South Bank Flats & Houses For Sale & Rent

Retail Property Would Be Helped By Monthly Rental Payments

noreply@blogger.com (London Estate Agents) — Tue, 24 Jan 2012 12:26:00 +0000

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

London Rents Survive Annual December Slump

noreply@blogger.com (London Estate Agents) — Fri, 06 Jan 2012 09:37:00 +0000

Rental values in London are 80 per cent higher on average than the rest of the UK, new figures show.

HomeLet’s Rental Index for November found that the average rental amount in the capital stands at £1,177 compared to £653 per month nationally.
Rents in London have risen by 13 per cent in the past 12 months. This is in contrast to other UK regions where rents are on average just 1.6 per cent higher than they were in at the end of 2010.

John Boyle, managing director of HomeLet, said: “The soaring cost of renting a home in the capital, compared to the rest of the UK, reflects how demand for rental properties is increasing due to people’s continuing struggle to get on to the property ladder.”

He added that London has also bucked the trend of rent values dropping in the weeks leading up to Christmas.

This goes against what property analyst Samantha Baden of Find a Property said earlier this month.

London Rental Property News

Housing Market Recovery Predicted For 2012

noreply@blogger.com (London Estate Agents) — Wed, 21 Dec 2011 18:55:00 +0000

The UK housing market will see a gradual recovery during 2012, according to the National Association of Estate Agents (NAEA)NAEA chief executive Peter Bolton King said 2012 believes that some people have been quick to be overly gloomy about the housing sector’s prospects in the next 12 months but was also keen to stress that, in contrast, things won’t blossom overnight either.

Indeed, he feels that home purchases will be at similar levels to this year but house values will increase on a gradual basis.However, he feels that lenders need to do more to drive the market for first time buyers as currently a lack of available finance means that people are finding it increasingly difficult to get a foot on the property ladder.

"Next year will see a continued lending barrier facing those entering the housing market for the first time, with major lenders sticking to tight mortgage policies,” Mr Bolton King stated.“Clearly, when the Stamp Duty holiday disappears in the second quarter of 2012 it will become even more difficult for first time buyers to access the market."

He also believes that regional variations will lead to what he terms ‘micro-markets’ across the country. This is where demand for property in some districts maintains a healthy market but creates a division from lesser desirable areas, which are left behind.He added: "Pressure for housing will increase in London and the South East throughout 2012. The top end of this market will also remain very resilient, and we believe that purchases from overseas investors will continue apace.

"Confidence in 2012 will be a key factor and this, to some extent, will be driven by the media." David Warren, senior sales negotiator at Paramount commented: “The West Hampstead housing market has been consistent since 2009 after the slow down at the end 2007/2008 and prices recovered fully in 2010. We have now seen prices raise by a further five per cent from the peak prices in August 2007.

"The local area is only affected slightly by the first time buyer Stamp Duty holiday as only studios and the odd one bedroom flat will get into this bracket but we can definitely see where the rest of the UK will suffer with no stamp duty holiday and FTB finding it hard to get deposits together and mortgages agreed”

Recently, the Building Societies Association (BSA) stated that consumer confidence is returning to the housing market and more people will be looking to purchase a property in next year than in 2011.

NAEA News

London Buy to Let Rental Market Demand

noreply@blogger.com (London Estate Agents) — Sat, 26 Nov 2011 08:55:00 +0000

Now is still a great time to invest in a buy to let property in London, says the Association of Residential Letting Agents (ARLA).

Figures released by the body show that 60 per cent of its members have seen an increase in enquiries for rental properties in the past two years.

Additionally, the period in which properties are unoccupied between rental contracts has fallen sharply, with an average of just 2.7 weeks now.

"Three-quarters of our members are reporting that demand for rental property is outstripping supply and, with rental returns currently at five per cent, anyone thinking about investing a property to rent could be well-placed to consider their options in the coming months," said Ian Potter, operations manager at ARLA.

Mr Potter added that the services of a professional residential letting agent should be sought out by anyone moving into the buy to let market.

Earlier this week Malcolm Harrison of the Tenancy Deposit Scheme said that using a professional lettings agency is one of the best things both tenants and would-be landlords can do if they wish the rental period to be a successful one.

London Property Market News

London Property Markets Slows for Christmas

noreply@blogger.com (London Estate Agents) — Wed, 23 Nov 2011 09:54:00 +0000

Buyers in London looking for fresh choice of property may find their options more limited than usual at this time of year, with a 16% drop in the number of new sellers compared to the same period in 2010. This is the largest drop off seen in any of the regions of England. Average asking prices in the capital also dropped over the past month, down -1.2%, although prices are 6.6% up year-on-year.

