Posts Tagged ‘London’

January house prices are 1.9% higher than a year ago

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January saw house prices across the UK up by 1.9% on the same time last year and up 1.4% on December, according to figures from the Nationwide Building Society.

The Nationwide, one of the UK’s leading lenders, said prices reached a 14-month high as the so-called ‘Boris bounce’ brought post-election confidence to the housing market.

In its report, the building society points to other signs of revival, including the highest increase in the number of mortgages approved by Britain’s high street banks in five years.

According to Robert Gardner, Nationwide’s chief economist: “Healthy labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook. January’s pickup comes after a whole year of annual house price gains below 1%.”

Meanwhile data from property portal Zoopla shows that annual house price growth in the UK’s 20 biggest cities has hit a two-year high, thanks to a surge in demand for properties. London saw 1.9% growth, the fastest since 2017.

Among the economists forecasting growth in house prices this year is Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, who said: “Indicators of demand at the very start of the homebuying process are red-hot.

“We think the pickup in demand can be sustained this year by the continuation of low mortgage rates and solid wage growth, driving prices up by about 4%.”

The discrepancy in house prices between London and elsewhere has narrowed by 20% since the Brexit vote, according to research published by the Resolution Foundation.

Read more about this story in The Guardian.

General Election 2019 – what do the parties say about the property sector?

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As Britain enters the final week before the general election polls open on 12 December, competition for every seat if fierce.

In Labour’s general election manifesto, Jeremy Corbyn promises to ‘transform’ the UK with an ambitious set of pledges. For the Conservatives, underlying every policy announcement is Boris Johnson’s promise to ‘get Brexit done.’ And Jo Swinson’s Liberal Democrats want to ‘stop Brexit’ and ‘build a brighter future.’

But what do the three main parties say about housing? From reforms for renters to housebuilding and energy efficiency, we break down some manifesto pledges that concern the property sector.

Housebuilding

The Conservatives say they will build at least a million more homes over the next parliament in an effort to reach their existing, 300,000 homes a year, target by the mid-2020s.

The Liberal Democrats also make pledges around this figure – they will build 300,000 homes per year by 2024, including 100,000 social housing units.

Labour announced a £75 billion programme to build 150,000 council or housing association homes a year, with 50,000 being ‘genuinely affordable’ based on local incomes.

Landlords and tenants

The Conservatives will follow through on their pledge to end Section 21 no-fault evictions. The party also wants to introduce ‘lifetime deposits’, where tenants transfer their deposit from one property to another.

The Liberal Democrats want mandatory licensing of landlords and longer tenancies, of 3+ years. They would also introduce a Help to Rent scheme, providing government-backed tenancy deposit loans for first-time renters under 30.

Labour would introduce rent controls, capped by inflation and end no-fault evictions by creating open-ended tenancies.

Homebuyers

Labour wants to reform the Help to Buy scheme, increasing its focus on first-time buyers on ordinary incomes. The Conservatives will introduce ‘lifetime’ fixed-rate mortgages, with a 5% deposit.

There are no proposed changes to stamp duty for ordinary buyers. But all three manifestos address non-UK residents buying homes in the UK. Boris Johnson has pledged a stamp duty surcharge of 3% and Labour would add a 20% surcharge for foreign companies buying here.

Energy efficiency

The Liberal Democrats would launch a programme to insulate all of Britain’s homes by 2030, cutting both emissions and fuel bills.

Labour has announced a ‘new green deal’, creating one million jobs to tackle climate change. Among its pledges is a promise to upgrade 27 million homes to the highest energy-efficiency standard.

The Conservatives say that homes will be made more energy efficient, with £9.2 billion to be spent on insulation, and similar measures for schools and hospitals.

Read a quick guide to each party’s pledges in the Guardian.

When Wimbledon becomes tennis town

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As the Wimbledon Championships enter their second week, with the nail-biting finals in sight, Wimbledon town and village are at tennis fever pitch. Here are five ways to make the most of the tennis season:

1 You might still get tickets

Official tickets from the All England Club are sold by a ballot, which closed in December. Limited tickets are, however, still available, daily from the Ticketmaster website.

You can also join Wimbledon’s famous queue. The club releases 500 tickets a day for Centre Court, No 1 and No 2 Court – apart from the last four days on Centre Court. Thousands of grounds passes are available daily too, allowing access to unreserved seating and standing on Courts No 3 to 18. Arrive as early as possible and before the ground opens at 10.30am.

Read more on the Wimbledon website.

