London Property Headlines (May 19th, 2019)

The latest London property News & Headlines, trends in the real estate market and property investment analysis.

New York’s all-women coworking space and members’ club- The Wing is opening its first international hub in London this autumn. This ninth site will occupy a five-storey townhouse in Fitzrovia. With the rise of remote working “The Wing” sets itself apart from the competition in its dedication to a women-based co-working space. The Wing’s membership prices range from $2,350 to $2,700 a year offering members access to a variety of unique perks such a tea room, beauty room, a portrait gallery, and a roof terrace with chequerboard grass. “The Wing is a completely authentic space led by women who genuinely care about the women’s movement,” states Sharmadean Reid, a founding member. — THE SPACES

#Londonproperty #LondonTheWing
Courtesy The Wing

The fringes of London offer a better cost per square metre of renting a home as revealed by exclusive new research by OpenRent letting agents. The report revealed that Londoners can get the most living space for an average £100 in Orpington for 7.23square metres. The most expensive London postcode is Mayfair where an average £100 will rent one 1.23square metres for a month. This follows last week’s article that analyzed towns outside Britain’s Capital with the most extravagant property prices. Virginia Water in Surrey Britain was named the UK’s first “million-pound town” a few years ago. Reporting on property market performance for the end of 2018 and start of 2019, the Daily Express stated that the average house price growth stagnated in the face of Brexit uncertainty. — HOMES & PROPERTY

#LondonMonthlyRentalBudget
Courtesy Homes & Property

Inadash – A new mobile app venture that aims to simplify the process of finding new tenants for landlords in London. The app seeks to bridge the vast gap between landlords and tenants as highlighted by a recent industry expert study. It highlighted that it took property renters an average of four weeks to enquire, book and view a property. Inadash enables agents to register an available property and state when they are planning or open to customer visits. The app then advertises the property as an ‘Open House’ to renters and gives them the opportunity to instantly book a viewing directly with the agent. It minimizes the time wasted by potential tenants to enquire for properties that have already been snapped up. — PROPERTY INVESTOR TODAY

According to research by the AA, a third of tenants in the UK have no home insurance and assume their landlord’s insurance is sufficient. Despite most landlords having some form of basic insurance cover to protect their rental property investment, the main difference between insurance covers that landlords take out and tenants is liability. Most Landlord covers mainly cover the maintenance of a safe property for their tenants in addition to repair work such as plumbing. Some tenancy agreements for tenants about to move into a property may state that they are liable for damage to their landlord’s furniture and fittings in the property. It is thus vital for tenants to double check the contract agreements to prevent future problems. — ESTATE AGENT NETWORKING

Sale prices of top-end homes in London have been falling for nearly four years, as the British capital experiences, the Longest property price plummets in decades. The Financial Times had earlier attributed this trend to the Brexit uncertainty, tax hikes, a crackdown on money laundering and a surplus of new properties. “I’ve always said that what we could not cope with economically in this country is a long, prolonged period of uncertainty,’’ said Mark Preston, chief executive of the Grosvenor Group, the property company that owns the vast upscale Belgravia and Mayfair districts on behalf of the billionaire Duke of Westminster. A perfect example is the Havona House in London’s Notting Hill neighborhood. The luxury home which was listed for 25 million pounds, was taken off listing by the owners just over a year. — BLOOMBERG

#HavonaHouse #LondonProperty
The Havona House

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.

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