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Research reveals average house prices on roads with romantic names

Published On: February 14, 2022 at 9:25 am

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Categories: Property News

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Homes for Ukraine scheme launched by the Government

Research from property platform Boomin has looked at average house prices on roads with romantic names, just in time for Valentine’s Day.

Boomin analysed sold prices across property sales completed in 2021 that contained one of eight romance-themed terms within the road name. This included Love, Valentine, Heart, Arrow, Sweet, Rose, Flower and Kiss or Kissing.

In total, 2,494 Valentine’s homes sold across the nation. Homes on roads with Rose in the name were by far the most popular, with 1,887 transactions. 

Boomin also reports that homes sold across these roads with romantic names averaged £293,813 over the last year. This is 4% higher than the current national average across England and Wales. What’s more, they’ve increased in value by a 20% compared to the previous year, the property platform says.

Roads with ‘Love’ in the name were sold for the highest amount of all included in the research. In the last year, they averaged £349,000, 29% more than the current national average.

‘Love’ is also the second most popular result, with 306 transactions taking place across the likes of Love Lane in Spalding, Love Road in Lowestoft and Love Row in Milton Keynes.

Streets with ‘Flower’ in their name, such as Flower Hill in Reading or Flower Avenue in Nottingham,also placed highly. A total of 57 transactions saw an average sold price of £332,500, up 33% in the last year.

‘Valentine’ named roads saw properties sell for an average of £325,000. Homeowners also secured more than £300,000 on average across roads with ‘Sweet’ in the name (£311,000).

Homeowners on ‘Heart’ related road names have enjoyed the biggest boost in values, with the average sold price climbing by 55% compared to 2020.

‘Arrow’ (£268,000) and ‘Rose’ (£265,000) also enjoyed strong sold price performances, as well as year-on-year increases in property values.

However, houses on roads with ‘Kiss’ or ‘Kissing’ in the name, such as Kissing Gate in Hull, did not do so well. Not only did they see a below average sold price of £215,000 in 2021, but this value also fell by -23% on the previous year.

Michael Bruce, CEO and Founder of Boomin, comments: “It’s fair to say that as a nation we’re infatuated with our homes and this love has grown even stronger during the pandemic, as we spent plenty of time buying, modernising, expanding and enjoying them during lockdown. 

“While it’s always hard to let go of a loved one, those that are planning to sell up in 2022 could be head over heels when they come to value their home in current market conditions, as house prices have boomed during the pandemic.”

Boomin used sold price data sourced from the Land Registry Price Paid data records for residential property sales in England and Wales between January and December 2021, excluding secondary purchases or properties listed by type as ‘other’.

Local authorities fail to record private rental sector complaints, says NRLA

Published On: February 11, 2022 at 11:06 am

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Categories: Landlord News,Lettings News,Tenant News

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One in ten landlords plan to exit the sector following spring statement

Most local authorities in England do not accurately record the number of private rental sector (PRS) tenure complaints that they receive, the National Residential Landlords Association (NRLA) reports.

Its research, based on Freedom of Information Act requests, indicates that 56% of councils do not accurately record the number of complaints they receive concerning PRS housing. This figure rises to 61% for those local authorities which have selective licensing schemes.

The local authorities that did accurately record PRS complaints reportedly dealt with an average of 274 complaints per year.

Councils conducted a total of 98,858 inspections under the Housing, Health and Safety Rating System (HHSRS) across England between 2018 to 2021, says the NRLA. According to its findings, this roughly equates to just 1 in 45 PRS properties.

It also shows how the recording of these inspections is not consistent across local authorities, with many councils failing to register any of their inspections. The NRLA says only 1% of HHSRS inspections resulted in a follow-up prosecution, with 4% of improvement notices resulting in the imposition of a civil penalty.

Chris Norris, Director of Policy & Campaigns for the NRLA, comments: “What is needed in order to build a private rented sector which is fair and inclusive for all, is for councils to use all of the powers at their disposal.

“These figures show that there is a long way to go before councils deal effectively with the rogue landlords who bring the sector into disrepute.

