Property news roundup: A third of property values begin with a 1
Plus, high landlord earnings in City of London, and worries over new mortgage regulations
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Wednesday 26 February 2014
There are significantly more homes priced in the £10,000, £100,000, £1 million and £10 million brackets than at £20,000, £200,000, £2 million and £20 million counterparts, according to research from real estate engine Propertini.
"There are so many more homes priced £100,000 to £199,000 than £200,000 to £299,000. This same trend holds true for homes prices between £1 million to £1.99 million compared to homes prices between £2 million to £2.99 million," said Propertini CEO Andrew Roberts. " In fact in both cases we found that there was almost twice the number of properties beginning with a ‘1’ than beginning with a ‘2’. We began to realise that this phenomenon could be something real and then we linked it to Benford's Law."
American physicist Frank Benford's research in 1938 concluded that numbers in real life situations were far more likely to begin with a ‘1’ than any other digit. Propertini's reseach suggests that more than 30 per cent of house prices in the UK begin with ‘1’ as its first digit, and found simiilar results for rental prices too.
Landlords earn over £1,000 more per month in City of London
Landlords in the City of London are earning £1,059 more each month than in January 2013, say Move with Us.
Its report indicates that the fastest rising incomes for landlords in the capital after the City of London are Westminster and Hammersmith and Fulham. In Westminster advertised rental prices have increased £433 (8.49 per cent) since January 2013 to an average of £5,098 per month. In Hammersmith and Fulham asking rents are up £212 (7.99 per cent) over the same period to £2,655.
However, the average asking rent in Richmond fell by £76 (3.47 per cent) to £2,184 per month.
"London landlords who invest wisely can earn good rental yields in the current market by making the most of strong demand from tenants and rising property prices," said Robin King, Director of Move with Us. "On the other side of the coin, tenants who conduct thorough research can still find good value for money when looking for a rental property in London. Moving slightly further afield to somewhere with good transport links into the city can prove to be a much more affordable way of living in London."
Concern that mortgage regulations will limit access for homehunters
Intermediary mortgage lenders and brokers say they have worries about the impact of new affordability checks for borrowers, resulting from the Mortgage Market Review (MMR) which will come into force in two months.
Research by IMLA (the Intermediary Mortgage Lenders Association) suggests 46 per cent of mortgage brokers are worried about the impact MMR will have, while nearly two thirds of lenders have similar worries.
The new stress tests will examine whether borrowers could afford their repayments in the event of interest rates rising.
Peter Williams, Executive Director of IMLA, said: "As MMR inches closer to reality, we are understandably witnessing a change in tune from last summer across the industry. The market is still in its early stages of recovery, and there now seems to be a growing consensus that the new regulations will have at least an initial dampening effect. In the short term, we are facing a likely drop in mortgage approvals as new practices are set in stone and while any remaining gremlins in new IT systems and processes are ironed out.
"It is vital to ensure borrowers can manage their commitments, both in the short and long term. But as new working practices bed in, we must also remain alert to any loss in flexibility to treat customers as individuals as a consequence of increased vetting."
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A deceptively spacious, beautifully presented Georgian home with 3000sq ft of living space and five reception rooms
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
Life & Style blogs
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
£65000 - £80000 per annum: Recruitment Genius: Finance Director required to jo...
£15000 - £25000 per annum: Recruitment Genius: This is a unique opportunity fo...
£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...
£27000 per annum + pension + holidays: The Jenrick Group: A Quality Technician...