First-time buyers in London now need to stump up nine times their annual earnings to get on property ladder london property A new report published this morning shows that first-time buyers now have to cough up five-and-a-half times their typical annual earnings to get on the property ladder. In London that is even nine times. As house prices have surged, the average first-time buyer house price-to-gross earnings ratio in the third quarter of this year was [...]
Waltham Forest house prices see sharpest jump since 2002 HOUSE PRICES The London boroughs of Kensington and Chelsea, Westminster and the City of London have marked the largest jump in house prices in London since 2002. Unsurprisingly, prices in leafy Kensington and Chelsea shot up by £863k in two decades. This was an increase of 223 per cent. Westminster prices saw a £600k jump. However, the [...]
First time buyers face significant barriers as earnings lag behind soaring house price growth HOUSING LADDER First time buyers are facing significant hurdles to raising a deposit as they come up against high prices relative to average earnings. House price growth has surpassed earnings growth over the past year and the ratio of house prices to earrings has hit a record high, the Nationwide House Price Index set out. A 20 [...]
Post-Brexit vote of confidence: German real estate giant Coros lands in London as it opens office in Soho November 24, 2021 German real estate company Coros is expanding into the UK as the firm has opened an office on Kingly street in Soho. The firm said it considers London as a gateway to Europe for international investors who are seeking access to Germany and other European markets. In addition to sourcing real estate projects, Coros’ London [...]
New build quality board selects ombudsman as redress plans for disappointed buyers move forward November 24, 2021 Disappointed buyers of shoddy new-builds are one step closer to the formation of a new body that would provide redress. The New Homes Quality Board – which oversees the quality of new-build houses – has announced that The Dispute Service has been selected to be the New Homes Ombudsman. The ombudsman will be independent and [...]
Plans to require Airbnb-style rentals to obtain licence from local council Scotland move in Scotland November 23, 2021 New government proposals in Scotland will require properties that are used for short-term lets and Airbnb-style rentals to get licences from the council. Ministers want to tackle the growth of Airbnb-style rentals in popular tourist areas such as Edinburgh and will ask individual councils to set the requirements for granting a licence while allowing uncapped [...]
Take a look: Department store titan’s former Park Lane apartment on sale for £19.5m November 23, 2021 Harry Selfridge’s Park Lane apartment – the man behind the British department store Selfridge’s – has gone up for sale for a dear £19.5m. The Brook House apartment, being sold by estate agency Wetherell, boasts a front seat view of Hyde Park, with small glimpses of the rest of London, including its iconic red buses, [...]
Faith restored: Gothic-style converted church goes on sale for £2m in Brighton November 22, 2021 City workers hoping to escape the capital can look to Brighton for a ubiquitous converted church. The two bedroom property on Queensbury Mews, in the city’s desirable BN1 postcode, is on sale on RightMove, with a guide price of £2m. Its listing says it combines “the most wonderful mix of both contemporary interior design,” while [...]
Don’t wait till after Christmas to sell your property November 18, 2021 There was a time when the property market could quite logically be split into seasons. But, such is the disruption to all our usual timetables and routines, that is no longer the case. The seemingly never-ending chain of events that impacted the the market in recent years, from tax changes and SDLT holidays to Brexit [...]
Property of the week: Country charm meets city pad November 18, 2021 If decamping to a country house sounds like the dream move for you and your family, but you don’t actually want to sever ties with the capital, then this could be the perfect solution – no compromise needed. Heathview Gardens sits over four floors and covers 8,584 sq ft. The clue to its desirability lies [...]