Earls Court Flats & Houses For Sale & Rent

Australian Are Buying London Property to Let

2012-02-02T04:01:00.000-08:00

Increasing number of Australian buyers are purchasing property in London with a view to renting them out, it is claimed.

According to London property search company, Sourcing Property, they are buying as an investment. The company has acted for six Australian buy to let clients in the past three months alone.

‘The Australian dollar is extremely strong right now, largely due to Australia being so commodity rich and the boom in China’s demand for its commodities. We’re therefore seeing a number of Australia based buyers, mainly who are purchasing for an investment. They view central London property as a relatively safe investment, and they’re getting a saving on it due to the favourable exchange rate,’ said Jo Eccles, director of Sourcing Property.

‘Most of our Australian clients typically buy a one or two bedroom apartment between £400,000 and £800,000. Some of them fly over to the UK for about a week to look at the options, whereas others buy remotely and never physically see what they’ve bought. In this case, we do the search, shortlist and purchase via email and telephone. Because the rental market for good quality one and two bedroom flats is so strong in London, their buy to let investment is usually rented out within a couple of weeks at most,’ she explained.

London Commercial Property News: Commercial landlords need to offer monthly payments

2012-01-23T04:25:00.000-08:00

Commercial landlords who let their premises to retailers should allow their tenants to move to a month-by-month payment system.

This is according to the British Retail Consortium (BRC), who believe that scrapping the tried and tested quarterly payments system would help businesses manage their finances better, particularly in the months following on from Christmas.

Sarah Cordey, spokeswoman for the BRC, explained: “A large number of landlords still operate on a quarterly basis when it comes to collecting rent up-front for business premises.

“The quarterly rent payment date fell just after Christmas, so again, where companies had not had a Christmas that made up for 2011, they would also in some cases have been faced for a bill for three months in advance, which obviously poses cash flow challenges to any business.”

She added that in her opinion a quarterly rental agreement is an “anachronism” in this day and age due to the speed in which direct bank payments can be made and called for landlords to be more flexible with retailers who are feeling the pinch.

Despite the current economic climate, figures from the Office for National Statistics show that retail sales rose by 2.6 per cent year-on-year in December.

However, several high street chains, such as Peacocks and La Senza, have recently been forced into administration.

London Commercial Property News

CML Supports FSA Mortgage Lending Reform

2011-12-27T05:33:00.000-08:00

The Council of Mortgage Lenders (CML) has said that it is pleased with the proposals for reform on mortgage lending put forward by the Financial Services Authority (FSA).The FSA this week outlined new stricter lending rules which it hopes will prevent banks and building societies granting mortgages to people which cannot afford the repayments or allowing them to take reckless measures such as interest-only mortgages without a suitable repayment vehicle.

Initially, the CML said that it had concerns that such restrictions, which will come into forced in 2013, would hinder the market and further reduce people’s ability to acquire.But, after consultation with the FSA, it is satisfied that the changes are a positive move for borrowers and the housing market.

CML director general Paul Smee said: "If lenders are to make their contribution to improving the supply of housing and to the wider agenda for economic growth, then they need a regulatory framework which also supports that objective."

Despite the changes, EH Landlord Services have predicted that the housing market will remain strong for the next decade at least.

Mortgage Rate and Home Loan News

December Dip In Rental Prices Provides Opportunity for Renters

2011-12-22T16:23:00.000-08:00

December is a great month for people to find a rental property, claims one specialist.Property analyst Samantha Baden of Find a Property claims that monthly rents have dipped in the past month and that provides a wealth of opportunity for people looking to rent a new home.

Since the winter of 2008, rental prices have experienced a minor lull in the last two months of the year before rising again in the new year."This temporary dip in asking prices won't last long, and it's a great opportunity for potential tenants to agree a rate that's favourable in comparison to the rest of the year," she stated.

Overall UK rental prices fell by 1.5 per cent during November. The East Midlands, however, felt the highest fall, with prices dripping by 4.8 per cent.

Despite this the private rental market will remain strong well into 2012 according to the Residential LandlordsAssociation because there is currently not enough properties available to meet demand.

London Rental Property News

Private Rental Sector Not Enough to Boost Supply

2011-12-10T06:18:00.000-08:00

The RLA report that the report on the private rented sector warns that current returns for landlords are very low once costs and inflation are taken into account, despite headline reports of rising rents. This is restricting the amount of new accommodation available to meet increasing demand.

