Clerkenwell

2007-02-21T10:30:00.000Z

About Clerkenwell

Clerkenwell was for many years one of those parts of London that no-one had really heard of - the kind of place you'd seen in your A-Z but never actually investigated. However, the 1990s saw it undergo something of a triumphant renaissance, and now it's almost a watchword for urban cool. This has come about largely as a result of the kind of businesses that have set up shop there - advertising agencies, photographic studios and other creative enterprises form the bulk of the area's employment possibilities.

The Guardian has its office on Farringdon Road, which also contributes to the right on credibility the area seems to bask in. Journalists, photographers and ad execs all like to drink, some like to eat too, and as a result Clerkenwell has a very fine selection of bars, pubs and restaurants. Most of the proprietors appear to have employed lateral thinking when creating their visions, and as a result many of the venues are groundbreaking in one way or another.

The Eagle started off the gastropub phenomenon, Match proved that cocktail bars could shake off the Del Trotter Pina Colada image, and Moro (pictured left) totally reinvigorated the previously rather tired Exmouth Market.

As redevelopment and the inevitable residential conversions have brought money into Clerkenwell, so the prices have gone up, and some people and businesses have been driven out. Obviously, a place so close to the City with such an appealing nightlife scene was always going to become popular with moneyed Londoners. Still, Clerkenwell seems to have retained its appeal, and is definitely not going downhill.

Orientation

It's quite difficult to say exactly what is Clerkenwell and what isn't. It is bordered in the south by Holborn Viaduct and Newgate Street, and in the east by Aldersgate Street, but the other two boundaries are less clear. Clerkenwell Road in the north is still definitely Clerkenwell on both sides, but as you move north it's becoming less so.

Again, Farringdon Road in the west would seem like an obvious line of demarcation, but there are streets to the west of that that still feel resolutely part of the neighbourhood. Smithfield Market is bang in the middle of it all anyway, so if you're looking for the epicentre then it's probably around here - Charterhouse Street in particular.

Clerkenwell Property | Clerkenwell flats

Words: Simon Tyler

Residential Investments UK and Overseas

2007-02-13T10:59:00.000Z

Our Residential Investment UK division has clients throughout the UK and overseas who are active in acquiring properties for either the long or medium term. Many of our clients will be adding to an existing portfolio, whilst others may only be investing in a single London flat for the first time. Investment in property requires careful consideration and planning; the years of accumulated experience within the residential team enables Hurford Salvi Carr to provide valuable investment advice. Our 'Residential Investor' bulletins update clients on market trends.

The strength of this sector of the market is demonstrated by the fact that institutional investors are now acquiring residential investments at a time when the 'Buy to Let market' has become commonplace and residential property deregulation is encouraging greater investment.

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Property Management London | UK

2007-02-12T12:26:00.001Z

Our Property Management division provides clients with a complete management service. Based in Hertford, the division handles not only individual flat investments but also residential blocks and commercial buildings. We are members of the Association of Residential Managing Agents (ARMA) and also have ISO 9002 certification for our systems.

Hurford Salvi Carr are niche players in residential block management in central London, specialising in the management of new build or newly refurbished residential blocks. Moving into a new flat inevitably has some teething problems, and our Property Management london division have considerable experience of liaising with developers, contractors and purchasers to ensure that the settling in process is as trouble free as possible. The Property Management london division also provides project management services for shell and core developments where lessees carry out their own fitting out works.

Our block property management UK service includes the collection of ground rents, service charge management and accounting, and the preparation of medium term maintenance programmes. The division aims to set an appropriate service charge level for each block and ensure that this increases generally in line with inflation year by year, alongside the collection of a suitable reserve fund for planned maintenance. In this way lessees can be assured that there will be no surprises with unexpected demands for additional sums needed to carry out unforeseen maintenance work. We encourage the formation of a recognised residents association in each block, and aim to meet once or twice a year with each association or with residents generally.

Our flat management service includes the collection of rents on behalf of the landlord, ensuring the flat is kept in good condition, and the handling of all requests from the tenant. As well as quarterly inspections, the management service liaises with the Lettings division to ensure that at the end of each tenancy any void period is kept to a minimum.

The Property Management UK including london division also manages a number of commercial property investments, and again will collect the rents on behalf of the landlord and carry out all routine maintenance on the building. The division will also deal with all tenant queries and ensure the building is kept in good condition.

We have our own direct labour force to carry out emergency works and ongoing routine maintenance. This operates through the name of Ashby & Horner Limited, a company that was originally established in the late 1690's in the City of London to carry out maintenance, joinery and building work. It has an unbroken record of service to clients in London since that time.

Property Management London | UK

2007-02-12T12:26:00.000Z

Who buys new market homes property in London?

2007-02-05T16:39:00.000Z

Mayor of London Ken Livingstone today called for more homes with three or more bedrooms to be built in the capital and for improvements to the way that private new rented housing is managed on some new developments.

He was commenting on an independent report published today called Who buys new market homes in London? which was commissioned by the Greater London Authority, with support from the London Development Agency, to gain a better understanding of the market for new build private homes.

It found that private investment whether for selling on or for letting on the open market was not detrimental to housing delivery in London. In fact it helps deliver more housing by reducing the risk for developers as well as increasing the supply of affordable homes on larger schemes, a requirement under planning law.

