Annual London house price inflation hit 20.1% in May 2014, according to the Office for National Statistics (ONS).
But, excluding London and the South East, prices rose by a much more modest 6.4% across the UK. In England, prices rose by 11%, in Wales prices were up by 6.5%, and in Scotland they rose by 3.6%.
According to the ONS index, the average price of a house across the UK is now £262,000.
At the same time a research by Experian claims that the number of homes entering the market at above £500,000 rose by almost 30 per cent in the UK and 50 per cent in London in the last 12 months.
To find out what’s available to buy in Camden and surrounding areas (NW1, NW3, NW5, N7 & N19) covered by Oliver’s Sales contact our team : email@example.com or call us on 020 7284 1222 for the most recent sales list.
To enquire about this rare rental opportunity offering an exceptional family lifestyle in a prime London location contact Oliver's Estate Agents Rentals on 020 7284 1222 or email Oliver's today!
The very appreciative Primrose Hill Community Association to Oliver’s Estate Agents for supporting the fascinating Summer Fair 2014.
Oliver's Primrose HIll branch, 47a Chalcot Road, NW1 8LS, firstname.lastname@example.org
A new mortgage lending cap by the Bank of England was announced yesterday in an attempt to cool down the UK housing market.
Governor Mark Carney revealed new limits that will apply from 1 October 2014, including a 15% cap on the number of mortgages that banks and building societies can give to people who want to borrow more than 4.5 times their income. Currently only 11 per cent of UK bank lending exceeds that ratio. London has seen the largest increase in the proportion of mortgages worth over 4.5 times the borrower’s income.
According to Halifax Building Society, house prices leapt by nearly £220 every day in May, marking the biggest month-on-month rise over a decade.
Halifax reported that the average UK property value went up by 3.9 per cent last month to £184,464, from £177,648 at the end of April. It was the fastest price increase since 4.2 per cent month-on-month growth was recorded in October 2002.
This account follows findings by the Nationwide who reported last week that property values had reached an all-time high of £186,512 on average after soaring 11.1 per cent in 12 months.
At the same time, the Nationwide House Price Index published in May ’14 states that the mortgage approvals in April were around 17% below January’s high. See the full Nationwide report here:
For properties currently available to buy with Oliver's Estate Agetns in NW1, NW3, NW5, N7 …see here.
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“Renting an apartment in London is still a cheaper option than buying for many, especially young Londoners. A growing number of London young professional renters are looking for studio and one-bed apartments in Kings Cross, Camden Town and Kentish Town”.
“Housing supply is not meeting demands and the much diminished pipeline of new properties coming onto the market continues to push prices up,” comments Paul Brooke, Oliver’s Director. “Without an increase in supply, prices, already at an all-time high, will continue to rise, resulting in many buyers being unable to compete”.
The London Chamber of Commerce and Industry has warned about the high cost of London housing affecting the Capital’s competitiveness. This warning has been copied across the national property related media in the last few days. "Soaring house prices have outstripped wage increases" and so make "living in London unaffordable for many, affecting both employees and employers." According to the report 42 per cent of London businesses feel that "their ability to recruit and retain skilled workers has been negatively affected by increasing housing costs". Highlighting the lack of housing supply as the main reason behind high prices, the LCCI wants to see more developers attracted into the market and suggests that all underdeveloped brownfield sites are to be registered by the Mayor, and the owners are to be given four years to start building before compulsory purchase is enacted, in an attempt to increase homebuilding in the Capital.
The full report is available to download from the LCCI website.
For an up-to-date list of properties available to buy in North and North West London, contact Oliver's Sales today.
T: 020 7284 1222, or email email@example.com
"Thank you so much for your sponsorship of our Art Fair again this year.
It was a great success, we sold a lot of beautiful work for local artists and we netted nearly £4000 in commission for the library. Your sponsorship covered all our costs for the event, so the money we raised will all go towards keeping the library open.In addition to being a financial success for us, it was a lovely event for Hampstead. As I hope you saw, the quality of work was extremely high and we had lots of visitors to the Library. The artists were delighted to have the opportunity to sell their work locally. It means a great deal to us to have the support of local businesses. The library means a lot to our local community, particularly the very young and the very old, so your support is a lifeline for us.
Thank you again,
Vicky, the Trustees and all the volunteers of KCL"
If you wish to support Keats Community Library, visit http://bit.ly/QLW2us
Coming soon with Oliver’s Sales Hampstead is this 4/5 bedroom contemporary house overlooking Hampstead Ponds, South Hill Park Hampstead NW3
Freehold OIEO £2,900,000
For more details contact Olivers Estate Agents Sales Hampstead:
T: +44 (0) 20 7431 1020 or email firstname.lastname@example.org