HOMES FOR RENT IN LONDON ENGLAND
By Anonymous
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Sunday, June 22, 2014
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Homes For Rent
Apartments for sale in central london, central London estate agents, Properties for sale in central London,
Despite a marginal slowdown in demand for properties for sale in central London in late February and March, central London still remains one of the most desirable places to invest in property.
Despite a marginal slowdown in demand for properties for sale in central London in late February and March, central London still remains one of the most desirable places to invest in property.
Following an extremely good start to the year, the early spring period was rather disappointing for the housing market in central London, with the volume of serious applicants looking at houses and apartments for sale in central London falling.
But the slight decline in demand for properties in central London was not due to the region no longer being a highly desirable place to live or invest in property, but was rather owed to the adverse weather conditions, according to Beaney Pearce.
In fact, the central London estate agents actually report that, with weather conditions rapidly improving, far more people are actively looking to acquire homes in central London once more.
“The absolutely ghastly weather accounted for a great deal of the reluctance [in demand from buyers], said a spokesperson for Beaney Pearce. “May and early June however have seen a very marked increase in activity with a healthy level of sales been agreed.”
Beaney Pearce’s findings are supported by the latest data from theRoyal Institution of Chartered Surveyors (RICS) which shows that residential property transactions rose in London, along with other parts of the country
Transactions in May were at their highest level in three-and-a-half years as house buyers took advantage of record low interest rates, according to RICS.
Surveyors sold an average of 17.9 homes in the three months to May – the highest level since January 2010, although still significantly below the levels hit six years ago. What’s more, sales are expected to continue their increase over the next three months with a net balance of 35 per cent more respondents predicting transaction levels will grow, up from 26 per cent.
Peter Bolton King, RICS Global Residential Director, commented: “May was an interesting month for the housing market. More people decided to get out there and view property and more transactions went through than in quite some time.”
The sharp rise in housing activity demonstrates that more buyers are taking advantage of favourable market conditions, helping to push property values higher in the process.
UK home prices rose by 2.6 per cent in the three months to May compared to the same period last year – the biggest rise since September 2010, according to Halifax.
The mortgage lender says that home prices rose by 0.4 per cent in May alone, though down from the 1.1 per cent rise recorded in April.
“Despite these recent signs of improvement in the housing market, the subdued economic background and the accompanying weak income growth continue to be a significant constraint on housing demand and activity,” said Halifax economist Martin Ellis.
In spite of Mr Ellis’ concerns, the investment prospects for the housing market across many parts of the country, particularly in London, look rather buoyant, supported by various Government schemes such as Help to Buy.
Very few investments compare to the safe nature of investing in central London’s property market, according to leading estate agents Sandfords.
Andrew Ellinas, Director at Sandfords, said: “Property in London has intrinsic value that is not dependent on buyer sentiment but its use as a place to live and do business in the most vibrant and cosmopolitan city in the world.”
With demand for properties in central London expected to increase further, far outstripping housing supply in the process, very few people would argue against investing in the capital’s housing market at the moment.
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Rental values in central London rose again during the first quarter of
this year, a new report shows.
According to Cluttons, rents in central London rose by an average of 1.7 per cent in the first quarter of this year to reach £1,016 per week. Although this figure remains broadly unchanged from this time last year, Cluttons does report that the volume of applicants with higher budgets is in decline, a trend which is expected to persist over the coming months.
With rental values in central London now at a record high, on the back of greater competition for properties to rent in central London, a growing number of tenants are reportedly being drawn to peripheries of prime central London in zones 2 and 3.
Sue Foxley, head of research at Cluttons, said: “A growing number of tenants to look further afield for cheaper accommodation. As a result we are seeing migration out to the periphery of prime central London , to zones 2 and 3, where rents are significantly lower than the prime core.”
With more tenants now spreading their wings to focus on lower priced properties in zones 2 and 3, as they seek to minimise outgoings, particularly as stubborn inflation continues to erode real incomes, demand for properties to rent in north west London is rising.
St John’s Wood, Primrose Hill and Maida Vale are just some of the areas attracting a greater level of interest from renters, helping to push rental values in these areas higher in the process. This in turn is driving higher demand among investors for buy-to-let properties in these regions, reducing the volume of properties for sale in St John's Wood, Primrose Hill and Maida Vale in the process, according to leading estate agents Sandfords.
Andrew Ellinas, Director at Sandfords, commented: “The success of the prime central London property market over the last five years is creating a wave of price rises in nearby areas as people move further afield in search of value. Areas such as St John's Wood, Primrose Hill and Maida Vale, traditionally regarded as outside the prime central London zone, are now developing into an 'outer prime London' market.”