Miles Shipside, director of Rightmove comments:

“London’s sellers seem to have finished early for Christmas this year, and decided to postpone their moving plans until 2012. Lack of choice to tempt them to trade up and high price gaps to the next rung up the ladder are more likely reasons, though the uncertainty in the Eurozone will be influencing some too”.

Markets like certainty, and so do people who are deciding whether to trade up in the property market and make a big financial decision. Agents report that many would-be sellers are postponing their marketing until the new year, influenced by the current wall-to-wall media coverage of the economic crises in Greece and Italy.

The current weekly run-rate of new listings is also down 11% compared to the previous month, highlighting the lack of suitable property to buy and consequent near record prices being asked. Following the setting of a new all-time high in asking prices in October, this month sees a fall from that peak of 1.2% (£5,486).

With the approach of the slower winter selling season, it is usual for there to be a drop in new sellers’ asking prices at this time of year. Last November saw a fall of just 0.4%. However, this November’s 1.2% fall is more muted than the rest of the regions in England, where the average reverse this month is 3.9%.

Shipside comments:

“Yet again the buoyancy of the London market leads the rest of the country. Whilst international buyers have helped pull prices up in the more select areas, the net effect has been that new sellers can ask prices on average 6.6% higher than a year ago. Given the unsettled nature of the Eurozone, and the off-putting uncertainty that it causes, bricks and mortar in the capital are proving to be one of the few inflation-busting investments around.

While the uncertainty in the economy will be putting off some Londoners from trading up, estate agents are filling their places by chasing buyers from Greece and Italy who see the capital as a safe haven”.

Student Accommodation Investers Should Look At Derelict Building Renovation

noreply@blogger.com (London Estate Agents) — Tue, 22 Nov 2011 09:19:00 +0000

When looking for an ideal place to rent to students it might be advisable to look at buildings that are currently out of use.

Manchester-based Fresh Start Living says that too many would be landlords merely look to purchase properties that are already in residential use in the predominately student areas.

However, they suggest that landlords could be cutting their options short and may actually get a better deal if they explore the option of buying a disused or derelict building.

"Disused buildings can usually be obtained very cheaply and transforming them into student accommodation is very easy and cost effective. By taking advantage of unused buildings, developers can usually obtain planning permission very easily," said Stephanie Sowerby, marketing director at FreshStart Living.

She added that a lack of funding for universities means they are having to cut down on the level of accommodation they offer themselves and this could give property investors more opportunity to make it in the lucrative student market.

According to specialist mortgage provider Paragon, student rents far exceed the financial yield made by landlords on other types of tenanted property.

London Rental Property News

South Bank Patrol service wins national security award

noreply@blogger.com (London Estate Agents) — Tue, 01 Nov 2011 16:38:00 +0000

South Bank Employers' Group and The Shield Guarding Company were crowned winners in the security partnership initiative category at the 2011 national Security Excellence Awards presented last week at the Hilton in Park Lane.(reports SE1)

"South Bank Patrol has proven to be an extremely innovative and successful service that has a vast range of responsibility in an exceptionally busy area of London," said the judges in their citation.

"This award is also a credit to the foresight and commitment of South Bank Employers' Group and the Metropolitan Police team in the South Bank as well as the patrol team itself. It is worthy recognition of some exceptional partnership working between, police, security professionals and businesses."

The South Bank Patrol operates 12 hours a day, 7 days a week. It is similar to community warden services provided by many councils but is unusual in being commissioned and run by private sector organisations.

The service covers the section of riverside between Lambeth Bridge and Blackfriars Bridge.

SBEG's security and risk manager David Clark and Eric Dench, chair of South Bank Business Watch, collected the award on behalf of the team on the night.

"I'm incredibly proud that the team won this award," says David Clark.

"It is true testimony to their hard work and dedication. This award is based on partnership and it's also thanks to the commitment of the police and businesses that this has been achieved."

The award will be formally presented to the South Bank Patrol team by Eric Dench at the next South Bank Business Watch meeting.

Last year the private security guards were granted limited police powers under the Community Safety Accreditation Scheme.

Commercial property sector more valuable than banking

noreply@blogger.com (London Estate Agents) — Fri, 28 Oct 2011 16:32:00 +0000

Commercial property adds more value to the UK economy than the banking sector, according to new research.