Investors account for 67 per cent of all new-build private housing, with 45 per cent being “buy to let”. However the report identified some concerns around the long-term effect on new housing developments of this high level of ‘buy to let’ investment.

The report also identified that 91 per cent of all new private homes built in the last year were one or two bedroom homes at a time when more family sized homes with three or more bedrooms are desperately needed. However, the report argues that the high proportion of smaller new homes being built is driven as much by the demand from first time buyers as it is by the investment market.

The Mayor said:

‘We want to encourage investment to provide more homes to rent in all new housing developments, both private rented and social rented homes. This will meet the needs of the many Londoners who simply cannot afford, or do not wish, to own their homes but want to live in well managed housing.’

‘ However, while we value the contribution made by private investors in driving up the supply of new and affordable homes in the capital, if large housing developments are to be sustainable we must increase the supply of larger homes to meet the needs of families and ensure that new rented housing is properly managed.

Some of the most common concerns about investment activity; that it is crowding out first time buyers; that it results in an unsustainably large proportion of private renting in local areas; and that it results in many new homes being left empty were not supported by the findings of the report. The report argues that the new-build market is too small a part of overall sales of homes in any year to affect the overall market or the balance of tenures. It also found no real evidence of homes on new developments in London being left empty, suggesting that new private homes are being let and that they are meeting demand.

Concerns remain, however, over reported poor management of investor owned homes on some developments; the effects on the sustainability of very large housing developments should a high proportion of homes be privately rented; and over the possible effect on the investor market of falling house prices in the future.

Following analysis of the report the Greater London Authority is considering further investigation into the following areas to inform the Mayor’s housing strategy:

- assessing the net impact of private investors on house prices for first time buyers
- effective housing management on new developments
- encouraging greater investment by Build to Let, company and investment funds
- bedroom size mix on new developments

ENDS

Notes for editors:

1. The report was commissioned by the GLA, with support from the London Development Agency. The research was undertaken by London Development Research (www.ldr.cc) and is available at: www.london.gov.uk/gla/publications/housing.jsp

2 List of possible areas that have been identified by the Mayor for further investigation

• impact of current tenure mix and bedroom size on the sustainability of large new housing developments
• how to promote effective and unified housing management on mixed tenure developments
• encouraging greater investment by Build to Let, company and investment funds
• a rigorous investigation into the extent of empty homes on new developments
• an economic assessment of the net impact on house prices for first time buyers

3 Summary of the findings of the report

• two thirds (67 per cent) of the buyers of new-build market homes in London are investors, with the remaining one third being sold directly to owner-occupiers
• that buyers could be categorised as set out in the table below:

Category Sub-category Percentage of new homes bought
Buy to Let Private individuals - 1 or 2 homes 28%
Private individuals - larger portfolios 12.5%
Investment funds 4.5%
Buy to Let total 45%
Buy to Sell Buy to Sell total 16%
Build to let Developers 6%
RSLs 3%
Build to let total 9%
Owner occupiers First home 27%
Second home 3%
Owner occupiers total 30%
London total 100%

Property for Sale to Rent Clerkenwell, Docklands, Shoreditch, Bloomsbury, Barbican, Estate Agents

• of the Buy to Let (BTL) investors, 28 per cent are private individuals owning just one or two homes

• because of the Buy to Sell category (which sells homes on to other groups, including owner-occupiers upon completion) the owner-occupied proportion is estimated to rise slightly from 30 per cent to 33 per cent

• the proportion of new homes bought by investors does not alter significantly across London. LDR found that the proportion of homes bought by investors in the London Thames Gateway area (68 per cent) is a very similar proportion to other Inner London areas and indeed only slightly higher than for London as a whole

• the report estimates that some two thirds of all new market homes developed in London are initially let within the private rented sector - providing homes for those wanting to rent, meeting London’s need for a flexible workforce and enabling it to fulfil its role as an international business and financial centre, and providing homes for those who are presently unable to afford to buy.

• The report concludes that although there is a general perception within the media and among housing and regeneration professionals that Buy to Let investment on new developments has a negative impact, this is outweighed by the benefits in promoting new development.

• Investors perform a valuable market function by allowing perceived development risk to move from the developer to the purchaser, therefore increasing confidence among house-builders. Forward buying is often a condition of bank lending and it also helps reduce development interest costs for developers, as investors are willing and able to buy homes ahead of construction completion.

Owner-occupiers, on the other hand, generally purchase homes following or just before construction completion. The report concludes that many housing schemes, particularly larger ones in emerging areas, would simply not go ahead without sales to investors.

• Market participants generally concurred that investor demand leads to more new homes being developed, especially in emerging areas where there is not an established residential market. This is especially important to enable larger schemes to go ahead which, in turn, results in higher levels of S.106 affordable housing provision. The report found no evidence of significant levels of these homes being left empty following completion.

• The report concludes that if the investment market were to shrink there is a real danger that the number of new homes being built would fall to the detriment of all. It believes that investors should be viewed as providing a valuable function in the market for new homes.

MEDIA ENQUIRIES: Press information is available from Richard Brookes or Megan Woithe on 020 7983 4020 (numbers not for publication)

GENERAL PUBLIC/NON-MEDIA ENQUIRIES: Call the Public Liaison Unit at the Greater London Authority on 020 7983 4100

DUTY PRESS OFFICER: For out-of-hours media enquiries, please call 020 7983 4000

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