Tag Archives: real estate
Homes near grass court tennis clubs in the UK attract a price premium
With the most popular tennis tournament in the UK due to start in Wimbledon new research reveals that property in the area is the most expensive near a tennis venue in the world. Average property prices in Wimbledon Village currently stand at £1,591,939 compared to just £459,957 near the French Open ground of Roland Garros, according to the data compiled by online estate agents HouseSimple. This compared to £604,932 near Melbourne Park, the Australian Open venue and £466,193 close to the site of the US Open in Flushing Meadows. However, average property prices across the whole of the SW19 postcode are are a little more reasonable at £874,857. But those seeking a property next to some of the other tennis clubs with grass courts in the UK will also have to pay a lot more than surrounding areas with a premium of as much as 282%. For example, the average price of property near to the Holland Park Lawn Tennis Club is just over £4.34 million, some 281.5% more than the average of £1,138,333 for that postcode area. Slightly more affordable, are property prices near to the Halton Tennis Centre, close to Aylesbury, in Buckinghamshire. At an average of £642,917, they are 54.6% higher than the £415,783 for the postcode area. Similarly for homes next to the Hurlingham Club in south west London the average price is £2,694,130 compared to the average in the area of £1,110,978, a difference of 142.5%. But there is not much difference around the Queen’s Club, also in south west London, with just 0.2% price differential. Alex Gosling, the firm’s chief executive officer, pointed out that property prices close to the Wimbledon Championships pale in comparison to average prices next to the Holland Park Lawn Tennis Club. ‘Even if you combined the men’s and women’s winner’s cheques, they still wouldn’t cover the average price of a property in the area,’ he added. Continue reading
Land Registry consultation launched on single digital property register in UK
A consultation is underway in the UK on changes to local land registry frameworks with interested parties from the property industry urged to give their opinions. It is currently intended that the Local Land Charges Rules 2017 will come into force on 06 April 2017. However, the rules will only take effect in relation to local authorities in stages, as there will be an incremental roll-out, it has been confirmed. The Infrastructure Act 2015 provides for the transfer of responsibility for Local Land Charges from local authorities to the Land Registry. The plan is for the Land Registry to provide a single, digital Local Land Charges register. ‘In today’s world, it is crucial that public services are available online. Customers expect to be able to access government information without delay or complication, and for a reasonable fee,’ said Graham Farrant, chief land registrar. ‘With our track record for modernising land related systems and our continually evolving digitisation programme, Land Registry is well placed to deliver the single, digital register for Local Land Charges information,’ he explained. ‘A single digital register held by a single provider will reduce overheads and eliminate regional variations in the speed, format and costs of the local land charges service. It will make the local land charges system fit for purpose in a digital era,’ he added. He pointed out that the provisions in the Infrastructure Act 2015 set up the framework for Land Registry to modernise and digitise property searches. ‘We will centralise and digitise local land charge information from the 326 English local authorities that currently hold and supply it. The result will be a far more efficient and cheaper service,’ Farrant said. ‘We will set a standardised national fee and turnaround time in contrast to the existing local variations in service, where fees range between £3 and £96 for the same outcome. A single source for improved access to property information will support a more streamlined conveyancing process and improve the ease of registration,’ he added. ‘This activity will ultimately help people who are buying and selling their homes, and support the Government aim to make dealing with property quicker, cheaper and easier. We are well placed to help achieve that aim because Land Registry is already at the centre of the conveyancing process and is the largest single source of property information. A single provider of local land charge information, rather than the 326 separate providers, and a modern digital system, are what is required for this part of the conveyancing process to underpin the property market,’ he concluded. The consultation seeks views on the proposed draft Local Land Charges Rules 2017 which will provide the framework for how the electronic Local Land Charges Register Service will work. As a result of the changes, the proposed Local Land Charges Register Service to be provided by Land Registry will improve upon the current services by introducing a single digital local land charges register,… Continue reading
Home prices rising faster in East of England than anywhere else in UK
Asking prices in the East of England are rising faster than anywhere else in the UK, raising concerns about the sustainability of the region’s property market. Indeed, the region's average asking price has risen twice as fast as the rest of the country over the last 12 months, according to the June index from property search engine Home.co.uk. Year on year prices in the East of England increased by 13.9%, compared to an England and Wales average rise of 6.8% and a rise of 6.7% in Scotland over the same period. The data also shows that the East of England's rises far outstrip Greater London's 7% year on year rise and the South East's increase of 7.8%. Asking price figures for May and June 2016 provide further evidence of how the East of England has become the UK's hottest market. Over this period, the region's average asking price rose by 1.6%, while London's fell by 0.4% and prices in the South East only rose by 0.2%. Across England and Wales the latest monthly rise was 0.4%. Properties are also selling faster in the East of England than in any other region. The typical time on the market for homes in the East of England in June is 54 days, compared to 80 days across England and Wales and 62 days in London. Lack of supply is a key factor in these regional variations in asking price. There was an 8% fall in supply of property in the East of England between May 2015 and May 2016. Over the same period, the UK wide fall in supply was 7%. In contrast, between May 2015 and May 2016, the supply of property rose in Greater London by 2% and in the South East by 1%, a key indicator as to why asking prices in those two regions are now flagging compared to the East of England. Home.co.uk is predicting that the East and West Midlands are set to follow the East of England's rapid rate of asking price inflation, as the supply of property in each area has dropped by 13% and 14% respectively over the last year. These are the largest regional declines in property supply since May 2015. ‘A cooling London market has changed the dynamic of the UK property market and is now less of a focus for property investors,’ said Home.co.uk director Doug Shephard. ‘The new regional champion is by far the East of England where terrific price rises look set to rival even London in its heyday. But investors should be aware as if prices rise too far and too fast, a severe correction becomes a significant risk in the region,’ he added. Continue reading
