London Mayors plan to build on small sites

Why Mayor’s grand plan to build on small sites won’t work under current planning rules: https://t.co/v43vPFcXEs

— ES Homes & Property (@HomesProperty) June 16, 2019

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Strong super-prime lettings market - KF

Super-Prime Lettings market has strong start to the year. Read more from @TomBill_KF here: https://t.co/0yxqNeG8I9 pic.twitter.com/UR00k1T7X5

— Knight Frank (@knightfrank) June 7, 2019

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London rent controls - more opinion

"Rent controls would hurt London tenants"-our policy manager John Stewart comments in @HuffPostUK on London Mayor Sadiq Khan's pledge to introduce rent controls in the capital https://t.co/YzGXlxGPMP

— RLA Landlord News (@RLA_News) January 25, 2019

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London property market discussion

London 2019: goodbye or good buy?

Listen to the latest episode of Real Estate Insights as our experts discuss the future of the property industry in London: https://t.co/pEAjRvWYSK pic.twitter.com/2gubBDS0Tc

— Savills (@Savills) January 25, 2019

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London tenants:31% of income on rent

New > Renters in London now spend nearly a third of their income on rent (31.5%). This is the highest it's been in the last 4 years. https://t.co/tf3NvFmz5E #LDNinsights @dataloftuk @_ericabelcher @genrentuk pic.twitter.com/HvYSor8xgU

— Centre for London (@centreforlondon) January 24, 2019

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Blueprint for London PRS rent controls

.@KarenPBuckMP has been invited by @SadiqKhan to help draft a blueprint for stabilising or controlling private rents in London - https://t.co/GpUBjh9Bja #ukhousing pic.twitter.com/JZzBJleQSr

— 24housing Magazine (@24housing) January 23, 2019

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Micro-homes could solve London's housing crisis

BBC News - 'Micro-homes could solve' London's housing crisis https://t.co/AbDPRibHiv

— Property Hawk (@landlordnews) January 22, 2019

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London asking rents hit record high

London asking rents hit record high as available properties dwindle https://t.co/ovCMJDN61N pic.twitter.com/ux4QxsqjFk

— Mortgage Introducer (@MortgageChat) January 17, 2019

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London posh-home letting hits new high

London posh-home lettings hit record high https://t.co/8kbNtCCHNa #Housing pic.twitter.com/X1hDKmvYSO

— Property PR (@propertypr) February 20, 2018

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London rental supply dropped 18%

The number of rental homes in London has dropped by 18% https://t.co/RCyJPUB9br

— ES Homes & Property (@HomesProperty) August 21, 2017

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How much can London landlords earn on Airbnb?

How much could you earn on #Airbnb? Find out in 60 secs with @PorticoProp #valuation tool https://t.co/apMJEEHkab #landlords pic.twitter.com/3pJlolqHjc

— Portico Property (@PorticoProp) July 31, 2017

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Middle Eastern property investors set to pounce

Middle Eastern investors ready to pounce on central London's ailing property market  https://t.co/eHfnBjv1xj

— Telegraph Property (@TeleProperty) July 29, 2017

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Why London landlords are selling up

This piece in the London Standard gives an interesting insight on why one London landlord is selling up.  Is she mad or does it make sense for London landlords to bank some of their profits?

I suspect that your view will depend on how old you are and how long you have been a landlord for.  Let's face it being a landlord is not the hardest job in the world.  Having said that there are the inevitable trials and tribulations of running a letting business.  All this is fine when you are young and enthusiastic.  Maybe when you get a little older and dare I say a little richer you don't always 'need the hassle'.  The average time a landlord holds a property for is 19.2 years according to the latest landlord survey by the Association of Residential Letting Agents (ARLA) in June 2014.

It's interesting to read that the landlord intends to use their 'cash' to set up a dog sanctuary in the country.  Do you intend to sell up and what do you intend to do with your cash, once you finally cash in your property chips?

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London property portfolio

Landlords that are looking at buying a sizeable bit of real estate in London should check out this repossessed portfolio in Ealing. The block of 11 two bed apartments is being marketed by Allsop on behalf of the receiver.

