Posts with tag: London rental property

Is This £95-a-Week London Flat Too Good to be True?

Published On: January 12, 2016 at 3:05 pm

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Categories: Property News

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Many Londoners are searching for cheap rental accommodation in the capital – could this property be what they’re looking for?

A property has been advertised on Gumtree in the desirable W4 postcode area of Chiswick for just £95 per week. At a much cheaper price than London’s average £1,500 monthly rent, what’s the catch?

The advertisement describes the flat as “a spacious single studio with kitchenette and own shower, pine furniture and double bed”.

It is also “well-served by Chiswick Park and Turnham Green Tube stations and the London Underground”.

Additionally, residents will enjoy the nearby Chiswick High Road, which “is home to a wealth of fabulous amenities, including Harvey Nichols, Waitrose, Caffe Nero. Acton Green Common, Chiswick Common and Turnham Green offer plenty of spacious, green areas close by”1.

So far, so good.

However, the studio flat is so crammed that the shower is installed right next to the kitchen.

Is this a good use of space, or does the flat highlight the extraordinary crisis in the London housing market?

As the property has been unoccupied since the beginning of November, it appears that even though this place is cheap, it may not be suitable for even the most desperate tenants.

1 http://metro.co.uk/2016/01/08/this-spacious-west-london-flat-is-a-bargain-at-95-a-week-but-theres-a-catch-5609206/

Harry Potter Style Cupboard Under the Stairs to Rent for £500 a Month

Published On: October 1, 2015 at 12:04 pm

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Categories: Landlord News

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Cramped spaces set at ridiculously high rents are not uncommon in London, but it seems the housing shortage is getting worse and worse.

This Harry Potter style cupboard under the stairs has just a mattress crammed into it, but is up for rent at £115 per week, or £500 a month, with bills charged extra.

The cupboard is off the kitchen in the property in Clapham.

Alex Lomax, 23, went to view the home and subsequently posted photographs on Twitter.

The graduate has been searching for somewhere to live in the capital for a month. She tweeted: “I have literally just been shown a bed under the stairs for £500 a month. F you London!”1

She then linked to an advertisement on the london2let.com website, which does not have a picture, but reads: “One single furnished room available.

“We are looking for a friendly, open-minded and outgoing person to join our house share in a great period house in Clapham.

“We’re a good bunch and like to chill out a lot together – not really looking for somebody that just wants to stay in their room. Room comes with a bed. Bills to be shared – approx. £60 per month each.”2

1 https://twitter.com/alex_lomax

2 http://www.london2let.com/rooms/to-rent/clapham-SW11/L2L13385-101/

Alternative Tube Map Shows Average Rent at Each Station

Published On: September 29, 2015 at 3:54 pm

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Categories: Landlord News

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A new alternative Tube map shows how much it costs to rent near each London Underground station in the capital.

The map, compiled by Thrillist.com, reveals the sky-high prices tenants must pay for a one-bedroom home within a kilometre of each Tube station.

The illustration uses data from property website, Find Properly, and highlights the highs and lows of the central London rental sector, including prices in thriving tourist areas, such as Oxford Circus and Leicester Square.

Another super expensive area on the map is Bank, which is at the heart of the City of London financial district. One-beds here can cost £2,128 per month.

Renters in the upmarket West London areas of Hyde Park Corner and South Kensington are also paying similar prices.

However, the map does indicate a divide in prices, with the average rent near the East London station of Dagenham Heathway costing £796 a month, while prices close to the suburban West London station of Hatton Cross are just £324 per month.

Data from June reveals that London rent is almost double the national average and rose by 10.7% over the year.

London has been ranked the third most expensive place to live, after the Cayman Islands and Switzerland.

 

 

Flat is Less Than 9 Foot Wide but Costs £46,000 a Year

Published On: September 11, 2015 at 2:58 pm

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Categories: Finance News

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It has just enough space for a single bed and the kitchen is concealed behind a mirror, but this flat does not come with a reasonable price tag.

The apartment on Brompton Road, in Knightsbridge, London, is believed to be Britain’s smallest. With just 72 sq. ft. of space, the flat is around a twelfth of the size of the average new home in England.

Behind a mirrored wall is the flat’s kitchen, featuring a microwave, sink, hob and fridge.

There is just about enough room for a single bed and there is one separate room, housing the shower and toilet. Renters are entertained with a mounted television on the wall.

The flat is in Princes Court, a mansion block considered one of central London’s most desirable places to live, and opposite Harrods. A three-bedroom flat in the complex costs £2.5m.

The studio apartment may be the smallest property on the rental market, but it is far from being the most affordable. At £895 per week, the tenant will pay £3,878 a month or £46,540 over the year.

This is two-and-a-half times the average rent in London and the same price as a seven-bed Grade I Listed country home in Somerset, once owned by Henry VIII.

The letting agent, Harrods Estate, says the “clever design” of the flat means it has everything a tenant could want.

