Looking for ideas for your child’s bedroom? We’ve picked our top 10 from what’s on the market in the UK.
1. Any young boy or girls dream bedroom.
7 bed in Barnes, £5.3m – Crayson
2. What little budding car fanatic wouldn’t love this room?
4 bed in Port Talbot, £244,995 – Barratt Homes
3. This isn’t just a bedroom it’s another universe!
5 bed in Brighton, £2.5m – Baron Estates
4. Can a room ever be too pink? We don’t think so.
5 bed in Huddersfield, £1.0m – England Residential
5. We love this adorable boat theme. Ahoy matey!
5 bed in West Malling, £665,000 – Taylor Wimpey
6. A little princess’ dream room complete with castle bed.
5 bed in Kent, £2.7m – Strutt & Parker
7. We bet your kids would go wild about sleeping in this mini forest.
5 bed in Tonbridge, £665,000 – Taylor Wimpey
8. Lego, still one of the best toys ever!
3 bed in Milton Keynes, £245,000 – Taylor Wimpey
9. We can imagine having hours of fun in here as a child.
4 bed in Hornchurch, £500,000 – Next Chapter
10. They’ll be rushing to do their homework with this cool desk.
4 bed in Essex, £675,000 – Kings Park
Is London experiencing a property bubble? Buyers make £100,000 in three months with off-plan properties
Buyers are making £100,000 in three months on new build London flats that have not even been completed, it has been revealed.
In the latest evidence of a property bubble in the capital, buyers are making six figure sums on homes that do not even exist.
One buyer bought a two bedroom new build flat in Carlton Vale in north west London just before Christmas for £400,000. She moves into the flat next week once the building has been finished. She explained it has now been valued at £500,000.
But she was not the first ‘owner’ of the property. It was a resale flat, meaning it had a previous owner – one who had already made £60,000 since building first began more than a year ago.
Buying off-plan can be seen as high risk as prices may go down as well as up. It means buyers could potential face negative equity – where the price of their home is less than their mortgage – by the time they first step foot into the property.
Carlton Vale is one of a growing number of ‘property pockets’ in London that have seen values rise sharply.
It is nestled between Queen’s Park and Kilburn Park, and near the prestigious Maida Vale. Average prices have risen more than 12 per cent in the past year to £417,760.
Jonathan Harris, of mortgage brokers Anderson Harris, said: “Off-plan purchases nearly always carry the risk that the value will drop after purchase as the initial gloss fades away.
“This aspect is heightened by the ‘bubble’ as the danger is that market values will drop, potentially leaving a purchaser with a property that is worth significantly less than they paid for it.
“There is also the risk that your mortgage is no longer sufficient to complete a purchase that you are committed to, leaving you to make up the shortfall yourself or worse still losing your initial deposit.”
Homeowners continued to focus on paying down their mortgage during the fourth quarter of 2013 despite rising house prices, figures showed today.
Housing equity withdrawal remained negative for the twenty-third consecutive quarter during the three months to the end of December, the Bank of England said.
Consumers injected £10.63bn of equity into their homes during the period, as they continued to avoid unlocking money tied up in their properties.
The figure, which was slightly down on the record equity injection of £12.99bn seen during the first quarter of last year, continues the trend started in 2008, shortly after the credit crunch struck.
It is a far cry from the situation seen during the pre-crisis housing boom, when it was common for consumers to remortgage to fund home improvements or pay for big-ticket items, such as a new car.
Equity withdrawal peaked during the final quarter of 2003, when homeowners unlocked a record £14.24bn from their homes.
But it remains to be seen if consumers will continue to focus on reducing their mortgage debt with the return of strong house price growth, or whether they will once again view their properties as a cheap source of financing for other purchases.
Nationwide yesterday reported that house prices rose for the fifthteenth month in a row during March, as demand from buyers remained strong.
Prices were 9.5 per cent higher than in the same month of 2013, the strongest rate of annual house price inflation recorded since May 2010.
Meanwhile, the Bank of England said mortgage availability had increased for the seventh consecutive quarter during the first three months of 2014, particularly for people looking to borrow a high proportion of their property’s value.
It said there was a significant increase in the willingness of lenders to advance money to people with a deposit of 10 per cent or less, although this improvement was in part driven by the Government’s Help to Buy scheme.
The trend is set to continue going forward on the back of the improved economic outlook and an increased appetite for risk among lenders, as they look to boost their market share.
Demand from borrowers wanting to buy a property is expected to rise “significantly” in the months ahead, according to the Bank’s Credit Conditions Survey.
Lenders are also anticipating a pick up in remortgaging activity during the second quarter of the year, following a dip in the first three months, as homeowners take advantage of recent house price gains to lock into more competitive deals.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “With demand for mortgages increasing significantly, lenders are preparing to make more products available to borrowers in the second quarter of the year.
“All the lenders we speak to are keen to do considerably more lending this year than last but with the Mortgage Market Review ensuring that borrowers can afford those mortgages when interest rates rise, we aren’t seeing a return to reckless lending.”
If ever proof was needed that small is beautiful then the tiny county of Rutland is it.
Sandwiched between Lincolnshire, Leicestershire and Northamptonshire, Rutland is 147 square miles of lovely countryside and unspoiled villages. It is home to one of Europe’s largest man made lakes, Rutland Water, and has only two towns, both lovely, to its name.
