Average London house price rockets past £500,000- Guardian

New figures showing that the average asking price for a home in London has risen to more than £500,000 for the first time could add to fears of a new house price bubble being fuelled by cheap mortgages and government schemes to boost the market.

According to the Rightmove property website, the average price of a house coming on to the market in the capital jumped by £16,000, or 3.3%, in a month to a record £509,000, while the London borough of Camden has joined Westminster and Kensington and Chelsea in an “elite club” where the average price-tag is more than £1m.

The national average asking price has also hit a new high, having risen by more than £20,000, or 9.1%, since the start of 2013 to reach £249,000 – the strongest start to a year since 2004.

Cheap mortgage rates for those buyers with decent deposits, courtesy of the government’s funding for lending scheme, are driving positive sentiment, said a spokesman.

In London, with demand for properties far outstripping supply, open-house viewings attended by multiple buyers were becoming more commonplace, and sealed bids were the norm in some areas, the website claimed.

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Sale agreed: Triton Building

We are delighted to announce that we have agreed the terms for the sale of a luxury apartment near Regent’s Park in the Triton Building.

This was a secondary sale of an off-plan development.

The sale followed extensive marketing both in the UK and overseas.

We have buyers for similar opportunities.

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New Loan Launched in Malaysia for London Property

Announcement from MayBank below:

Obtain a local mortgage for your property in London

Key Features

Ringgit denominated mortgage

Maybank Overseas Mortgage Loan Scheme will be in Ringgit and your monthly instalments also payable in Ringgit; so you need not worry about the effect of fluctuating exchange rates on your monthly repayments throughout your mortgage tenure.

Financing for high-end residential and commercial properties

Properties financed may be for own occupation or investment purposes, both residential and commercial types located within London Zones 1 to 3.

Completed or off plan property financing

Whether your London property is completed or about to be developed, we will help you finance your property with ease.

Competitive interest rates

Enjoy greater savings with your mortgage as you have access to interest rates which are among the lowest in town.

Financing for legal and valuation fees

You can opt to include your London property legal and valuation fees as part of your mortgage, for greater financial flexibility.

More benefits

  • No more currency fluctuation impact on your mortgage repayments
  • High margin of financing (MOF)
  • Flexibility to pay more and withdraw cash when funds are needed
  • Long tenure up to 30 years or 70 years of age, whichever is earlier
  • Convenience of multiple repayment channels – online, ATM, Cash Deposit Machine, Phone Banking or Standing Instruction
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Battersea Power Station project gains $1bn sales- The Independent

The developers of Battersea Power Station broke through the $1bn (£660m) sales barrier yesterday amid “phenomenal” interest in new flats and townhouses at the London landmark.

Buyers have snapped up 824 of the 866 homes in Circus West, according to the Malaysian-backed Battersea Power Station Development Company. The homes have been marketed in Singapore. Prices range from £350,000 for a studio to £6m for a penthouse. Buyers have paid a £2,500 booking fee plus 10 per cent of the purchase price to clinch purchases. Building is set to begin in July, finishing in 2017.

The power station closed in 1983. A Malaysian consortium bought it for £400m from a failed Irish developer.

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New appointment- The ArtHouse

We are delighted to have been appointed to sell a stunning three bedroom apartment in the ArtHouse, Kings Cross.

This is an area of London that is currently undergoing massive regeneration.

Price: £1.25m

For more information please contact: christian@propertyinsidelondon.com


ArtHouse booklet

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Overseas buyers in London (Bloomberg)

The Bloomberg U.K. Home Builders Index has gained 36 percent this year as rising sales to foreigners boosts shares.

Berkeley Group Holdings Plc, the U.K.’s third-largest homebuilder by market value, sells 40 percent of its properties to people living outside the U.K., Managing Director Rob Perrins said in a February interview. Shares of the homebuilder, which has offices in Singapore, Dubai and Hong Kong, have increased by almost a 20 percent this year.

Only one in seven foreign buyers of new London homes will live in the property and the remainder plan to rent them out, Chicago-based Jones Lang said, citing a survey of buyers.

“Without international investors, most residential developments in London wouldn’t happen and the housing crisis would be even greater,” Challis said.

London’s population is set to increase by about 15 percent to 9.4 million by 2021, the city’s governing councils said in a February report. That will lead to a shortfall of about 250,000 homes by 2020, according to the report.

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Foreigners Buying Half of London New Homes (Bloomberg)

Half of London’s new-home buyers come from abroad as the city’s reputation as a safe haven attracts rising investment and sustains development.

Foreigners spent more than 3 billion pounds ($4.7 billion) on new homes in the U.K. capital last year, a 25 percent increase from 2011, broker Jones Lang LaSalle Inc. said in a statement today.

London has cemented its status as a haven for foreign wealth, with home buying stoking property prices and masking market weakness elsewhere, former Bank of England policy maker Sushil Wadhwani said last month. The pound’s decline has helped attract investors from Malaysia to Russia to developments like Battersea Power Station where about half of the project’s apartments have been sold in overseas markets.

“The London development market would be more challenging without demand from international investors,” Adam Challis, head of residential research at Jones Lang said in the statement. “Since development funding from banks declined due to the market downturn, international purchasers have provided a vital lifeline to maintain supply.”

Home prices in London rose 10.6 percent in the year through March 13, led by a 38.7 percent gain in the City of Westminster where prime districts Mayfair and Belgravia are located, Acadametrics Ltd. said in a study released today. Rents in London were about 8 percent higher in March than a year earlier, LSL Property Services Plc said last month.

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New appointment: The Heron £600,000

We are delighted to announce that we have been appointed to sell an apartment in another of London’s premier developments.

The Heron is an award winning develop in the heart of London’s financial district.

This stunning apartment is on the 17th floor. It is a studio with a separate bedroom area and comes with secure parking.

Price: £600,000

For more information please read the particulars ( Particulars ) and contact us on christian@propertyinsidelondon.com

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Completion of Sale

We are delighted to announce that we have completed on the sale of one of our client’s off-plan properties.

The property was located in the ArtHouse, Kings Cross. This is in one of London’s prime regeneration areas, with the development due to be completed in November 2013.

Property Inside London was able to sell its client’s contract to acquire a luxury apartment in the development. Having paid c.£265,000, the client received c.£390,000 for the contract, resulting in a profit of c.£125,000 or c.50% on the investment made.

To achieve the sale, Property Inside London worked with its overseas sales teams and local agents. Both the seller and the purchaser are based in the Far East.

We have buyers for similar properties and other developments where we believe similar opportunities exist.

Properties where we are currently appointed include:

–          A new development in Camden Town, “London’s coolest postcode”: £0.8-1.2m

–          Three luxury two bed apartments on the edge of the financial centre of London with stunning views: £1.7-1.9m

–          A three bedroom apartment in Mayfair’s best area: £11.5m

–          A selection of new apartments in Canary Wharf within walking distance of the office complexes and shopping centre

–          New apartments in Greenwich, with stunning views of the River Thames and within easy walking distance of the Jubilee and DLR lines

–          A luxury four bedroom apartment in Kensington: £6.5m

–          Regents Park: a luxury 14 floor apartment in a new development, ready for occupation: £1m

We are able to find other properties to meet your requirements. We also have buyers for a range of properties across London should you be considering selling.


angie@propertyinsidelondon.com/ christian@propertyinsidelondon.com


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