Ealing Flats & Houses For Sale & Rent

London Housing Market Demand Continues to Outstrip Supply

2012-01-24T04:26:00.000-08:00

London starts the new year again proving it has its own micro-markets where housing demand continues to outstrip supply, reports Rightmove. New sellers in the capital have had the confidence to increase their month-on-month asking prices by 0.8% (£3,453), compared to a fall of 1.5% in the rest of the country (£2,792).

This is a continuation of the trend seen over the last year, with asking prices in London now 6.1% higher than a year ago. The rest of the country recorded a combined fall of 1.7% over the same period.

Miles Shipside, director of Rightmove comments:
“Depending on local market conditions, there are differing pressures on the direction of prices. The lack of property coming to market in the London area over the last year combined with buyer demand has helped to buoy new sellers’ asking prices in most locations. Prices will be receiving a further boost as estate agents compete to attract fresh stock for the year ahead.”

There have been more than 44 million property searches on Rightmove during the first ten days of 2012. While this doesn’t necessarily indicate a surge in proceedable buyer numbers, it does highlight a strong pent-up demand to move and is also a reflection that value-seeking buyers who can proceed are taking extra care to research the market. January often sees the beginning of a ‘spring bounce’ in the prices of properties coming to market, and there is again evidence of this in 2012, where the overall monthly period rise of 0.8% in new seller asking prices was boosted by a rise of 1.8% (£7,605) in the first week of 2012.

Shipside comments:
“As we move into the more active spring market with a shortage of new supply, prices will rise where the local market or a particular estate agent is short of a type or style of stock. However, asking more for your property can only be successful if your target buying audience can raise the necessary funds. The market fragmentation caused by the credit crunch means that success in selling now requires a more careful and complex micro-market analysis, rather than a wishful price-punt to see what happens.”

HMRC Financial Institutions Have Invested £2.2 Billion in UK Property

2011-12-24T03:00:00.000-08:00

Lofty apartments in London's prime boroughs, chic chalet's in the finest Alpine ski resorts of France and Switzerland, and 2 bed semi's in Salford. Spot the odd one out? While there may be many reasons making the 2 bed semis in Salford the odd one out, investment potential is not one of them according to British institutional investors, who have invested heavily in British housing stock in the last 12-18 months, to capitalise on the current rental boom, and solidify their investments away from the tumultuous global stocks and bonds markets. According to data just released by Her Majesty's Revenue and Customs, financial institutions invested £2.2 billion in UK houses and apartments in the year ending April 2011, a 189% increase over the previous year. Specialist property companies also increased their exposure to UK buy to let during the period, the data shows that such firms purchased £7.5bn worth of UK rental properties, which is a 27 percent increase over the same period in 2010. Wealthy British individuals are also getting in on the action. They invested a combined £193.8 billion in the year ending April, which is surprisingly only a 24% increase over 2010. The growth is hardly surprising. The financial world is a scary place, and the stock markets are even scarier. The Eurozone debt crisis is making any European investment a high risk strategy, especially now with some reports indicating that banks are putting in place contingency plans for the Eurozone's complete break-up, although few believe this will come to pass. Never the less, this makes British property one of the few safe investments in Europe. Property is far less volatile than stocks, and of course, Britain stayed out of the euro, so, while it would suffer a shock if the Euro collapses, its property market will see a far smaller hit than those in the Eurozone. On top of the long term safety of British property, the rental yields are currently very attractive in the short-mid term as well, with the constrained mortgage market, lack of affordability and housing shortage continually drive up rental demand. The latest data rents and yields are growing across the country. The latest Residential Lettings Survey from the Royal Institution of Chartered Surveyors said that 15% more chartered surveyors reported rental yields rose rather than fell in the three months ending October. This is the 7th consecutive quarter of rising yields according to RICS.

Britains Million Pound Property Market Holding Up

2011-12-12T01:20:00.000-08:00

Bloomberg business week reports that Britain had 11 percent more houses valued at 1 million pounds ($1.6 million) or more available for purchase in the third quarter than it did a year earlier, Investec Specialist Bank said in a report today.

