Spring selling season fails to materialise as house price growth stalls

By Isabelle Fraser

The annual rate of growth was 4.1pc in March, down 1.5pc from February CREDIT: PA

House prices slowed in March, according to official figures, as an increasing squeeze on consumers weighs on housing market activity.

The annual rate of growth was 4.1pc, down from 5.6pc in February, as the market stagnates due to a lack of supply.


Between those two months, the average house price across the country fell 0.6pc; this slump affected everywhere in the country except Wales and the West Midlands. In London, house prices fell 1.5pc in March alone.

House price growth around the country

Howard Archer at IHS Markit said that it added "to a mounting collection of weaker data and surveys which point to the housing market being increasingly affected by the deepening squeeze on consumers and their concerns over the outlook".

He said that these pressures would continue to intensify over the coming months and forecast house price will rise by just 2pc in 2017. Mr Archer added: "There is a very real and mounting possibility that it could come in lower than that."

The Royal Institution of Chartered Surveyors found that in March the market was "subdued", and the traditionally strong spring selling season faltered as new buyer enquiries and agreed sales remained broadly unchanged since the start of the year.

It comes as the Bank of England reported that mortgage approvals for house purchases dipped to a six-month low in March. The average price of a home in the UK is now £215,848.

Jonathan Hopper, managing director of Garrington Property Finders, said: “These official figures suggest the slowdown is sharper and started earlier than first thought.

“April’s surprise election announcement applied a dab to the property market's brakes, but this data confirms it had already dropped down a gear in March.

“While the speed and severity of the fall in annual price growth – down to its lowest level for more than three years – will alarm some sellers, such national averages mask the wildly different conditions at opposite ends of the market."

http://www.telegraph.co.uk/property/house-prices/spring-selling-season-fails-materialise-house-price-growth-stalls/

MPs call for greater powers to ‘clamp down’ on illegal lets in London

By Marc Da Silva

With a growing number of buy-to-let landlords in London now using short-term letting platforms like Airbnb to breach the rules for letting properties, MPs are calling for greater powers to crackdown on abuses of existing legislation that permit homes to be rented out short-term for up to 90 days a year.

Addressing Parliament yesterday, Westminster North Labour MP Karen Buck, supported by nine other MPs, said that landlords should have to notify councils of the dates that their property is being used for short-letting.

According to Buck, Westminster council, alone, is currently investigating more than 1,100 properties which are believed to have been in breach of the 90-night limit.

She said that she welcomed the “freedom for homeowners to let their properties”, but insisted that “without excessive bureaucratic interference” it is hard for “cash-strapped councils to police the rules”.

“Alongside the responsible owner-occupiers are irresponsible ones, illegal sub-letters and an increasingly significant commercial operation, seeking to take advantage of potentially higher yields,” she added.

Earlier this month, the Mayor of London urged short-term agents operating in London, including Veeve, One Fine Stay, Wimdu, Booking.com, HomeAway and Airsorted, to block hosts from renting out homes in the capital for more than 90 days.

But until there is a change in the existing rules to monitor activity levels in the market, Field insisted that “a free-for-all in short-term lets” will keep “causing misery for thousands of our constituents”.


“We want the local council to have effective powers to clamp down on this,” she added.

https://www.landlordtoday.co.uk/breaking-news/2017/3/mps-call-for-greater-powers-to-clamp-down-on-illegal-lets-in-london

Additional £7.2m investment for rental transaction platform

By Graham Norwood

Cloud-based rental transaction platform Goodlord - already used by some agencies in the UK including Strutt & Parker and Remax - has raised £7.2m in additional funding.

The funding has come from Silicon Valley fintech investor Ribbit Capital and existing investors LocalGlobe and Global Founders Capital.


The platform claims to make the rental transaction quicker and more transparent: agents can smooth the process of finding and securing a home for tenants, ensure landlords receive tenants’ references quickly and collect deposits and rent online.

It says it saves agents 50 to 75 per cent of their administration costs with additional services aimed at landlords and tenants launched each week.

