Million Pound Property Sales Increase

Million pound property sales in the UK are increasing at their fastest rate since 2006 with the country now having 185,000 real estate millionaires.

There were 7,185 million pound property sales in Great Britain in 2010, some 54% higher than in 2009 which shows that property is still a good investment despite the current market being up and down, the research indicates.

It is the largest annual increase since 2006 when there was a 62%, increase in property at this price level and suggests a real resurgence at the very top end of the housing market, according to the Lloyds TSB Million Pound Property Report.

The geographical distribution of million pound home sales also reflects the wider north/south divide in the housing market with London and the South East accounting for 83% of all million pound sales in Great Britain in 2010. Nonetheless, there are signs of substantial growth elsewhere. The West Midlands recorded the biggest percentage increase in million pound sales at 109%, followed by the East of England at 62%, while London also saw a marked rise of 56%.

Kensington & Chelsea and Westminster in London accounted for nearly a quarter, 22%, of all the million pound homes sold in 2010 with 868 sales while Elmbridge in Surrey had the highest number of million pound sales outside London at 268.

London Property News

London Property Analysis Shows Sales Increase

The latest London property analysis shows that housing sales have increased compared to last year.

According to the recent Agency Express Property Activity Index, residential property sales were 4.7 per cent higher in September than in the same period last year.

When compared to September 2007, sales were 20 per cent higher, possibly indicating that the property market is returning to health.

Stephen Watson, managing director of Agency Express, noted that the housing market is experiencing recovery, albeit a “muted” one.

“Although the level of monthly house sales is at its lowest since January, we are still seeing activity that is comfortably higher than 12 months ago and there have been pockets of growth around the country,” he said.

The figures build on the growth seen last month, where house sales were up by 6.2 per cent.

The south-east performed better than other regions of the country in terms of the number of houses being put up for sale, the research also found.

Time to Buy- Except in London

Sandanter research figures show that for most waiting to get on the property ladder, now is the time to buy especially with the Governments promise of help to help first-time buyers by increasing the number of new homes available in the market.

The study found that average monthly rentals exceed the average repayment on mortgages in every area of the country except London. This would then mean that those living outside the capital might save, on average, about £1000 a year by choosing to buy than to rent. That’s because the Council of Mortgage Lenders (CML) recently found that outside of London, average monthly rent stood at £420, while mortgage repayments for first-time buyers stood at £334. That’s £86 per month in savings.

However, in London, average rental prices are 56% higher than elsewhere in the country. Average monthly rent in London is £701, whereas the first-time buyer would be paying an extra £359 a month.

The City Set For 100,000 New Jobs Boost

Tosca, one of the City’s best-known hedge funds, expects London to thrive as a financial centre over the next decade. In contrast to doom-laden forecasts about the City’s imminent demise, Tosca chief economist Savvas Savouri believes it will become the natural Western hub for emerging market growth. According to Savouri, the capital will attract at least 100,000 new financial services jobs over the next ten years. This is only going to add to the under supply and over demand in the London property market

Increase in the Supply of Properties Fails to Halt Rising Prices

A modest increase in the number of properties coming up for sale is having little effect on the housing market, as prices continue to rise, says RICS UK Housing Market survey.

For the sixth consecutive month, more Chartered Surveyors are reporting that the number of new instructions is increasing rather than falling. However, demand is still outstripping supply with 28 percent more surveyors stating that enquiries from potential purchasers are rising rather than falling. This figure is slightly down on previous months, but still indicates strong interest from buyers.

The supply demand imbalance has been the main factor influencing prices and, unsurprisingly, for the fourth month in a row the majority of surveyors are again reporting rising rather than falling prices. A net balance of 35 percent of Chartered Surveyors agreed that prices were rising, up from 34 percent in October.

Transaction levels remained broadly constant with sales per surveying firm hovering around 19 over the past three months. But with the inventory of property on the market falling, the closely watched sales to stock ratio – a measure of market slack and a lead indicator of future prices- has climbed a little further. It has now risen for the past 12 months and stands at 31 percent.