“Until councils adopt a more effective approach towards record-keeping, it will be impossible for them to take the steps necessary to enforce regulations.”

Westminster Council calls for stricter powers to tackle anti-social behaviour caused by short-term lets

Published On: February 10, 2022 at 9:50 am

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Rental data reveals London has become unaffordable for graduates

Westminster City Council is calling for more regulations and restrictions to target the owners of irresponsibly managed short-term let properties.

It says that short-term letting occurs on an industrial scale in the city, with more than 13,000 properties available on sites such as Airbnb and Booking.com. Almost one in three residents living in the West End, where there are the largest number of short-term let properties, told the council that irresponsible short-term letting is a problem in their area.

Westminster City Council has a full-time team currently investigating 2,000 breaches of short-term let rules. It reports an increase in complaints, ranging from noise, rowdy parties, serious overcrowding, dumping rubbish, and sex work occurring within nightly lets.

Police were called to a property in William Mews recently to shut down a party from a short-term let. A neighbour reported at the time: “There’s nothing desirable about having a commercial enterprise doing business in a quiet residential street that is now at my front door. I now find myself next to a ‘party house’ with our narrow street clogged by extra vehicles and fearing now to even answer my door.”

The local authority is keen to work with the Government on securing new powers to target owners. It will call for short-term letting companies to introduce registration schemes, bolstered with new powers to target owners and to fine them for irresponsible dumping of their rubbish.

Westminster City Council also wants greater powers given to local authorities to introduce exemptions for high impact areas as there are many places in the city which are unable to cope with the impact of short-term lets.

Cllr Rachael Robathan, Leader of Westminster City Council, comments: “We absolutely support responsible short-term letting and recognise that it is one of the most flexible and affordable options for people who want to visit central London – especially as Westminster City Council is working hard to bring tourism back to London. But I strongly believe that this must be done in such a way as to also protect the interests of residents.

“While some properties are let responsibly, a large number are not and these result in there being noise, illegal dumping, antisocial behaviour and, at its worst, criminal activity.

“Many short-term let properties are causing a strain on council resources and making life hell for many of our residents who constantly complain to us about the detrimental effect they are having. Our city inspectors work closely with the police to close unauthorised events held at short-term lets as quickly and as safely as possible. But ultimately, we need more restrictions and powers given to us as a local authority to tackle short-term letting anti-social behaviour impacting our communities.”

House price growth slowed in January, Halifax data shows

Published On: February 8, 2022 at 10:27 am

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Average UK house price rises again, Halifax House Price Index reports

The latest Halifax House Prince Index reports that house price growth in the UK slowed to 0.3% in January. However, house prices hit a new record high of £276,759.

Colby Short, Founder and CEO of GetAgent.co.uk, comments: “There’s not a soul in the land that can state they’re firing fully on all cylinders during January and the UK property market is no different. However, despite what is usually the quietest time of year, the market has still inched forward to post yet another record level of house price growth.

“As the cogs start to turn once again, we can expect more of the same and while affordability remains a burning issue, high demand and a lack of stock will ensure house prices remain robust over the coming year.”

James Forrester, Managing Director of Barrows and Forrester, comments: “We’re now starting to see transactions return to pre-Covid levels but while the outlooks for the year ahead may be less manic, we’re unlikely to see any significant decline in house prices.

“This may seem surprising against a backdrop of increased living costs, interest rate increases and the ongoing issue of affordability, but there remains a huge level of motivated buyers fighting it out for what is essentially a limited level of stock.

“With these scales unlikely to tip the other way anytime soon, it certainly remains a sellers’ market and they will continue to secure a very good price for their property when bringing it to market.”

Marc von Grundherr, Director of Benham and Reeves, comments: “It may seem strange to think of London as the tortoise of the UK property market but while the rate of house price growth has been accelerating at alarming rates in the majority of UK regions, the capital’s housing market has remained far more muted.

“However, we’re now seeing something start to stir and London house prices are have climbed at double the rate seen in December alone. The returning combination of both domestic and foreign demand is helping to rejuvenate the London market and we predict that come the end of the year, the capital will be leading the house price pack once again.”