By the middle of the year the London-based firm aims to have 117 developers, engineers and salespeople.

https://www.lettingagenttoday.co.uk/breaking-news/2017/3/additional-7-2m-investment-for-rental-transaction-platform

Property prices in England and Wales up 0.6% in February, annual growth down

Property prices in England and Wales increased by 0.6% in February but the annual rate of growth fell to 2.4%, the lowest since 2013, although some parts of the country are seeing stronger growth.

Indeed the highest price growth for a year was recorded in Merseyside and Birmingham with new peaks of 5% and 6.2% respectively, according to the latest Your Move index.

The average price of a house is now £297,832 and there are signs that London and the South East are now pulling down the national average as when they are excluded from the calculation the annual growth is 3.1%.

While there was a strong performance in the East of England, it was Merseyside that set a new peak price in January with the report suggesting that heavy demand for apartments in Liverpool from both young professionals and buy to let investors renting to students has seen prices rise in Merseyside by 5% in the last year.

Birmingham in the West Midlands also set a new peak in the month and the reports says that ongoing regeneration of the city centre, good connections by rail and road, and expansion of a number of large employers is giving the city renewed confidence. Prices in the area were up 0.4% monthly and 6.2% year on year.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, believes that it has been an encouraging start to 2017. We’ve seen the strongest house price growth in a year, the emergence of the promised Northern Powerhouse and the first tentative signs of a recovery in the highest priced properties in London,’ he said.

He pointed out that the strong start to the year for house prices isn’t yet reflected in annual figures, which suffer from comparison to price spikes ahead of the last April’s stamp duty hike.

‘When these drop out of the calculation in a couple of months, though, we hope to see the more positive trend. As the recent English Housing Survey shows, the market is supported by increasing numbers of first time buyers and rising transactions in the last year. The increasing contribution of a strong North Western market centred on Manchester, meanwhile, gives hope for more balanced, if modest, price growth going forward,’ Blake added.

The data also shows that the 11 most expensive of London’s 33 boroughs registered an average increase of 0.8% in prices over January, double the average for London as a whole, rising by £7,473.

By contrast, inflation in the cheapest third of boroughs, which drove growth for much of last year, was subdued. Only Havering with growth of 1.7% and the cheapest borough Barking and Dagenham, up 1.1%, recorded growth above 1%. The latter has still posted double digit annual growth at 11.8%.

The report points out that Greater London market still faces challenges and from January 2016 to January 2017 average prices are up only 2.1%, the lowest rise in almost five years. Every borough has also seen a reduction in transactions for the three months to the end of January, compared to a year before, and London has seen the largest drop in transactions in the country with a fall of 22%.

Despite a slowdown, with prices up just 0.1% over the month, the East of England continues to top the table for annual growth, up 5.9%. The London commuter hotspots of Luton, growing 10.4% in the last year, and Essex with a rise of 6% both set new peak prices month on month.

Indeed, with the exception of London, Southern regions are once again driving price inflation in England and Wales. The South East was up 0.6% monthly and 5.2% annually and the South West up 0.6% and 4.7%, meaning are both closing the gap on the East of England.

http://www.propertywire.com/news/uk/property-prices-england-wales-0-6-february-annual-growth/

What is stamp duty tax and why do we pay it?the property transaction tax explained

By Prudence Ivey

Stamp duty must be paid by the buyer of any home in England that costs more than £125,000 - so what is this tax and where did it come from?

Credit: Alamy, Alamy Stock Photo

Stamp duty land tax (SDLT) is paid on any property purchase of more than £125,000.

History

Stamp duty was introduced in England in 1694 during the reign of William and Mary as a transaction tax to raise money for war against France and was raised on goods including hats, newspapers and patent medicines.

Although it has been adopted in many countries around the world, an attempt to enforce the levy in the then British colonies in America contributed to the outbreak of the American War of Independence under the slogan “no taxation without representation”.

How stamp duty has changed over the decades

Home buyers paid one per cent tax on properties costing more than £60,000 until 1997 when then-Chancellor Gordon Brown introduced bands above which higher payments would be charged – the upper band was set at £500,000.

