Musings of a London Property Search Agent

Releasing the latest property sold data for February, The Land Registry has likened current London house prices to those of August 2006 – which is not too bad considering country prices have dropped to levels last seen in September 2004. 

Several London boroughs have made monthly gains, led by Islington with a gain in average prices of 1.2%.  However there have also been significant price falls, led by the borough of Camden, which boasts the celubrious districts of Hampstead and Bloomsbury.  Camden prices fell 4.3% in February, down 16% year on year.  Other boroughs showing price falls of 3% or more are led by Greenwich where prices are down 3.9% include   Hackney, Havering, Hillingdon and Haringey.

House prices in Westminster and The Royal Borough fell 2.2% and 2.7% respectively in February and have posted annual average falls of 11.5% and 15.4%.

With regard to green shoots, the Land Registry data shows that the number of transactions has started to creep up, from 33% of the norm to nearer 40%.  Estate Agents have been a bit more positive this year and we have certainly seen more activity.  London property Search Agents are particularly interested in the number of transactions per month and for us, the top end is particularly significant.  The number of London property transactions over £1 million has dropped to by 55% – slightly less than the market as a whole thanks to foreign buyers taking advantage of the currency discounts associated by the fall of the pound.  With the dollar and the euro starting to tumble, hopefully the number of well-heeled Asian buyers wanting a UK base will continue to grow. 

Sadly, there are still people prepared too much for property and we have been outbid on one home where we have had to advise our Client not to match the winning bid, as it is far too high.  Contact the London Property Search Agent to find the right price for your dream home

Technorati Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices

Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices

Musing of a London Property Finder

The Bank of England reduced the official base rate by a further 50 points today taking interest rates to a record low of 0.5%.  Citing projections that Consumer Price Index or CPI Inflation will fall below 2% in the second half of the year, the Monetary Policy Committee also announced a £75 billion programme of asset purchases as an additional measure to ease deflationary pressure. 

The news has been met with joy by borrowers but has been widely criticised by many concerned that the rate cut undermines savers income and exchange rates.  For those in stable employment, there has never been a better time to be a debtor, particularly for mortgagees on variable rate mortgages with no minimum interest rate. Many borrowers are saving in excess of £2,500 a year for each £100,000 of outstanding motgage borrowing.

Fortunately for property search agents like us, interest rate cuts are good news.  Now is a great time to buy as long as you get a reasonable discount off an accurate valuation.  So you see, every cloud has a silver lining.  Instead of investing in boring old gilts – maybe now is the time to think property instead?

London Property Search Agents, Brighton Property Search Agents, offer a nationwide Property Search on application

Technorati Tags: Bank of England Base Rate, Brighton Property Search Agents, Intrest Rates, London Property Search Agents, Monetary Policy Committee, property search agents

Tags: Bank of England Base Rate, Brighton Property Search Agents, Intrest Rates, London Property Search Agents, Monetary Policy Committee, property search agents

Musings of a London Property Search Agent

Bigwigs from the RICS (Royal Institution of Chartered Surveyors), the NAEA (National Association of Estate Agents) and others have called on the Chancellor to clarify any changes to stamp duty payments asap, reports The Telegraph today. August is traditionally a slow month in the world of property sales and this year is particularly bad but some property professionals fear buyers will fail to complete before September to avoid missing out on any concessions.

Ideas mooted have included lengthening the deadline for payment of stamp duty. This would be of particular help to first time buyers who routinely pay in excess of £250,000 for their first property, incurring a stamp duty liability of over £7,500.
 

The mid-market would also benefit, as many people who want to move up the property ladder prefer to improve than to move to avoid the tax which works out at £40,000 on a £1,000,000 property – a good-sized family home within zone 2 in London.
 

Stamp Duty Liability as of 07.08.08

• 0% for residential property priced up to £125,000
• 1% for residential property priced between £125,001 and £250,000
• 3% for residential property priced between £250,001 and £500,000
• 4% for residential property priced over £500,001

To take advantage of this period of stamp duty relief contact this London Property Search Agent.

Technorati Tags: London Property Search Agent, NAEA, property ladder, RICS, Stamp Duty

Tags: London Property Search Agent, NAEA, property ladder, RICS, Stamp Duty