The recent rise in the volume of people looking to rent property outside of central London, means that more landlords in the heart of the capital are now becoming more flexible with their rents in order to lure tenants back into prime central London areas.
Competition to attract tenants has not been helped by a 12 per cent rise in housing supply in central London over the past year, according to Chesterton Humberts.
The company’s latest Prime London Lettings Report shows that buy-to-let continues to grow and now accounts for 13 per cent of all UK mortgages. But the figures also reveal that tenant demand in central London has softened due to a reduction in corporate relocation budgets, financial services redundancies and increased mortgage availability, placing downward pressure on rental values in the process.
Some landlords in central London have reportedly responded to recent trends by offering to freeze rents for tenants and sometimes even reduce them altogether.
Nick Barnes, Head of Research at Chesterton Humberts, commented: “The prime residential lettings market remains active, however with buy-to-let landlords bringing more stock onto the market, tenants now have a wider choice and consequently greater bargaining power. This is forcing landlords to be more flexible in order to attract and retain tenants, which is often resulting in downwards pressure on rents.”
Despite greater flexibility among some landlords in central London, as far as rents are concerned, some letting experts expect to see rental demand for homes in popular north west London areas continue to grow.
Adam Feather of north London based estate agents Robert Anthony said: “Although central London remains the most popular place to live in the capital, rents remain extremely high, and so it is easy to see why more people should want to rent a home in north west London instead.”
With rental values in north west London a fraction of those being commanded in prime central London, not many people would disagree with Mr Feather.
Fresh figures from the Council of Mortgage Lenders (CML) reveal that gross mortgage lending of £4.2 billion across 33,500 mortgages was advanced to buy-to-let landlords in the first quarter of 2013, up from £3.7 billion in the same quarter of last year.
Nearly half of this lending was for remortgage, rather than house purchase, which suggests that many existing landlords are seeking to add to their buy-to-let portfolios.
Paul Smee, Director General of the CML, commented: "The buy-to-let mortgage market is performing well, against a backdrop of robust landlord - and tenant - demand for good quality rental property. Loan performance compares favourably with the owner-occupier sector, and buy-to-let continues to grow as a proportion of the overall mortgage market."
Buy-to-let lending accounted for 13.4 per cent of total outstanding mortgage lending in the UK at the end of March - up from 13 per cent the previous quarter and 12.9 per cent at the end of the first quarter of 2012.
According to EA Shaw estate agency, a lot of this money is finding its way into the housing market in prime parts of the capital, reflected by a rise in the number of investors actively searching for houses and apartments for sale in central London.
Lisa Hollands, Managing Director of EA Shaw, said: "Reassured by the stability of the market, British buyers are now cherry-picking the best of London's prime property, targeting high value, exclusive homes. They are attracted to the 'collectors' items' – unique properties in the Capital in rare and sought after addresses.
In addition to a rise in the number of British people looking for apartments and houses for sale in central London, Knight Frank reports that more foreign investors are also taking a greater interest in London, particularly purchasers from Asia who are buying up property in central London and then putting it into use in the rental market.
According to Cluttons, rents in central London rose by an average of 1.7 per cent in the first quarter of this year to reach £1,016 per week. Although this figure remains broadly unchanged from this time last year, Cluttons does report that the volume of applicants with higher budgets is in decline, a trend which is expected to persist over the coming months.
With rental values in central London now at a record high, on the back of greater competition for properties to rent in central London, a growing number of tenants are reportedly being drawn to peripheries of prime central London in zones 2 and 3.
Sue Foxley, head of research at Cluttons, said: “A growing number of tenants to look further afield for cheaper accommodation. As a result we are seeing migration out to the periphery of prime central London , to zones 2 and 3, where rents are significantly lower than the prime core.”
With more tenants now spreading their wings to focus on lower priced properties in zones 2 and 3, as they seek to minimise outgoings, particularly as stubborn inflation continues to erode real incomes, demand for properties to rent in north west London is rising.
St John’s Wood, Primrose Hill and Maida Vale are just some of the areas attracting a greater level of interest from renters, helping to push rental values in these areas higher in the process. This in turn is driving higher demand among investors for buy-to-let properties in these regions, reducing the volume of properties for sale in St John's Wood, Primrose Hill and Maida Vale in the process, according to leading estate agents Sandfords.