In the intervening two decades, the lower and upper thresholds have been raised in response to rapidly rising house prices.


But the biggest shock to the London property market from SDLT – now payable only on land and property transactions – came in December 2014 when George Osborne abolished the slab structure, introducing progressive charges and increasing the levy on homes costing more than £937,000.

Stamp duty and the London property market

While the government says 98 per cent of home buyers now pay less stamp duty than in the past, soaring London house prices have seen receipts from the capital increase disproportionately to the rest of the country.

The new bands have been blamed for the slowdown of the property market in the multi-million pound price bracket.

In 2015/16, seven per cent of all UK residential SDLT receipts came from Kensington and Chelsea, where the average payment was £135,000 and 30 per cent of all revenues came from the 10 highest paying local authorities, nine of them in London and the tenth in Surrey.

An additional three per cent charge for any property not used as a primary residence has been charged since April 2016 to help towards doubling the affordable housing budget.

http://www.homesandproperty.co.uk/property-news/what-is-stamp-duty-the-property-transaction-tax-explained-a108691.html

Website claims thousands of London lets defy licensing rules

By Graham Norwood

An advice website claims that more than half of the privately rented properties in the selective licensing area imposed by a London council have not got the appropriate licence - four months after the scheme came into effect.

Research by London Property Licensing has found the problem in Tower Hamlets.

On October 1 last year the council introduced a selective licensing scheme in three wards in the west of the borough. The regime applies to all private rented homes within the boundaries whether they are houses or flats and are let to an individual, single family or are in multiple occupation. “There are very few exemptions” says the website.


The application fee is £520 to £660 per property and - in common with similar schemes across the country - until an application is submitted, the landlord and letting agent are committing an offence if they let a property in the selective licensing area, which covers an estimated 6,000 private rental units.

In response to a Freedom of Information request, Tower Hamlets council has told the website that by last month, only 2,100 applications had been received by the council of which 1,000 licences had already been approved.

“Based on the council’s own estimates, there could be around 3,900 private rented homes in the west of the borough where no selective licence application has yet been submitted – accounting for almost two thirds of all private rented homes in the area” says London Property Licensing.

The website says there are now 23 different property licensing schemes currently operating in London.

“The myriad of schemes operating across London is becoming a major headache for landlords and letting agents as they struggle to understand what rules apply where” says Richard Tacagni, London Property Licensing’s managing director.

https://www.lettingagenttoday.co.uk/breaking-news/2017/3/website-claims-thousands-of-london-lets-defy-licensing-rules

London to remain a 'magnet for global superrich despite Brexit'

By Rupert Neat

UK capital will continue to pull millionaires and billionaires from Asia and Middle East, says report by property consultants

London will remain the ‘city of choice’ for the wealthiest people in the world, finds Knight Frank. Photograph: © DBOX for Eric Parry Architects

The global super-rich will continue to flock to London despite the UK’s decision to leave the EU, according to a report by property consultants Knight Frank.

The number of UK-based ultra high-net-worth individuals (UHNWIs) – those with more than $30m (£24.2m) in assets – is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the superrich from the Asia and the Middle East despite concerns over Brexit.

“In a European context, London is without doubt the dominant city for the wealthy,” he said. “London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.”

Bailey said Britain’s exit from the EU may have some impact on London’s global appeal, butthe UK’s membership of the EU was less important for the world’s richest people than the general population.

While the population of UNHWIs in the UK, which has increased by 28% over the past decade, is expected to keep rising, the number of superrich on the continent is expected to remain flat or decrease.

“Here growth will be constrained by growing religious tensions, a combination of rising taxes and higher state pension obligations and public healthcare costs, and the loss of high-skilled jobs to Asia,” said Andrew Amoils, head of research at New World Wealth, a market research firm. “We also expect to see some outward migration of HNWIs [high-net-worth individuals, with more than $1m in liquid assets] from these countries.”

More than 10,000 HNWIs left France last year, 6,000 Italy, 3,000 Greece and 2,000 Spain.