The fully let block also includes several vacant ground floor commercial units as well as 12 secure parking spaces. Details are as follows:

• 
Park West Apartments, 382 Uxbridge Road, Ealing, London W5 3LH
• On the instructions of Mike Rollings of Rollings & Co LLP as Fixed Charge Receiver
• 11 x two bedroom apartments approx 985.7 sq m (10,610 sq ft) Vacant ground floor commercial unit (A1 & A2 usage) approx 123.7 sq m (1,331 sq ft)
• All 11 apartments fully let - 2 x ASTs - 9 x company lets
• Current income £277,728 per annum
• 12 secure parking spaces
  

Offers in excess of £3,750,000 subject to contract

For more info:

Robbie Underhill
Email: robbie.underhill@allsop.co.uk
Tel: 0207 344 2659

Adam Kerven
Email: adam.kerven@allsop.co.uk
Tel: 0207 344 2628


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EventRent for the Olympics

The Evening Standard is advertising its EventRent service for the London Olympics. There seem to be several other agencies springing up too.

You can register with the Standard now if you are interested in letting out a property, renting one or providing services (management, handyman etc) during the 2012 games.

This particular site doesn't mention any other details at the moment and so, as there are still 325 days to go, Property Sparrow doesn't see the need for any serious training just yet. Some light jogging once a week is perhaps all that is necessary at this stage.

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East london transport improvements

I recently had a look at the prospects for landlords looking to gain from the regeneration benefits of the London Olympics in 2012.

My conclusion was don't believe the hype. Yes, London is a good place to invest & yes gentrification does happen. Landlords that are looking at profiting from this effect though should concentrate on established areas, adjoining high value areas that are set to benefit from improved transport links into central London.

This recent article highlights some of the interesting transport improvements that could bring about an uplift in value in areas within the capital.

Landlords looking at dipping their toes into the London market should go down there and get to know the area they are thinking of investing in first. Don't buy off plan. As anybody who really knows property will tell you. Its location location location. That can often mean a huge difference for the investment prospects of a property bought on one side of a street compared to the other. So landlords remember the motto 'research research research'. Then there is a good chance you wont go wrong by investing in the big smoke.

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The Time to Sell is Now!

• UK Property Market is now back to 2007 Levels

After a tumultuous few years for UK property sales, what with the economic downturn and more recently the hype surrounding the general election, it really has turned a corner and is now in great condition. It is attracting both international and UK based buyers due to the low interest rates and the weak pound. This economic environment twinned with the comparative levels of confidence means more properties for sale are entering the market and therefore meaning it is the best time to sell.

In fact, Hamptons International have stated that from analysing their figures, that this going to be the optimum level for the market for quite a while for several reasons.

Firstly, there is a strong trend of more properties entering the market. In April 2010, this property company reported a 32 per cent increase in instructions in comparison to the previous year. This is all the more impressive if you consider the low levels of stock that the market has experienced recently. During the spring months, the level of demand also mirrored this increase, especially when it comes to the London property market. The number of buyers who have registered with Hamptons International is up 14 per cent in comparison to last year. Overall it means that Hamptons International now lists a similar level of stock to last year and that the degree of demand is now close to the top levels seen in 2006 and 2007.

This level of demand has meant a fifteen per cent increase in the number of sales for this property company. Perhaps more importantly these are being converted into exchanges which are also up but by 47 per cent year on year.

Pricing is of course an essential factor when examining the sales market. Over the past twelve months, pricing has stabilised and in many cases are back to the levels of 2007 when the market activity was at its highest. This stability is really underpinning the confidence in the market but it is now set to remain consistent for the rest of the year. This is due to the reduced inflationary pressure which is powered by the increase of stock. Therefore further price rises for the remainder of 2010 are considered unlikely.

In summary, it certainly feels like the best time to sell for prospective home owners. With the increase in both buyer demand and stock available twinned with the economic backdrop and stabilised pricing and interest rates; the market conditions are currently the best this year and remain likely to be the peak of 2010.

Olympic effect - the evidence

Following on from my recent post about the Olympic effect on East London property prices; up pops a report on the effect of the winning of the Olympic bid on specific areas of East London.

Research conducted by Lloyds TSB measuring house prices in 14 postal districts located nearest the Olympic Park show that many of the areas have out performed other areas in London.

Homerton and Shoreditch, both in the borough of Hackney, have seen average property prices rise by 69% and 53% respectively, significantly above the Greater London average of 36%.

Biggest risers

There has, however, been a mixed performance in property prices with Stratford, the home of the Olympic Stadium, seeing only a 3% increase in average prices, slower than any of the other postal districts.

‘Some areas close to the Olympic Park have experienced a sharp rise in property prices since London’s successful bid to host the 2012 Olympic and Paralympic Games. Part of this rise is likely to have been due to an increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place,’ said Suren Thiru, housing economist at Lloyds TSB.