London property investment hotspots revealed for 2022

Published On: February 7, 2022 at 9:40 am

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New data from Portico reveals which London hotspots are primed for excellent investment opportunities due to a combination of affordability, rental yield performance, and regeneration in the area.

The London estate agent has commented on the following top hotspots:

Tottenham provides significant room for equity growth when compared to its broader borough market position, with regeneration projects in the works to back that growth.

Seven Sisters is an up-and-coming area offering affordable London living in close proximity to many popular, vibrant areas.

Edmonton is a vibrant multicultural community that offers fantastic rental yields, with excellent transport links and huge regeneration benefits.

Barking is back again from Portico’s ‘Where to buy property in 2021’ guide. It still represents outstanding affordability and opportunity for growth thanks to its connectivity and regeneration efforts.

Ilford is one to watch, with the eagerly anticipated impact of the Elizabeth Line completion coming soon. Ilford has affordable property prices, steady rental yields and is great for commuters.

Chadwell Heath provides affordable housing and Elizabeth Line connectivity is on its way. Proximity to many buzzing retail and leisure hubs and healthy rental yields are other benefits. Chadwell Heath is a fantastic option for investors looking for a more suburban neighbourhood.

Top six investment hotspots by average property price

Barking£357,796
Edmonton£375,889
Chadwell Heath£382,870
Ilford£475,541
Seven Sisters£479,020
Tottenham£515,474

Top six investment hotspots by rental yield figures

Chadwell Heath5.5%
Edmonton5.5%
Ilford5.3%
Barking5.3%
Tottenham4.5%
Seven Sisters4.4%

Government Levelling Up White Paper plans to improve private rental sector

Published On: February 3, 2022 at 12:39 pm

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Government Levelling Up White Paper plans to improve private rental sector

The Government has published its Levelling Up White Paper, stating that private rented homes will be required to meet a minimum standard.

The White Paper has also re-announced plans to end Section 21 repossessions, consult on a national register of landlords, and develop plans to better tackle rogue landlords.

Ben Beadle, Chief Executive of the National Residential Landlords Association (NRLA) comments: “Every tenant should have the right to expect properties to be safe and secure. The existing Decent Homes Standard however is not the right vehicle with which to achieve this important goal.

“At present, this standard, designed for the social rented sector, does not reflect many of the differences between it and the private rented sector. This includes the types and age of properties in each.

“We will work with the Government to ensure whatever standards expected of the sector are proportionate, fit for purpose and can be properly enforced. Without this, criminal landlords will continue to undermine the reputation of the vast majority of responsible landlords doing the right thing.”

Alicia Kennedy, Director of Generation Rent, comments: “Just as it is impossible for someone to flourish without a decent home, the government knows it is impossible to level up without fixing the rental market. For too long poor regulation has left renters at the mercy of landlords who can evict on a whim and neglect their properties with impunity. 

“A national landlord register is essential for driving out criminal landlords, so this commitment is very welcome. We urge the government to bring forward legislation as soon as possible to introduce this and make good on its three-year old commitment to abolish Section 21 evictions.”

Matt Downie, Chief Executive of Crisis, comments: “It’s welcome to see that housing has a seat at the table in the Government’s ambition to level up the country over the next ten years, alongside commitments to provide more genuinely affordable social housing, scrap no fault evictions and introduce a landlord register. We know that good jobs and improving wages are also key to people keeping a roof over their head so it’s positive to see emphasis being placed on this as well.

“For too long now families have had to languish on ever growing council house waiting lists, while renters have had to put up with paying extortionate rents on squalid homes because they can’t speak out for fear of eviction. ​We look forward to seeing the details to address this imbalance​ and are pleased to see that ​it will span across all departments.

“The Government must make providing housing that people can afford the backbone of levelling up​, which must include a step change in the delivery of social rent housing and the funding needed to turn these commitments into reality. Only this will deliver the change we need to see communities thrive​, and an end to homelessness for good.”