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After it was revealed last week that Britain’s smallest £1m property offered less space than a London Underground tube carriage, Zoopla looks at what other properties of a similar size are currently on the market to buy or rent.
A one bedroom property offering a living room and a bedroom – both measuring 2.8m by 2.6m each – is being offered for sale in South East London.
For £125,000, it also comes with a kitchen, shower room and sole use of a patio garden.
Similar ‘tube carriage sized’ properties are also available on the rental market.
An unfurnished studio flat in New Malden is available to rent for £650 a month. With only an electricity bill to pay, it is described by the agent as being in a ‘great location and priced to let quickly’.
A more luxurious rental is available in Roehampton at £1,200 a month. The property is brand new and includes a breakfast bar, high gloss kitchen and porcelain tiles in the bathroom.
It is described by Carringtons, the agent handling the sale, as being in a peaceful and quiet, affluent area with plenty of free parking and close to all amenities. It is 10 minutes by car to Putney town centre. Gas, water and council tax bills are included in the price.
Families are being forced out of the capital as figures show there are no houses for sale in Central London with a garden costing less than £500,000, it has been claimed.
It is the latest evidence of the struggle families in London face to find an affordable home.
Soaring property prices mean many families have been priced out of the capital and are forced to move further afield, spending hours commuting to work every week.
Zoopla shows less than 20 residential properties listed for sale in Central London in this price bracket with a garden. All of the properties are flats and a garden is defined as a balcony or patio rather than a lawn area.
It compares to an average increase of property values in England of almost £16,000 to £256,975.
Cheaper and more spacious property is available in outer London. But families’ options are still limited, with fewer than 900 homes for sale in all of London having a garden and costing less than £250,000.
Zoopla shows a total of 890 houses listed for sale in London that have a garden and are under the £250,000 Stamp Duty threshold – where buyers must pay 1 per cent of the price in tax. The thresholds jump significantly above £250,001, starting at 3 per cent and rising to 7 per cent for those properties costing more than £2m.
The majority of these homes are terraced properties, with just 10 being detached.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “While rising house prices are welcomed by homeowners, much of the increase in prices is due to the serious lack of housing stock on the market.
“This is particularly true towards the bottom rung of the ladder where there are precious few family homes with gardens coming up for sale costing less than £250,000.
“Families are being forced to buy further and further afield in order to get a reasonably-sized home with a garden at an affordable price.”
London properties for sale with a garden for £250,000:
The sharp rise in property prices in London during the past year means many buyers are seeking alternative ways of getting on – or moving up – the property ladder.
One option is to buy a property in need of updating, taking a property that is below market value and modernizing or extending as and when your budget allows.
Estate agents say it can be a workable option, but suggest starting with something small and manageable.
It comes as the average value of a home in the capital rises to more than £510,000, up more than £35,000 during the past year.
Far from being overlooked, renovation projects in Balham are attracting up to 50 prospective purchases per property, according to estate agents Hamptons International. And they certainly don’t need to be a wreak as they may be attractive due to their potential to be extended instead.
Sophie Norris, of the Balham branch of Hamptons International, said: “Properties in need of renovation in Balham are extremely popular and can often attract more attention than properties which are ready to move into.
“Previously, interest in properties in need of renovation would be predominantly from developers or amateur property developers, but with demand in the area outstripping supply more and more, buyers are choosing to take on a project in order to secure their dream home.
“However, premium prices are consistently being paid for renovation projects, which leave minimal room for short term profit and therefore push developers out of the equation,” she added.
Projects under the £1m mark are the most popular as buyers are keen to save on Stamp Duty.
In London, there are more than 9,250 properties valued at between £500,001 and £1m, the bracket where buyers are required to pay 4 per cent in Stamp Duty. It compares with Stamp Duty of 5 per cent for properties values at between £1m and £2m.
Properties for sale in London requiring updating:
1. Three bedroom semi-detached house in Merton Park, SW19, for £850,000
2. Three bedroom semi-detached house in Feltham, TW13, for £250,000
3. Three bedroom semi-detached house in Tooting, SW17, for £550,000
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Chancellor George Osborne is determined to ‘avoid the mistakes’ of the last decade and ‘keep Britain moving’.
At the heart of his housing policy announced in the Autumn Statement is building more homes.
He said: “Some of the most important infrastructure for British families is housing and we have to confront this simple truth: if we want more people to own a home, we have to build more homes.”
He also announced £1bn of loans to unblock large housing developments on sites around the country and confirmed that lenders Aldermore and Virgin are set to join the Help to Buy Scheme. The Help to Buy Scheme was introduced earlier this year to help those with a small deposit to buy a home.
“I can announce today that Aldermore and Virgin, two challenger banks, expect to join the scheme this month. Help to aspiring families and building more homes – that’s what we stand for,” said Osborne.
But he added a word of caution, saying: “We must also avoid the mistakes of the last decade.
“We want a responsible recovery….We want a functioning, stable housing market.”
Other items included:
- Regenerating some of the most run down urban housing estates
- Councils to sell off the most expensive social housing, so they can house more families for the same money
- Giving working people in social housing a priority right to move if they need to for a job
- Introduction of Capital Gains Tax on future gains made by non residents who sell residential property in the UK
The measures received a mixed welcome from the housing industry, with NHBC’s chief executive, Mike Quinton, saying: “We welcome today’s Autumn Statement highlighting measures to support house-building in the UK.”
David Newnes, of LSL Property Services – owners of the largest lettings agency in the UK – said: “Today the Chancellor has laid down some concrete steps to address the lack of supply in new housing, but this is only the start on the wider path to solving the problem. While Government initiatives such as the Funding for Lending and Help to Buy schemes have bolstered the recovery this year, the elephant in the room has always been the woeful shortage of new homes.
“The pledge of £1bn of loans to unlock large housing developments is certainly a welcome move and plans to increase local authorities’ housing revenue account borrowing limits are encouraging measures, both will play a part in boosting house supply, while at the same time preventing house prices from rising out of reach of buyers. Equal focus on expanding the Right to Buy offer and the Government’s investment into affordable housing shows efforts are being made. The Government must continue to lend a helping hand to aspiring buyers, so that they can achieve their dream of home ownership, while emphasising the need for more homes to support a healthy rate of recovery for the market as we move into 2014.”
Elsewhere, on the taxing of non residents, Liam Bailey, of estate agents Knight Frank, said: “Tax is not the primary driver for the majority of international buyers of residential property in London. We anticipate that the removal of the CGT exemption for non-resident purchasers will have only a marginal impact on demand and pricing.”