Prepared by Michael Ball, Professor of Urban and Property Economics at the University of Reading, the Report highlights that rents remain significantly below their early 2008 levels, when adjusted for inflation. The Report used a new economic model fed with financial data from over 200 landlords.

Following a survey of landlords' costs and returns, the Report found that present rent levels do not cover landlords' expenses when all factors are taking into account, including refurbishment and borrowing costs, agents' and legal fees, voids and arrears, energy and safety certificates, repairs, depreciation and regulatory compliance.

Additionally the tax burden on the private rented sector is much more than on other types of tenure, averaging £1,000 a dwelling. Sharp real falls in the value of their properties over the past four years have pushed total annual returns for many landlords into negative territory.

Currently, almost 90% of English landlords are private individuals and couples and many residential investors would have been better-off if they had invested their money elsewhere.

The Report warns that the consequences for tenants will be "grim" as they face increasing rents and a chronic shortage of properties. Economic recovery will also be significantly held back by a lack of affordable rental housing. It calls for Government reforms to the taxation and regulatory treatment of the sector to alleviate pressures on rents.

Commenting ahead of the formal launch of his Report today (November 22nd) at the House of Commons at a meeting of the All Party Parliamentary Group for the Private Rented Sector, Professor Ball said:

"There is much hype about the private rented sector at present, but the reality is that landlord returns are generally poor and with a weak economy are likely to stay that way. Investment in the past was driven by rising house prices, now there is a need to rethink taxation and regulation so that rental returns come to the fore at rent levels that are affordable for tenants."

Responding to the report, Alan Ward, Chairman of the Residential Landlords Association commented:

"Professor Ball's report demonstrates clearly that the private rented sector is taken for granted - the returns are only superficially rewarding because few landlords account for the cost of regulation and taxation. Only the lack of an alternative secure investment, and the curse of capital gains tax, prevents many landlords from dis-investing just when more people need private renting because of lack of access to the owner occupied and social rented sectors."

National Home Improvement Council Top Tips for Selling Your Home

2011-11-20T01:10:00.000-08:00

People looking to add few pounds to their property value should make it warmer and more energy efficient, says the National Home Improvement Council (NHIC).

Andrew Leech, executive director of the body, says that loft and cavity wall insulation will not only help to keep your energy bills down it will also bump up the value of your home and make it more appealing to potential purchasers.

He also stated that the house has to have what he calls "kerb appeal", meaning it looks good from the outside and suggested that ideally the windows should be double glazed and secure.

"If you're talking about looking at selling a house on then you have got to make it look as normal as possible, you don't want any garish paintings, decorations or [colour] schemes running throughout the house. You want to make it a very neutral environment because people can relate to that more," Mr Leech added.

Phil Spencer, presenter of Channel 4's Location, Location, Location, said last year that painting the outside of the house may cost between £100 and £1,000 but could add around £5,000 to its value.

London Property Market News

Police Crime Maps should not be The Only Source Of Information

2011-11-02T04:29:00.000-07:00

In response to the launch of Police Crime Map 2.0, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) said:

"Any measure that helps people research an area they may be moving to is a good idea in principal, but this should always be used as one of a range of tools, rather than a definitive measure for making a decision about any one area.

"We would always urge prospective house buyers or tenants to seek advice from as many credible sources as possible, as well as from a licensed NAEA or ARLA agent who can provide professional and reliable insight into local areas."

Overseas Demand For London Property Keeps Market Stable

2011-10-20T02:37:00.000-07:00

Property in London continues to be a safe bet for investors as overseas demand is helping to keep the market stable, it has been revealed.

Selwyn Lim, director of Mouseprice, said the ongoing robust nature of the London market can be attributed to the city's position as a globally-renowned cultural and business centre, with the capital continuing to outperform the rest of the UK in terms of its ability to recover from the financial downturn.

"London has always been a unique case in that the supply and demand of property in London is [affected] by overseas cash and lots of overseas buyers," he commented.

According to figures published by Rightmove, the gulf in north-south average asking prices is now the highest it has ever been.

Regulation and Taxation on Buy-to-Let and Reforming Planning Laws WIll Assist First Time Buyers

2011-10-05T03:47:00.000-07:00

First time property buyers are still experiencing difficulties in getting on the housing ladder, according to PricedOut.org.uk.

Katy John, press officer at the national campaign for affordable house prices, explained it is a little too early to be positive about the property market.
"Without long-term structural reforms to the housing market - building more homes, increasing regulation and taxation on buy-to-let and reforming planning laws - first time buyers will see little to be positive about," she argued.