2 Watch the final on a big screen

Queuing for a grounds pass allows you to watch the action from the big screen on Murray Mound, the piece of land to the north of Centre Court.

Or head for the Piazza in Wimbledon town centre, where the atmosphere is possibly just as good. If you’re early and very lucky you might bag a deckchair or an outdoor table at a local restaurant.

Alternatively, go further afield where there are big screens at Granary Square, Kings Cross; beside Tower Bridge and City Hall; in the grounds of Fulham Palace or at St Katharine Dock.

Find more options on the Time Out website.

Wimbledon

3 Soak up the atmosphere

Shops and businesses in the town and village go all out to make the most of a time when the eyes of the world are on Wimbledon. Check out the amazing shop front displays and post pictures of your favourites on Instagram or go tennis-related celebrity spotting from local cafes and restaurants.

4 Dress to impress, or not

If you’re heading to the tournament, unless you’re competing, there’s no dress code. In spite of the glamour of Wimbledon, for spectators it’s all about comfortable and casual. During the first week of play temperatures soared. Forecasts for the second week are cooler with a chance of rain, so wear layers and come prepared for sunshine and showers.

5 Can I bring a picnic?

There are plenty of places to eat inside the ground, but they aren’t cheap and it’s likely you’ll need to queue – so bringing your own picnic is a good option. You can only take in one bag per person, measuring no more than 40 x 30 x 30cm, so no hard-sided picnic hampers or cool boxes are allowed.

If you wish to sell or let your property in Wimbledon, then please contact us for more information on how we can help your journey to #TennisTown

New UK-Wide Industrial Rent Set In Battersea, SW11

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Andrew Scott Robertson, South West London’s leading industrial agents, announces that, acting on behalf of a major fund, it has completed the letting of three units totalling 6,755 sq. ft. at Parkfield Industrial Estate, Battersea, SW11
setting a new headline rent of £30.00 per sq. ft. This rental level is believed to be the highest rent ever achieved for a standard open market industrial unit letting in the United Kingdom.

Parkfield Industrial Estate is located in the heart of South West London, close to Clapham Junction railway station. The estate extends to a total of 69,000 sq. ft. contained within 20 units. Andrew Scott Robertson have acted as letting agent on this estate since August 2016, when rents were in the order of £11.00-15.00 per sq. ft. 4 units were destroyed by fire in 2016 and practical completion of the rebuild was achieved in May 2018. The previous leases on these units expired within the construction period. 

A leading international auction house, has completed a new 10 year lease at a rent of £63,090 per annum on 2,100 sq. ft., equating to a £30 per sq. ft. rent. A provider of flexible commercial kitchen space, has also completed a 25 year lease, with 10 years term certain, at a rent of £30 per sq. ft. on 4,600 sq. ft. with just three months’ rent free.

Stewart Rolfe, Director of Commercial Property at Andrew Scott Robertson commented: ‘”The strong performance of the South West London Industrial Market is further exemplified by these lettings where high quality units in close proximity to the City and West End remain a priority for occupiers. The current demand for such units together with the reduction in supply due to conversion to residential have led to a substantial increase in rental levels over the last 12-24 months and, specifically a 63% increase in rental values on this estate.

Further information:
Tel.: 020 8971 4999 / Email: commercial@as-r.co.uk

Andrew Scott Robertson Launch a Lifeboat in SW19!

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If you think Wimbledon is just about tennis think again! Wimbledon Estate Agents and Chartered Surveyors Andrew Scott Robertson pushed the boat out to raise money for the Royal National Lifeboat Institution on Saturday 30th June.  Director Ian Ailes, who organised the event with the RNLI Clapham Branch said, “You don’t see many boats in Wimbledon yet our nearest Lifeboat station is on the Thames at Chiswick just 7 miles away; the 2nd busiest lifeboat station in the country. It is manned 24 hours a day and has a response time of just 90 seconds.  So far this year they have attended 107 incidents and rescued 14 people and 3 dogs. Two of our Directors are Lifeboat supporters so we decided to organise a fundraising event on our Wimbledon Village office forecourt by offering to double whatever was donated on the day with a target of £1,000. We are very pleased to say we raised over £1,300”. 

Our photo features (L-R) Residential Sales Team: Rob Wells, David Faulkner, Samantha Cross and Professional Services Director Ian Ailes. 

Property of the Week: Downings House – where clever storage solutions combine style with functionality

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Whether you live in a large house or a small apartment, storage is a major topic for any homeowner. Living in a smaller home doesn’t necessarily need to mean living with less. You just need to be smart about how you organise the space you do have. Make every inch of your home work hard with well-thought out and space-saving storage solutions.