A property data report by the Property Industry Alliance claims that in excess of £46 billion is generated by the property sector each year, equivalent to 3.5 per cent of the UK's gross domestic product (GDP).

"From providing places for people to work, shop and play through to playing a major role in funding retirement, the property sector is a crucial cog in the UK economy," Sir Robert Finch, chairman of the Property Industry Alliance, stated.
"In legislating the government must be mindful of this."

The UK commercial property sector employs more than 800,000 workers, with more than 500,000 employed in the construction, development and building repair alone.

The value of commercial properties rose to an estimated £516 billion last year, meaning that it is now worth the equivalent of 25 per cent of the London Stock Exchange.

The Royal Institution of Chartered Surveyors stated recently that commercial property purchases had picked up in the first half of the year but demand fell back slightly in the quarter leading up to September.

Commercial property in London

ARLA Warns HMO Landlords to Conform

noreply@blogger.com (London Estate Agents) — Wed, 26 Oct 2011 09:18:00 +0000

Buy-to-let investors who rent property to large groups or students are being warned to keep abreast with changes to the Homes in Multiple Occupation (HMO) or risk incurring a heavy penalty.

The Association of Residential Letting Agents (ARLA) has said that many local authorities are currently planning amendments to their rules concerning lets of homes to groups of unrelated people.

Until April last year a landlord only needed an HMO licence if the property had six or more unrelated tenants, sharing amenities over three levels.

However, despite the rule being changed, local authorities could decide whether to implement the new regulations, which ask for licence to be in place for any home with three to six tenants who share common facilities

But a new amendment, known as Article Four, is likely to mean the rule will become mandatory and landlords who do not conform run risk being hit with a whopping fine.
Ian Potter, ARLA's operations manager at ARLA, warned: "There is no room for complacency - failure to comply could result in a hefty fine."

Research by Paragon found that student lets still offer the best yield to landlords at 7.62 per cent.

Landlord and Tenant News

London's South Bank Undergoes Transformation Between Tower Bridge and Westminster Bridge

noreply@blogger.com (London Estate Agents) — Tue, 25 Oct 2011 16:35:00 +0000

Southwark Council has announced the start of work on a £3m transformation of London's South Bank ahead of the 2012 Games and the Queen's Diamond Jubilee.

The local authority received funding from mayor Boris Johnson earlier this year towards an overhaul of the 2-mile (3.2km) stretch between Tower Bridge and Westminster Bridge.

A total of seven "key locations" have been earmarked for new lighting, seating and paving as part of the scheme, including the Millennium Bridge; Bankside; and the Oxo Tower.

It is hoped that work will be completed by March 2012, with thousands expected to line the South Bank to watch a 1,000-strong Thames flotilla mark the Diamond Jubilee in June.

Average Asking Prices in the South are now more than Double those in the North.

noreply@blogger.com (London Estate Agents) — Tue, 18 Oct 2011 12:41:00 +0000

Rightmove’s House Price Index for October 2011 today reveals that average asking prices in the South are now more than double those in the North.

Although the national average price increased 2.8% in the past month, this was driven by prices in the South (East Anglia, South East, South West and Greater London) increasing by 4.7% to now stand at £336,743. Prices in the North (East Midlands, West Midlands, Wales, North West, Yorks & Humber and North East) fell back -0.7% to £164,347, a difference of £172,396 and the largest ever North/South price divide.

Rightmove director Miles Shipside comments: “While those in the affluent south may have cause to celebrate their prices being well up on this time last year, prices in the north continue to go backwards, leaving the widest price gap ever. For the average asking price of a property in the south you could now buy two average properties in the north and still have enough change left to buy new carpets and curtains.”

Network Rail Make Major Archaelogical Discovery

noreply@blogger.com (London Estate Agents) — Wed, 21 Sep 2011 16:44:00 +0000

Almost 2,000 years of history has been unearthed by Network Rail engineers following the discovery of Roman bath house ruins on land being re-developed as part of the £5.5bn congestion-busting Thameslink programme.

The ruins, which are believed to be one of the biggest Roman find in London on the south side of the River Thames, have been uncovered on the corner of London Bridge Street and Borough High Street. The site has been earmarked for the construction of a new office block.

Network Rail has commissioned a team of specialist archaeologists from Oxford Archaeology and Pre-Construct Archaeology to excavate the site. Although work is at an early stage, the bath house appears to include a range of rooms including a cold plunge bath as well as hot rooms warmed by under floor heating. Elsewhere on the site, substantial walls are thought to belong to predecessors of St Thomas’ hospital, which used to stand on the site.

