PROPERTY NEWS
SAVILLS’ PROPERTY AUCTION NEXT TUESDAY
Bargain-hunting property investors rejoice. Next Tuesday sees Savills hold one of its residential auctions. There’s a tenanted three-bedroom flat in a portered block on Great Cumberland Place next to Marble Arch is starting at £380,000 and a derelict semi-detached house on the Chiswick High Road is also up for grabs, starting at £175,000. The auction will be held on Tuesday 28 June at 10.30am at the Millenium Hotel, 44 Grosvenor Square London, W1K 2HP.
SURGE IN PRIME LONDON RESIDENTIAL RENTS
Buy-to-let landlords in central London will be cheering the latest research from Knight Frank, which shows that rents in London’s prime residential market are on the rise. Rents climbed 9.2 per cent in the year to June, with strong rental growth in Knightsbridge, Chelsea and Notting Hill. A steady improvement in the London jobs market, particularly in the business and financial services sector, has meant that 5 per cent more people are looking for housing compared to last summer.
GREEN HOMES COULD AVOID EXTRA STAMP DUTY
Turning your house green may be even more essential than you previously thought. The government is currently mulling proposals that would force homebuyers to pay extra stamp duty on energy-guzzling homes. One scenario would see buyers of poorly insulated homes (those rated F or G on a scale of A to G) pay an extra 0.5 per cent in stamp duty. Homeowners have already been offered eco-makeovers to improve the energy efficieny of their properties.
A FIFTH OF LANDLORDS SUFFER RENT ARREARS
One of the most difficult situations as a private landlord is collecting unpaid rent from tenants. However, the situation is starting to improve: the National Landlords’ Association (NLA) said yesterday that a fifth of private-residential landlords have suffered rental arrears over the past quarter compared to nearly a quarter in the first three months of 2010. Those landlords needing to recover unpaid rent need to contact the tenants, visit them and even serve notices where appropriate.