Lettings Director at Harrods Estates, Ed Woolgar, says: “This delightful apartment is situated in the heart of London’s most desirable address, a short walk to Harrods and Hyde Park.

“It’s compact but clever design means that the tenant has everything they need including a hidden kitchen, complete with fridge, microwave, hob and sink, along with a bathroom with shower, basin and WC.

“There is enough space for a single bed and the TV is perfectly positioned for relaxing evenings in.”1

1 http://www.dailymail.co.uk/news/article-3230550/Is-Britain-s-worst-value-flat-Tiny-apartment-nine-feet-square-costs-whopping-46-000-year-Harrods-slippers.html

 

Rents Over £100 a Day in Prime Central London

Published On: July 1, 2015 at 12:00 pm

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Categories: Finance News

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Tenants in London’s prime central rental market are paying over £100 a day to rent a two-bedroom flat, revealed research from property investment firm London Central Portfolio (LCP).

Figures from LCP show that the average rent on a two-bedroom flat in upmarket neighbourhoods has reached £707 a week, with one-bedroom flats averaging £452 per week.

Rents Over £100 a Day in Prime Central London

Rents Over £100 a Day in Prime Central London

In Knightsbridge, a typical two-bedroom flat costs £848 a week, and in Kensington and Notting Hill, the average rent on a similar property is £768 per week.

LCP found that one and two-bedroom flats in central London are popular with corporate tenants and international students, and this demand is fuelling rental growth. One-bedroom flats are the quickest to be let, with only 16 days between tenancies and two-bedroom apartments are empty for just 24 days.

Across both property sizes, LCP found that Mayfair is no longer the most expensive place to live, with the average rent cost falling by 14.85% annually to £678 per week.

Knightsbridge has recorded the greatest increase, with rents up 19.4% in the same period to £732 a week. Across prime central London, LCP revealed that rents have risen by 4.2% in the last year to £602 per week.

CEO of LCP, Naomi Heaton, explains: “The key dynamic in this marketplace remains location over size. The squeeze on rents during the credit crunch, as corporates underwent stringent belt tightening, has not relaxed, meaning smaller properties remain the most popular among corporate tenants. The huge influx of international students, often living on their own, adds to this demand.”

LCP also discovered that older properties experienced a 1.3% increase in rents, while newly refurbished homes saw prices rise more quickly.

Heaton continues: “There has been a paradigm shift among tenants who increasingly demand immaculately presented flats and service on tap.

“Landlords need to realise that tenants are looking for a complete lifestyle experience if they are to maximise yields and minimise voids.”1

1 http://www.theguardian.com/money/2015/jun/29/prime-london-rents-100-pounds-a-day

Foxtons Could Face £42m Legal Bill for Charging £616 for Changing a Light

Published On: June 9, 2015 at 9:57 am

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London estate agent Foxtons could soon face a huge legal bill of up to £42m after it charged a landlord £616 for changing a light fitting.

This could be the most expensive light replacement ever, which could lead to the stock market listed agent being sued by thousands of landlords.

Foxtons Could Face £42m Legal Bill for Charging £616 for Changing a Light

Foxtons Could Face £42m Legal Bill for Charging £616 for Changing a Light

Foxtons used a subcontractor, Maintenance1st, to conduct the work at Dr Chris Townley’s rental property. He was billed £550 plus £66 VAT, but later discovered that Maintenance1st had charged much less.

Dr Townley is a law lecturer at King’s College London and signed up to Foxtons to let and manage his London investment in 2011.

In 2013, he received a bill for the repair but demanded a refund after finding that the work was substandard. Maintenance1st disputed this and did not offer a refund.

Foxtons then grudgingly put Dr Townley in touch with Maintenance1st, which revealed that its charge was £412.50.

When Dr Townley challenged the agent on the price difference, it admitted to adding £137.50 commission, 33% of the subcontractor’s charge. Dr Townley then found out that Maintenance1st had paid Foxtons an undisclosed commission for carrying out the work.

Furthermore, Foxtons charged Dr Townley an ad hoc management charge of 10% + VAT, as the invoice was over £500. However, the bill only exceeded this amount because of Foxtons’ 33% fee.

In total, Dr Townley paid Foxtons £203 in fees, a 49% mark-up on the original £412.50 bill.

Leigh Day solicitors has sent Foxtons a letter of claim, which is served before legal proceedings. The claim states that the hidden commission was not covered in Dr Townley’s contract.

The firm believes that thousands of other landlords will also be entitled to compensation from Foxtons, with the claims reaching £42m.

Dr Townley comments: “When I first heard there was a commission I was not happy, but thought it may be 2% or 3%. When I found out the real amount I thought it was shocking.”1

Solicitors think Foxtons is wrong for failing to declare a conflict of interest, as it receives commission from contractors as well as from landlords. Foxtons says its charges are clear and Maintenance1st is not involved in the legal dispute.

1 http://www.thisismoney.co.uk/money/news/article-3113604/Estate-agent-Foxtons-risks-huge-legal-bill-charging-616-fix-light.html