17 May 12 ‘House prices won’t fall’ says UK plc
Rightmove has released a survey that says house price optimism is on the up.
One of the features of this downturn is that property prices have held up or recovered better than many anticipated. This has not aided a return to the levels of affordability seen in previous downturns, which has been one of the factors in keeping sales transaction volumes muted. Indeed, nearly half (46%) of those surveyed state they felt property prices in their local area are above fair and reasonable levels.
Shipside adds: “In spite nearly half of people stating they think property prices are top heavy in their local area, the overwhelming view is that property prices will be the same or higher in a years’ time. Those that are active in the market are perhaps looking in the better areas so their view is likely to be
influenced by more buoyant conditions in cash rich locations. The less active deposit-poor areas will be
those where prices will have to be dropped if a seller is keen to sell.”
The full house price optimism report is here.
11 May 12 The right Tube stop adds nearly £30,000 to property prices, says Nationwide
How much does living next to the right Tube stop add to the price of a house? About £27,000 according to Nationwide.
They released a survey in April that said there is a £27k premium for a property 500m from the nearest station, compared with a similar property 1,500m away. The price of a 10 minute walk is the average annual salary, it seems.
Nationwide said the premium has gone up since 2010, and that on average houses closest to the Circle Line stations are the most expensive, those nearest the Metropolitan Line are cheapest.
Property prices go up the closer you get to the Tube, says the report
Nationwide’s chief economist, Robert Gardner, said: ““A property located 500m from a station attracts a 9% price premium (approximately £27,000 on a typical London home) over an otherwise identical property 1,500m from a station.
“This price premium is two percentage points higher than when we conducted similar research in 2010, where the data suggested a 7% premium.”
The survey also revealed the East London Line, which connects north London with up and coming New Cross and south east London has had a big affect on property prices in the area.
“Since the reopening of the East London Line, property prices in Hackney have increased by 11% – the second strongest performance amongst the London boroughs.”
11 May 12 Hometrack property survey reveals north south divide
The latest Hometrack house price survey revealed that London continues to outperform the rest of the UK:
A clear divide continues to grow between markets in and around London and the rest of the country. The strongest price rises in April were in London (+0.3%), with small gains (+0.1%) across the regions of southern England. Prices elsewhere were either static or falling.
More on the house price survey here
08 May 12 UK property market ‘runs out of steam’
No spring bounce and a flat property season, that’s the message from Rics according to their latest property survey – at least if you live in the part of the country called Not-London.
Not-London saw a wet spring and a withdrawal of property tax incentives dampen any enthusiasm in the market, while London “continued to outperform”.
08 May 12 House prices in all London boroughs, April 2012
This chart shows London property asking prices for all 32 boroughs in April 2012, including the inner London boroughs of Camden Greenwich Hackney, Hammersmith and Fulham, Islington, Royal Borough of Kensington and Chelsea, Lambeth, Lewisham, Southwark, Tower Hamlets, Wandsworth and Westminster, and the outer London boroughs of Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston upon Thames, Merton, Newham, Redbridge, Richmond upon Thames, Sutton and Waltham Forest.
House prices in London, April 2012
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