Chris Place, an archaeologist for Network Rail, said: “This is a significant find and offers a further insight into London’s long history. In Roman times the main settlement was on the north bank of the River Thames and was connected to the settlement at Southwark by the first London Bridge. Much archaeological work has been done in Southwark over the years, but we were still surprised to discover ruin of this nature and size.”

Network Rail, in agreement with the London Borough of Southwark, is exploring ways of preserving the remains beneath the new building to be constructed on the site. Where appropriate, key finds will be deposited with the Museum of London where they will be available for study by the public.

London Property News: London "one of the most desirable destinations in the world"

noreply@blogger.com (London Estate Agents) — Thu, 08 Sep 2011 09:07:00 +0000

England's capital city is extremely attractive to people looking for investment properties in London because it is one of the most "desirable destinations" in the world.

According to Naomi Heaton, chief executive at property industry analysts London Central Portfolio, central London's international status makes it extremely attractive to investors.

She said: "As an international hub and one of the most desirable destinations in the world, it is highly demanded by global investors and corporate tenants.

"It has outperformed all other UK asset classes including commercial property over the last 40 years and has seen capital values doubling on average every eight years since 1969."

Ms Heaton added that she sees no reason to believe this trend will not continue, as the total prohibition on development in the area means demand outweighs supply.
She also recently said that further growth in London property prices is "entirely realistic", explaining that prices should catch-up to where they would have been if the credit crunch had not happened.

London Property News

CML Reports 12% Rise in Mortgage Lending

noreply@blogger.com (London Estate Agents) — Mon, 20 Jun 2011 09:02:00 +0000

Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders. This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010.

Gross mortgage lending includes lending for both house purchase and remortgage. Despite a modest pick-up in overall lending activity during May, lending for house purchase is running below year earlier levels – as April Bank of England approvals data indicate.

Looking ahead, interest in remortgaging is now also likely to be less pronounced, as expectations of higher interest rates this year recede. The MPC once again kept rates unchanged at its June meeting – for the 27th successive month.

CML director general Michael Coogan comments:

"Gross mortgage lending in May recovered after low activity levels in April. Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months."

Property Conveyancing Business Set for a Shake Up

noreply@blogger.com (London Estate Agents) — Fri, 03 Jun 2011 09:26:00 +0000

The founder of a leading estate agency has launched a new venture aimed at shaking up the property legal market.

Harry Hill, founder of Rightmove, said his In-Deed online residential conveyancing service was designed to make home sales simpler and less stressful for the 2.6 million housebuyers and sellers each year.

Consumers will be able to track the progress of their property purchase to avoid being kept in the dark when buying a house.

Mr Hill said: “Buying and selling a home in the UK is always stressful. Feudal methods of property transfer still apply, unfortunately, and in the last five years increased price competition to secure a shrinking market has driven service standards in conveyancing that are unacceptable in many cases.

“The consumer is left in the dark about one of the most important transactions in their life. It’s time for a new script.”

Tenancy Deposit Schemes Issue New Guide

noreply@blogger.com (London Estate Agents) — Wed, 01 Jun 2011 15:39:00 +0000

The three tenancy deposit protection schemes have worked jointly to produce a new ‘Guide to Tenancy Deposits, Disputes and Damages’, reports the RLA.

This is the first time the schemes have worked together to publish educational information which is aimed at landlords, agents and tenants alike.

Since 2007, some 47,000 disputes have been settled by the schemes’ alternative dispute resolution processes.

The pooling of information on these disputes and their eventual outcomes has allowed the schemes to identify common issues and to work together to publish collective guidelines.

The guide covers topics such as the collation of evidence and what an adjudicator looks for when considering a dispute, and outlines the principles on which scheme adjudicators make decisions so that the process is consistent and transparent for letting agent, landlord and tenant alike.

Homeless Charities Warn of Serious Problems from Article 4 on HMO

noreply@blogger.com (London Estate Agents) — Tue, 24 May 2011 15:35:00 +0000

Local authorities all over Britain are targeting planning laws to control private landlords turning their properties into small Houses in Multiple Occupations – six months ahead of the time when they will be needed most.

The RLA has identified over two dozen councils invoking Article 4 directions prohibiting HMOs.

Landlords are being stymied by local authorities from attempting to offer a market solution to what homeless charities are warning could be a serious problem.

