Posts with tag: London housing

Camden Council Accuses Airbnb of Rising Rents and Reducing Supply

Published On: June 9, 2015 at 11:00 am

Author:

Categories: Landlord News

Tags: ,,,,

Camden Council has accused holiday lets websites, such as Airbnb, of driving up rents and making it harder for people in the area to find somewhere to live.

Camden Council Accuses Airbnb of Rising Rents and Reducing Supply

Camden Council Accuses Airbnb of Rising Rents and Reducing Supply

The Inside Airbnb website has previously criticised Airbnb for similar effects on the New York housing market. It has now reported that there were over 1,400 listings for Camden out of a total of 18,436 for London.

Leader of Camden Council, councillor Sarah Hayward, says: “With thousands of London families in need of a home, we need to strongly resist the growing market for short-stay lets of homes in areas like Camden, as we know these will reduce the options available for normal Londoners looking for somewhere affordable to live.

“Whilst in boroughs like Camden we’re doing what we can to alleviate the housing crisis, building 3,050 new homes over 15 years, more families than ever before are dependent on renting their home privately from a landlord.”

More than a third of people in Camden rely on the private rental sector for accommodation. Under the Government’s Deregulation Act, Londoners can use short-term lettings sites, like Airbnb, on their residential property with a limit of 90 days a year.

However, it is difficult for local authorities to prove that a property has been let out for over 90 days.

Hayward continues: “The Government’s 90-day rule solution is inadequate as it can’t be properly enforced. We need tougher measures to help stabilise this growing problem.

“Let me be clear: This is not about private tenants and homeowners who rent out their spare rooms to bring in some extra cash to pay the mortgage or rent, but we are seriously concerned at the expansion of this market through deregulation and the growth of sites such as Airbnb using London homes like hotels, which is reducing our badly-needed private rented sector supply.”1 

Local residents are increasingly complaining about noise and other anti-social behaviour in short-term lets, the Council also revealed.

1 http://www.24dash.com/news/housing/2015-06-04-Camden-Council-attacks-Airbnb-for-pushing-up-rents-reducing-supply

Flat with Unnerving Past Put on the Market

Published On: June 8, 2015 at 3:53 pm

Author:

Categories: Landlord News

Tags: ,,

The flat where serial killer Dennis Nilsen murdered young men and hid their bodies under the floorboards has been put on the market.

The property – located in Cranley Gardens, Muswell Hill, North London – became infamous when police were called in 1983 as victims’ remains were found blocking the drains.

The one-bedroom flat has since been refurbished and is described by estate agent Paul Simon as “well presented.”

On its website, the agent warns prospective purchasers: “Buyers are kindly asked to research the history of this property or enquire with the marketing agent prior to viewings.”1

The property was last sold in August 2013 for £250,000 when the then agents did not mention its history.

Take a look inside here: http://www.paulsimonsales.com/Property/Residential/for-sale/London/Muswell-Hill/Cranley-Gardens/PSAPSR150147.aspx

1 http://www.propertyindustryeye.com/flat-with-grim-past-is-put-up-for-sale/

 

 

Prime London Rents Up but Price Growth is Stagnant

Published On: June 4, 2015 at 4:25 pm

Author:

Categories: Landlord News

Tags: ,,,

Prime central London rental values continued to rise in May and annual rent growth of 4.2% was the highest since December 2011, a report has revealed.

Prime London Rents Up but Price Growth is Stagnant

Prime London Rents Up but Price Growth is Stagnant

This positivity compares to a 1.4% drop in May 2014. The upward energy in the last 12 months has been fuelled by the recovering UK economy and a transfer of demand from the sales market, which diminished ahead of the general election, found the report by Knight Frank.

The document says that buyers were hesitant before the election and the two bank holidays caused a slower market compared to last year.

The amount of prospective tenants was down 12% in May compared with May 2014 and the number of viewings fell by 18% in the same period.

Despite the recent drop, new prospective tenants and viewings in the 12 months to May were up 12% and 7% correspondingly. Activity is forecast to increase over the summer as a normal seasonal trend sees students, families and corporate tenants showing interest.

Demand has stayed strong in areas such as Marylebone and Hyde Park, particularly in lower price brackets. This indicates that companies and private tenants are still being careful despite the improving economy.

Prime market gross rental returns rose slightly to 2.96% in May, the highest seen since August 2013.

