RENTS ON THE RISE
Rents rose for the ninth consecutive month in October to £691 while tenant arrears fell significantly for the second month in a row, according to the latest buy-to-let index from LSL Property Services. Unpaid rent totalled £221m, down from £229.3m in the previous month. This accounted for just 9.3 per cent of all UK rent unpaid during the month and was only 0.1 per cent higher than its best performance on record.
AWARD-WINNING DEVELOPMENT IN CAMBRIDGE
Only 10 homes are still available at Redeham Homes’ Accordia Living development in Cambridge so interested buyers will have to act quickly. Prices for the remaining homes start from £239,950 for a one-bedroom apartment and from £849,950 for a four-bedroom townhouse. The development of 203 homes is situated within 23 acres on Brooklands Avenue. It received the Royal Institute of British Architecture Stirling Prize for its innovative architecture.
FIGURES SHOW IT’S CHEAPER TO BUY
Buying is more cost effective than renting in 80 per cent of British cities and towns according to research conducted by property search website Zoopla.co.uk. As asking prices have come down and rents have increased, this figure has risen from 74 per cent in July. Assuming an owner with an interest-only 5 per cent mortgage, the average renter pays 9.9 per cent more than an owner. This is compared to a difference of 8.7 per cent in July.
DALSTON SQUARE PROVING POPULAR
More than 75 per cent of apartments have sold in the second phase of Barratt East London’s Dalston Square development. The homes are approximately three miles from the Olympic Park and are due for completion in the summer/autumn of 2011. Comprising nine blocks of different heights, prices in the latest phase start from £242,000 for a one-bedroom apartment. Most flats will have a balcony or terrace and there will also be a 24-hour concierge service and an on-site private gym.