About 21,982 such properties were for sale with a combined value of 48.7 billion pounds, up 4.8 percent, according to research from primelocation.com commissioned by Investec, which said the market is “holding up well,” with a “huge” increase in mortgage applications in the category. The average valuation was 2.22 million pounds, a year-to-year decrease of 5.1 percent.

“This market is very international, especially in London,” said Jack Jones, head of Investec’s specialized banking lending team. “This has resulted in some people deciding to opt out of the capital’s million-pound property market and move to the home counties, which is more affordable.”

About 105 of the properties were valued at more than 15 million pounds, Investec Specialist said. Of the total, 44 percent, or 9,704, were in London and had a value of 26.9 billion pounds, with 10 percent in Surrey and worth 4.47 billion pounds, according to the report.

Stamp Duty Exemption Extension

2011-11-19T00:22:00.000-08:00

The Council of Mortgage Lenders (CML) is jumping to support first time property buyers and calling on the government to extend the existing exemptions for stamp duty.

At present the scheme means that those who have not owned a property previously do not have to pay the land tax to the government, but the scheme will come to an end in March.

The CML believes that getting rid of this incentive will lead to fall in the number of people looking to buy a home, but would not massively increase the government’s coffers.

“The housing market can act as a force for growth in the economy, but if this is to happen then buyers, lenders and builders alike all need a clear message that the government sees them less as part of the economic problem, than as part of the economic solution,” said CML director general Paul Smee.

At present all first time buyers are exempt from paying stamp duty up to £250,000. For everyone else, the tax starts at one per cent on properties between £125,000 and £250,000, three per cent between £250,001 and £500,000, four per cent between £500,001 and £1 million and five per cent over that figure.

First Time Property Buyers News

Ealing Broadway Mall May be Bought by Wereldhave

2011-11-02T03:16:00.000-07:00

Reuters is reporting that Dutch property investor Wereldhave may buy west London's Ealing Broadway mall, which is owned by Legal & General Property , for about 152.5 million pounds ($246 million) in as little as a week's time, two sources said.

The mall would be sold "in the region" of its asking price, one source close to the deal told Reuters. The price would reflect a 6.1 percent yield, a second source familiar with the matter said.

Wereldhave was reported to have staved off potential rivals such as Land Securities and ING Real Estate Investment Management, the latter acting on behalf of the Malaysian Employees Provident Fund.

The 275,000 sq ft shopping centre had attracted strong interest because, although not graded as prime, it is located within London's M25 orbital motorway, the source said.

The sale will be one of the biggest UK shopping centre deals in 2011. The sector has seen investors pare back their interest in riskier, secondary-grade assets as concerns over the euro zone debt crisis dampened appetite.

On Monday, Savills said UK mall deals may fall a billion pounds short of a previous forecast of 5 billion pounds, citing investor worries over the euro zone.

Knight Frank is marketing the scheme while Jones Lang LaSalle is advising Wereldhave. All parties declined to comment.

Some details of the deal were previously reported by Property Week.

Buy to Let Remortgages to Maintain Supply of Rental Homes

2011-10-25T03:46:00.000-07:00

Landlords are demanding more buy to let remortgages to help them add properties to their portfolios. Many homeowners are using remortgages to fund their entry into the buy to let market. With landlords adding properties and many investors coming into the buy to let market it would appear that there would be a good supply of rental homes available. However, the supply of adequate rental homes is so low that many are calling for the government to assist landlords in adding more properties to the market to meet the high demand.

According to a recent index of rental properties it showed that rental costs had risen to a record high for the second month in a row. As demand for rental property has increased so has the cost to rent a property. Without easing in the lending market there is bound to be a continuing flow of households looking for rental property and demand will only increase without more input to the supply.

The Association of Residential Lettings Agents (ARLA) reported that there is definitely a lack of supply when it comes to rental properties. Of the 6,000 members of the Association 75 per cent believe there is now more tenants than there are properties with the demand in London and the southeast at all-time highs.

Tim Hyatt, president ARLA, says: "There is a finite amount of rental property and unless both housing supply and mortgage availability improves, renters will find their options in the market are reduced. The government is doing little to encourage landlords to invest in new properties; therefore we are running out of quality stock to offer to tenants. This is reflected in rent increases and a lack of choice for consumers.”

