Reproduced with the kind permission of the Land Registry

Musings of the best Upmarket London Property Finders

The Land Registry  house price statistics for August reflect the rosier ambience those of us involved in the property market have been experiencing for a number of months now.  Most significantly, the number of house sales at the top end, particularly those over £2 million are up year on year at 54 a month in London.  House prices in Westminster, which includes Mayfair, Marylebone, Bayswater and parts of Notting Hill are now down just 3.4% versus last year and we would expect them to end the year close to prices achieved in May 2008, when house prices in Westminster were at their peak.  The average home in Westminster is now worth £574,714 compared to £622,950 in May 2008.

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Tags: Latest London House Price Data, London House Prices, london house prices rise, London property, London Property Finder, London property finders, London property prices, London Property Prices Stable

Musings of the upmarket London Property Finders

It’s conference season again and with most people believing the Tory takeover will be a shoe-in next year, Labour are on the defensive and one of the first things on the agenda at their annual conference today was an attack on Tory housing plans. 

John Healey the Housing Minister suggested the Conservatives would abolish assistance to those struggling to pay mortgages and allow property developments to go ahead without the often draconian requirements for social housing.  He added that plans for social tenants in Conservative-controlled Hammersmith and Fulham would ‘double or triple rents and put their homes on the line with 2 months notice’.

The government meanwhile outlined plans to add a further £180m to fund 1,200 more affordable homes.  The thing is, we can think of several ghastly developments which would eat that up in no time.  Land with planning for development and affordable housing is still being sold relatively cheaply, particularly where a housing association has already agreed to buy the social housing element and with banks now cautiously lending to developers again, 1,200 more affordable homes don’t really get our vote.  Particularly when they are likely to be the first flats hit when the recession bites again.

With all this, coupled with the Liberal Democrats ill-conceived  idea to tax houses worth over £1 million, we wish the politicians would just leave us London Property Finders and other Property people to get on with things and stop interfering.

Technorati Tags: Labour housing plans, Lib Dem housing plans, London House Prices, London property finders, Tory housing plans

Tags: Labour housing plans, Lib Dem housing plans, London House Prices, London property finders, Tory housing plans

Musings of a London Property Finder

Six months ago and pretty much all last year, Property Finders like me could rely on absolute bargains at auction for Clients keen to do some work.  At the time, we complained that there wasn’t really anything available over £300,000.  Now there are plenty of quality properties in good areas but in our view the amazing discounts have mostly faded away.  Here is our pick at the next Savills auction, but don’t expect fabulous bargains if you attend on the day.

Flat 5A Arkwright Road (pictured) is a case in point.  Hampstead afficionados will know that Arkwright Road is one of the most sought-after residential streets in the area and characterised by huge villas, most of which have been turned into flats.  The one bed flat with a turret, is on the top floor and situated no more than a brisk 10 minute walk to Hampstead tube and the heart of Hampstead village.  It needs a great deal of work and the buyer needs to contract to do the work and sell to an owner occupier but presumably an ambitious owner occupier could buy it immediately and call in the builders.  With alot of work, it could be an amazing flat and with a £250,000 price tag – looks to be excellent value.  We think it will go for over £300,000 maybe more.

Flat 2 in Old Royal Free Place will be an interesting lot to watch.  A two bedroom flat over 3 floors in need of modernisation, it is not ideal for sharers, since one of the bedrooms is galleried and overlooks the main reception room although perhaps a young architect would be keen to take it on?  With a guide of £295,000 it will be an interesting one to watch.  Many of the flats in this beautiful period square are still inhabited by housing association tenants, including female ex-offenders.  On the plus side it is a fantastic location in central Islington, very close to Angel tube station, Sainsburys and the high street shops of Upper Street.  Flats in nearby Theberton Street can sell for over £500,000 and even one bed flats in that area can achieve £400,000, so £300,000 for this essentially, ex-housing association property, seems fair.

Following the success Savills auction department have had with property in sought after W11, Savills have several flats for sale in the area.  Lot 55 is at first glance a bit of a gem.  It is a two bedroom top floor flat in a beautiful white stucco building on Elgin Crescent.  It has the use of the private gardens so quintessentially Notting Hill and unusually for an auction property, is in ‘reasonable’ decorative order with a modern kitchen and bathroom according to the auctioneers.  The exterior and communal parts have recently been redecorated we are led to understand.  Surely the resulting bill is not the reason for the owner to sell we ask?  Sadly it is after 5pm on a Friday and Savills have rightly gone home, so we will leave the due diligence on this and the other gems, to you, dear readers and join the other London Property Finders for a well-deserved glass of wine!

Technorati Tags: central London property, cheap Notting Hill flats, London Property Finder, Notting Hill property bargains, Savills auction

Tags: central London property, cheap Notting Hill flats, London Property Finder, Notting Hill property bargains, Savills auction