Knock Knock News: summer price rise, Network Rail eye £1bn sale, 'disruptors' altering property industry and super flats are the new mansion

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The Knock Knock News Roundup

Summer shortage keeps house prices buoyant: The extent of Britain's housing crisis was laid bare as it emerged that prices in August were at their strongest since the onset of the recession in 2007. Britain's housing crisis has seen first-time buyers unable to get on the property ladder due to a lack of homes at the bottom end of the market, and prices have soared in prime areas – such as central London – where demand far outweighs supply. David Cameron has vowed to deliver 200,000 new starter homes, which will be sold to first-time buyers under 40 at a discounted rate.

Source: The Independent

Network Rail looks at options for £1bn property sale: Network Rail has appointed the investment bank Rothschild to assess its £1bn commercial property portfolio, which could be sold or redeveloped. The debt-laden organisation that runs the UK rail network has land around railway lines and also owns commercial property that brought in £266m in rent last year, making it one of its more profitable activities. Transport for London this year announced a 10-year plan to raise more income from its 5,700 acres of land across the capital. All the revenue will be reinvested in the capital's transport network.

Source: Financial Times

'Disruptors' upsetting property status quo: From travel and holidays to property and finance the Daily Mail have cited a host of 'disruptors' - business that threaten the stranglehold of incumbents by smart use of technology. Referencing SellMyHome.co.uk, Sally Hamilton of the Mail on Sunday intimates online estate agents pose a direct threat to their traditional counterparts due to their savvy use of technology which is saving their customers thousands of pounds.

Source: Mail on Sunday

London increasingly unattainable for First Time Buyers: The average price of a starter home in London rose by nearly 12 per cent over the past year. Getting on the property ladder in London has never been easy but for first-time buyers, it just got tougher: £28,000 tougher, to be precise. Similar research conducted by SellMyHome.co.uk in June, suggested the shifting landscape of London's property market made for scary reading for FTBs.

Source: Evening Standard

Ex-council flat sells for £1.2m: Couple who sold former London council flat for £1.2m make 800 per cent profit. The former local authority block in London's upmarket Covent Garden proves house prices are all about location, location, location. The couple, whose identity is unknown, bought the three-bedroom property in Covent Garden for just £130,000 in 1990, under the right-to-buy scheme. after just six weeks on the market, it has now sold for just £150,000 under its £1.35million asking price, netting the vendors a massive 800 per cent profit.

Source: Daily Telegraph

Super flats are the new mansion in London's luxury quarter: A new generation of wealthy house hunters are ditching the traditional London townhouse for the ultra modern, multi-million pound, luxury apartment. The penchant for such properties, which often cost more per square foot than the finest Georgian terraces, is a true sign of the times, says James Forbes of Knight Frank Knightsbridge. A house in Belgravia with six floors and no lift might fetch between £2,000 and £2,400 per square foot, whereas the equivalent figure for an apartment would be closer to £4,000.

Source: Daily Telegraph

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