Posts with tag: cheap halls of residence

Most New Million-Pound Postcodes in Wandsworth

Published On: September 23, 2015 at 3:31 pm


Categories: Property News

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The London Borough of Wandsworth, in the south of the capital, is the area with the most new million-pound postcodes in the past year, according to Which? Mortgage Advisers.

The figures also reveal that prices are rising across London, with the traditionally working-class borough of Hackney seeing as many new million-pound postcodes as upmarket Kensington and Chelsea.

Most New Million-Pound Postcodes in Wandsworth

Most New Million-Pound Postcodes in Wandsworth

In the last 12 months, Wandsworth had the highest number of postcode areas in which two or more homes were sold for £1m for the first time.

Using statistics from Land Registry, Which? found that out of 10,007 postcodes in Wandsworth, 284 (2.8%) had two or more properties sell for £1m or more for the first time in 2014-15, adding to the total of 715 million-pound postcodes already in the borough.

Analysis of data across the capital reveals that expensive areas are multiplying.

Wandsworth’s neighbouring borough, Richmond upon Thames, saw 205 new million-pound postcodes, or 2.7% of the total, and Hammersmith and Fulham was in third place, with 183, or 2.6% of the total number of postcodes.

These areas are typically more expensive, but the borough of Hackney has always been associated with being cheaper. However, it now has the same number of new million-pound postcodes as Kensington and Chelsea.

Housing campaigners have noted the rising gentrification in Hackney, which has caused 2% of its postcodes to house million-pound properties for the first time this year.

As these figures are based on the amount of postcodes passing the £1m mark for the first time, other boroughs exceed Wandsworth by far in the total number of homes selling for these prices.

In Westminster, for example, 571 houses were sold for £1m or more in the past year, compared to 392 in Wandsworth.

However, Which? has revealed that some parts of London are still relatively affordable. In Hounslow, the average property price is £326,000, with just 0.6% of its postcodes becoming million-pound spots for the first time in the past 12 months.

In Lewisham, the average house price is £330,000.

Buyers hoping for a lower price should also consider Barking and Dagenham, as it is the only borough in the capital that has still not seen a home sell for over £1m.

But the data still highlights the difficulty most buyers face when searching for a property in London, with all but the wealthiest being priced out.

And with the average price in London expected to hit £1m by 2020, (read more here: /average-house-price-to-reach-300000-in-the-next-three-months/) buyers should look to take advantage of today’s prices.

Students Call for Cheaper Rents

Students could be pushed out of higher education due to spiralling accommodation prices.

Students are campaigning against rising living costs, while other groups fight for tenants’ rights, and affordable housing.

Students, on and off campus, are fighting for better deals on accommodation costs. They believe that future generations will be forced out of higher education if something is not done.

Unlike typical low-income tenants, students cannot claim welfare payments, such as housing benefit, as they are in full time education. However, student maintenance loans do not come close to full time wages.

On average, the average student home will cost 95% of the maintenance loan available, leaving only 5% for all other expenses.

Students Call for Cheaper Rents

Students Call for Cheaper Rents

In Sheffield, students are focusing on the general election to influence policy makers. Welfare Officer at the University of Sheffield’s student union, Tom Harrison, says: “While the Government refuses to invest in social housing and continues to slash housing benefits, we need to improve tenants’ rights and reintroduce rent controls.”

Even accommodation provided by the University is increasing faster than inflation. The cheapest rooms have grown in price by 11% in three years.

Harrison continues: “It is crucial to have student representation when rent setting as it allows us to help end the influence of large private providers.”1

At University College London (UCL), students are requesting a cut in rents.

Prices have risen by an average of 5% per year in accommodation primarily owned by UCL.

Elected halls rep David Dahlborn, says that the University is acting like a business, and does not have the interest of tenants at heart.

Dahlborn explains: “UCL doesn’t seem to take our cost of living into account when they set their rent. It is more concerned about competing within the market.”

UCL do believe that their rents reflect the London rental market. A spokesperson says: “We are aware of the [students’ campaign] and are in dialogue with the student union about this. While there will be some increase in rents, this is not expected to be as high as in recent years and remains competitive for central London living.”1

Tenants in halls have taken the issue to management. Dahlborn says: “When the Head of Accommodation refused to meet with us, we sat on the floor and waited for him. At first it seemed as if he would just ignore us, but in the end he stayed to debate.”1

Most universities do not include student reps in the rent setting process. However, as prices continue to rise, students are getting involved. Lancaster has seen a similar campaign, as students protest a 2.5% rent rise.

Student groups will protest in London under the banner, No Free Education without Affordable Accommodation. The march will come to City Hall at the end of the month, with a Rent Freedom Day following in February.

Students are at the forefront of tenants’ rights; whether it is more affordable halls, better standards in the sector, or a rent control scheme.