The prime central London sales market has experienced lower annual growth than any time since the previous general election in 2010. Despite prices increasing 0.3% in May, the annual 2.3% rise is the smallest since November 2009.

Head of London Residential Research at Knight Frank, Tom Bill, says: “This relatively low level of growth underlines the gap between the expected impact of the result and the reality of a property market still digesting a series of tax changes.”1

1 http://www.propertyflock.co.uk/f/399A6A2AB

 

London’s Latest Tower with Homes up to £10m

Published On: May 29, 2015 at 8:51 am

Author:

Categories: Property News

Tags: ,,,

The Wanda Vista River Tower is London’s latest luxury tower, which will be built on the Nine Elms site in Battersea.

The one-bedroom apartments above the Wanda Vista hotel start at £1.3m and go up to £10m.

The apartment block will have 42 floors and will stand 161m above the ground.

The Chinese development and hospitality firm Wanda will build and operate the tower, where private residents can use all of the hotel’s facilities and services, such as maid service, turn down service and room service.

The hotel will feature a banqueting suite, restaurants and a luxury karaoke bar.

Residents can also enjoy a private lounge below the observation deck.

The tower will have two entrances, one for the hotel and one for private residents.

There will be two Wanda towers in the development, the City Tower and River Tower. This is the first time the firm has launched an own-brand hotel outside China.

Take a look at some of the imagery:

Property Prices near independent schools soar

Published On: May 21, 2015 at 5:14 pm

Author:

Categories: Property News

Tags: ,,

New research has indicated that houses located near to independent schools and university campuses both hold value and respond better to economic downturn than other UK properties.

Above average

Findings from a Hamptons International report indicate that the average price of a home within a two-mile radius of an independent school is higher than the UK average.

The average property price in 2014 was £173,500, but the average paid for a property within two miles of an independent school was a staggering £354,000. Furthermore, properties in close proximity to schools have been found to have recovered quicker from the 2007 financial crisis. House prices for property near to independent schools are currently valued at 116% of their 2007 peak, in comparison to 98% for England and Wales combined. [1]

A similar trend was also found in the London housing market. Property prices in the capital are on average 30% higher than they were in 2007. However, for houses closer to independent schools, prices are 66% higher. Properties close to the famous Westminster School are said to be 100% higher than in their peak eight years ago.[1]

Property Prices near independent schools soar

Property Prices near independent schools soar

Education, education, location

Figures suggest that in excess of 35,000 overseas students are taught at an independent school within the UK. In addition, 258,000 overseas students enrolled on a university course within the UK in 2013-14, a rise of 4% on the previous year.[1]

The report from Hamptons also revealed the positive effects that universities have on their local economy. Data shows that they contribute to increased house prices and rental growth.

Residential Research Director at Hampton’s, Fionnuala Earley, stated that, ‘for many overseas parents with children studying in the UK this is a catalyst to investing in property-be this a student flat or larger family home.’[1]

Continuing, she said that, ‘for overseas investors looking to buy in the UK our research shows that average property prices within a two mile radius of an independent school have outperformed the national average. Similarly in university towns, capital and rental growth, boosted by student and employer demand alike, continues to offer an attractive proposition to investors.’[1]

 

[1] http://www.propertyinvestortoday.co.uk/breaking-news/2015/5/property-prices-near-independent-schools-outstrip-national-average

 

Councillor in Newham Investigated over Property

Published On: May 21, 2015 at 2:42 pm

Author:

Categories: Landlord News

Tags: ,,,

Councillor Ahmed Noor, representing the Plaistow South ward, has been handed an enforcement notice relating to 238 Romford Road.

Noor owns the home and converted it from a commercial property to a House in Multiple Occupation (HMO) without planning permission.

The enforcement notice was served in April, stating that the house was converted in the last ten years, providing “a poor quality of accommodation which is to the detriment of the persons who reside there.”1

A spokesperson for Newham Council says that the case is being investigated: “Following a visit to a commercial property, planning enforcement officers reported the property to London Fire Brigade and issued a planning enforcement notice.”1 

Noor owns a total of five properties in the London borough.

A Newham Labour Party spokesperson comments: “Ahmed Noor has been placed on suspension from the Labour Party group of councillors without prejudice, pending a full investigation by the Labour group whip.”1

1http://www.newhamrecorder.co.uk/news/politics/newham_councillor_investigated_over_property_scandal_1_4072292