Tag Archives: entertainment
A year of two halves for the prime central London lettings market
It has been a year of two halves in the lettings market in prime central London with the supply and demand pendulum swinging towards supply in the latter half of the year, according to a new report. In the first half of 2014 supply levels in the lettings market dipped with flats down by 14% and house supply down by 27%, year on year. As a result rental values in the second quarter of 2014 were 5.1% higher than they were in the same quarter of 2013, the data from agency W.A. Ellis shows. However, the second half of the year has seen supply levels increase, most noticeably in flats priced between £1,000 and £2,000 per week. The firm said this is due to a combination of factors including an increase in buy to let investors and a rise in the number of new developments coming onto the lettings market. According to Lucy Morton, director and head of agency, the one bedroom market has remained buoyant throughout the year, as is historically the case and the family house market peaked, as usual, in July thanks to families wishing to move on prior to summer holidays. ‘We have been successful in some substantial lettings in the super prime market, which has been active throughout the year, like the family home market, particularly during the spring and summer months,’ she said ‘In terms of meeting tenants rising levels of expectations presentation and decorative condition continue to be paramount across all areas of the market. We are seeing growing number of landlords making considerable investment in refurbishing their properties to gain an edge in a rental market that is growing fiercely competitive,’ she explained. The firm has now merged with JLL and as a result is now advising on the lettings potential of more and more new developments across the capital. Morton said that these new build developments are becoming increasingly sought after as the city and skyline are set to evolve over the coming years. ‘These developments offer an exciting variety of investment opportunities for both British and overseas investors. They also offer a modern and convenient way of living for prospective tenants who often register for specific schemes,’ she pointed out. An example is the Nine Elms regeneration project, which is the largest redevelopment project in London since Canary Wharf, and is the size of the entire West End. It has thousands of new homes, luxury penthouses, high end retail, hotels, entertainment centres, the American Embassy and an underground station. Morton predicts that the area will create a new hub for London over the next few years. Continue reading
Top end of luxury rental market in London booming, new analysis suggests
The top end of the luxury home rental market in London is booming with a lack of supply and concerns about next year’s general election driving the market, according to a new report. The ultra prime market where rents are £100,000 plus per annum and the super prime sector with rents of £1 million and over are currently booming, according to lettings specialist Beauchamp Estates. Its latest report in conjunction with market intelligence group Dataloft, looks at the top 5% of properties let in prime central London over the past five years in terms of rental price achieved. In order to live in luxury in one of the capital’s top 5% of lettings properties, a tenant now has to pay a minimum rent of £108,000 per annum or £9,000 per month, which is the highest entry level for this sector of the London lettings market ever recorded. In addition, there has been a 12.8% rise in the number of properties let at rental values of over £10,000 per week compared to the same period in 2013. The average weekly rent in London’s ultra prime lettings market is now £3,500 per week or £182,000 per annum, a 23% rise since 2009 when the equivalent average figure stood at £2,813 per week or £135,025 per annum. Outside of the capital, a household could purchase a property for this annual rent, since the latest Land Registry records show that the average price of a home in England and Wales is now £177,299. Over the last 12 months ultra prime rental levels have continued to rise. Across prime central London the average rent paid in the third quarter of 2014 was 6.5% higher than 12 months earlier, the highest rate of growth for more than three years. The research reveals that the super prime lettings market, properties to let for over £1million per annum, is also extremely buoyant. The findings show that the £1 million plus rentals market first emerged back in 2010. Initially, the £1 million plus super prime rentals market was confined to Mayfair and Knightsbridge, however during 2013 and 2014 the market has expanded significantly and Chelsea, South Kensington, Notting Hill, Regent’s Park, St John’s Wood and Holland Park have all seen properties let at rents equivalent to over £1 million per annum. The firm points out that the ultra prime lettings sector is highly lucrative and therefore, despite its small percentage size, in terms of rental income it is disproportionally large and is extremely important to the overall health of the capital’s lettings industry. The annual rent roll from ultra prime London rentals agreed in the first nine months of 2014 is equivalent to £102 million in annual rental income. This represents 21% of the total annual rental income of all lets agreed so far this year across prime central London. In other words, a twentieth of the deals make up a fifth of the income… Continue reading
Throw litter from cars and pay through your nose
Throw litter from cars and pay through your nose Staff Reporter / 25 March 2014 The Dubai Municipality has enabled the public along with officials to report littering and other cleanliness-related offences through the iDubai app. Irresponsible drivers beware! Hundreds of municipal officials and thousands of residents with sound civic sense are watching if you or passengers in your vehicle are throwing out cigarette butts or any other waste. With just a click on a smart app, they can book you for the offence that attracts Dh500 in fines. The Dubai Municipality, which has enabled the public along with officials to report littering and other cleanliness-related offences through the iDubai app, has intensified monitoring the wrong practices of drivers and passengers. “Some of drivers are not bothered about littering or spitting on the road while driving,” said Director Abdul Majeed Al Saifaie. “This phenomenon is more common among drivers of commercial vehicles than private and family vehicles. Hundreds of municipality officials are assigned to report this type of violations in additions to thousands of people who can voluntarily report any cleanliness issues via iDubai app from their smart phones” he said in a media statement issued on Monday. “As all of us are happy to join the ‘Smart Government’ initiative of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and the Ruler of Dubai. This is a golden chance for all to contribute in keeping our city clean,” he said. “Hence, everyone should be careful. The driver will be responsible for anything thrown out of his car. A fine starting from Dh500 will be charged for each offence. It is the duty of parents and teachers to educate children about the healthy and eco-friendly practices,” he explained. “We recommend everyone to keep a small waste bag inside the vehicle to put small waste during the drive and properly dispose it after parking the car,’ he further said. Cigarette butts, paper wraps, tissue paper and bottles are generally the items thrown out of cars. “We want to make Dubai one of the most comfortable places to live and do business. Everyone, regardless of their nationality, should learn best practices and cooperate with the civic body to keep our city clean and beautiful and thus protect the environment,” he added. sajila@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