Completely transformed by architect Luis Trevino, our property of the week, a spectacular three bedroom loft style apartment in a handsome Grade II listed converted school, is packed with innovative design touches and makes clever use of space storage solutions that will come in handy no matter the size of your home.

The magnificent reception room makes full use of the double height ceilings. Custom built floor to ceiling units add storage and save space, whilst serving a dual purpose as a room divider to separate the open plan living room and kitchen.

In the stunning kitchen, white-on-white storage is the perfect example of the power of going monochromatic. The luxury units blend seamlessly with the surroundings and low level cabinets around the perimeter create extra seating, great for entertaining, and proving that you don’t need to compromise between style and functionality.

Storage can be found in the most unlikely of places and at Downings House the architect has made ingenious use of the space underneath the stairs, transforming it into a hideaway office – perfect for whether you work from home or need a place for the kids to do their homework. The floating stairs add to the feeling of space and openness.

In the bedroom, mounting ceiling lights either side of the bed frees up space on top of the bedside tables.

And if you are struggling for how to bring light into an internal bathroom, why not consider glass walls to bring in light and add an extra touch of elegance and style?

When it comes to decorating a small house or apartment, the key to keeping a space both functional and tasteful is to decorate minimally. At Downings House, the walls are kept neutral throughout, creating a fresh palette which reflects and optimises the natural light that floods the space.

Downings House is a gem waiting to be discovered…

For further information on this property click here

Property predictions: what next for property in 2018?

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Looking back at 2017, one constant that has been proved yet again is the continued robust nature of the London property market. Despite the political and economic uncertainty of Brexit, the changes introduced to the landlord tax relief and the Bank of England’s rise in interest rates, the property market as a whole has proved to be incredibly resilient.

2017 was a great year for us as a company. Our sales turnover was up on the previous year and the team’s hard work and relentless commitment to delivering exceptional service – and achieving the best possible results for our clients – paid off with a Gold Award at the highly prestigious British Property Awards as the top estate agent in Wimbledon for customer service.

As we look ahead to 2018, we are confident that the market will continue to hold its own. Whilst there is continuing economic and political uncertainty in the run-up to Britain’s departure from the EU in 2019, the continued low rates of lending still make today’s market a good time to buy. As ever, the phrase ‘Location, Location, Location’ is true when it comes to the demand for property in Wimbledon, and that has encouraged more agents to open offices in SW19, giving potential vendors even more choice than before. However, with 11 sales and 7 lets already agreed in January we are off to a very positive start and, despite increased competition from local and online agents alike, we are even more determined to make 2018 our best year ever!

 

ASR Commercial in the News

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We are pleased to report that Ian Ailes FRICS, Commercial Director for Andrew Scott Robertson was featured in the recent RICS Q3 2017 UK Commercial Property Market Survey.

The RICS survey is widely recognised as one of the best indicators of developments in the UK commercial property occupier and investor markets. The results of the Q3 survey show that both investor and occupier demand edged up during Q3 for UK commercial property, but there is still a significant difference between sectors with industrial clearly outperforming.

Survey in brief

  • Rent expectations upbeat for industrial space, but flat for offices and negative for retail
  • Pick-up in both domestic and foreign investment demand at the national level
  • London continues to display more cautious sentiment with 73% of respondents in Central London sensing the market to be in some stage of a downturn.

The view from ASR

Ian Ailes comments in the report “The market is suffering from a negative view and there is nothing on the horizon likely to improve perception. The next event is the Chancellor’s autumn statement but we need something positive in it to incentivise businesses ie less taxation which will generate a larger tax collection. Money is cheap but no one wants to borrow if rates may rise. The Bank of England needs to address this. Threats of interest rate rises are over recessionary. Domestic SDLT needs to be reduced or made fairer to stimulate sales and so new builds from which the economy takes its lead.”

The view from RICS

The feedback to the Q3 survey reflects some of the broader macro issues, with the underlying momentum in the occupier market a little firmer further away from the capital. This is also mirrored in valuation concerns with around two thirds of respondents viewing the London market as being dear.

A key issue going forward will be how the market responds to the likely first interest rate rise in a decade next month. Given that expectations are only for a modest tightening in policy, the likelihood is that it will be able the weather the shift in the mood music. But this remains a potential challenge if rates go up more than is currently anticipated.

To read the survey in full click here.

24 High Street,
Wimbledon Village,
London SW19 5DX

Tel: +44 (0)20 8971 6780
Fax: +44 (0)20 8946 3683