Ealing House for Rent

2011-10-20T08:53:00.000-07:00

Warwick Road, Ealing, London, W5

A five bedroom three bathroom semi-detached family home set over three floors. The property comprises a formal reception room, rear facing family reception/dining room adjoining a fully fitted kitchen with an array of appliances, and a laundry room/storage room to the ground floor. On the first floor is a family bathroom, front facing double bedroom, rear facing double bedroom with ensuite shower room and a further single bedroom.

On the second floor, the converted loft comprises a large shower room and two small double bedrooms. There is off street parking for two cars and a mature rear garden with large shed. Available 30th October. Unfurnished

5 Bed House for Rent Ealing

Ealing Autumn Festival

2011-10-18T08:50:00.000-07:00

The Ealing Autumn Festival will be opening on October 15th in celebration of the 200th anniversary of the birth of Liszt and all things Hungarian.

Music, art, literature, film, dance and a smattering of technology are represented, with family friendly events and a programme of half-term activities including Art Games workshops, storytelling and films. The Piano Workshop will dismantle and reassemble (we hope!) a piano and there will be "Journey to the Centre of the PIano", family friendly concert to demonstrate how the piano works.

The second week of the Festival is in support of Cancer Research UK. John Sargeant will be visiting the Festival on Oct 29th as the celebrity guest. Charity Day Tickets are available for this date and also for Oct 22nd which is in support of the Mayor of Ealing's charities.

Ealing Property for Rent; 5 bed Family Home for Rent Ealing

2011-10-05T04:21:00.000-07:00

Warwick Road, Ealing, London, W5

A five bedroom three bathroom semi-detached family home set over three floors. The property comprises a formal reception room, rear facing family reception/dining room adjoining a fully fitted kitchen with an array of appliances, and a laundry room/storage room to the ground floor. On the first floor is a family bathroom, front facing double bedroom, rear facing double bedroom with ensuite shower room and a further single bedroom. On the second floor, the converted loft comprises a large shower room and two small double bedrooms. There is off street parking for two cars and a mature rear garden with large shed. Available 30th October. Unfurnished

Semi- Detached Family Home For Rent

Gazanging Gazundering and Gazumping Guide from the Guardian

2011-09-19T01:46:00.000-07:00

Gazumping: when the seller accepts one offer from a potential buyer, only to accept a higher offer from a rival bidder at the last minute. Gazumping tends to happen in a rising market, where sellers are able to ruthlessly exploit desperate buyers amid rampant house price inflation. Gazumping is legal in England and Wales but rarely seen in Scotland, where offers become legally binding once accepted in writing.

Gazundering: where the buyer threatens, just before contracts are exchanged, to pull out of a house purchase unless the price is reduced. In this scenario, which usually takes place in a falling market, the buyer holds all the power. Gazundering is legal in England and Wales but is outlawed in Scotland.

Gazanging: coined by In-Deed, gazanging is when sellers change their minds and drop out of the sale at the last minute, often due to market uncertainty or a lack of a suitable home to move to. The rise of gazanging is being fuelled by a shortage of housing, caused by falling transactions and the lowest number of new homes being built in England since the 1920s.

The Guardian

Ealing Oyster card Holders overcharged

2011-09-07T09:03:00.000-07:00

Thousands of tube and train passengers overcharged by the Oyster system will benefit from a £15 million annual refund.

Commuters who accidentally forget to touch out will soon escape penalty fares in a major change to Oyster technology.

A new tracking system will now "remember" the journeys passengers usually take - and make sure they are not overcharged.

Commuters at train stations throughout Ealing have been among those most likely to be overcharged.

The change follows growing concern over Transport for London's annual £60 million income from excess fares.

Figures showed passengers in Ealing were overcharged £1,014,000 last year because their Oyster cards had maximum fares deducted for 'incomplete' journeys.

Ealing Broadway, recorded £404,000 worth of extra charges - five times as much as any other station in the borough.

ChiswickW4.com

Buy to Let Funding Pre Recession "too easy"

2011-06-27T04:27:00.000-07:00

The buy to let option might be a valid one for buyers at the moment, but it is not as straightforward to get the funding as it was before the recession, the Hampshire & Home Counties Property Networking Club has remarked.