Planned changes to the Shared Accommodation Rate kick in next January and will mean that an estimated 88,000 25 to 34-year-olds on housing benefit will have to seek shared HMO accommodation, virtually all of which would be in the private rented sector.

From the New Year, changes to the rules mean that single people up to the age of 35 will no longer be able to live in their own self-contained rental flats. Instead, it will only cover shared accommodation.

But landlords who are currently renting properties out to a single household will now have to seek planning permission in a growing number of towns and cities if they want to let the same property out to three, four or five people sharing.

HMO Property News

Borough Market On Radio 4; Has the Market Lost its Way

noreply@blogger.com (London Estate Agents) — Mon, 18 Apr 2011 15:59:00 +0000

Borough Market, in south east London has been, and is, a food phenomenon. It took off in the 1990s, riding in the wake of the BSE outbreak that had led to a new interest in the source of our food. As it developed it looked as though a few seedy acres on the south bank of the Thames were going to give us, for the first time in decades, a market as good as the very best in France, Spain or Italy.

And Borough's influence stretches beyond London: it served as a model for other local authorities for what a market could be, and how it could regenerate communities and areas. Even supermarkets imitated its ranges as urban wealth reached rural pockets.

But the market's success has latterly been overshadowed by criticisms that it has lost its way, catering now for tourists not local cooks, and introducing rising tariffs on traders that some say threaten their businesses.

Sheila Dillon charts the rise of the market with some of its founders, and asks the Chair of Trustees for the Borough Market, Peter Wilkinson, has this nationally important market lost its way?

The programme can be found on radio 4 and BBC iplayer for a limited time

South Bank Bin Collections and Other Local Services

noreply@blogger.com (London Estate Agents) — Thu, 07 Apr 2011 16:06:00 +0000

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

Mortgage Rate & Home Loan News: Monthly mortgage rate 'has more influence on choice than BoE'

noreply@blogger.com (London Estate Agents) — Tue, 05 Apr 2011 12:38:00 +0000

An expected base rate rise has less of an influence on consumer behaviour than changes to their monthly mortgage repayment.

Home buyers who take up UK mortgage offers are more likely to switch deals if their monthly rate rises rather than the Bank of England increases the base rate.

According to research from First Direct, ten per cent of 'free to leave' mortgage holders would look around if their monthly instalments rose by one per cent, while 40 per cent would definitely consider a different deal if their repayments became £100 per month more expensive.

In addition, all the participants in the survey said they would fix for a short-term UK mortgage lending offer if it meant paying a lower rate instead of considering their longer-term options.

Richard Tolchard, the company's senior mortgage product manager, commented: "It's easy to see why homeowners enjoying the benefits of a low variable rate might be unwilling to volunteer for an increase in their monthly payments by moving to a fixed rate now.

Mortgage Rate & Home Loan News

NAEA News: Sellers making a comeback

noreply@blogger.com (London Estate Agents) — Thu, 17 Mar 2011 14:55:00 +0000

The National Association of Estate Agents (NAEA) recorded a 25 per cent increase on the number of homes on the UK market in February, suggesting that sellers are making a comeback.

It latest report shows that the number of house hunters registering with agents in London and elsewhere across the country also increased to 268, up from 252 in January.

As a result, sales increased from an average of six per branch to eight, while the percentage of sales made to first time buyers rose slightly from 24 per cent to 25 per cent.

"To see such a significant boost in activity amongst sellers compared with this time last year is encouraging news for the UK property market," said NAEA president Michael Jones.

"This means that, on the whole, supply can meet demand levels, meaning a more stable market, for the short term at least."However, he warned that there is lots of variation across the county, with stock availability in some areas considerably lower than others.

NAEA News

Sustainable Home Building Requires Skilled Workforce

noreply@blogger.com (London Estate Agents) — Fri, 11 Mar 2011 11:27:00 +0000

More affordable housing in London and other parts of the UK could be built if there were more apprentices.

This is the opinion of Steve Turner, head of the Home Builders Federation, who commented: "If we are going to deliver the homes we need in the future then clearly we have got to find a way of training the people that will allow us to do that."

He pointed out that the trend towards greener living and sustainable homes is a great example "of where we are going to need qualified and trained people in the future", adding that "all parties need to be working together to ensure we have got that capacity and those skills for the coming years".

Mr Turner's comments come after the Federation of Master Builders reported that the creation of a skilled workforce able to work on green building & construction under the government's retrofit initiative will require more than just 1,000 apprentices.