Andrew Ellinas, Director at Sandfords, commented: “The success of the prime central London property market over the last five years is creating a wave of price rises in nearby areas as people move further afield in search of value. Areas such as St John's Wood, Primrose Hill and Maida Vale, traditionally regarded as outside the prime central London zone, are now developing into an 'outer prime London' market.”
The recent rise in the volume of people looking to rent property outside of central London, means that more landlords in the heart of the capital are now becoming more flexible with their rents in order to lure tenants back into prime central London areas.
Competition to attract tenants has not been helped by a 12 per cent rise in housing supply in central London over the past year, according to Chesterton Humberts.
The company’s latest Prime London Lettings Report shows that buy-to-let continues to grow and now accounts for 13 per cent of all UK mortgages. But the figures also reveal that tenant demand in central London has softened due to a reduction in corporate relocation budgets, financial services redundancies and increased mortgage availability, placing downward pressure on rental values in the process.
Some landlords in central London have reportedly responded to recent trends by offering to freeze rents for tenants and sometimes even reduce them altogether.
Nick Barnes, Head of Research at Chesterton Humberts, commented: “The prime residential lettings market remains active, however with buy-to-let landlords bringing more stock onto the market, tenants now have a wider choice and consequently greater bargaining power. This is forcing landlords to be more flexible in order to attract and retain tenants, which is often resulting in downwards pressure on rents.”
Despite greater flexibility among some landlords in central London, as far as rents are concerned, some letting experts expect to see rental demand for homes in popular north west London areas continue to grow.
Adam Feather of north London based estate agents Robert Anthony said: “Although central London remains the most popular place to live in the capital, rents remain extremely high, and so it is easy to see why more people should want to rent a home in north west London instead.”
With rental values in north west London a fraction of those being commanded in prime central London, not many people would disagree with Mr Feather.
The hike in demand for houses and apartments to rent in central London
has sparked a flurry of activity among investors looking to capitalise
on the booming rental market by purchasing residential properties in the
capital with a view to letting them out.
Fresh figures from the Council of Mortgage Lenders (CML) reveal that gross mortgage lending of £4.2 billion across 33,500 mortgages was advanced to buy-to-let landlords in the first quarter of 2013, up from £3.7 billion in the same quarter of last year.
Nearly half of this lending was for remortgage, rather than house purchase, which suggests that many existing landlords are seeking to add to their buy-to-let portfolios.
Paul Smee, Director General of the CML, commented: "The buy-to-let mortgage market is performing well, against a backdrop of robust landlord - and tenant - demand for good quality rental property. Loan performance compares favourably with the owner-occupier sector, and buy-to-let continues to grow as a proportion of the overall mortgage market."
Buy-to-let lending accounted for 13.4 per cent of total outstanding mortgage lending in the UK at the end of March - up from 13 per cent the previous quarter and 12.9 per cent at the end of the first quarter of 2012.
According to EA Shaw estate agency, a lot of this money is finding its way into the housing market in prime parts of the capital, reflected by a rise in the number of investors actively searching for houses and apartments for sale in central London.
Lisa Hollands, Managing Director of EA Shaw, said: "Reassured by the stability of the market, British buyers are now cherry-picking the best of London's prime property, targeting high value, exclusive homes. They are attracted to the 'collectors' items' – unique properties in the Capital in rare and sought after addresses.
In addition to a rise in the number of British people looking for apartments and houses for sale in central London, Knight Frank reports that more foreign investors are also taking a greater interest in London, particularly purchasers from Asia who are buying up property in central London and then putting it into use in the rental market.
Analysts
at the company say that demand will overtake supply in a matter of a
few years, which is likely to trigger more interest and higher prices in
the rental market as more first-time buyers are squeezed out of the
home market and into the rental sector.
Knight Frank's London Development Report states: 'Investors have typically been more interested in a central location than an extra percentage point or two in annual yield. There is also potential for more capital growth, coming on the back of a 53 per cent rise in prices since the market trough in 2009'.
Leading estate agents Sandfords also believe that prime central London offers greater room for capital growth.
"Prime central London property is largely immune from short term fluctuations," said Sandfords' Andrew Ellinas. "The main reason is that a property in London has intrinsic value that is not dependent on buyer sentiment but its use as a place to live and do business in the most vibrant and cosmopolitan city in the world."
Increasing demand for rented property has pushed up average rents in recent years. This coupled with strong capital growth, has resulted in enviable returns for those who own property in prime central London.
The proportion of properties currently on the market with a reduced asking price now stands at 31.5 per cent, compared to 36.7 per cent a year ago. This suggests that fewer sellers are feeling pressured to cut their asking price in order to achieve a sale. This is particularly the case as far as houses and flats for sale in central London are concerned, with demand from investors soaring.
