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Bath tops list of most desirable urban location for buyers outside of London
Town and city living is becoming more popular in the England with Bath, Exeter and Bournemouth named as the top locations for urban living. Bath is popular with buyers because of its sophistication and easy access to beautiful countryside, Exeter for its location close to the moors and coastline and Bournemouth for its beach and contemporary architecture. Next on the list, compiled by agency Stacks Property Search, is Cheltenham, Truro, Milton Keynes, Oxford, Marlowe, Wells, Brighton and Winchester. ‘Urban property is becoming more and more sought after, and towns and cities that can offer sophistication, culture, great shopping, schooling and facilities, yet remain relatively small and contained with a clear personality are becoming increasingly popular,’ said James Greenwood of Stacks Property Search. Cheltenham is signalled out for its shopping and desirable suburbs, Truro for being just 30 minutes from some great surfing beaches, Milton Keynes for its lovely old houses within walking distance of the centre, Oxford for its university and culture, Marlowe for being a market town on the River Thames, Wells for being a safe city with a music culture, Brighton as a buzzing and bohemian place to live and Winchester for its quiet riverside walks but just an hour by train from London. ‘What makes these towns and cities so attractive is that they're small enough to be friendly with low crime figures, yet large enough to offer everything that residents want. They're like a hybrid between a market town and London. They don't have sprawling suburbs, so everywhere is fairly accessible on foot and they're surrounded by attractive countryside or seaside,’ explained Greenwood. ‘Urban life on this scale is attractive to numerous types of buyers, including families with older children who don't want to be hidden away in the middle of the country, retirees who want entertainment and company on their doorstep and the younger generation, many of whom find that large city living is too impersonal,’ he added. According to Nick Wooldridge of Stacks Property Search towns within commuting distance of London can be the first stop for city leavers who think that the culture shock of London to country is too severe. But many who arrive in Marlowe, for example, never move on as they enjoy the lifestyle so much. ‘Buyers are looking for a mini-London, and these towns all meet that brief. There are bucket loads of culture, fantastic shopping, a really buzzing atmosphere, restaurants and bars at all levels of the spectrum, good state and private schools, but everything's virtually on the doorstep,’ said colleague Jo Aldridge. While, according to Nicola Oddy it is the location of many of these towns that makes them so special. ‘Truro is an amazing city offering everything an urbanite could possibly want; but being equidistant between north and south Cornish coasts, there are 20 places within half an hour to keep a yacht, go surfing, or picnic on the beach. Bournemouth has seven miles of blue… Continue reading
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