Hazel Reed, co-founder of the group, commented that before the financial crisis, it had been "stupidly easy" to secure buy to let funding.

"It was almost too easy really, which is why a lot of people got in and have had to pull out quickly. But I think if you're professional about it, [and if] you take care with what sort of properties you get and you get good letting agents, you can still get properties and mortgages."

She pointed out that there is still a shortage of property in the UK, which is why it is a good idea for landlords to get involved in the buy to let market.

"There are so many people wanting to rent at the moment," Ms Reed added.

Her comments were made after the National Landlords Association insisted that UK mortgage lending products designed to help buy to let landlords must be sustainable over the long term.

Buy to Let Investment News

Residential Letting Property Survey For April 2011

2011-06-10T03:34:00.000-07:00

Increased tenant demand and low levels of rental property coming onto the market pushed rents higher in the three months to April, says the April 2011 RICS UK Residential Lettings Survey.

Overall, 42 per cent more surveyors reported rents rose rather than fell in the three months to April (up from 40 per cent more). Although rents increased across Great Britain, it was London and the South East which saw the most notable increases.

Comments from surveyors reveal that rents in some areas have now risen so sharply that previously affordable homes are now unattainable to many, as an increasing number of renters are priced out of the market.

Meanwhile, home ownership remains out of reach for many would-be buyers, partly because of the high deposits required by lenders, but also due to the cost of available mortgage finance.

As a result, surveyors report that many people have little choice but to rent. In the three months to April, 35 per cent more respondents reported demand rose rather than fell – the highest level for over two years.

Turning to supply of rental property to the market, 6 per cent more surveyors reported new instructions from landlords increased rather than fell – taking the net balance into positive territory for the first time since April 2009.

Instructions from landlords to let flats showed the most pronounced change, with a net balance of +6 per cent (from -7 per cent). The increase for houses was slightly less than in the previous three month period (+2 compared with +5 per cent).

Despite an upturn in new instructions, supply to the market still remains unable to keep up with demand. Tenants are staying longer, resulting in less availability, while fewer landlords are selling their properties at the end of a tenancy. Just 2.8 per cent of landlords sold property in the three months to April (down from 4 per cent).

Looking ahead, the overall rental outlook remains strong, with 33 per cent more surveyors expecting rents to rise rather than fall. Expectations for rental prices were highest in London, followed by the Midlands, the South East and the North.

Ealing to Welcome Olympic Torch Relay

2011-05-29T09:06:00.000-07:00

The first 74 locations on the 2012 Olympics torch relay route, starting at Land's End, have been revealed and Ealing will be one of them. A free evening event will be staged in Walpole park on 24 July 2012 to celebrate the historic moment as the Olympic flame heads towards the Olympic stadium.

The torch arrives in Ealing during the final week of a 70 day torch relay across the whole of the United Kingdom and Ealing is one of only six London boroughs to host the torch overnight.

People across the country are being encouraged by Olympic Games organisers to nominate the 8,000 inspirational people they want to see run with the torch.

London Property Market Sees Ongoing Improvement

2011-05-25T02:43:00.000-07:00

The London property market will continue to look healthy for the next couple of months.

According to Liam Bailey, head of residential research at Knight Frank, the spring months tend to show strong demand because this is when many people start looking for new homes, but this year may not see the beginning of any surge in demand.

"I don't think the economic conditions are right at the moment for a big up-tick in sales volume."Mr Bailey also noted that the property market is unlikely to record price falls in the coming months.

"House prices in the UK are still not far off their peak level. They are at a fairly high level at the current time, so I think it is unlikely to see an increase in demand translating into big price growth," he added.

Meanwhile, research from Rightmove revealed that the proportion of people expecting London house prices and those in other parts of the country to fall over the next year has fallen from a third to 24.9 per cent this quarter.

London Property Market News

First Time Buyers Struggling To get onto Housing Ladder

2011-05-24T02:34:00.000-07:00

Nearly a third of potential first-time buyers say they have given up on the idea of buying a home, according to research from Moneysupermarket.com.

Those who were still hopeful of getting a foot on the housing ladder said they didn’t expect to be in a position to secure a mortgage until they were 38, rising to 43 in London.