Lawrence Hall of Zoopla.co.uk comments: "The number of price-reduced properties has fallen to its lowest since early 2010 indicating growing confidence in the market"
With residential property market conditions in London rapidly improving, more investors are actively looking to either enter the buy-to-let market or add to their existing property portfolios, in order to take advantage of the rise in the number of people looking for houses and flats to rent in central London.
The first ever Sequence lettings index shows that the number of new applicants registering with the company in order to rent a home in March increased by 21 per cent compared to the previous month, while the volume of properties to rent only increased by five per cent during the same period.
Stephen Nation, Head of Lettings at Sequence, commented: "We have seen a strong seasonal uplift in demand for rented accommodation with over 12% growth in the number of new tenant applicants, viewings and agreed tenancies."
He added: "Monthly Rents of £1,375 in London remain almost double the national average of £704."
Aside from solid rental returns, many property investors also want to take advantage of rapidly increasing home values in the capital, particularly in prime central London, where prices are appreciating by an average of £383 per day, according to Marsh & Parsonsin its Residential Investment Monitor Q1 2013.
Following a slowdown in both the sales and lettings markets during the fourth quarter of last year, the property firm report that the prime central London residential market has turned a corner, with positive growth recorded across all London regions, led by gains in prime central London.
Data provided by Marsh & Parsons shows that the average price of a flat in prime central London breached the £1 million mark for the first time, while the average price for prime residential property as a whole reached a new historic high of £1.53 million in Q1, leaving prices 6.1% above the previous market peak of Q3 2007. This translates to an average increase of £383 per day.
"Prime Central London is once again experiencing robust price growth, driven primarily by the supply drought and strong domestic demand, aided by a greater take up of the historically low mortgage rates," said Sue Foxley, Head of Research at Cluttons.
Moving forward, the housing market in prime central London, having successfully withstood the worst of the economic turbulence, is expected to experience further robust price growth, driven primarily by the shortage of homes on the market and historically low mortgage rates.
"Prime central London property is largely immune from short term fluctuations," said Andrew Ellinas of leading estate agents Sandfords. "The main reason is that a property in London has intrinsic value that is not dependent on buyer sentiment but its use as a place to live and do business in the most vibrant and cosmopolitan city in the world."
Some leading property experts expect to see home values in prime central London increase by in excess of 20 per cent over the next five years, and very few people would argue against that forecast.
Knight Frank's London Development Report states: 'Investors have typically been more interested in a central location than an extra percentage point or two in annual yield. There is also potential for more capital growth, coming on the back of a 53 per cent rise in prices since the market trough in 2009'.
Leading estate agents Sandfords also believe that prime central London offers greater room for capital growth.
"Prime central London property is largely immune from short term fluctuations," said Sandfords' Andrew Ellinas. "The main reason is that a property in London has intrinsic value that is not dependent on buyer sentiment but its use as a place to live and do business in the most vibrant and cosmopolitan city in the world."
Increasing demand for rented property has pushed up average rents in recent years. This coupled with strong capital growth, has resulted in enviable returns for those who own property in prime central London.
Anyone searching for properties for sale in Central London
will find that the list of homes available is falling, as a growing
number of investors snap up rental investments in the capital. What’s
more, the number of homes on the market that have had their asking price
reduced at least once has fallen to its lowest level since late 2010 as
confidence returns to the housing market, according to the latest
research from property website Zoopla.co.uk.
The proportion of properties currently on the market with a reduced asking price now stands at 31.5 per cent, compared to 36.7 per cent a year ago. This suggests that fewer sellers are feeling pressured to cut their asking price in order to achieve a sale. This is particularly the case as far as houses and flats for sale in central London are concerned, with demand from investors soaring.
Lawrence Hall of Zoopla.co.uk comments: "The number of price-reduced properties has fallen to its lowest since early 2010 indicating growing confidence in the market"
With residential property market conditions in London rapidly improving, more investors are actively looking to either enter the buy-to-let market or add to their existing property portfolios, in order to take advantage of the rise in the number of people looking for houses and flats to rent in central London.
The first ever Sequence lettings index shows that the number of new applicants registering with the company in order to rent a home in March increased by 21 per cent compared to the previous month, while the volume of properties to rent only increased by five per cent during the same period.
Stephen Nation, Head of Lettings at Sequence, commented: "We have seen a strong seasonal uplift in demand for rented accommodation with over 12% growth in the number of new tenant applicants, viewings and agreed tenancies."