Although the latest survey provides further evidence that key indicators continue to improve, the pace of these improvements does appear to be slowing. In particular, the number of respondents feeling positive about the outlook for prices dropped slightly. 28 percent of Chartered Surveyors believe that prices will continue to rise rather than fall over the next three months; this is slightly down form 31 percent the previous month.

London and the South east continue to be the most buoyant regions with buyer enquiries remaining strong against subdued levels of instructions and as such, prices are rising most rapidly.

Did the Stamp Duty Holiday Have Any Impact on London Property Market Anyway?

The stamp duty holiday is coming to an end at the end of this year; all property, money and finance newspapers, blogs and industry magazines are speculating the impact of the holiday on the property market. While some are calling for an extension to the stamp duty holiday to further stimulate the market, others question the number of homeowners who benefited from this tax relief.

Between 2 September 2008 (when the holiday took effect) and 1 September 2009, the tax relief saved property buyers only £173 million, compared to the £600 million forecast by the government. It is not thought that the last three months of 2009 will treble the actual figure to meet the Government predictions

The London property market was never likely to benefit from the stamp duty holiday anyway where homebuyers are unlikely to find a house under stamp duty holiday threshold of £175,000.

There may be signs of a scramble to buy before the deadline and the return to the £125000 level, for the first time buyer, or those home buyers in other areas of the country. These are perhaps the areas that most need the relief and would most benefit from an extension of the holiday. It has been argued that this is benefit enough. However the more popular line this week has been the need to regionalise such tax relief in the future, so that those areas of the country where housing is more expensive should benefit from a higher threshold, so that all geographical areas of the market are stimulated, and all tax payers/ homebuyers get the benefit.

London Property Sales: Fixtures, Fittings and Contents Inspection

Before completion on your new home, you will make a “walk-through” inspection to ensure that the property is in the same condition as it was when the purchase agreement was drawn up.

Some property sellers convey the appliances and major systems “as is,” offering no promise that they will be in working order.

Other sales agreements require all systems, such as heating, plumbing to be operational. It depends on the terms that are negotiated between the property buyer and seller.

During this property inspection you should check the appliances by turning each one on and letting it run a full cycle.

This gives you a chance to make sure that any repairs that were to be made by the property seller prior to sales completion have been made.

These details are much easier to work out before rather than after you have taken possession of your new property.

>London Property Sales: Fixtures, Fittings and Contents Inspection

>Before completion on your new home, you will make a “walk-through” inspection to ensure that the property is in the same condition as it was when the purchase agreement was drawn up.

Some property sellers convey the appliances and major systems “as is,” offering no promise that they will be in working order.

Other sales agreements require all systems, such as heating, plumbing to be operational. It depends on the terms that are negotiated between the property buyer and seller.

During this property inspection you should check the appliances by turning each one on and letting it run a full cycle.

This gives you a chance to make sure that any repairs that were to be made by the property seller prior to sales completion have been made.

These details are much easier to work out before rather than after you have taken possession of your new property.

