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18th September 2015
Research by Knight Frank suggests that homebuyers in London who think that they can’t afford to move to their target area shouldn’t be put off by the “average” price displayed on the property portals.. For example, in Mayfair, top-end sales such as a £15.9m mansion with 13 bedrooms pull the mean average (the prices of all properties sold divided by the number of properties) up to £3.3m, but the area's median price (the figure in the middle of the range of numbers, if you list them in order) is £1.5m - which edges the neighbourhood closer to affordable. The same applies in all price brackets. Tom Bill, head of London residential research at Knight Frank, says: "Land Registry sales figures show the average London property price is £533,508, but 50% of those properties sold for less than £375,000."
The Sunday Times, London Property, (13/09/2015)
18th September 2015
The Sunday Times looks at how Tottenham, which is seen as one of the least desirable parts of the capital, is poised to become its next property star. "Tottenham is the next hipster hotspot," says Henry Sherwood, managing director of The Buying Agents. "It has morphed from the scene of the riots to London's next big thing. If you're looking for central London investment, there aren't many places where you can buy at a better level. Property in N15 goes for £500 a sq ft compared with £1,000 in London Fields, and in N17 it's £385 a sq ft. There's plenty of potential for growth. Yields average 5%, which is very good for London." Azid Sohoye, manager at Ellis & Co, adds: “Tottenham borders really good areas, so prices are being squeezed up. We're getting inflow from Walthamstow, which has seen one of the highest price increases in London. And just up the road are Stoke Newington, Islington and the Harringay Ladder." Prices in Tottenham have risen by more than 10% in the past year, according to Zoopla. The average home now costs £333,161, while the typical rent for a two-bedroom flat is £1,355 pcm.
18th September 2015
A report from Knight Frank has shown that 11 new London postcodes have passed into the £1m price bracket, becoming areas where 20% of property sales have been above £1m in at least one quarter since the start of 2014. Properties below £1m in Outer London grew by 21.3% in the two years to August 2015, compared with an increase of 17.5% on properties of the same value in Central London during the same period. Knight Frank says that it is lack of supply that is pushing up prices in areas such as Vauxhall as opposed to oft-cited foreign investment. Hammersmith, Maida Vale, Queen’s Park, East Finchley, Muswell Hill, Battersea, Vauxhall, Highbury, Kentish Town, Clerkenwell and Herne Hill are the 11 new £1m postcodes.
The Independent (12/09/2015)
18th September 2015
Wealthy overseas shoppers are splashing out £18bn in London every year. The leading luxury goods and property buyers in the capital are from Saudi Arabia, Qatar and China, according to estate agent Rokstone and consultancy Global Blue. Residential property sales in central London to Saudi purchasers rose 18% on last year, with up to £20m paid for homes. Becky Fatemi, managing director of Rokstone, said: "The same people buying handbags and jewellery are purchasing apartments and houses."
Evening Standard (15/09/2015)
18th September 2015
A row of four garages in south-east London is reported to have been sold for almost £140,000, more than three times the guide price. The Evening Standard claims that bidding on the garages in Sydenham started at £40,000 before the auction closed at £136,500 and that the sale price would be enough to buy a four-bedroom semi-detached house in Swansea, or a three-bed in Greater Manchester.
Evening Standard (15/09/2015)
18th September 2015
A study by London First and Savills has indicated that due to low housing density in central London compared to other European cities, some 1.4m more homes could be built in the capital. Baroness Jo Valentine, chief executive of London First, said: "The business community believes housing costs are a major threat to the capital's international competitiveness. We need London's planning policies to give strategic support to building at a higher density, while being clear that the density of a particular development must be appropriate for its location."
Evening Standard (16/09/2015)