"However, we would encourage first time buyers to get involved locally, and to pressure their local authorities to build more affordable housing that is suitable for first time buyers and young families."

Ms John's remarks came after Hometrack figures showed the balance between supply and demand is starting to emerge in the property market, with the number of buyers falling in September for the second consecutive month.

First Time Property Buyers News

Earls Court and Battersea are Favourite for Chelsea FC New Stadium

2011-10-03T03:52:00.000-07:00

Chelsea are looking at relocating from Stamford Bridge in west London to possible sites in Battersea or Earls Court, in the hope of increasing attendances to more than 60,000.

But the club does not own the stadium andcannot do so unless it regains ownership of the stadium's pitch and stands which are owned by Chelsea Pitch Owners - formed in 1993 to prevent the ground being bought by property developers.

Earls Court Property Represents Good Investment Opportunity

2011-09-14T05:23:00.000-07:00

IPIN Global reports that several areas of central London have been identified by Knight Frank as offering excellent real estate investment opportunities, with the firm stating that new-build developments in these districts will see their value rise by more than 30 per cent by 2015. Among the 13 locations singled out by the organisation are the City Road Corridor, Earls Court, Hammersmith, Nine Elms, Victoria and Paddington/Bayswater.

Head of UK residential research at Knight Frank Grainne Gilmore explained: "There are pockets of London where the opportunity for development, and other factors such as improved transport infrastructure, gentrification or regeneration, combine to produce real opportunities for house builders." She pointed out that these regions are expected to outperform prime assets, despite the strength of this market.

The district predicted to have the largest rise in residential values is Nine Elms, with Knight Frank anticipating a 140 per cent boost to homes here. This is due to the regeneration projects for Battersea Power Station - creating around 16,000 new properties - and Tideway Wharf, which is being developed by St James Group. In addition, two new stops on the Northern line of the London Underground stopping at Nine Elms and Battersea are expected to improve the area's prospects.

Children Property Survey

2011-09-09T01:30:00.000-07:00

Children in the UK seem to be confident that they will not have trouble as first time property buyers, as more than two-thirds 68 per cent) believe they will own their 'dream home' by the age of 35.

That is according to research by Clydesdale and Yorkshire Banks, which also found that 19 per cent of kids think they will achieve this goal by the age of 25.
Steve Reid, retail director of Clydesdale Bank, said: "As any parent knows, children can be very ambitious and it's always refreshing to hear about their hopes and dreams, however optimistic they may be."

The survey also found that 33 per cent of children believe their dream home will set them back between £500,000 and £1 million.

In terms of what their dream home will contain, 59 per cent said they would have a swimming pool, while 25 per cent are hoping for their own private theme park.
Children in Yorkshire were found to be most hopeful, with 83 per cent of primary school students expecting to have a dream home by 35.

Mortgage Rate & Home Loan News

London Retail Landlords Have Less Void Periods

2011-09-08T01:38:00.000-07:00

Landlords who have retail property in London are likely to be better off than their counterparts in town centres.

Matthew Hopkinson, director at the Local Data Company, explained that landlords are finding it tougher to let their town centre retail spaces for a number of reasons.
He explained: "There are lots of aspects about town centres which make it much harder [to let].

"There are a number of dynamics, and those dynamics vary depending on where you are in the country and the type of shop and population that you are serving."
Mr Hopkinson added that infrastructure issues, such as parking and the size of the retail space, are causing problems for landlords.

He claims many retailers want a space that has ease of access and parking that supports their business.

However, landlords who have retail property in London may not need to be too concerned, as Iain Smith, spokesman for the London Chamber of Commerce and Industry, recently said that London is the "best business city in the world".

London Commercial Property News

Buy to Let Conference at Earls Court Conference Centre

2011-06-20T02:14:00.001-07:00

Final bookings are now being taken for our forthcoming annual buy-to-let and private rented sector conference, being held at the Earls Court Conference Centre, London, on 22 June.

With first-time buyers struggling to secure a mortgage, demand for rented property continues to grow strongly. So, what are the prospects for the sector? Will there be enough buy-to-let finance to allow landlords to meet the extra demand? And how is the industry responding to government threats to bring buy-to-let lending into the regulated mortgage regime unless the industry does more to help landlords raise standards?

After an introduction by John Heron, managing director of the Paragon Group, who is chairing the conference, delegates will hear an overview of the buy-to-let market from Michael Ball, professor of urban and property economics at the school of real estate and planning at Reading university.

