The cost of moving house has jumped by 70 per cent over the past decade and now stands at £9,000 amid rising fees for estate agents, surveyors, conveyancing and mortgage arrangements, according to Lloyds TSB.
Lloyds TSB housing economist Suren Thiru said: "The task for those looking to move home has undoubtedly become more challenging."The significant rise in home moving costs is particularly concerning at a time when demand in the UK housing market is weak."
UK Housing Market News
Affordable Housing In Pimlico
A new affordable housing development enters the final stages of completion following approval from Westminster City Council.The development once completed will deliver 24 new build homes, comprising of 17 social housing units and 7 shared ownership properties in central London’s Pimlico.
The £4.6 million project put forward by Sanctuary Housing has been backed by the council as a highly innovative method to tackle overcrowding in the city.The majority of homes will consist of 2 beds or more and will cater for local families in much need of larger space.The new building has been designed to look identical to the original structure to stay in keeping with the history of the Pimlico area while still providing modern homes.
Sanctuary Housing London’s leading housing partner with around 600 homes in Westminster.
The £4.6 million project put forward by Sanctuary Housing has been backed by the council as a highly innovative method to tackle overcrowding in the city.The majority of homes will consist of 2 beds or more and will cater for local families in much need of larger space.The new building has been designed to look identical to the original structure to stay in keeping with the history of the Pimlico area while still providing modern homes.
Sanctuary Housing London’s leading housing partner with around 600 homes in Westminster.
Pimlico Apartment for Rent, Grosvenor Road
Grosvenor Road, Pimlico, London, SW1V £1500 pw
A magnificent three double bedroom three bathroom luxury penthouse (third floor) apartment with sensational views overlooking the River Thames and London's most famous landmarks such as St. George's Wharf and Battersea. This spacious apartment offers a very large double volume reception room/dining room leading to a private balcony, fully fitted kitchen with granite worktops and modern appliances, three double bedrooms with fitted wardrobes, ensuite facilities to master bedroom, two further bathrooms, secure parking space for one car, furnished to a very high specification but can be unfurnished, available NOW!
River View Apartment for Rent
The Northern Line Extension and Nine Elms Relief
The Northern Line Extension Plans; Battersea Power Station would become the focus for a new town centre with 66,000 square metres of retail, restaurant and cafe space - more than Clapham Junction and Wandsworth town centres.The extension of the Northern line improves public transport capacity and accessibility between central London and the Nine Elms area.
London Local News
London Local News
Mortgage Lenders Are Relaxing Their Buy to Let Mortgage Criteria
Mortgage lenders are beginning to loosen their lending criteria to prospective buy to let (BTL) customers.
Raising the finances needed to improve a property or expand a portfolio has been a headache for many landlords over the past couple of years but according to Mortgages for Business, BTL products at higher loan to value (LTV) ratios are becoming more available.
Indeed, there are now more than 20 BTL mortgages from six different lenders at LTVs of up to 80 per cent.
David Whittaker, managing director at Mortgages for Business, stated: "This is great news for landlords and investors and demonstrates the growing confidence of lenders in this sector who see buy to let as more profitable than homeowner lending."
And it's certainly a good time for landlords to expand their property portfolios as the yields available have never been greater in many parts of the country.
Research conducted by specialist mortgage provider Paragon late last year found that properties let to students provide a landlord the highest possible yield, with an average of 7.62 per cent, while shared houses are the second best performer at 7.56 per cent.
Landlord and Tenant News
Raising the finances needed to improve a property or expand a portfolio has been a headache for many landlords over the past couple of years but according to Mortgages for Business, BTL products at higher loan to value (LTV) ratios are becoming more available.
Indeed, there are now more than 20 BTL mortgages from six different lenders at LTVs of up to 80 per cent.
David Whittaker, managing director at Mortgages for Business, stated: "This is great news for landlords and investors and demonstrates the growing confidence of lenders in this sector who see buy to let as more profitable than homeowner lending."
And it's certainly a good time for landlords to expand their property portfolios as the yields available have never been greater in many parts of the country.
Research conducted by specialist mortgage provider Paragon late last year found that properties let to students provide a landlord the highest possible yield, with an average of 7.62 per cent, while shared houses are the second best performer at 7.56 per cent.
Landlord and Tenant News
UK House Prices Summary for 2011
A slight drop in house prices in December of 0.9 per cent took the overall drop across 2011 to 1.3 per cent, according to data from Halifax.
The bank's property index suggested that the housing market had remained surprisingly resilient in the past year and hinted at a broadly stable 2012 ahead.
The average house price at the end of 2011 stood at £160,063.
"If the UK can avoid recession, we expect broad stability in house prices in 2012," said Halifax housing economist Martin Ellis.
"There is, however, considerable uncertainty regarding the prospects for the UK economy, which will, to a large extent, depend on how events in the eurozone unfold."
While Halifax's data shows a drop in house prices across 2011 a similar report from Nationwide suggested they had increased by one per cent, highlighting just how resilient the market was in the past 12 months.
Nationwide placed the average house price at the end of 2011 at £165,798.
London Property News
The bank's property index suggested that the housing market had remained surprisingly resilient in the past year and hinted at a broadly stable 2012 ahead.
The average house price at the end of 2011 stood at £160,063.
"If the UK can avoid recession, we expect broad stability in house prices in 2012," said Halifax housing economist Martin Ellis.
"There is, however, considerable uncertainty regarding the prospects for the UK economy, which will, to a large extent, depend on how events in the eurozone unfold."
While Halifax's data shows a drop in house prices across 2011 a similar report from Nationwide suggested they had increased by one per cent, highlighting just how resilient the market was in the past 12 months.
Nationwide placed the average house price at the end of 2011 at £165,798.
London Property News
London Buy to Let Lettings News
Figures released today by the Council of Mortgage Lenders (CML) show that the buy to let market is still strong.According to the body, mortgage loans to landlords increased by 16 per cent in the third quarter of this year.
Over the same three-month period, the amount of money loaned by financial institutions for property investment rose by 19 per cent, showing that banks and building societies are regaining their confidence in the buy to let sector.
A total of 34,500 buy to let mortgage advances were made in the quarter totalling an incredible £3.2 billion. It is the highest buy to let lending as stood since the onset of the credit crunch in 2008.
CML director general, Paul Smee, stated: "With tenant demand remaining strong in the rental sector, some existing buy-to-let landlords have been expanding their portfolios and the growth that returned to the sector in the preceding quarter has continued.”
Mark Durban, senior lettings agent at Paramount, said recently that at present the demand for rental property is so high that it exceeds the number of homes available.
Buy to Let Investment News
Over the same three-month period, the amount of money loaned by financial institutions for property investment rose by 19 per cent, showing that banks and building societies are regaining their confidence in the buy to let sector.
A total of 34,500 buy to let mortgage advances were made in the quarter totalling an incredible £3.2 billion. It is the highest buy to let lending as stood since the onset of the credit crunch in 2008.
CML director general, Paul Smee, stated: "With tenant demand remaining strong in the rental sector, some existing buy-to-let landlords have been expanding their portfolios and the growth that returned to the sector in the preceding quarter has continued.”
Mark Durban, senior lettings agent at Paramount, said recently that at present the demand for rental property is so high that it exceeds the number of homes available.
Buy to Let Investment News
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