The One Hyde Park development in Knightsbridge, London, is among the most expensive real estate in Europe. Photograph: Matt LLoyd/REX

However, the report points out that it is difficult to state which city or country the superrich call home as so many own several properties across continents. “The world’s wealthy are a footloose group, and the place they call home is only a starting point when trying to unravel the locations that most resonate with them,” Bailey said.

The global population of UHNWIs increased by 6,340 last year to 193,490, after a slight decrease in 2015. Another 60 people were added to the global tally of billionaires last year, taking the total number of dollar billionaires to 2,024 – up 45% over the past decade.

Guardian graphic | Source: New World Wealth. Note: Ultra high net worth individuals are those with more than $30m of assets

“One key influence on income in 2016 has been the performance of stock markets in dollar terms,” Amoils said. “In many countries this was much stronger in 2016 than in 2015. There may be widespread uncertainty, but there are also strong fundamentals in many economies, with signs of real progress being made around regulation and policy which will help economic growth to flourish in some places.”

The top concern of the superrich, according to a survey of 900 private bankers and wealth advisers, was “wealth preservation” and was listed by 66% of wealth managers’ clients. Other pressing concerns were capital growth, inheritance and privacy.

Just 3% listed “being seen as a responsible global citizen” as a pressing concern. When asked to pick the least important factor when considering how to invest their clients wealth, the top two were “philanthropic outcomes” and “being seen as a responsible citizens”.

 A gold Ferrari parked in Sloane Street in London. Photograph: Dan Kitwood/Getty Images

The superrich’s best investment last year was fine wines, which increased in value by 24%, overtaking an index of classic cars, which grew by 9%.

Andrew Shirley, editor of the wealth report, said: “Personal enjoyment was considered the number one reason why UHNWIs collect and buy luxury assets. Often that pleasure is clearly connected to one of our senses – the taste of a great bottle of bordeaux, the visual beauty of a Van Gogh, the sound of a gurgling V8 or rasping V12 engine – but sometimes it’s more to do with our bank balance or our ego.

“Some of these objects of desire also turn out to be shrewd investments so it’s no surprise then that ‘capital appreciation’ is now the second-most-important motivating factor when making a purchase – although many people still find it hard to understand the rationale for buying wine when you have no intention of drinking it.”

Knight Frank said global political uncertainty had caused a spike in private jet travel, with the number increasing from 14,500 to 21,000 over the past decade. The report said that in some regions the risk of kidnapping was a serious concern for the wealthy, and led to 40% choosing to travel by private jet in Latin America and 38% in Russia.

https://www.theguardian.com/business/2017/mar/01/london-to-remain-a-magnate-for-global-super-rich-despite-brexit-knight-frank

Triple towers planned for Brentford:ambitious scheme for west London suburb includes ultra-modern 'vertical village' with 550 new homes and business pods

By Ruth Bloomfield

Ambitious scheme for three towers designed by award-winning architect Will Alsop is set to propel run-down west London suburb of Brentford into the premier league of London regeneration zones...

A new landmark: Will Alsop’s residential Brentford towers

This is the ambitious scheme set to propel humble Brentford into the premier league of London regeneration zones. The run-down west London suburb is the planned location for homes in ultra-modern triple towers designed by RIBA Stirling Prize-winning architect Will Alsop.

The design is show-stopping but it has to be said, the location at Capital Interchange Way, tucked between the M4 and the South Circular, is less so.

However, as well as being very near the motorway and Heathrow airport, it’s handy for central London. If approved by Hounslow council, the project will include 550 new homes, completed by about 2021.

There will also be transport links, a bus depot, new offices and business “pods” for start-up firms, parks between and on top of the blocks, and a stadium for Brentford Football Club on the industrial site close to Kew Bridge station.

While modest by central and east London standards, the planned three main buildings will, at 18, 19, and 20 storeys, form a west London landmark that will be easily visible from the M4, Gunnersbury Park, and from planes approaching Heathrow.

