FASHION

newhomes
ProPerty Latest
By Ben West
Prime centraL
London saLes
and Lettings
reach aLL
time high
Prime London property prices
have risen by 9.6 per cent in
the last year and are now 35
per cent higher than the postcredit
crunch trough in March
2009. Not only that, but prime
London property prices rose by 0.7
per cent in July, taking values to a
record high.
The prime London rental sector
is also booming: on average, rents
are now one per cent higher than
their previous peak in March 2008.
“Once again the main reasons for
high strength demand in the prime
central London market are the
overseas purchasers and low stock
levels,” says Noel Flint, head of London
residential at Knight Frank. “In the
last month our offices have seen more
interest from buyers from continental
Europe, possibly due to the ongoing
Eurozone crisis as well as London
providing a more cosmopolitan lifestyle.”
Snazzy Student accommodation
The student accommodation sector has remained extraordinarily
buoyant despite the downturn, kept afloat by the imbalance of supply
and demand of student housing felt in many university cities across
the UK.
With the assurance of a guaranteed long term income and appealing
yields, investors have been snapping up purpose built student
accommodation residences left right and centre, with an estimated
£347,675,000 committed to the sector in the UK since the beginning
of 2011, according to the latest report from CB Richard Ellis 2011.
Indeed, student numbers have been rising year-on-year over the last
five years, increasing by four per cent last year alone, according to
the report, with the growth in university students putting considerable
pressure on the existing student housing stock across the country.
However, if your memories of student digs are of shabby box rooms
and a kitchen in disrepair, today’s students are rather more discerning.
A great number are now seeking high quality housing, contemporary
interiors and city centre locations.
An early Ramadan this year meant
that Middle Eastern buyers spent
less time in London earlier this year,
however Flint predicts that September
will see increased interest from Middle
eastern buyers escaping the hottest
months in their home countries.