A report into the rise in house prices has revealed that the average price for a property in London has rocketed over 3% in a month, this means that the average price for a property in the capital is more than £500,000. Camden has become part of the “Elite Club” along with the likes of Kensington and Chelsea where the average price for a property is now in excess of £1m.
Elsewhere in the kingdom, house prises have also risen by around 9% since the start of 2013 with the average house price now reaching over £245,000. The strongest start to a year since 2004 has been attributed to cheap mortgage deals and the governments funding for lending scheme.
A report by The Council of Mortgage Lenders (CML) states that the rate of repossessions in the first quarter of the year was down by 17% compared to the same period last year.
Around 8000 properties were repossessed in the first three months of 2013 and The CML report that a fifth of those were buy-to-let properties.
In a separate report by The CML shows that the buy-to-let market is growing, the first quarter accounting for over 13% of the mortgage market.
The rise is being attributed to low interest rates and continued employment with The Bank of England today announcing that it will hold its record low benchmark rate at 0.5pc continued growth is predicted.
A survey which was recently carried out by the housing charity Shelter in conjunction with British Gas, has shown that around 1 in 10 landlords and letting agents are not having an annual gas safety check carried out despite it being required by law.
The law requires a gas safety certificate to be issued annually for a rented property. A gas check helps identify gas leaks and faulty boilers which may lead to carbon monoxide poisoning and even explosions.
Don’t put your tenants at risk.
The house in which Roald Dahl was born has been put on the market. It was built by his parents in Llandaff, and was named Villa Marie – but is now known as Ty Gwyn.
The house has been put on the market for £1.45 million, so a keen fan of the much loved children’s author would have to dig deep into their pockets or be the owner of a chocolate factory!
The sun is out again and the forecast for the bank holiday weekend is good. You may decide that it’s time to get out into the garden and start digging out for the new patio or decking you’ve been planning all through the cold dark winter, but before you fire up the breaker on the old concrete base you need to remove or start swinging the pick axe, have you considered what lies beneath? Be sure to check where the drains run and check if any other services, Gas, Electric, Cable TV, you don’t want your budget spending on costly repairs!