As well as their unusual design — one tower will be rectangular, one oval, and one will taper outwards from a narrow base, with Alsop’s trademark pops of primary-colour cladding — the buildings feature some novel approaches to “vertical village” living.

Runners will enjoy a roof-level running track “providing opportunity for exercise away from the busy roads”, and there will be areas for residents to use as allotments for growing fruit and veg.

Given its proximity to the M4, air pollution at the site will be a concern. However, a report commissioned by site owner Facilitas Technical Engineering Services, a privately owned property and construction company, claims that after three months of monitoring nitrogen dioxide and particulate levels on Capital Interchange Way it concluded that local air quality is within standards set out by the World Health Organisation, the European Union and the British Government.

Alex Moussaieff, development consultant at estate agents Aston Chase, believes buyers will consider homes with a motorway blight on the doorstep because they are desperate for somewhere to live at the right price. The homes in the new scheme have not yet been priced.

The development is part of the ongoing rejuvenation of the hinterland of the Great West Road, once nicknamed the Golden Mile and lined with some of London’s finest Art Deco industrial buildings. Over the last few years developers have been taking over these buildings and repurposing them as housing, notably Bellway Homes’ WestSide scheme on the site of the Thirties Alfa Laval building, and Barratt London’s Great West Quarter, a 900-home scheme centred on the Grade II-listed Wallis House, originally occupied by aircraft company Simmonds Aerocessories.

http://www.homesandproperty.co.uk/property-news/triple-towers-planned-for-brentford-ambitious-scheme-for-west-london-suburb-includes-ultramodern-a108306.html

Sales of luxury London properties collapsed by 86% in past year

by Patrick Collinson

Monday 17 October 2016

Developers scale down most opulent projects, with newbuilds divided into smaller homes, as increased taxes blamed.

Just five properties were sold for more than £10m in the three months to August 2016. Photograph: Jack Taylor/Getty Images

Billionaires are shunning the London luxury property market, with sales of “super prime” £10m-plus homes in the capital collapsing by 86% over the past year.

Just five properties were sold for more than £10m in the three months to August 2016, according to an analysis of Land Registry data, compared with 35 in the same period a year earlier. Outside of London, not a single property was sold for more than £10m, compared with ten last year.

The average price paid also fell steeply, from £22m to £16.3m, said property group London Central Portfolio, which carried out the analysis.

It blamed increasing property taxes, such as the sharp hike in stamp duty and new obligations onnon-dom foreign buyers, rather than Brexit, for the decline in prices and activity.

Worried developers are now scaling down the most opulent projects, with one newbuild Mayfair block reworked to provide more, smaller, flats in a bid to find buyers. 

Newbuild sales have slumped in particular, said LCP, which runs investment funds of high-end central London apartments. No super-prime newbuild units were sold over the three-month period, compared with last year where they made up 23% of sales.

Naomi Heaton of LCP said: “A price correction was inevitable and is widely reflected in reports of price discounting. Whilst the long term outlook remains compelling, the luxury market is likely to experience continued instability especially in the face of the forthcoming ‘look through’ non-dom inheritance tax ... it may take some years before growth returns.”

Many will cheer any downturn in the London property market after years in which price rises have far outstripped local incomes, even of the well-off. Separate research by estate agents Jackson-Stops & Staff has found that homes for sale at less than £100,000 are now extinct in the capital, and suggests that this year homes under £120,000 will completely vanish.

Guardian graphic | Source: London Central Portfolio

But Heaton said the slowdown in the luxury property market should be “very concerning” for the Treasury as it would lead to a decline in stamp duty receipts. She estimated that the reduction in super-prime activity in the last three months alone meant the government could face a £45m fall in stamp duty receipts. The government’shaul from stamp duty, particularly in London, has soared over the past year, but Heaton said that may now hit the buffers.

The sudden disappearance of super-rich buyers is forcing developers to reconsider their plans. “Many are looking to divide large, high-priced property into smaller flats to increase their attractiveness. Clivedale, for example, is reworking its flagship Hanover Square development to create four times more units, whilst the green light has been given to Citygrove Securities and McClaren Properties to replace seven Chelsea townhouses with smaller units,” said LCP.

