Exclusive: Staggering £130bn worth of homes left empty in London alone with record 87,731 vacant properties May 30, 2022 It has emerged that the value of vacant homes in London equates to over £130bn. London has a total of 87,731 vacant homes, making it the top city in the UK for the prevalence of empty houses. With house prices averaging £1.49m in the capital, the cost of vacant homes is approximately £130.8bn. A recent study [...]
London is back on the global property radar as foreign home buyers shrug off Brexit and stamp duty changes May 24, 2022 International buyers are returning to the London property market after three consecutive years of declining market activity, brought about by Brexit, changes to stamp duty and, of course, the pandemic. Since last year, international interest has started to return to the capital, with transactions climbing by 0.6 per cent. At the same time, the market [...]
London average hits £440k: First-time buyers in for a shock as house prices for newcomers rise £24 per day May 18, 2022 While celebrities can often be seen splashing millions of pounds on their first homes, the average first-time buyer (FTB) is spending £223,751 on their first property. In fact, the average FTB needs to find £43,623 more than they did in 2016 to secure their first own property, a 24 per cent increase, according to data [...]
The Elizabeth line effect: House prices along Crossrail skyrocket by as much as 215 per cent May 17, 2022 With the initial launch of Crossrail imminent, it has emerged that postcodes with stations due to benefit from Crossrail (CR) have seen house prices increase by up to 215 per cent since the project was first announced, carrying a 14 per cent premium versus the wider areas. Postcodes home to a Crossrail station have seen [...]
London is back: Influx of new residents picks up as 1 in 3 homes are let to tenants from outside the capital May 16, 2022 It has been revealed that nearly three in every 10 homes let in London so far this year have gone to people who were previously living outside the capital. Some 30 per cent of these properties have gone to tenants who were previously living elsewhere, according to research from sales and letting agent Hamptons, shared [...]
Half of all £1m+ UK property sales are in London with not Chelsea but Wandsworth leading the pack May 15, 2022 Despite a more lethargic pandemic property market performance, London remains by far the most prestigious pocket of the property market across England and Wales, accounting for almost half of all homes sold at £1m or above. With an average sold price of £1.4m and a total of £17.6bn worth of property sold at or above [...]
Property heavyweight slams housing reforms in Queen’s Speech: ‘Nothing new – simply old policies re-hashed’ May 11, 2022 The Queen’s Speech will do little to solve Britain’s housing crisis, a leading property association shared with City A.M. this morning. There were three main commitments linked to housing in the Government’s announcement; the Renters’ Reform Bill which will end unfair evictions; the Social Housing Regulation Bill which will give tenants more rights and vital [...]
Lack of properties in London’s poshest postcodes sees rental prices soar May 9, 2022 The cost of renting a property located in one of London’s most prestigious postcodes has jumped 28.3 per cent over the previous year, due to a shortage of rental properties and booming demand. There are now 50 per cent fewer rental properties hitting the market than before the pandemic, new figures from LonRes show. The [...]
Post-pandemic rental yields climbing with SE17, NW3 and E7 leading: ‘Naive to think renters would reject London’ May 7, 2022 London rental yields are still on the rise after a temporary pandemic slump, with southern areas providing particularly strong opportunities for buy-to-let landlords. While much of the nation’s property market enjoyed a boom during the pandemic, London’s market was hit by a dip in demand as people prioritised green, open space over urban living. This, [...]
Today’s interest rate hike may hit mortgage holders hard, warns IFS director ahead of BoE announcement May 5, 2022 Paul Johnson, director of the Institute For Fiscal Studies, warned this morning of the impact on people’s mortgages of an expected interest rates hike by the Bank of England on Thursday. “We are still at historically staggeringly low levels of interest rates,” he told Radio 4’s Today programme. “So you look at it that way [...]