Posts with tag: London

The Rural Areas with the Highest Quality of Life in the UK

Published On: April 5, 2017 at 9:21 am

Tags: countryside,homebuyers,house prices,London,quality of life

Many people are moving out of cities, predominantly London, to improve their mental health, breathe cleaner air and enjoy a higher quality of life in general. But which rural areas are the best to move to in the UK?

The Rural Areas with the Highest Quality of Life in the UK

The 2017 Rural Areas Quality of Life Survey from Halifax reveals that the Orkney Islands are the best locations to settle down for a life out of the city.

The islands off the northeast coast of Scotland came out on top thanks to low crime rates, excellent, well-funded schools and the lowest anxiety levels.

Second place went to Wychavon in Worcestershire, which scored well on health, low pollution levels and well-paid employment, with the Derbyshire Dales, Hambleton in North Yorkshire and Purbeck in Dorset completing the top five.

An Economist at Halifax, Martin Ellis, comments: “With one of the lowest population densities and traffic levels in Scotland, some of the most stunning scenery in the British Isles, and the lowest levels of anxiety and highest life satisfaction ratings, the Orkneys offer a quality of life unmatched elsewhere in rural Britain.

“While the employment rate is significantly higher than the national average, there is more and more emphasis being placed on achieving a good work-life balance.”

Scottish island groups fared well overall, with the Shetlands and Western Isles also ranking in the top 50 rural areas to live.

While areas in the south of England appeared most frequently in the top 50, rural areas in the north of England scored better on education, lower house prices to earnings ratios, lower traffic flows and population densities.

In contrast, typically richer southern areas tended to do better for weekly earnings, the weather, health and life expectancy.

The benefits of living in southern rural areas come at a price, however, with the highest house price to earnings ratios in Tandridge, Surrey (11.3), Purbeck (10.8) and East Dorset (10.7).

The study’s findings also suggested that Londoners needn’t cut all ties with the capital to achieve a better quality of life, as 11 of the top 50 best rural areas to live are in the South East.

Commuter favourite Chiltern in Buckinghamshire – number seven in the rankings – scored highest for educational attainment, with 55% of the adults educated to a high level, compared with a national average of 36.5%. It also boasts some of the country’s largest homes.

Landlords, if you’ve decided against a London property investment due to high house prices and low rental yields, head to these rural areas to cater to those looking for a higher quality of life.

Prime Central London Prices hit an All-Time High

Published On: April 5, 2017 at 8:11 am

Author: Em Morley

Categories: Property News

Tags: house prices,London,London property market,prime central london,property sales

Prime central London prices hit an all-time high at the end of last year, as buyer sentiment improved, reports London Central Portfolio (LCP).

Prime Central London Prices hit an All-Time High

Despite turbulence in 2016 as Brexit uncertainty and Stamp Duty changes affected the market, prime central London prices showed signs of growth in the fourth quarter (Q4) of 2016.

The year ended with prime central London prices at a record high. According to data from HM Revenue & Customs (HMRC), the average house price in prime parts of the capital exceeded £1.8m at the end of 2016 – the highest level on record and 2.7% higher than the previous peak in Q3 2014.

This was spearheaded by a rally in Q4. Despite declines in annual price growth in the first three quarters of the year, Q4 recorded a 14% rise in quarterly prices, bringing 2016 price growth to 3.75%.

Transactions, however, dropped to an all-time low. Compared with the previous year, sales were down by 29%, with just 3,330 taking place – equivalent to just 64 per week. This is the lowest number on record – lower even than the depths of the financial crisis.

However, there is a reason for optimism, says LCP. As with prime central London prices, sales numbers saw a marginal recovery in the final quarter of 2016. Q4 experienced a 19% increase in sales compared with Q3. This is notable, as it bucks the seasonal trend of volumes typically tailing off in the pre-Christmas period.

It is LCP’s expectation that transactions will continue to rise gradually as the initial shock of Brexit and tax changes wash through.

The renewed activity in the London market appears to have continued into 2017, as investors’ confidence returns and they take advantage of the softer market.

As an international buying market, the weakness in sterling has also drawn investors back to prime central London. Despite the fact that prices are 2.7% higher than in Q3 2014, they are still 20% cheaper for investors buying in US dollars.

Combined with the Trump-effect and increasing instability in Europe, it is expected that steady levels of price growth will be witnessed, as investors retrench to safe havens.

However, while LCP expects sales volumes to harden gradually as investors return to the market, the overall trend of falling transactions is likely to continue, it warns.