The conference will also have an opportunity to debate whether government concerns about the private rented sector should be addressed by an industry statement of practice for lenders as a marker of good practice and transparency.

Later in the day, the conference will hear a presentation on investment in buy-to-let by Jennet Siebrits, formerly of the CML and now head of residential research at CB Richard Ellis.

A busy conference agenda will also feature sessions covering:

risks to lenders;
bond investors’ views of the buy-to-let market;
opportunities for new lenders; and
intermediary distribution of buy-to-let lending.

Last bookings for the conference are now being taken.

London House Prices Buck the Trend

2011-06-04T02:45:00.000-07:00

The BBC reports that house prices in England and Wales have drifted slightly lower in the past few months, according to the Land Registry.

Its latest survey of all completed sales shows the average price rose by 0.8% in April to £163,083.

However, the average sale price in the February to April period was 1% lower than in the previous three months - the best indicator of short-term trends.

Prices in April were 1.3% lower than a year ago, and monthly sales have also fallen, by 14% in the past year.

These figures reflect the general stagnation of the market, which has been due to severe rationing of mortgage funds by lenders, and fears of higher unemployment among would-be buyers.

The Land Registry survey recorded distinct regional variations in house price movements.

In London, house prices jumped 3% in April, to an average of £352,187.

"London's annual change now stands at 5%, which is much stronger growth than that seen by any other region in England and Wales," the Land Registry said.

"Only London and the South East experienced increases in their average property value over the last 12 months."

London Rental News; Rent Is Not Always Dead Money

2011-06-02T07:13:00.000-07:00

Landlords with property to rent in London or other areas of the UK could benefit if people give up the "obsession with ownership", Firstrung has argued.

Paul Holmes, chief executive of the organisation, claimed: "The thought is, 'You must buy as quickly as possible. Rent is dead money'. Rent is not dead money if it is costing you less than a mortgage and a house is depreciating in value."

He called for a "rethink and a little bit of anti-zeitgeist feeling about how you must own a house" because current thinking is "nonsense".Mr Holmes added that there are "great attributes" to renting a home and not being tied down.

His remarks come after research from Halifax found almost half of young people believe the majority of individuals will be renting within the next generation, becoming more like Europe where renting is seen as the norm.

London Property to Rent

London Estate Agents News: London property investors 'should buy the best home they can afford'

2011-05-20T01:44:00.000-07:00

A property expert has urged those looking for flats and houses for sale in Hampstead, London, and other parts of the capital to invest in the best abode they can afford.Naomi Heaton, chief executive of London Central Portfolio, said: "Investors of any age buying property for rental investment are advised to target the most prime addresses that their budget affords. The old adage of location, location, location has never been more appropriate."

She noted that the "core tenant demographic" for rental investment properties is either single professionals or couples with professional jobs." In London Central, they will be wealthy in their own right, upwardly mobile in their careers and will be exacting in their requirements for property," Ms Heaton pointed out, so the homes they will lean towards should be immaculate and have good transport links to the tenants' place of work, such as the City and Canary Wharf.

London Estate Agents News

London Property Market News: March saw improvement in property market

2011-04-26T05:18:00.000-07:00

High end property sales and rentals in London saw increased interest at the start of the year due to owners trying to avoid the new five per cent stamp duty, Knight Frank has stated.

Liam Bailey, head of residential research at the property market firm, commented that March saw some improvement in the housing market, with more people "forcing deals through" last month.

"There was no doubt that the winter was pretty weak - December, January and February were all fairly down on last year. The market has really been subdued from last summer, so it did have somewhere to grow and the market has been a little bit better over the last two months," he pointed out.

In addition, confidence about interest rates appears to have improved, Mr Bailey argued."The perception about two months ago was that rates would rise pretty rapidly and that hasn't been the case. If anything, there is the feeling that we might even escape a rate rise this year," he added.

Mr Bailey's comments follow research from the National Association of Estate Agents recording a surge in the level of demand for property across the country in March 2011.

London Property Market News

2011 Census for Empty Letting Property And Holiday Homes

2011-03-30T05:07:00.000-07:00

Have you got an empty let? Then don’t forget … you need to fill in the census form for that property on Sunday 27th March. This is a legal requirement.

The property owner needs to fill in the form - either the paper version or online - for any unoccupied rented property. The sections that need to be completed are;
H1 (tick the last box in the list)
H4 (tick the last box in the list)
H7 to H11

Do you own a holiday property?

