The future for first-time buyers: with prices rocketing in the capital that old joke about moving into the garden shed could become a reality. Energy-efficient micro-houses from Ecodom are a portable 130sq ft single residence that comes with a foldout bed, kitchenette and shower room. They cost only £8,000, roughly 60 times less than the average price for a one-bedroom flat in London. With mortgage loans becoming increasingly hard to gain approval for these houses, which measure about a third of the size of a London Tube carriage, could be a way for parents to help their children at least live in London. Thierry Laduguie, the head of the British arm of Ecodom said: "It's becoming too expensive for people to buy a house in the UK. More and more people are looking for more modular housing solutions."
UK housing market heats up: mortgage approvals rose to 44,488 in the month of June according to the British Bankers Association (BBA) which seems to signify that the housing market is waking up after a quiet spring. This rise hit a 15-month high in June with the BBA believing that luenders are offering increasingly better deals to compete with each other for customers. However there is concern that with the base rate set to rise these deals won't be around for long. In conjunction with this expected interest rate increase many people have started to remortgage their homes in order to take advantage of the current low-rates.
Source: The BBC
W8 postcode tops Britain's Property Rich List: home to the likes of the Beckhams, Chelsea Football Club owner Roman Abramovich and Formula One heiress Tamara Eccelstone the Royal Borough Of Kensington and Chelsea has once again come out top as Britain's most expensive postcode. According to Zoopla average house prices in the area range from £1.4 million to £2.77 million plus. Knightsbridge and Chelsea complete the top three postcodes with average prices sitting at a whopping £2 million. According to this year's list there are now 10,958 streets in the UK with average property prices over the £1 million mark with almost half of these (43%) in London.
Huf House bring elegant eco-friendly to London: a century old German construction firm are bringing their elegant, eco-friendly, glass and timber houses to London and in the process could revolutionise new-builds. Huf House have been building one-off commissions in the UK for the past 15 years but their modern architecture is rapidly proving to be desirable for more and more consumers looking to build something more modern. What is more the houses utilise energy harvested from an underground ice storage tank to heat and cool the house. The roof is comprised of low-profile photovoltaic panels to capture solar energy resulting in no fuel bills. Huf House can design a house from as small as 1,000 sq ft to 10,000 sq ft from as little as £200 per sq ft which includes the super-structure, on-site assembly and interior finishes. That means that, excluding the cost of the land, a 2,500 sq ft house would cost as little as £500,000.
Source: The Evening Standard – Homes & Property
Most 20-39 year old will be in rented homes by 2025: by 2015 it is predicted that more than half 20-39 year-olds will be living in rented accommodation rather than their own homes according to PwC. "Generation Rent" has more than doubles since 2001 thanks to the steep rise in property prices in the UK. Despite house prices slowing this year PwC still expect prices to go up by a further 5%, this combined with a shortage of new houses being build does not bode well for the next generation trying to get on the property ladder. The report said: "For younger generations, renting privately is now the norm and many will only become homeowners quite late in their adult lives.
Source: The Telegraph