Posts tagged ‘House Prices’
The Olympics are 66 days away today, but their impact is already being felt in London and beyond when it comes to UK house prices.
Asking prices for homes in areas close to Olympic and Paralympic event venues, including those outside London, have increased by 14% in the past year, adding an average £59,928 to property values, according to new research by FindaProperty.com.
In London SW1, home to The Mall and Horse Guards Parade, both of which will be used as Olympic venues, average property prices have increased by 48% in the past 12 months. Olympic events taking place here include Beach Volleyball, the Marathons and the Olympic Cycling Road Races. The average value of property in this exclusive area of the capital is now £1,499,952 – up from £1,015,321 a year ago.
Asking prices of homes in Earls Court, in West London, where the Volleyball competition will be held, rose 38%, adding £298,021 to the cost of homes in the area within 12 months.
Outside London, house prices in areas surrounding the venue for the Olympic and Paralympic Sailing competitions in Weymouth Bay and Portland Harbour in Dorset increased by 25%. Prices increased by £38,552 to an average £190,645.
Asking prices for renting a home near an Olympic or Paralympic event venue have also been affected with prices increasing by an average £152 per month (9%) in the past year.
Tenants in Stratford, East London – home to the 2012 London Olympic Park where there are 10 separate event venues, can expect the highest Olympic rental premiums with rents up 38% (£433) year-on-year, bringing the average monthly cost to £1,575.
In a similar vein, asking rents for homes in Greenwich, south east London, where the North Greenwich Arena and Greenwich Park venues are located, have increased 32% (£523) in a year to £2,143 per month.
That’s not a bad result for the legacy Olympics, especially considering we’re still some time away from the opening ceremony.
This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
As 2011 draws to a close we’d like to wish you all a merry Christmas and a healthy and happy new year.
Here at FindaProperty.com we’re also pausing to reflect on what’s been a very busy year on the property front and to pick out some of the top stories of the year.
The endangered species of the property market, first-time buyers faced a tough year on the home front. Even though interest rates remained at historic lows and prices held steady or in many cases came down, those looking to take that first tentative step onto the property ladder and buy a home were rarely seen.
The Council of Mortgage Lenders (CML) reported there are now 200,000 FTBs a year compared with around 500,000 before 2008. And it’s a story of affordability. The CML says the average deposit for a first-buyer home is now 20%, which means finding a national average deposit of at least £25,000, or significantly more than that in London and some other cities.
Housing minister Grant Shapps recognised the problems faced by first-time buyers when he launched the goverment’s new housing strategy earlier this year, saying an “entire generation” have been blocked from the housing ladder and pledging to put this group at the centre of Government efforts to get the property market moving again.
The UK’s move towards being a nation of renters, rather than buyers, was probably the biggest single property story of the year.
FindaProperty.com research found the typical national monthly rent reached £890 in October – the highest average we’ve ever recorded for a home to rent- which accounted for 46 % of average monthly household net earnings. Renting was further thrust into the spotlight by homelessness charity Shelter and their disturbing landmark report into the affordability of the private rental sector.
Latest FindaProperty.com figures for December show rents are down slightly – partly down to a seasonal change, but this adjustment doesn’t change the fact that more of us are expecting to stay in our rented homes for longer. Recent FindaProperty.com research found 26 per cent of home searchers had “no issue” with renting long term.
House prices generally held steady in 2011. FindaProperty.com’s November asking price data showed the average price of a home at £215,385, 0.5% down on the previous month, but still 0.7% higher than a year ago. London’s status as an international city meant it operated as an independent market and the latest figures showed prices continued to increase there – by 0.7% last month, bringing the average price of a London home to £453,956.