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Property near London’s Crossrail could see price growth of up to 16% by 2020
The Crossrail train system in London, now due to open in less than three years, is likely to result in a 7% rise in average house prices at many locations along its route by 2020, according to new research. Many locations are already benefitting from higher property values, as well as new development and regeneration, and activity is expected to step up another gear in the run up to the line’s opening, the report from real estate services firm JLL says. The research shows that some Crossrail locations are expected to see house price growth of 16% above the Greater London average by the end of 2020 while on average, residential prices around Crossrail stations are forecast to see 7% greater uplift compared to non-Crossrail stations. Woolwich, West Drayton, Whitechapel and Ealing Broadway are the most advantageous locations to develop apartments for sale, the research also says. Woolwich is forecast to experience the highest house price growth along the Crossrail route, with prices expected to rise by 39%, while West Drayton, Whitechapel, Slough, Abbey Wood and Iver are all set to see prices rise by more than 33% over the next five years. ‘Crossrail continues to drive value growth right across its length. In the current market, what is becoming clear is the additional benefit it brings to some of the lower value locations along the route,’ said Neil Chegwidden, residential research director at JLL. ‘It is supporting regeneration through improved accessibility and, as a result, offers a longer-term capital growth potential that may be harder to identify in central zones,’ he added. Continue reading
Inventory disputes falling on the side of landlords in UK
New research shows that for the first time since the start of the tenant deposit schemes in 2007 in the UK more landlords and agents are being awarded 100% of the disputed amount at adjudications than tenants. The figures from the Tenant Deposit Scheme Annual Review 2015 show that 19.8% of all disputes raised by landlords or agents resulted in 100% pay outs to them, while 19.2% of all disputes raised resulted in 100% pay outs to tenants. The remaining 61% of cases saw the disputed money split between the parties. This compares with 2014 when 20.25% of all disputes raised by tenants resulted in 100% payouts to them, compared with 18.21% to landlords and agents. In previous years, tenants have always been awarded the full deposit more often than landlords and agents. Although adjudicators do not seek to decide in favour of one side or the other, many landlords and agents believe that the Courts are biased towards tenants. According to Jax Kneppers, chief executive officer of Imfuna, these results are a sign that the landlords and agents are presenting better documented evidence at adjudications. ‘For the first time, landlords and agents are now more successful than tenants at winning 100% of deposits. This is a significant achievement, an 8.5% increase year on year,’ he said. ‘More and more landlords and agents are recognising the power of digital professional inventories and mid-term inspections and this is why the balance is starting to shift. Many landlords and agents are ensuring that the condition of the property is fully recorded at the start of the tenancy, with a comprehensive inventory, along with a thorough check-in and check-out report,’ he explained. He also pointed out that historically many tenant disputes have gone in favour of tenants, as there was simply not enough evidence to support the landlord or agent’s damage claim and the most common mistake in most inventories is the lack of detail. Often there is not enough appropriate photographs and any accompanying description to show the condition of the property and its contents. For example, many landlords and agents fail to record the condition of sinks and bathroom fittings, as well skirting, doors, floor coverings and kitchen units. If an inventory is not a professional and thorough report on the property, then it is not worth the paper it is written on. ‘Inventory reports should contain a full description of the condition of the property, noting detail on every aspect of damage and its location at the start of a tenancy. Good photographs provide vital evidence and should be of a high quality when printed up to A4 or A3 size, so that any damage can be clearly seen,’ said Kneppers. ‘Unless landlords and agents have a water tight inventory, they are at risk of disputes and expensive repair bills. Our research shows that landlords and agents who… Continue reading
Average asking price for a home in England and Wales passes £300,000
The average asking price of a home in England and Wales has surpassed £300,000 for the first time as demand soars and supply remains tight, the latest index figures show. New homes put on the market averaged £303,190 this month, up 1.3% on the previous month and up 7.6% compared to the same month a year ago, according to the data from Rightmove. The property portal’s monthly report says that the challenges facing both first time buyers and those trading up are highlighted by a 50% increase in just 10 years which means that new seller asking prices have increased by £100,000 since March 2006. And the 1.3% price jump in March at £3,903 is the second highest at this time of year since the 2008 credit crunch with the price growth momentum spreading north and west with six out of 10 regions setting record price highs this month. The data also shows that London no longer leads the growth with prices standing still as an average asking value of £644,045 but they are up 11% year on year. ‘While the start of 2016 has seen an encouraging but modest uptick in the number of properties coming to market, demand and momentum have combined to push prices over £300,000,’ said Miles Shipside, Rightmove director and housing market analyst. ‘On average 30,000 properties have come to market each week over the past month, up by 3% on this time last year, but there are insufficient numbers of newly listed properties in many parts of the country to meet demand,’ he explained. ‘The rebound from the housing market downturn has been driven by underlying demand, greater availability mortgage lending, and the economic recovery. The release of this pent-up demand and the shortfall in housing supply are resulting in insufficient availability of affordable stock in many locations,’ he pointed out. Shipside said that the result is that more first time buyers and would-be trader uppers are finding themselves ill-equipped to cope with current house prices given the tighter lending criteria and average earnings lagging well behind house price growth. A breakdown of the figures shows that asking prices monthly growth was led by the South West taking the average to £292,251 and up 6.8% year on year, followed by the West Midlands with monthly growth of 2.5% to £204,140 and annual growth of 5.5%. This was followed closely by the North East with monthly growth of 2.4% to £148,484 and annual growth of £3.7% while Yorkshire and Humber saw month on month growth of 1.9% to £173,947 and year on year growth of 3.2%. The South East saw monthly growth of 1.8% to £399,680 and annual growth of 8.1%, the East of England monthly growth of 1.6% and annual growth of 9.7% to an average of £326,836 and the East Midlands and Wales both saw monthly growth of 1.4% taking the average asking price to £189,819 and £174,046 respectively. Shipside pointed out that three out of the top four… Continue reading