If it has been unoccupied for more than six months - you should not complete the census form

If it has been occupied at any time in the last six months but is not occupied on March 27th you should complete sections H1 to H11, optionally leaving H2, 3 and 6 blank.

If it is occupied on March 27th - you should complete H1, H4, H7 to H11 and then the names of the occupants in the “Visitors” section on the back page 32.

Don’t forget to sign and date the form on the front.

RLA

Earls Court Local Services

2011-03-28T08:51:00.000-07:00

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

Earl’s Court and West Kensington Opportunity Area Joint Supplementary Planning Document

2011-03-13T06:08:00.000-07:00

The Draft Replacement London Plan identifies Earl's Court and West Kensington as an Opportunity Area. Opportunity Areas are the capital’s major reservoir of brownfield land with significant capacity to accommodate new housing, commercial and other development linked to existing or potential improvements to public transport accessibility.

The Earl’s Court and West Kensington Opportunity Area Joint Supplementary Planning Document is being prepared to guide development in the Opportunity Area. It is being produced in partnership with Hammersmith and Fulham Council, Kensington and Chelsea Council and Transport for London. It is intended that the document will be adopted as a Supplementary Planning Document to each of the Council's Core Strategies and published as an Opportunity Area Planning Framework that will provide Supplementary Planning Guidance to the replacement London Plan.

Closing Date:
26 April 2011

London Investment Property; London Property Hot Spots

2011-03-01T09:35:00.000-08:00

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London House Prices Must Fall to Provide Affordable Housing says Priced Out

2011-02-21T08:13:00.000-08:00

The availability of affordable housing in London and other parts of the UK should be improved.This is one of the suggestions made by PricedOut, the national campaign aimed at getting more people into the property market.

Matt Griffith, spokesman for the organisation, explained that the government's first time property buyer summit hosted by Grant Shapps focused on the wrong solutions.

These included "pushing banks to lend more or extending the availability of more risky mortgage or housing products", as "is it hard to see how a problem caused by loose lending will be solved by more loose lending".

Instead: "Rather than trying to prop up prices it would be better to let them fall and improve affordability in the simplest way. Lower house prices are the best way to help first time buyers," Mr Griffith argued.

His remarks come after the Council of Mortgage Lenders predicted that gross lending this year will, at £135 billion, be significantly less that the £360 billion worth of lending seen at the height of the pre-crunch housing market.

London House Price News

Energy Efficiency Investment Makes Commercial Sense For for London Landlords

2011-02-02T03:26:00.000-08:00

Owners of investment properties in London may face a challenge in making their homes energy efficient.

According to Michael O'Doherty, head of climate change for buildings and energy at Manchester City Council, the commercial sector will be "the real challenge" when it comes to retrofitting the UK's housing and commercial property stock.

"When tenants understand the benefits and are prepared to pay a premium for retrofitted, highly energy efficient buildings, that is when the market will move," he noted.

"It is an area that we need to do more to push with, but it will probably be driven by tenants in the commercial sector's demand."

His comments follow the Institution of Chartered Surveyors research that said green building & construction methods should start to replace traditional ones if the UK's housing crisis is to be alleviated.

The report also stated that off-site construction techniques, recycled materials and innovative structural design could make house-building quicker and more cost-effective.

Building & Construction News

UK Mortgage Lending Fell 6% in December

2011-01-27T01:07:00.001-08:00

UK mortgage lending fell six per cent between November and December 2010, research from the Council of Mortgage Lenders (CML) shows.

Yearly lending dropped by 18 per cent from December 2009 to last month, but economists believe this is due to the rush on house purchasing before the stamp duty holiday came to an end on January 1st 2010.

More UK mortgage offers were made throughout the whole of last year than were originally forecast by the CML, with total lending standing at £136.3 billion, up from the £135 billion predicted.

However, this is five per cent below the £143.3 billion reported in 2009 and is the lowest annual total since 2000.

CML economist Peter Charles commented: "Money market rates have recently moved higher in anticipation of a rise in base rate and some lenders have recently reflected these increases in their product pricing. Against this backdrop, consumer demand may be weaker than we would otherwise have expected."

He noted that higher interest rates have hit the budgets of homeowners who are still paying off their UK mortgage debt, although this will result in "a relatively small proportionate rise" in monthly repayments for most householders.

This month, the Bank of England voted to maintain the current base rate at 0.5 per cent.

Mortgage Rate & Home Loan News