Below we highlight the latest London property News & Headlines, trends in the real estate market and property investment analysis.
The average property in the UK takes around 56 days to go under offer from when it’s first listed, states the latest property market research by Zoopla. “Despite widespread reports of a subdued housing market, Brits may be surprised that it takes less than two months for the average British property to go under offer from the date it was first listed for sale.” Annabel Dixon, spokesperson for Zoopla said. The research found out that properties in Blackpool and London take the longest to go under offer averaging 71 and 70 days respectively. The research suggested that properties priced fairly in regards to the current market conditions sell quicker. Edinburgh and Falkirk are the fastest places to sell a home in the United Kingdom, with an average of just 27 days to go under offer, compared to the overall UK average. — PROPERTY REPORTER
60% of high earners across the UK reside in London and the Southeast reveals estate agent Savills. The conclusion of the research was drawn upon the measurement of households with an annual income of £100,000 or more. “The consistent pull of high earners to certain locations has resulted in significant concentrations of housing equity in established prime markets. As they have climbed the career ladder so their spending power has risen, fueling higher long-term rates of house price growth than elsewhere in the country.” Savills’ residential research director Lucian Cook stated. In summary, the report finds that one in six London households earns more than £100,000 as compared with one in 32 in the Southwest, and just one in 87 in Northern Ireland. — Financial Times
According to a report from Acadata, the London property market is experiencing the hardest Brexit hit of all UK cities. House prices fell by 1.1% in April as compared to the previous year, the report depicted as property sales are down 14% since the first quarter of 2017. Property sellers in London are dropping prices to secure early sales. The report further affirms recently released data by the RICS and a prior comment by Simon Rubinsohn, RICS chief economist who said: “The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainty over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market.” — BLOOMBERG
Statistics released by the Royal Institution of Chartered Surveyors (RICS) illuminate the impact of the buy-to-let crackdown in addition to the struggle of property buyers in Britain. Findings by the RICS depict that tenant demand is on the rise across the UK while the number of new landlords entering the market is plummeting. This follows last week’s research by the Residential Landlords Association (RLA) which found out that a quarter of private landlords are looking to sell at least one property over the next year. The future continues to look bleak for Landlords with the Tenant fees bill scheduled to come into force this June in addition to the proposed abolition of Section 21. “One explanation for this could be that first-time buyers and family movers have decided to push ahead with their plans for this year regardless of the current political climate, while the more discretionary-led buyers, who would be purchasing luxury homes, are potentially taking a more circumspect view.” Brian Murphy, head of lending for Mortgage Advice Bureau said. — THIS IS MONEY
Much like popular dating app Tinder, Polygon a PropTech startup aims to ease student hunting hassles. The PropTech app has developed a housemate matching algorithm to minimize disputes between renters. Students using the app swipe left on homes they don’t like and right on homes, they are interested in. Students then leave their availability with the homeowner for a viewing or instant reservation on interested homes. Launched in 2018, Polygon states that its housemate-finder algorithm pairs students based on their domestic habits and personalities. The app offers free listings to landlords, purpose-built student accommodation (PBSA) and letting agents. Once the student signs a tenancy agreement, the landlord/letting party must pay an agreed fee to the app. “Due to the many horror stories of rogue landlords taking advantage of unsuspecting students, Polygon only lets regulated landlords and letting agents list their properties on their platform.” Polygon stated during its Launch. — PROPERTY INVESTOR TODAY
Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends. Follow him on Twitter.