PROPERTY NEWS

DEMAND FOR PROPERTY AT QUARTER’S HIGH
Demand for property is on the rise for the first time in four months, according to the National Association of Estate Agents. House-hunters increased in November, attracted to falling prices, while supply remains static. Close to Christmas, there are usually fewer sales to avoid family disruption; people also tend to hold off in the hopes that prices will rise again next year. Some commentators say the surge in demand is redressing a market imbalance, since there has been too much property stock on the market in parts of the country.

PRIME CENTRAL DEMAND AT AUCTION
Prime central London property has continued to be in hot demand at auctions. At the last Savills Residential Property Auction of the year, Savills sold 80 per cent of the lots on offer and the room was full. Popular estates include two properties in Mayfair, quickly sold to those desiring the elusive W1 postcode. Both properties, located in Shepherd Street (pictured) and Dunraven Street, sold for £785,000 and £1,195,000 respectively. Savills’ next residential auction will be held on Monday 14 February 2011.

OLYMPIC SAVVY PAYS
Shrewd Londoners can make a fair packet of extra cash during the 2012 Olympics by renting out their homes to tourists, according to research by HomeAway Holiday-Rentals. The rental portal estimates that home owners could earn an average of £4,500 by renting out their houses during the sixteen-day event. Letting even a one-bedroom apartment earns you enough cash to afford tickets to see the Men’s Athletics Super-Final, Cycling Track Final, Swimming Final, Men’s Basketball Final and the Diving Final.

BARRATT BUILDS TOWER IN ALDGATE
Barratt London’s planned development on Alie Street will be the tallest Barratt East London project to date at 27-storeys. Building will begin in January 2011 and is due for completion in December 2013. The planned £100 million development will provide 235 flats, from one to three bedrooms, including penthouses. The tower will also afford 360 degree views over Tower Bridge, Tower of London, Canary Wharf, and the
Olympic Park. For more into about Barratt East London,
e-mail cpalmer@hardhat.co.uk.