Rents are also falling, partly as sellers unable to find buyers choose to rent out their properties instead. Separate data from upmarket property agents Knight Frank found that rents in prime central London locations fell by 4.7% in the year to September, although the number of tenancies agreed reached a record high. But it said the sales market had not fallen as steeply as the LCP figures suggest. It found that price falls were 2.1% in the year to September, noting that the amount of time it took for a property to sell was 14% higher than at the start of the year.

Sterling’s 20% devaluation since the EU referendum may bring foreign buyers back into the luxury London market. According to Juwai, which claims to be the biggest international property website for Chinese investors, inquiries were up 12% in August to a record high as the yuan-rich scout around for bargain buys in London.

“Ironically, the rapid devaluation of sterling, now attracting foreign investors back to London, may be the biggest hope of salvaging a potentially embarrassing and costly situation,” said Heaton.

But the chances of normal people picking up a bargain is remote. The single most expensive residential property sold in the UK during the past three months still went for £25m despite the slowdown – and even then it was a “fixer-upper” requiring total renovation. 

The six-storey house, 112 Eaton Square, went for just £1.5m less than its £26.5m asking price. The property, famous as the location where a group of rebel Tory MPs plotted to topple wartime prime minister Neville Chamberlain, has been empty for 20 years and the buyer will have spend millions on a restoration.

The top five highest-priced UK home sales June-August 2016

1. £25m for a terraced house: 112 Eaton Square, City of Westminster, SW1
2. £16.9m for a terraced house: 6 Grosvenor Gardens, City of Westminster, SW1W
3. £16m for a flat: 79 Grosvenor Street, City of Westminster, W1
4. £13m for a semi-detached house: 11 Chelsea Square, Kensington and Chelsea, SW3
5. £10.2m for a terraced house: 32 Thurloe Square, Kensington and Chelsea, SW7

https://www.theguardian.com/business/2016/oct/17/luxury-london-property-sales-collapse-developers-taxes

Finding a Reputable Removal Company in London

5 Sep 2016

Moving house and packing up all of your valuable possessions takes a lot of time and patience. Unfortunately, no matter how careful you are, packing and moving by yourself carries the risk of you damaging or losing your most prized possessions.

If you’re moving in London, hiring a professional removal company will minimize so many of these risks. That being said, you need to make sure the company you hire is reputable.

Being such a large place, there are going to be numerous London removal companies, however not all of them are going to be good. Hiring a removal company without doing your research can actually carry even greater risk – one of the most famous cases was the family who had £10,000 worth of belongings stolen after hiring a company off Facebook.

To avoid the worst case scenario, here is a comprehensive guide to finding and hiring a goodLondon removal company.

Things to Look out For

When your most prized possessions are being moved, you want to be sure your removal company will be professional and courteous throughout he process.

While researching your London removal companies, you might want to check they are accredited members of associations like the British Association of Removers and/or the National Guild of Removers and Storers. Membership of these associations isn’t the only way a removal company can be reputable, but it will give you peace of mind.

Your chosen removal company should also be insured and cover you for ‘items in transit’, but you will need to confirm this with the company, as not all do. Keep in mind, in most cases cover for damage or loss is related to the weight of your items, not their actual worth. The standard level of cover is £1.30 per kilo. You can always ask any questions or ask for proof of documentation if it will assure you.

If you can’t get recommendations from friends and family, you can always look at feedback customers have left on third party websites.

Of course, price is going to factor into your decision of which removal company to choose. That being said, the more expensive company isn’t necessarily going to provide the better service, which is why doing your research is so important. Understandably, not everyone has the time to research removal companies, which is where we can help!

At Comparemymove.com, we have a network of professional removal companies that have gone through a strict verification process, and you can end up saving 70% on your moving costs.

When Should I Book?

Once you have done your research and chosen a removal company, don’t leave booking them to the last minute as companies are often booked up to months in advance. As soon as you know your moving date, you should look into finding and booking a company.