It is also highly affordable – but with strong signs of property growth.
Average property prices currently stand at £284,145, up 5.43 per cent in the last year.
Househunters usually start their search in one of the Rutland towns.
Uppingham has a historic town centre, which is simply a pleasure to walk around and the retail therapy is great with stacks of antique shops and art galleries, as well as plenty of tea rooms and traditional inns. It is also the home of the eponymous public school (alumni of Uppingham include Stephen Fry), and there is plenty going on with a theatre, regular concerts, and surfing on nearby Rutland Water.
“It is a very sociable little town,” said Jamie Tyler, a director at Moores Estate Agents. “There are a lot of really nice new bars and eateries opening up.”
Average prices in Uppingham stand at £238,070 and Tyler suggests budgeting from £125,000 for a two bedroom terrace up to £600,000 for a five bedroom house with gardens in the town centre.
The town attracts early retirees as well as young families, and Leighfield Primary School and Uppingham Community College (seniors) are both rated “good” by the Government schools’ watchdog.
The other option is Oakham, another town which gives its name to a leading public school. Oakham is a cracking market town and its big selling point over Uppingham is its station – trains to King’s Cross take one hour 40 minutes.
Darren Christie, a partner at Fine & Country, praises Oakham’s unspoiled feel, its independent shops and proximity to lovely countryside. And, in the state school sector, Oakham C of E Primary School is rated “good” by Ofsted.
The average property price in Oakham is £284,145, up 5.43 per cent in the past year.
“There is a real mixture of houses in the town centre, from Victorian town houses to little thatched cottages, and pockets of modern developments,” adds Christie. “Prices vary from around £200,000 plus for a townhouse, ranging up to around £500,000 for a modern five bedroom home.
If you would prefer village life then there are also some great choices within Rutland.
Hambledon, which sits on a peninsula of Rutland Water is described by locals as the “Sandbanks of the Midlands” but prices are far below those in the Dorset seaside enclave.
Hambledon does have amazing water views but, on the downside, the town gets very busy with tourists in summer. And, Tyler points out, amazing views don’t come cheap. “A lot of the properties have been redeveloped into big houses, and they all sell for at least £1m – we have even sold plots for £1m,” he said.
A cheaper option would be a house without views in the village centre – but still expect to pay £400,000 to £500,000.
If Hambledon is too rich for your blood then Christie suggests Empingham. “It has a main road which runs through it, but once you get off that you just have a very traditional, unspoiled village,” he said. “It has a pub, a village shop, a church, cricket club, and outstanding-rated primary school. It is well looked after for the size of the village.
A historic two bedroomed cottage in Empingham would cost around £250,000, but prices range up to around £1.5m for a large period home with an acre of gardens.
Properties for sale:
1. Rutland has a great stock of period stone built homes – think Cotswolds at a fraction of the price – like this five bedroom property in North Luffenham near Oakham
2. If property was a beauty pageant Georgian homes would tend to end up wearing the tiara, and Rutland has some gems like this seven bedroom house on Oakham High Street:
3. The Rutland market is dominated by houses, but that doesn’t mean there aren’t some great converted flats to be had:
House prices rose for the fifteenth month in a row during March as demand from buyers remained strong, figures showed today.
The average cost of home increased by 0.4 per cent during the month to stand at £180,264, just 3 per cent below the peak reached in 2007, according to Nationwide.
Prices were 9.5 per cent higher than in March 2013, the strongest rate of annual house price inflation recorded since May 2010.
Robert Gardner, Nationwide’s chief economist, said: “There is little doubt that the recovery in the housing market is now firmly established, with activity levels picking up and house prices recording their fifthteenth successive monthly increase in March.
“Record low mortgage rates, improved availability of credit and the brighter economic outlook are all leading to increased demand for housing.”
Recent strong gains in house prices have led to concerns in some quarters that a bubble could be building up in the property market.
But Mr Gardner pointed out that while annual house price inflation was continuing to grow at a robust rate, the market was showing some tentative signs of moderation, with the monthly rate of growth slowing for the third consecutive month.
However, he warned that the supply of properties was continuing to lag far behind demand, with the number of new homes in being built in England still around 40 per cent below the pre-crisis level, which was already insufficient to keep up with the rate at which new households were being formed.
On a regional basis, all 13 areas of the UK reported annual house price growth for the third consecutive quarter.
But Nationwide cautioned that a north-south divided was emerging in the property market, as prices in London and the south raced ahead.
The average cost of a house in the capital was 18 per cent higher during the first quarter of 2014 than it had been a year earlier at £362,699 – more than double the typical price of a home in the rest of the UK excluding London.
Mr Gardner said: “The gap between house prices in London and the rest of the UK is the widest it has ever been, both in cash and percentage terms.”
He added that house prices in London, the Outer Metropolitan and Outer South East had now surpassed their pre-crisis peaks, while property values in East Anglia and the South West were now less than 5 per cent below their 2007 highs.
But at the other end of the scale, the average cost of a home in Northern Ireland is still 49 per cent below its pre-credit crisis level, while in the North West prices are still 10.6 per cent down on their previous high and in the North they are 10 per cent lower.
Today’s figures are the latest in a run of positive data on the housing market, with the Bank of England reporting earlier this week that mortgage lending soared to a five-and-a-half year high during February, boosted by strong demand from people buying a home.
Recent gains have left the average home in England costing £259,745, according to Zoopla.