He added: "Monthly Rents of £1,375 in London remain almost double the national average of £704."
Aside from solid rental returns, many property investors also want to take advantage of rapidly increasing home values in the capital, particularly in prime central London, where prices are appreciating by an average of £383 per day, according to Marsh & Parsonsin its Residential Investment Monitor Q1 2013.
Following a slowdown in both the sales and lettings markets during the fourth quarter of last year, the property firm report that the prime central London residential market has turned a corner, with positive growth recorded across all London regions, led by gains in prime central London.
Data provided by Marsh & Parsons shows that the average price of a flat in prime central London breached the £1 million mark for the first time, while the average price for prime residential property as a whole reached a new historic high of £1.53 million in Q1, leaving prices 6.1% above the previous market peak of Q3 2007. This translates to an average increase of £383 per day.
"Prime Central London is once again experiencing robust price growth, driven primarily by the supply drought and strong domestic demand, aided by a greater take up of the historically low mortgage rates," said Sue Foxley, Head of Research at Cluttons.
Moving forward, the housing market in prime central London, having successfully withstood the worst of the economic turbulence, is expected to experience further robust price growth, driven primarily by the shortage of homes on the market and historically low mortgage rates.
"Prime central London property is largely immune from short term fluctuations," said Andrew Ellinas of leading estate agents Sandfords. "The main reason is that a property in London has intrinsic value that is not dependent on buyer sentiment but its use as a place to live and do business in the most vibrant and cosmopolitan city in the world."
Some leading property experts expect to see home values in prime central London increase by in excess of 20 per cent over the next five years, and very few people would argue against that forecast.
Theon-going
shortage of residential properties in prime central London in relation
to record high demand, fuelled by a flurry of international buyers, is
continuing to push property prices higher. The latest Knight Frank
Market Update shows that the average price of a home in the heart of
the capital increased by 0.9 per cent in January, compared to just 0.2
per cent across the UK as a whole, taking the annual rise in prime
central London to 8.4 per cent.
Demand
for residential properties in central London has been boosted in recent
months by the draft Finance Bill which gave some clarification on the
ARPT, which helped offset the downturn in sales witnessed for much of
last year.
The
weak pound, solid rental returns and good prospect for capital growth
have also helped to boost demand, particularly among foreign buyers.
Peter
Rollings, CEOMarsh & Parsons, commented: "The relative shortage of
stock sees house prices in the capital setting new records according to
Nationwide. Demand is coming from both home and abroad and is set to
continue with the much anticipated return to more seasonable Spring-like
weather."
This
strong demand in central London is expected to ripple out to other
parts of London, especially in North West London, where some of the most
desirable districts in the capital are situated. The concern is that
there are simply not enough properties for sale in North West London, due to a general housing shortage.
Andrew
Ellinas, Director of Sandfords, said: "The success of the prime central
London property market over the last five years is creating a wave of
price rises in nearby areas as people move further afield in search of
value."
Ellinas reports that there is a particular shortage of properties for sale in St. John's wood, Primrose Hill and Maida Vale, traditionally regarded as outside the prime central London zone.
"These areas are now developing into an 'outer prime London' market," he added.
Strong
prospects for capital growth is an attractive proposition for property
investors, but it is the lure of solid rental returns that far outstrip
low saving interest rates, which ultimately appeals to investors, thanks
to strong demand for properties to rent in North West London.
David
Whittaker, managing director at Mortgages for Business, said: "Tenant
demand for residential property is ballooning thanks to the lack of
mortgages available to first-time buyers. Every month more and more
would-be buyers are being forced to rent, and this is pushing up demand
to astronomical levels, producing very attractive gross yields for
landlords as a result."
In
fact, 61 per cent of private and social housing tenants in England do
not believe that they will ever be able to purchase a home, mainly due
to affordability constraints, according to Castle Trust.
Sean
Oldfield, chief executive officer, Castle Trust, said: "Many people are
either unable to get on the property ladder or stuck in their current
home despite interest rates still being at an all-time low. Schemes like
the Government's Funding for Lending are helping to boost borrowing
options but the market still needs innovative lending products."
Castle
Trust's analysis shows that owner occupation in England has fallen by
200,000 from 14.6 m in 2008 to 14.4m in 2012. Its data also indicates
that there has been an increase of 23 per cent in the number of people
who are choosing to rent in the private sector, with 3.1 million renters
in 2008 rising to 3.8m renters in 2012; the rise in rental demand is a
highly attractive proposition to buy-to-let investors.