Asian investors desert London: Asian investors start to desert London property market due to strong pound. the legions of foreign investors credited - and blamed in equal measure - for driving the capital’s decade-long luxury property boom may finally be getting cold feet. Estate agent Knight Frank said purchases of prime London homes by Russians had fallen to 2.9 per cent of the total in the first six months of 2015, compared to 6.7 per cent in the previous period. Singapore-based buyers more than halved to 1.4 per cent and Chinese investors dropped to 9.4 per cent from 10.9 per cent.
Source: The Independent
Asian investors make property profit: Meanwhile the Financial Times suggest the flurry of sales within the commercial sector is not a sign of Britain’s property boom abating. A wave of mainly Asian investors have been making quick profits from sales of some of London’s largest office buildings. Companies that bought properties after the credit crunch that ended in 2009 have cashed in £3.4bn of London property — pocketing £870m in profits — in the past two years, according to analysis by property advisers Cushman & Wakefield. In particular, Malaysian and Korean investors were selling up, Mr Beckham said, but added that there was likely to be “substantial and continued liquidity from other Asian investors”. Richard White, head of UK real estate at KPMG, said the London market was “feeling rather like 2005. As prices rise, the risk versus reward axis is looking increasingly out of kilter,” he said. “London’s exposure to highly mobile equity funds makes its market extremely volatile.”
Source: Financial Times
‘Relocation agents’ scrutinised: Housing experts are warning tenants to think twice before using “relocation” or “appointment-making” agents who charge tenants an upfront cash fee just to look around budget flats in prime postcodes in London. As well as finding potential properties, they negotiate tenancy terms, often help with a family’s educational requirements, and even sort out the logistics of the move. But, on the other side of the divide – where tenants with little money are looking for the very cheapest accommodation – there are a growing number of companies describing themselves as “relocation agents” who simply make appointments, and charge for doing so. Glenn Nickols of The Tenants’ Voice, a website fighting for tenants’ rights, warns against upfront fees. “Looking for ways to fleece already cash-strapped tenants is only going to damage the industry’s reputation further, and tenants have had enough,” he says. “A tenant should never accept this type of fee and should immediately walk away.”
Source: The Guardian
Marylebone emerges from city rivals: London’s elite has long looked down on Marylebone, considered to be a lowly neighbour of the capital’s luxury quarter. Anna White writes: “Despite its proximity to Regent’s Park and short stroll to Oxford Street, it has always been seen as “slightly down at heel” with its smattering of council flats, array of charity shops and apartments that sat empty for the majority of the year.” Yet that opinion is now shifting somewhat. White continues: “But the area is changing. Marylebone is attracting wealthy, fashionable young things away from the typical stomping grounds. In fact, a new study from Knight Frank showed that 15 per cent of Marylebone buyers in the past year came from Mayfair, five per cent moved from Belgravia and seven per cent left Knightsbridge, Chelsea and Kensington.”
Source: The Telegraph
Enid Blyton property for sale: Old Thatch, the Buckinghamshire home of the children’s author Enid Blyton's and her characters, enters the housing market at £1.85m. Blyton lived in the 17th-century cottage from 1929 to 1938, writing in her diary that it was “perfect, both outside and in ... just like a Fairy Tale house and three minutes from the river”. The property, which runs to over an acre, is now for sale for £1.85m, and is described by its estate agent as “magical”, with “huge character”. The current owners have lived in Old Thatch for over 20 years, with the redesigned garden included in The Most Amazing Gardens in Britain & Ireland by Reader’s Digest in 2010.
Source: The Guardian
Main Image by Anton Ittlinger