Building & Construction News

Squatters Rights Defend Against Police Powers to Evict

noreply@blogger.com (London Estate Agents) — Wed, 09 Feb 2011 12:08:00 +0000

Homeowners should have right to kick out squatters says London Mayor Boris Johnson who has branded the current rules, which say squatters can only be evicted from a property through a court order, as “crazy” last week, reports the Ham and High.

He promised, along with fellow London Assembly member Steve O’Connell, to lobby the government to change the system to make it easier for homeowners to kick out squatters.

Mr O’Connell said: “The police need additional powers to quickly evict squatters from an illegally occupied property without a court order.

“It is completely unfair that someone’s home can be invaded and it’s weeks and weeks before the police are able to do anything about it because of the legal constraints.

“The balance needs to be shifted in favour of homeowners, not squatters. I’m pleased the Mayor has agreed to work with me to secure greater powers for the police.”

But Jack Tafari, who helps run the website ‘Advisory Service for Squatters’, has branded Mr Johnson’s plans as “ridiculous”.

Mr Tafari, a member of the group led by Latvian artist Jason Ruddick, who was recently evicted from a Highgate mansion, said: “Naturally squatters will get the worst end of the deal. With cuts you can anticipate lots more homeless people with fewer options. It’s the wrong time to tighten up the law. They’re talking about putting people in jail and giving them fines, which is ridiculous because people who squat don’t have money.

Shortage of New Sellers Helps Push up London Asking Prices

noreply@blogger.com (London Estate Agents) — Tue, 01 Feb 2011 12:34:00 +0000

While nationally new sellers average asking prices increased by just 0.3% (£711), they were again outperformed by the confidence of the capital’s sellers who pushed theirs up by 1.1% (£4,470). This is the first increase in London new sellers’ average asking prices for three months, and is a timely positive sign for new sellers as it breaks the downward spiral of falls seen in the previous two months when prices fell by a total of 2.4%.

Miles Shipside, director of Rightmove comments: “This month’s price rise will come as a welcome respite to prospective sellers in the London area as they had witnessed falls in both November and December. Sellers in the run up to Christmas normally have a pressing reason to sell so chopped back their prices, while sellers launching to the market in the New Year are traditionally more optimistic.”

Rightmove have recorded rises in new London sellers’ asking prices in January for seven of the last nine years. This year’s increase has been assisted by upward price pressure resulting from a shortage of fresh property coming to market. Newly marketed properties in recorded in the January House Price Index were 5.4% down on the same period last year, and remain well-below pre-credit crunch levels of around 14,000. The heavy snow will have played some role in the low listing numbers, and it will be important to see to see to what extent figures bounce back in the next few weeks.

Shipside adds: “The market remains thin and open to some monthly price volatility. On the upside we have the shortage of fresh property stock that helps push prices upwards in the more desirable areas. Less popular locations and property types may find prices under pressure due to the deposit requirements of lenders limiting the budgets of buyers. As London has an international audience who rely less on mortgage finance to buy, we predict it will outperform the rest of the country yet again in 2011”.

As well as the rise in new sellers’ asking prices, there have been signs of pent-up buyer demand in January with Rightmove recording record levels of internet traffic. For the past three successive Monday’s Rightmove have had their busiest ever day, starting on Monday 10th January with 28.3m pages, which was toppled on Monday 17th with 29m pages and finally Monday 24th which saw a staggering 30m web pages of property served. This activity pushed Rightmove up to as high as 7th in terms of most used websites by UK users.

First Time Buyers and Their Families Beware

noreply@blogger.com (London Estate Agents) — Sat, 15 Jan 2011 17:36:00 +0000

First time property buyers are likely to welcome a new scheme that allows their families to help them onto the housing ladder, but parents will be less pleased, Ducalian has stated.

Timothy Lambert, head of consulting at the organisation, commented: "With mortgages going to increase when interest rates rise, we may find once again that people have bitten off more than they can chew in order to own a home. The only difference this time is that the parents will have to bail out their children on the loan."

He noted that if they pay interest only on a mortgage, people "may as well rent as prices are not going to rocket up any time soon".

However, if http://www.paramount-properties.co.uk/content/Buy/Getting_Organised/ decide to apply for the new scheme, they still need to save and remember that "property is not a licence to print money in all circumstances".

Mr Lambert's comments come after Barratt and Hitachi Capital teamed up to launch an unsecured personal loan of up to £50,000 for parents helping to put down a deposit on their offspring's first home.

First Time Property Buyers News