Category: housing (5)

London homes have earned owners almost £200 a day on average already this year as prices have continued their remarkable surge. Local property markets across most of the city have risen strongly — despite the slowdown in some central areas — further widening the yawning wealth gap between the property haves and have-nots.
The average daily increase in a London home’s value between January and March was £197, equivalent to £71,905 a year, analysis of Land Registry data reveals. That is almost twice the average London salary of £36,258.
The most dramatic gains have been in once unfashionable areas in east London and the outer suburbs, as first-time buyers seek more affordable neighbourhoods. The biggest rises were in Lewisham, where prices went up £385 a day, equal to more than £140,000 a year. It was closely followed by Hackney, with prices up by £343 every 24 hours, and Barking & Dagenham, London’s cheapest local authority area, with £293 a day.
Homes in Kensington & Chelsea, the city’s wealthiest borough, have risen by “only” £169 a day. Central London’s property market has been hit by stamp duty rises on £1 million-plus homes. Uncertainty over the EU referendum in June has also deterred foreign buyers.

Well, it’s not so great perhaps if you’re living in the North of England looking at the prices of houses rising in the South of the country at nearly twice the rate. Recent figures reveal that on average, a house in the North of England is worth nearly £163,000 less than one in the South.
In the first quarter of 2016, prices in the South rose by 9.9% year-on-year, compared to just 1.8% in the North. Measured on a monthly basis, the average price of a home in the UK was £200,251 – the first time on the survey that the price has risen above £200,000.
The survey, by Nationwide, also said that prices were picking up and in the year to March, house price inflation across the UK hit 5.7% – up from 4.8% in February and the fastest rate for more than a year.
One reason for the increase may have been the rush by landlords to buy property ahead of Stamp Duty increases on 1 April.

Where prices are rising fastest
RegionAverage price% annual change (Q1 2016 v Q1 2015)
Outer London£344,37112.2%
South East England£255,3258.3%
South West£221,7035.8%
East Anglia£204,9485.8%
West Midlands£168,5854.1%
East Midlands£162,0822.2%
Yorks and Humberside£144,3611.9%
N. Ireland£123,2251.8%
North West£144,9140.5%
Northern England£123,864-1.1%
source: Nationwide

Reducing carbon means cutting down on your use of basic resources such as gas, electricity and water. Doing this will save money, and you’ll be making your home a more efficient and healthy place to be.

The most cost-effective method is to prevent your home from performing like a leaky sieve! Insulate your roof, but also your walls and floors, as combined they can account for 75 per cent of your heat loss.
Insulating the roof of a typical detached house could cost £395 initially, but could save £240 a year in terms of reduced bills, so the pay-back period is fairly quick. Similarly insulating your walls and floors will keep living areas snug.

Draughts account for a staggering 15 per cent of heat loss. Fitting excluders around doors, windows and letterboxes is a really manageable DIY job that will achieve great results.
Now that you’ve created a warm shell, you can start using energy more efficiently. If your boiler is more than eight years old, you might want to consider upgrading to a more efficient model. Going from a G to an A rated energy efficient model could save you £340 every year.
Controlling it effectively is also essential. Fit timer controls to your boiler and thermostatic radiator valves to every radiator, which will allow you to monitor your energy use tightly by having the heating on only where it’s needed.

It’s worth looking into remote control systems such as Nest or Hive. Once fitted, they give you controllable warmth from the touch of your smartphone or tablet.

The number of families privately renting homes has increased by one million in the last 10 years, new figures show. This brings the total figure to 1.6 million households, an increase of 50pc over the previous five years, according to the government’s English housing survey.
The huge rise in the number of families moving into the private rented sector highlights that renting is no longer a staging post for young professionals. Increasingly families rent for the long term, raising questions about the availability of appropriate tenures in the sector. The figures are a good guide as to the longer-term trends and a widening divide in the housing market”.
In this respect it shows that the number of households under the age of 35 in the private rented sector rose by more than one million, from 24pc to 46pc, over the past decade, while the number of owner occupiers over the age of 65 who own their own home outright rose by over 900,000.

According to a new analysis by Resolution Foundation, nine in ten under 35s on modest incomes could be frozen out of home ownership within a decade, with the 16-35 age group becoming permanent renters as property ownership increasingly becomes restricted to wealthy and older households.

Over 45s now account for three-quarters of all homeowners, while those aged 65 plus make up one-third of homeowners, up from less than one-quarter in 1998 – an increase of 43 per cent Meanwhile those aged 16-34 account for just 10 per cent of homeowners, down from 19 per cent in 1998, a 49 per cent reduction.
Matt Whittaker, chief economist at the Resolution Foundation, said the findings highlight how much the housing landscape for young, working people on modest incomes has changed. Meanwhile those aged 16-34 account for just 10 per cent of homeowners, down from 19 per cent in 1998, a 49 per cent reduction. At the turn of the century, just over half of this group owned their own place; today it’s one-quarter. “If that pace of decline continues, we can expect home ownership to be available to fewer than one-in-ten by the end of the next decade.”
The Resolution Foundation’s analysis, which will be published early next week in a report titled Living Standards 2016, shows that home ownership among under-35s from modest income working households has plummeted, from 57 per cent in 1998 to just 25 per cent.
Meanwhile, levels of private renting have more than doubled, from 22 per cent to 53 per cent.

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