This Weeks Hottest Property News 16.12.2016

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London’s annual rent rise is lowest across all of UK, says HomeLet – LettingAgentToday

New data released today from HomeLet, shows that London rents had the lowest increase, compared to anywhere else in the UK. Rent rates rose by 1.6% from January to November this year. 

Rents in London rose by just 1.6 percent over the year to the end of November – the lowest increase of any region in the country according to HomeLet.

Rent increases in the capital are now running at barely over half the rate seen in the rest of the UK.

Across the country, rents rose by an annual average of 3.0 per cent in November, after a fifth successive month in which rental inflation for that month alone had been flat or falling.

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Are landlords about to ditch letting agents and go it alone? –

Following an onslaught of new tax changes and legislation from government, the impact of which have already been felt by the UK’s landlords, will the latest ban on letting agent fees drive more landlords to manage their properties themselves?

Next year is likely to be a challenging time for letting agents, following a raft of changes introduced by the government prompting concern that fewer homes will come onto the market, as vast numbers of landlords will be forced to exit the sector, restricting the level of housing stock agents have to offer.

The phasing out of mortgage tax relief from April 2017, coupled with the introduction of more stringent buy-to-let mortgage lending conditions as the Prudential Regulation Authority seeks to cool existing lending practices in the sector, will inevitably push some landlords out of the market.

There has already been a sharp decline in the volume of buy-to-let valuation instructions since the introduction of the 3% stamp duty surcharge on additional properties in April and the scrapping of the 10% ‘wear and tear’ tax relief for landlords who rent out furnished homes, with the number of valuations carried out for the buy-to-let sector having fallen by 18.5% over the past 12 months, according to Connells Survey & Valuation.

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Landlords warned of holiday sublets over Christmas period –

Landlords are urged not to get caught out by illegal subletting this Christmas, as the risk rises significantly over the festive period. Not only does illegal subletting increase the chance of malicious and accidental damage to your property, it is also a highly unregulated and potentially dangerous practice.

Landlords are being warned to look out for tenants who go away over the Christmas holidays and sublet their rental properties without consent. Total Landlord Insurance has revealed a 14% increase in the number of malicious and accidental damage claims received this year as a direct result of illegal subletting, through holiday rental sites such as Airbnb.

Airbnb, synonymous with the ‘sharing economy’, has seen rapid growth throughout the UK, particularly in prime London locations, and now has an ever increasing community of users. Many travellers will be using such sites to book accommodation for their break over the festive period, a high season for renting out property, and whilst the majority of holiday rentals will be hosted responsibly, Total Landlord Insurance warns there will be cases where tenants sublet without the relevant permissions.

Whilst the ‘sharing economy’ provides expanded access to products and services, it remains a highly unregulated part of business. Eddie Hooker, CEO of Total Landlord Insurance, confirms that its popularity has presented new risks for homeowners and landlords.

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A house with the X factor? Spanish villa where One Direction auditioned during Judges’ Houses round of the talent show on sale for £34million – DailyMailOnline

Once in a lifetime chance for OneD fans out there with a lot of spare cash to hand. The property which helped launch their interstellar careers, is now up for grabs to the tune of £34 million. So get your skates on girls and boys!

A luxury Spanish villa that featured as one of the X Factor’s Judges’ Houses when One Direction auditioned is for sale.

The £34million property featured heavily during the boy band’s auditioning process on the hit TV talent show six years ago.

The five original members of the band – Niall Horan, Liam Payne, Harry Styles, Louis Tomlinson, and Zayn Malik (who left the band on 25 March last year) – auditioned on the property‘s pool terrace in front of the show’s Simon Cowell and singer Sinitta.

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Grand Designs: Kevin McCloud reveals ‘Wallace and Gromit’ pad is House of the Year – The Express

The winner is finally announced, after weeks of nail-biting tension, in the run up to the final of the Royal Institute of British Architects House of the Year. Murphy House in Edinburgh is crowned in glory, nick-named the ‘Wallace and Gromit’ house,  for its imaginative gadgets similar to that of our favourite plasticine characters home.

The winner of the Royal Institute of British Architects House of the Year 2016 was Murphy House in Edinburgh. The house was built by architect Richard Murphy, for himself to live in, and is full of quirky Wallace and Gromit-style gadgets.

This futuristic home sits amongst the 18th century new town buildings in the city and, as Kevin walked in, he complimented the property. The TV presenter said: “It delights and intrigues you form the moment you walk in”.

Judges for the awards said Murphy’s house was “mindblowing”.

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eMoov Examines Property Cost Along the Latest Night Tube Addition – PropertyDevelopment

eMoov calculates the property price rise, along the latest line to be added to the night tube, with Knightsbridge claiming the throne for most expensive properties already on the line, at £3,252,425, it is only set to increase.

With the Piccadilly line joining the Night Tube revolution, leading online estate agent, has examined the average property price and property demand levels along the London’s currently most hated line to honour its introduction to the nighttime service.

As of Saturday, the Piccadilly line will be joining the Victoria, Central, Jubilee and Northern lines in the all weekend service, and rumour has it that other lines will begin running all night in 2017.

It is no surprise that the Royal Borough of Kensington and Chelsea sweeps the three top spots for most expensive properties on the Piccadilly line. First place goes to Knightsbridge, with a whopping average property cost of £3,252,425 and a +2% increase in the past year. South Kensington, where property is valued at £2,764,684, has jumped +4% throughout the year and is closely followed by Gloucester Road with house prices averaging £2,744,439 with a +4% shift from last year.

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Five-star homes still available to rent over Christmas and New Year’s Eve – The Telegraph

The new trend which is gaining popularity, renting out luxury homes to host your Christmas, instead of having the family round your place. Starting in London, areas such as Ascot and Guildford are taking note and following suit, as people opt for thread count cotton and ‘Lord of the Manor’ style living over the holidays.

At a time when homes are lingering for longer on a slow winter housing market, sellers are getting creative. An increasing number of vendors are renting out parts of their properties – or the whole thing – until they manage to sell it.

“Following the trend in prime central London, where well-presented homes that are on the sales market are being let out, we have seen this extend to areas like Ascot, Gerrards Cross or Guildford,” says Kate Eales, national head of lettings at agent Strutt & Parker.

Eales says that the owners of impressive homes close to sporting or entertainment events can offer a “five-star Airbnb experience” that is more relaxed and private than hotels.

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