Ask about the Pre-Move Survey

Any removal company worth hiring will make sure to conduct a pre-move survey without charging you for the visit. The pre-move survey is for them to calculate the size and scale of your move so they can determine what kind of vehicle and how many are needed, as well as the number of staff to bring.

Once it’s done, ask for a full written quotation and fixed price.

Can you Get a Reduced Price?

There’s nothing wrong with trying to negotiate a discount on your removals service. Peak moving times are on Saturdays and during the school holidays, so will be more expensive due to the higher demand.

If you can, plan for your move to take place during a normal week day and see if there’s room for negotiating, and see if there’s room for negotiating a discount.

London Parking Permits

Many areas in London have limited parking, so you might have to obtain a parking permit. They can be difficult and time consuming to acquire, so it’s recommended that you use a removal company that is part of trade associations who offer services that include gaining parking permits.

These companies are usually experienced at liaising with local authorities and building management companies to gain necessary legislation.

You can also apply for permits yourself. The removal company’s vehicle’s registration needs to be registered with the local transport office. Local authorities then need to be informed of the date and how long the vehicle will need access for. Always estimate for longer than you think as this will leave room for delays and give you some flexibility without any extra cost.

When you move to London, there will be several removal companies for you to choose from. Make sure you do your research and remember that although the most expensive company won’t necessarily get you the best service, you usually get what you pay for. We understand that not everyone has the time to do extensive research, so we have done the work for you with our network of reputable companies than can save you up to 70% on your moving costs.

About the Author

Compare My Move is an experienced company that provides a reliable and efficient comparison service for home and office movers looking for quality removal companies in the UK.

Not only can we help you save money on your removals, but we also maintain a hands-on approach when we engage with our customers to ensure they receive a service tailored to their individual needs. We want you to have a fantastic moving experience by helping you with any removal queries and concerns, as well as offer any hints or tips about house removals.

http://addictedtoproperty.co.uk/removal-company-in-london/

Prime property prices in UK mostly unchanged but showing positive outlook

Prime property prices in the UK were largely unchanged in the third quarter, falling by 0.1% over the three months to the end of September, the latest index shows.

It is the second quarterly fall but on an annual basis growth remains positive at 0.5%, according to the data from Knight Frank while the prime market in London has seen a fall of 1.8%.

However, the current growth in the prime market outside of London is notably slower than the peak of 5.2% in 2014. The Knight Frank report says that the current moderation in price growth is largely a result of recent stamp duty increases being factored in to asking prices and offers.

The report also shows that there are signs that prime property buyers are looking outside of London to the Home Counties and overall while the headline figures suggest that the market has been relatively subdued, activity has remained resilient in the wake of the UK’s vote to leave the European Union, with some leading indicators of activity remaining strong.

The positives include a 13% increase in new instructions between July and August compared with the same period of 2015 and Knight Frank says this means that stock levels across the prime market have started to tick up, an early sign that vendors, many of whom had delayed putting their homes on the market as a result of the referendum, are returning to the market.

There was also a 7% increase in the number of properties going under offer over the same time, however, Knight Frank sales agents note that sensible pricing remains key, especially for properties valued above £1.5 million where the highest rate of stamp duty applies.

‘The strongest markets continue to be affluent towns and cities which have outperformed their more rural counterparts, although the differential has narrowed in the last six to 12 months,’ said partner Oliver Knight.

He also pointed out that average values for properties in urban locations have risen by nearly 2% annually and are around 5% above the previous market peak. In comparison, annual price growth for rural properties was 0.5% and remains 12% below peak levels.

‘Prime urban markets benefit from good schools and amenities as well as excellent transport links to London, which make them among the first port of call for buyers from the capital,’ he explained.

‘Our figures show a 43% increase in the number of sales to Londoners in the Home Counties in the first nine months of 2016 compared with the same period the previous year,’ he said.

‘We will continue to keep a close watch on key market indicators in the coming months to assess any potential longer term impacts of the referendum result,’ he added.

http://www.propertywire.com/news/europe/prime-property-prices-uk-mostly-unchanged-showing-positive-outlook/