As more investors choose to hold onto their blue-chip assets, the number of prime central London sales has been shrinking annually. This is likely to continue, explains LCP, which will put further pressure on the imbalance between supply and demand, and underpin future growth for prime central London prices.

How will Article 50 Affect London’s Property Market?

Published On: March 30, 2017 at 8:15 am

Author: Em Morley

Categories: Property News

Tags: Article 50,Brexit,London,London property market

Yesterday, Theresa May took the historic decision to trigger Article 50 and begin two years of negotiations before the UK leaves the EU. But how will this affect London’s property market?

The Regional Sales Direct of Portico London estate agent, Mark Lawrinson, explains what he believes could be possible effects of Article 50 on the London property market.

How will Article 50 Affect London’s Property Market?

He says: “I don’t think the triggering of Article 50 will affect the property market directly from today. In one sense, it removes the uncertainty surrounding when Britain’s withdrawal process from the EU will start, but, in another way, it will create economic uncertainty until we know what deal we will strike and therefore what Brexit actually means for our country.

“Brexit will no doubt mean a turbulent two years for the London and UK market, as we begin to hear what negotiations and proposed deals are being put forward for our exit of Europe and the single market. I think we will see a continued slowdown or lethargic London market when it comes to sales volumes and, as we reported toward the end of last year, transaction volumes across London are already more than half of what they were before the 2008 crash.”

Lawrinson continues: “London has a significant part to play in businesses who trade and operate across Europe and the world, and a buoyant property market relies on the UK’s economic health. If Brexit negotiations go well, this could cause further price growth as the economy grows and we see the nation’s confidence lifted but, equally, if a good deal isn’t reached, then the international companies who operate here or look to relocate here might change their minds, reducing the number of residents who live in the capital and again further reducing the transaction levels, which could ultimately lead to price decreases.”

Therefore, it is important that you make your property decisions based on your personal situation and what you want to do, rather than gambling on how the market will play out.

Robert Nichols, the Managing Director of Portico, makes an important point: “Right now, we may experience some uncertainty, but as the negotiations progress, we will regain some much needed stability into the housing market, as people realise that the effects of Brexit are not catastrophic and go on with their lives. We’ll hopefully see transaction levels increase as a result, which are currently dangerously low and affecting price growth across the capital.

“Today’s events are likely to have a much more profound effect on foreign investment, however, with the weakening pound expected to fuel demand from overseas buyers and investors.”

Many are also speculating that yesterday’s events will mean that the Bank of England will be hesitant to increase its interest rates, in spite of the recent rise in inflation. This means that it will remain as cheap as ever to borrow and get onto the property ladder.

Southeast London set for Transport Boost, Creating Investment Hotspots

Published On: March 28, 2017 at 10:11 am

Author: Em Morley

Categories: Landlord News

Tags: buy-to-let hotspots,London,property investment,rental yields,southeast London

If you’re planning a future property investment, it pays to know about upcoming transport plans and improvements. Those considering the capital should look to southeast London, where a transport boost is planned.

So where are the key investment hotspots in southeast London?

£220m investment in Beckenham, South Norwood and Lewisham

The Mayor of London, Sadiq Khan, is handing out a huge £220m for local transport and regeneration improvements in southeast London.

Southeast London set for Transport Boost, Creating Investment Hotspots

Several major projects have been outlined to begin in 2017/18, including a £1m refurbishment of Beckenham town centre, creating greener and safer cycle paths in South Norwood, plus improving the junction of Sangley and Sandhurst Road in Lewisham.

The Sales Manager of Portico London estate agent, Tony Chryseliou, comments: “The Mayor’s plans will certainly improve southeast London’s desirability as an up-and-coming place to live.

“We’ve seen house prices in central London reach an inconceivable peak in the last few years, causing many people to reassess just how centrally they need to live. Subsequently, areas like Beckenham and Lewisham are starting to appeal to a much wider range of buyers – and there’s still room here for price growth too.”

This pocket of southeast London is an attractive buy-to-let hotspot too, with investors still keen to secure property investments in the area, despite higher Stamp Duty and forthcoming tax changes.

Landlords can find a strong 4% yield in Beckenham, with certain areas even higher, such as Wickham Road at 4.3%.

And yields are even higher in Lewisham, where landlords can secure a 4.5% yield in the area around Lewisham and Ladywell Station, and a 4.8% yield in the Deals Gateway area around Deptford Bridge Station.

