Property news roundup: Rising numbers taking out riskier mortgages
Plus, new online guide for tenants, super-prime London, and short term lets
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.
Tuesday 10 June 2014
More home buyers are taking out a mortgage with a deposit of less than 10 per cent and a loan worth more than 3.5 times their income than at any point since 2008, according to the Bank of England.
Its figures showed that the number of these riskier mortgages increased in the first three months of 2014.
Jonathan Harris, director of mortgage broker Anderson Harris, said that while lending figures had risen to the highest amount since the start of 2008, they was still 8.5 per cent less than the end of 2013 and suggested that the "housing market frenzy is moderating".
"Borrowers are protecting themselves where they can with more than 80 per cent of new mortgages taken on a fixed basis," he said. "The growing threat of an interest rate rise means the allure of the fixed rate is strong."
Short-term letting for Londoners
New measures will end rules preventing London residents from renting out their own homes on a short-term basis, claims Communities Secretary Eric Pickles.
Currently, Londoners who want to rent out their homes for less than three months technically still have to apply for planning permission from the council, although this is irregularly enforced by different London boroughs.
The aim is to benefit London's tourism industry by expanding the amount of accommodation available, as well as providing a chance for homeowners to make money when they are absent.
Mr Pickles said that a new measure in the Deregulation Bill would give Londoners the freedom to rent out their homes on a temporary basis, for example when they are on holiday, without having to deal with the red tape of a council permit.
The measure will not allow homes to be turned into hotels or hostels.
Who's buying in 'super-prime' London?
The number of British buyers of £10m+ properties in London rose from 36 per cent in 2013 to 53 per cent since the start of 2014, according to Knight Frank research.
Its figures indicated that UK and European buyers represent more than three quarters of the market in 2014 compared to under half in 2013.
Tom Bill, Head of London Residential Research for Knight Frank, said: "There are more British buyers in the super-prime bracket than at any time since the collapse of Lehman Brothers."
New 'How to rent' guide
A new online guide to give private rented sector tenants information on their rental rights has been launched by the Government as part of their battle against rogue landlords. It includes:
* advice and information on tenancy deposit schemes, bill payments and tenancy length
* a checklist of what the landlord must provide tenants, including gas certificate and deposit paperwork
* information on the requirements of the landlord to maintain the structure of the property and give tenants at least 24 hours’ notice before entering the property
* the legal requirements for landlords and tenants on ending tenancies and returning deposits
Susan Fitz-Gibbon, President of the Association of Residential Lettings Agents, said: "Embarking on renting a property can often be a daunting time for people, with would be tenants sometimes expected to make a quick decision, provide extensive information and sign numerous documents before their dream home is snapped up by someone else."
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
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar
A newly refurbished one-bedroom flat in the heart of Mayfair, close to Grosvenor Square
A charming four-bedroom house overlooking Burleigh Square Park, close to Thorpe Bay
A three-bedroom farmhouse with a large inglenook fireplace and exposed beams
A boutique mews house, set around a central courtyard, with three bedrooms and a private roof terrace
A four-bedroom farm-conversion with three bathrooms and two reception rooms
A two-bedroom detached house with ensuite bathrooms and a sun-drenched decked terrace, £750,000
Life & Style blogs
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 Christians: The world's most persecuted people
- 3 The secret report that helps Israelis to hide facts
- 4 Danish TV reporter is all business up top, all party down below
- 5 Denmark bans kosher and halal slaughter as minister says ‘animal rights come before religion’
£26000 per annum: Ashdown Group: A highly successful international media organ...
£35000 - £41000 per annum + competitive: Progressive Recruitment: QA Manager -...
Very Competitive Salary: Austen Lloyd: LONDON - BANKING / PROPERTY FINANCE - ...
£28000 - £30000 per annum + competitive: Progressive Recruitment: An ambitious...