‘Looking forward, property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links left by the London 2012 Olympics,’ added Thiru.

Mixed picture

Overall the research shows that average prices in the fourteen postal districts located close to the Olympic Park have risen by over a quarter, 26%, since July 2005. This exceeded the average rise of 20% across England, but was below the London average of 36%.

Four out of the 14 postal districts near Olympic Park saw house prices rise by more than the average for London and prices have bounced back strongly from the downturn in the housing market, rising by 13% between April 2009 and April 2010. This was almost three times the average rise across England of 5%, but slightly lower than the London average of 16%.

The average house price among the postal districts near Olympic Park is £262,953.
The least expensive postal district is Plaistow with an average house price of £196,426, followed by East Ham at £203,500 and Leyton at £209,769.

Based on prices from the Land Registry Homerton has seen the biggest rise at 69%, followed by Shoreditch at 53%, Dalston and Clapton both on 39%, Bethnal Green at 35% and Bow at 32%.

Leytonstone has seen prices rise 25%, Walthamstow is up 16%, Leyton up 13% and Forest Gate up 8%. East Ham has seen prices climb 7%, Plaistow 5%, Manor Park 4% and Stratford 3%.

East London will see a massive upgrade in facilities from hosting the Olympic and Paralympic Games. The area will benefit from a 500 acre Olympic Park reaching from the Hackney Marshes to the Thames, which will include an Olympic stadium, aquatic centre, along with several other sporting complexes and a 17,800 person Olympic village.

Significant transport improvements are also taking place. Investment is trebling the capacity of Stratford Regional Station, the main transport hub for London 2012 which is expected accommodate 120,000 passengers and enable 200 trains every hour during the Games. A range of other transport improvements serving the Park are already underway, including an extension to the Docklands Light Railway (DLR) and increasing capacity on the Jubilee Line.

What the research doesn't say

What the report however does not mention is that the best performing areas may be benefiting more from their proximity to the Square Mile than the regeneration impact of the Olympics. The accompanying photo shows taken on the fringes of Shoreditch along Shoreditch High Street shows just how close the area is to the gleaming towers of the City.

Direct regeneration impacts on house prices are very often difficult to quantify. The positive impact of infrastructure is frequently over estimated. I'm much more comfortable with the concept of the slow creep of 'gentrification'; where good areas spill out into less desirable areas over time; as purchasers go in search of value. This perhaps explains the relative out performance of areas such as Hoxton and Homerton. Remember the likes of Islington were practically no go areas in the 1970's!

Find out how to identify a 'property hotspot'

The one thing that is certain is that the 'Olympics effect' will focus property investors interest on the capital and that can only have a positive impact on property values throughout London.

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Olympic effect - property investors

Only 2 years to go before the start of the 2012 Olympics.

Many property investors will see the up and coming London 2012 Olympics as a once in a lifetime opportunity to invest in London real estate and make a fortune out of the potential regeneration spin offs.

I recently went down to East London & carried out my own East London research on the potential investment opportunities in investing in London property and identifying the most promising areas to buy.

Have a look at my East London Odyssey and my area by area London analysis.

It could well be that the streets of London are paved with gold & not only on the Olympic track!

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Property in the south - the gap between buying and selling

Staying in line with the recent trend of the last few months, buyer interest in houses for sale continues to surpass the available stock. Therefore, continued seller power has witnessed an increase in house prices year on year. However, the southern UK property market may change within the next six months, with sellers and those with property developments advised to take advantage of the current and profitable conditions.

With falling interest rates and more incentivised mortgage lending than a year ago, buyer power may indeed increase over the next few months, showcasing the idea that the southern UK property market is now not only recovering, but looking set to peak for the new decade.

However, the same confidence cannot be said for the property rental market in the south of the UK. Rental market conditions have experienced less and less houses and apartments available for rent. Across the country, there has been almost a 25% decrease in rental stock levels, with Home Counties near the London commuter-belt witnessing almost 50% decreases since this time last year in 2008. Rental management has become increasingly more difficult, with restricted choice limitations for potential renters. Landlords have thus far assumed that these conditions might increase rental values, but with tenants unwilling to over-pay, properties for rent with too high a price are finding enthusiasm hard to come by.

This problem has been exacerbated due to an unexpected increase in the number of landlords and tenants agreeing to tenancy extensions, frustrating potential property purchasers who are now finding it difficult to identify their next buying opportunity. These people are now holding on to their tenancies for longer periods of time, and contracting the rental supply stock even further.


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