The study found that first-time buyers are currently putting down an average deposit of 23%, which works out to £36,800 for a property worth £160,000.The majority of first-time buyers are struggling to save this without help from their families.

Government figures released earlier in the week showed that average prices rose to £205,565 in March.

The Tenancy Deposit Schemes Explained

2011-05-06T04:40:00.000-07:00

New guidelines for consistency among deposit schemes published by the Tenancy Deposit Scheme (TDS) and other groups have been welcomed by LettingFocus.com.

David Lawrenson, a buy to let and private rented sector expert at the website, commented: "I think that for a long time there has needed to be some clarification between the three different schemes.

"In particular, there seems to have been a bit of a drift in terms of what is required from a landlord and from a tenant, with regards to the quality of the inventory required."

He noted that the publication of the guidelines by mydeposits.co.uk, the Deposit Protection Service and the TDS is good but "long overdue".

Mr Lawrenson added that the guidelines suggest measures by which landlords who choose to carry out inventories themselves can protect their position.

Meanwhile, chief executive of the TDS Steve Harriott has said it is right that tenants and landlords get a uniform explanation of the approach taken when inventories are done.

Landlord and Tenant News

House Prices Survey Predictions

2011-04-12T06:03:00.000-07:00

There is no sign yet of the UK property market pulling out of the doldrums, says the Royal Institution of Chartered Surveyors (Rics), reports the BBC.

Its latest monthly survey for March shows sales and prices were generally flat, while interest from would-be buyers was declining.

The survey results chime with those of other recent property surveys.

However, Rics said there were big regional differences, with London very different to the rest of the UK.

"The rather negative outlook for property prices across the UK seems to better reflect the general economy than the micro climate of London," said Rics housing spokesperson, Ian Perry.

"The low level of buyer interest in many parts of the UK continues to impact on the market, resulting in some downward pressure on prices.

"With the prospect of forthcoming interest rate rises and continued shortage of mortgage funding, it seems that overall recovery for the national housing market is still some way off," he added.

Capital gains
Although the Rics survey was based on answers from just 259 surveyors who work as estate agents, the survey has traditionally had its finger on the pulse of the market.

The survey found last month that nearly 60% of surveyors reported no change at all in the prices of the properties they had sold.

Where prices had fallen, they were normally just 0%-2% lower than before.

"Within England and Wales, a clear North South divide is emerging, with London being the only region recording rising prices, demonstrating that the capital is still operating under different market conditions to the rest of the country," Rics said.

The generally stagnant nature of the property market was highlighted by the fact that completed sales per surveyor fell to their lowest level for 21 months, at just 14.4 sales in the past three months.

Meanwhile the number of homes for sale also dropped, to 64.6 per surveyor.

Falling slowly
The Department for Communities and Local Government says that in February, UK house prices rose by 0.3% during the month.

That left them 0.7% higher than a year ago with the average price put at £204,164.

However, the government's survey suggests that house prices have in fact been falling recently, though only very slowly.

Once seasonal factors are taken into account, in the three months to February house prices were 0.3% lower than in the previous three months.

Ealing Bin Collections and Other Local Services

2011-03-24T08:30:00.000-07:00

When moving into an area there are a number of local services you need to know about. Below you can access local authority information and services; we have chosen the most frequently asked information. Just put in your postcode and find out information on;

Bin Collection, Council Tax, Parking Permits, Recycling centres,Electoral roll registration, School and Term Dates and your local councillor for your new area.

London Property News

London Property Investors Avoiding Risk

2011-03-15T08:17:00.000-07:00

Investors in commercial property in London and the rest of the UK are increasingly looking at buildings which offer a "safe" investment with little risk, one specialist has asserted.

Andrew Burrell, partner in research at King Sturge, noted that that although investor demand for prime properties is currently on the rise, a shortage of such assets may lead some to invest in secondary properties from forced sellers.

These are likely to sell for "quite reasonable prices", he noted, and open the market up to more people in search of property investment returns in London and other areas of the country.

His comments follow the publication of figures by the Royal Institution of Chartered Surveyors, which revealed that the availability of distressed property in the first quarter of 2011 is likely to increase rapidly across Europe, particularly in the UK and Ireland.

