The popular blog ‘rentonomy’ is great go-to-guide for what’s happening to the rental market in London. Recently they have started releasing graphs which represent the expense of living along various tub lines. The Victoria line took a fairly symmetrical mountain shaped graph, which is to be expected as it cuts across central London. However the below, which shows the Jubilee and Northern lines, is much more complex.

The Jubilee line services two of our branches, West Hampstead and Maida Vale, whereas the Northern line services Belsize Park and the City, so this diagram is of particular interest to Greene & Co. and our customers. As you can see the graph, although it certainly has a ‘peak’ by no means has a symmetric triangle shape which the Victoria line produced, with the Northern end of the line almost reaching the cost of the City. However just east and west of Hampstead prices do peter away in more predictable way.

On the Jubilee line, where stations of Southwark, Bermondsey and London Bridge don’t mirror their northern counterparts, we can perhaps interpret this to a reason to invest in those areas.

Landlords may want to ensure they carry out preventative maintenance on their properties to ensure they are prepared for cold weather.

The AA urged homeowners to think back to the freezing temperatures experienced last winter and consider how they can avoid making an insurance claim.

Figures reveal the average claim not covered by a policy in 2010 was £596, with the most common problem plumbing related and usually involving burst pipes or leaks.

As a result, individuals were advised to ensure pipes in their lofts or in exposed areas were sufficiently insulated and to turn off the water supply if the property is to be left unattended for an extended period.

Tom Stringer, of AA Home Emergency Response, said: “As many of us enjoy unseasonably mild weather there is a serious danger that we will forget the extremely cold winters of the last few years.”

Other tips included clearing drains and checking guttering and replacing any missing roof tiles.

Source: http://www.rman.co.uk

Greene & Co. predict a shortage of family homes in 2012 in London’s most popular family-friendly areas following a surge of registrations in the £1million price bracket. Demand for these properties around Crouch End, West Hampstead and Maida Vale, has increased by in the last three months of 2011 as families opt to stay in the capital to avoid escalating commuter costs.

David Pollock, Managing Director of Greene & Co. comments: “Homeowners who previously would have moved out of London with a young family are now remaining in the capital and this is creating a shortage of family homes. Buyers are looking for a permanent base which incorporates good schools and green spaces but also has a London village community feel with a host of decent restaurants, shops and quick commuter links to the capital.

Greene & Co. reports that many potential buyers have been forced to rent in the area until the right property comes up, leading to mortgage-ready applicants and chain free sales. Buyers are also happy to carry out modernisation and extend properties to suit their particular needs.

David continues: “We are hopeful that the start of 2012 will bring much needed family homes to the market. Sellers, many of whom will be downsizing after living in the area for some years, can expect a speedy and often chain-free sale. Such is the demand that we have been selling these homes at above the asking prices in the later part of 2011.”

New tenant demand again outpaced supply of rental property in the three months to July, as many continued to turn to the lettings sector, says the latest RICS Residential Lettings Survey.

As a result of this, rents continued to increase although the survey indicates that the pace of growth moderated slightly, with 34 per cent more surveyors reporting a rise in rents rather than a fall (compared with 42 per cent in the previous three month period). Significantly, the imbalance between demand and supply is thought likely to persist with the survey results suggesting that further gains in rents are likely over the coming months.
One of the main drivers of the strong demand for rental property continues to be would-be buyers who have moved to the lettings market after struggling to find mortgage finance, or first-time buyers unable to meet lenders’ deposit requirements. As a result, 25 per cent more chartered surveyors reported a rise in demand than a fall.

However, it is significant that the challenging economic environment is also leading to more tenants relying on assistance from the government. Social lettings are now at their highest level since the series began in 1999, at 13 per cent of all new lets (up from eight per cent). Meanwhile, lettings to private renters continue to make up the majority of lettings, at 66 per cent.

New landlord instructions – which indicate the flow of rental property coming to the market – continue to edge upwards albeit only modestly, with just five per cent more respondents reporting a rise in new instructions than a fall. Surveyors report that where tenancies are coming up for renewal, some landlords – particularly those in London and the South East – are now choosing to put their properties on the sales market, leaving fewer rental properties available.

The combination of strong tenant demand and a limited stock of good quality properties on offer is pushing rents ever higher across much of the country. This is the case both for houses and flats. Moreover, with mortgage finance for first time buyers likely to remain in short supply for some time to come, this imbalance is set to persist. The inevitable outcome is that rents will continue to increase.”

James Scott-Lee, RICS spokesperson

Source: RICS Residential Lettings Survey www.rics.org