Pubs, Bars, Cafés and Restaurants in Hampstead

The George Pub

250, Haverstock Hill, Hampstead, London, NW3 2AE

Tel: 020 7431 0889

Ye Olde White Bear

Well Rd, Hampstead, London, NW3 1LJ

Tel: 020 7435 3758

Mojama

58-62, Heath St, Hampstead, London, NW3 1EN

Tel: 020 7431 0399

Spaniards Inn

Spaniards Rd, Hampstead, London, NW3 7JJ

Tel: 020 8731 6571

The White Horse

154-156, Fleet Rd, Hampstead, London, NW3 2QX

Tel: 020 7485 2112

The Three Horseshoes

28, Heath St, Hampstead, London, NW3 6TE

Tel: 020 7431 7206

The Old Oak

1, Mansfield Rd, Hampstead, London, NW3 2JD

Tel: 020 7485 6832

The Garden Gate

14, South End Rd, Hampstead, London, NW3 2QE

Tel: 020 7433 6891

The Flask

14, Flask Walk, Hampstead, London, NW3 1HE

Tel: 020 7435 4580

North Star

104, Finchley Rd, Hampstead, London, NW3 5JJ

Tel: 020 7435 6287

The Magdala

2a, South Hill Park, Hampstead, London, NW3 2SB

Tel: 020 7435 2503

The Adelaide

143, Adelaide Rd, Hampstead, London, NW3 3NL

Tel: 020 7722 3777

3 One 7

317, Finchley Rd, Hampstead, London, NW3 6EP

Tel: 020 7794 6058

King William IV

77, Hampstead High St, Hampstead, London, NW3 1RE

Tel: 020 7435 5747

The Washington

50, Englands Lane, Hampstead, London, NW3 4UE

Tel: 020 7722 8842

The Stag

67, Fleet Rd, Hampstead, London, NW3 2QU

Tel: 020 7722 2646

Farside Bars

48, Savernake Rd, Hampstead, London, NW3 2JP

Tel: 07966 506679

The Old Bull & Bush

North End Way, Hampstead, London, NW3 7HE

Tel: 020 8905 5456

The Roebuck

15, Pond St, London, NW3 2PN

Tel: 020 7433 6871

The Coach & Horses

99, Heath St, Hampstead, London, NW3 6SS

Tel: 020 7435 6940

Frascati

33, Heath St, Hampstead, London, NW3 6TR

Tel: 020 7431 3274

Bedlam Bar Ltd

13, Heath St, Hampstead, London, NW3 6TP

Tel: 020 7435 6190

Ravel’s Bistro & Wine Bar

4, Fleet Rd, Hampstead, London, NW3 2QS

Tel: 020 7485 3615

Room 68

68, Heath St, Hampstead, London, NW3 1DN

Tel: 020 7435 9656

The Bombay Bicycle Club

3a, Downshire Hill, Hampstead, London, NW3 1NR

Tel: 020 7435 3544

Le Cellier du Midi

28, Church Row, Hampstead, London, NW3 6UP

Tel: 020 7435 9998

Aroma Spice Indian Cuisine

98, Fleet Rd, Hampstead, London, NW3 2QX

Tel: 020 7485 6908

The Chameleon Restaurant

83a-85a, Haverstock Hill, Hampstead, London, NW3 4RL

Tel: 020 7722 8185

Nando’s Chicken Restaurant

The O2 Centre,Unit 3a,255, Finchley Rd, Hampstead, London, NW3 6LU

Tel: 020 7435 4644

Jimmy’s Thai Restaurant

7, New Colllege Parade, Hampstead, London, NW3 5EP

Tel: 020 7722 8474

Globe Restaurant

100, Avenue Rd, Hampstead, London, NW3 3HF

Tel: 020 7722 7200

Curry Paradise

49, South End Rd, Hampstead, London, NW3 2QB

Tel: 020 7794 6314

Dentists in Hampstead

Swiss Cottage Dental & Oral Clinic

5 Regency Parade, Finchley Rd, Hampstead, London, NW3 5EG

Tel: 020 7449 9774

Linda Greenwall B.D.S (Rand),MGDS,MSc

5, Elm Terrace, Hampstead, London, NW3 2LL

Tel: 020 7267 7070

Albany Dental Centre

50, Haverstock Hill, Belsize Park, Hampstead, London, NW3 2BH

Tel: 020 7485 2565

Adam R Sapera

165a, Haverstock Hill, Hampstead, London, NW3 4QT

Tel: 020 7722 2959

Hampstead Orthodontic Practice

4, Elm Terrace,Constantine Rd, Hampstead, London, NW3 2LL

Tel: 020 7284 2827

Amanda Shaul & Sunita Daswani

411, Finchley Rd, Hampstead, London, NW3 6HJ

Tel: 0870 9221598

Dr A.A Abdellatif

374, Finchley Rd, Hampstead, London, NW3 7AJ

Tel: 020 7431 6169

Patel Rashmi

156a, Haverstock Hill, Hampstead, London, NW3 2AT

Tel: 020 7722 4405

David Preiss

53a, Heath St, Hampstead, London, NW3 6UG

Tel: 020 7435 7738

Dr S.Prince Akpabio OBE,MDS (Lond)

577, Finchley Rd, Hampstead, London, NW3 7BS

Tel: 020 7435 0654