Mr Burrell explained: "What investors want is a safe, prime asset – if they can get it. I do think the appetite for that kind of asset is rising, but it may not be the core of the market."

London Commercial Property News

Foreign Enclaves Redefining London Prime Property

2011-03-01T09:57:00.000-08:00

London property is not restricted to the big five of Kensington,Knightsbridge, Belgravia, Chelsea and Mayfair.'Prime'also relates to areas of London where property is much sort after on the basis of the community, culture and nationality.

The Americans live in St Johns Wood because that’s where The American School is. The super-rich Russians want to live in Knightsbridge, preferably within walking distance of Harrods and the French always want to buy in south Kensington near the Lycee Francais School.

This phenomena isn’t confined to Central London; There is a huge Jewish community in and around Golders Green in north London and not far away is where Greeks and Turks have settled.

A walk through Stockwell in South London will take you into an area known locally as Little Portugal because London’s Portuguese population lives there. Similarly, the biggest concentration of Koreans outside Korea is in, of all places, New Malden - again in south London.

Boris Johnson Announces £4m for London Biking Boroughs

2011-02-21T05:04:00.000-08:00

The Mayor and Transport for London (TfL) have announced £4m funding for Biking Boroughs to create cycle hubs and cycling communities in Outer London.

The funding will help boroughs engage the local community in cycling, create better cycle infrastructure and parking as well as making cycling safer.

The key themes and areas of development that emerged from the 13 individual Biking Borough strategies were:

Cycle hubs - Town centre locations with a high density of potential cyclists and trips where boroughs should invest in cycle infrastructure
Cycling communities - Residential areas of high cycling potential where investment should be focused on breaking down the barriers to cycling
Promotional activities - Events to raise the profile of cycling across the borough

Buy To Let Landlords Need More Guidance From Mortgage Lenders

2011-02-08T03:13:00.000-08:00

UK mortgage lending companies should provide more advice to prospective landlords hoping to invest in the buy to let market.

According to David Lawrenson, private rented sector expert at LettingFocus.com, some advice is "frankly questionable" and is not correctly tailored at those looking for buy to let funding.

"Most lenders still provide no guides at all - which is bad for landlords and ultimately can be bad for their clients, the tenants. If the lender loses money following repossession, it is bad for the lender too," he pointed out.

If "interesting financing techniques" are given to individuals who are not cut out to be landlords, this has a knock-on effect both on lenders and tenants, Mr Lawrenson added.

His comments come after research from Paragon revealed that nearly half of financial companies that make UK mortgage offers are expecting to increase buy to let mortgage business in the coming months.

Investment Finance News

Ealing Parking Costs Hike

2011-01-10T01:34:00.000-08:00

The cost of parking in Ealing has risen steeply. On January 1st the Council introduced a new set of charges which can be viewed in full here.

Residents parking costs have increased from £25 to £40 and visitor vouchers have gone up from 40p to 50p per hour (capped at £3.50).

Pay and display fees (previously was 60p an hour) will now be £1.20 and business/doctors and vets permits have more than doubled - from £250 a year to £600.
The council has introduced a cash free method of payment which they say is aimed at making the parking process more flexible and as 'stress free' as possible.

Housing benefit Reforms Produce Great Uncertainties for Landlords and Tenants

2011-01-02T06:03:00.000-08:00

Landlords with property to rent in London and other UK locations have joined MPs to hit out at the government over housing benefit reforms.

A report by the Work and Pensions Select Committee this week found "huge uncertainties" in government plans to change funding for benefit claimants, according to the British Property Foundation (BPF).

BPF director of policy Ian Fletcher commented that the report mirrors "deep concern" among landlords, MPs and other stakeholders about the "huge gamble" of housing benefit reforms.

"Whilst politicians on the government's benches are prepared to suck-and-see some of the immediate reforms in the name of deficit reduction, this report illustrates there is deep unease about longer term reforms such as cutting the benefit for long-term job-seeker allowance claimants and linking future housing benefit to consumer price inflation," he pointed out.

Earlier this year, work and pensions secretary Ian Duncan Smith announced new caps on housing benefit for different types of homes.

London Property to Rent