It’s a well reported fact that property prices are now rising faster than wages so it’s little wonder that affordable housing has become such a hot topic. Back in January, the Prime Minister of the time, David Cameron vowed that the government would embark on a programme of building thousands of new affordable homes and that £1.2 billion would be set aside for the next five years to build starter homes that first-time buyers could afford. So, as we approach 2017, what does affordable housing really look like? Well, one of the government’s definitions of affordable is that it should…Read more..
Some luxury London residential properties are being slashed by as much as six figures to get a sale in the wake of Brexit, according to property analysts LonRes. In the area known as the ‘golden triangle’ which incorporates postcodes around Kensington, Knightsbridge and Mayfair, the average house price cut is Just over £171K. Similarly, in homes across the Zone 1 and Zone 2 areas of London, house price cuts are just over £100K compared to around £59K this time last year. Since Brexit, LonRes has calculated that around 46% of homes in central London that were up for sale…Read more..
According to a report by the think tank the ‘Intergenerational Foundation’ this is potentially becoming the case. In their report that covers suburbs in England and Wales it uncovered that whilst young people are increasingly moving into city centres to live, the surrounding suburbs are being dominated by over-50s. In fact, since 1991 the number of areas dominated by older people has risen seven fold as young people, unable to get on to the property, choose to rent in the city closer to where they work. This ultimately means that the current supply and demand issue in the housing…Read more..
Summer always sees a bit of a slowdown in house prices but this year it seems particularly striking, especially in London. The average asking price of a London home has dropped by just over £16K in the last month and it is the top end of the market that has been hit the most. Boroughs such as Westminster, Chelsea and Kensington have been hit particularly hard and in some cases, house prices at the top end have been reduced by over £220K in the last 4 weeks. That’s a staggering 14% drop. According to figures from Rightmove’s house price index,…Read more..