In comparison, landlords looking to invest in central London can expect much lower yields of around 3%.

Extending the Bakerloo Line

Southeast London’s popularity is already on the rise, and Transport for London is now proposing an extension of the Bakerloo Line beyond Elephant and Castle to Lewisham, serving Old Kent Road and New Cross Gate.

The new route would include four new stations – two on the Old Kent Road, another at Lewisham, and one more at a key interchange at New Cross Gate.

If the scheme is given the go-ahead and funding is secured, construction could start in 2023, with services aiming to be running by 2028/29 – so there’s a fantastic long-term opportunity for investors here.

Will you be looking to southeast London for your next investment?

Has your London Property gone up in Value?

Published On: March 28, 2017 at 8:16 am

Author: Em Morley

Categories: Property News

Tags: house prices,London,London property market,valuation

Our friends at Portico have launched an instant valuation tool that will tell how much your property is worth in just 60 seconds!

Has your Property gone up in Value?

Not only will the calculator tell you the correct rental price or value of your property, it’ll also tell you how much you stand to make on Airbnb, the short-term let website.

Click here to find out the current value of your home for sales, rental or Airbnb.

Londoners in their thousands are turning to Airbnb as a way to generate extra income. And despite the 90-day limit, even seasoned landlords are coming round to the fact that a combination of Airbnb and traditional tenancies will maximise their return on investment.

Portico has recently launched a premium Airbnb management service, named Portico Host, so all you need to do is tell them when you want to rent out your property and they’ll do the rest.

Find out more about their service here: https://www.portico.com/blog/our-news/airbnb-management-portico-host

If after finding out the value of your home you would like to sell or let your property with us – or if you’d like to give Airbnb a go – please give Portico a call on 0207 099 4000.

Love Actually Cast Reunites for Red Nose Day, but how have their Properties Fared?

Published On: March 24, 2017 at 10:42 am

Author: Em Morley

Categories: Property News

Tags: house prices,London,London property market,Red Nose Day

To celebrate the reunion of the cast of Love Actually for Red Nose Day today, online estate agent eMoov.co.uk has assessed the incredible house price growth experienced in the boroughs used in the film back in 2003.

The agent calculated the percentage increase seen in each of the five London boroughs used in the film some 14 years ago.

Love Actually Cast Reunites for Red Nose Day, but how have their Properties Fared?

Keira Knightley and Chiwetel Ejiofor’s Notting Hill flat in the Royal Borough of Kensington and Chelsea came out on top, with a huge 188% increase over the 14 years, from an average price of £466,463 to £1,342,561.

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Closely following the winner is Hugh Grant’s Prime Ministerial residence at 10 Downing Street. Although the property is unlikely to ever go on the market, the City of Westminster’s average house price has increased by 177% since 2003, from £366,519 to £1,015,855.

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Heading south of the river to the South Bank is Andrew Lincoln’s quirky warehouse conversion flat in Southwark. The borough has enjoyed a 162% rate of house price growth between the film’s release and reunion, from an average of £194,070 to £509,218.

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Staying in south London, Martine McCutcheon’s terraced house in the “dodgy end” of Wandsworth is, in fact, in Herne Hill, Lambeth. eMoov assumes that this is because there is no real dodgy part of Wandsworth, as, even in 2003, the average house price was a whopping £640,000.

Coincidentally, however, both Wandsworth and Lambeth have recorded a 155% price rise over the past 14 years but, at £524,605, the average house price in Lambeth is a lot more affordable than Wandsworth’s £1,633,768.

The average property value in Lambeth rose from £205,905 in 2003 to £524,605 today.

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Finally, poor Colin Firth not only found his fiancée cheating on him with his brother in the first film, but he has also seen the lowest growth in house prices over the period. His flat in Turnham Green came in last place, with a 109% increase.

The average property value in Hounslow rose from £192,798 in 2003 to £403,631 in 2017.

The Founder and CEO of eMoov, Russell Quirk, comments: “It seems that love actually is all around London when it comes to the property market. With the cast reuniting for Red Nose Day, we thought it would be interesting to see how much their fictional characters would have made since the original film was launched, due to the ever-inflating cost of the London property market.

“Despite the prime central London market seeing a fall in buyer demand over the last year or so, it remains one of the most lucrative markets for those lucky enough to have bought there in the last ten to 20 years. But even the less prestigious areas of London, such as Harrow and Lambeth, have seen prices more than double since Love Actually first hit our screens.”

Will you be tuning in to the Red Nose Day action tonight?