Tag Archives: property

Luton-and-the-East-of-England-leading-the-way-in-rental-increases-as-commuters-spread-further-from-London

Luton and the East of England leading the way in rental increases as commuters spread further from London

A growing prevalence of longer distance commuters into London is starting to have an effect on the amount of rental income that investors in emerging towns and cities are able to get on their properties, it has been reported.

In recent years, people who work in the capital have been moving away from London to live, and it’s no surprise why when we consider reports from the Land Registry that suggest that homeowners can save £3,000 on property for every additional minute they commute into the city.

It’s similarly beneficial for tenants to live out of London to save money on housing costs, and for this reason, many people in the private rented sector have been gravitating away from the capital for the last few years. But while for years this meant looking at homes in Essex and Greater London, the spread of commuters is now widening, as value becomes an important consideration.

And as the commuter belt for London workers extends ever further beyond the M25, off plan property investment in growing communities like Luton are reaping the benefits. For those who have invested in Luton, low initial purchase prices and growing demand from young professionals looking for rented properties in particular, means their income and yields improving all the time.

While in London the cost of renting a property has been falling in recent years – it’s down by 1.06 per cent in the year to the end of July – places like Luton are thriving. According to the latest data from the Landbay rental index, Luton tenants are able to get themselves somewhere to live for as little as half of what they would be paying for an equivalent property in the capital.

And as a result of this, more people are now willing to tear themselves away from the capital to live in emerging commuter towns like Luton. The knock-on effect of this is that these towns see more demand, which breeds competition, and means landlords can ask for more for their properties in the future.

Landbay reports that in the 12 months to the end of July, Luton led the way nationwide, with rental prices up by an impressive 4.23 per cent year on year. This helps to deliver far higher yields for investors than they might get elsewhere, and positions Luton as one of the best, and one of the highest potential, areas in England to invest in.

“With rising inflation and rock bottom interest rates it is little surprise to see demand in the more affordable Home Counties rising faster than pricier parts of London and the south-east,” said John Goodall, chief executive officer of Landbay.

“Naturally these surrounding areas are starting to experience a surge in rental prices, creating a ripple effect out from the capital. There are of course a number of factors at play, but as yields tighten in the capital landlords may well be branching out to the East of England in a bid to meet this demand,” he added.

A record £1.5 billion worth of private investment in the Bedfordshire town and its new-found Enterprise Zone status have helped improve the perception of Luton. Improved infrastructure and train links have also helped to boost the popularity of Luton as a commuter belt town, with more people realising the benefits of commuting via train into the capital for work.

“Investors have cottoned on to the fact that renters are no longer willing to pay the high price of renting a small room in London when they can rent an apartment or house in a commuter belt town. With London just 22 minutes by train, Luton has emerged as a hotspot for renters and investors, who are no longer willing to pay the high price tag for property in London,” Jerald Solis, Business Development Director of Experience Invest explains.

“As private investment continues to grow, we expect that Luton will emerge as London’s most sought-after commuter belt town for property investors,” he adds.

Chelsea

Living in Chelsea

We all know that Chelsea is well known for its fashionable aura, up market shopping and the famous football stadium. But what is it like to live in this chic West London area, located along the River Thames?

For those who are currently living in Chelsea, residents know that this place is host to some of London’s largest events and museums and home to various trendy cafes, bars and restaurants, which appeal to everyone. Here’s the inside scoop from Best Gapp, an estate agents in Chelsea.

Live and Let Buy

Chelsea is considered the wealthiest borough and is a prime residential area in London, offering a wide range of stunning mansion flats and stylish townhouses, while there are many riverside flats and houses alongside the Thames.

So if you are looking to live in this prestige area make sure you can afford it. The properties will be characteristic and of high quality, but you will be paying a first-class rate for this location.

Fine Dining

The majestic borough of Chelsea is famous for its successful, multinational atmosphere and has some of the greatest shopping and dining spots in the whole of London.  If you want to indulge in afternoon tea and cakes or enjoy a fine British a la carte menu than head over to Bluebird Restaurant, where you can also relax and enjoy a Bloody Mary, cold pint of beer or a champagne cocktail.

Relaxation

If you are willing to splash out with your cash, than unwind at The Chelsea Day Spa which offers a selection of treatments from manicures and pedicures to waxing to massages to fancy facials.

Or for a more in depth relaxation experience, head over to Ushvani, which was voted ‘best UK day spa’ this includes an oasis of tranquility located in the heart of Chelsea. This luxurious spa offers a pool, treatments and steam facilities which are suitable for both male and female guests. You will be sure to experience the perfect mix of spa extravagance, soothing therapies and supreme service.

Museum

We are all aware of the famous National Army Museum in Chelsea, right? This historical attraction not only educates but inspires, challenges and entertains the public; giving a real insight into the British Army and how it affected the culture, government and laws of society. If you want to brush up on your history knowledge, than this is the ideal place for you.

Image credit – Geograph

 

Battersea Development

A History of Development in Battersea

It is thought the name of Battersea (in medieval times Batricheseie, Batricesege or variants) is likely to refer to the gravel ‘island’ adjacent to the Thames where the church, manor house and arable field lay. The manor of Battersea belonged to the crown in 1066, but William the Conqueror gave it to Westminster Abbey after the conquest. It was then one of the principal manors supporting monks in the area.

In 1540, when the dissolution of the monasteries took place, the manor reverted to crown ownership and was eventually purchased by the St John family. Towards the end of the eighteenth century it became property of the Spencer family, and remains their property to this day.

From the seventeenth to nineteenth century, Battersea was well known for supplying vegetables, fruit and flowers to the London markets, and also plants to colonies in America. The village itself was next to the river, near the church, with some industry along the riverside.

The construction of railways in Victorian England resulted in a population increase from 6,617 in 1841 to 168,907 in 1901, at which time it was a Metropolitan Borough. A lot of open land was taken by four railway companies, and riverside areas were replaced by new industries, including Prices Candles, Morgan’s Crucible works, Garton’s Glucose factory, flour mills, breweries and the Nine Elms Gas Works. It was then decided that Battersea Park should be created just in time to save Thames-side Battersea from being totally overwhelmed by industry.

Better quality suburban housing was built along Battersea Rise and beyond after 1870. Nevertheless, conditions in the north of the parish remained impoverished. Until the Second World War bombing which destroyed much of the riverside property, Battersea remained relatively unchanged for more than 50 years.

After the Second World War, much of the area was re-developed in a very large scale municipal rebuilding plan. Simultaneously, industries on the riverside, west of Albert Bridge began to relocate or close down, with housing taking its place, including high rise apartment blocks, such as the Trade Tower on Plantation Wharf, with the intention of appealing to young professionals.

The Royal College of Arts expansion in Battersea has attracted media and fashion based industries to the area, as well as the redevelopment of Battersea Power Station, in addition to the reinvention of Nine Elms, where the new United States embassy will be located. Consequently, property prices in Battersea have started to compete with those across the river in Kensington and Chelsea.

Deprivation still exists in a number of estates such as Winstanley, Doddington and Patmore, along with an increasing demand for cheaper social housing, especially for families. However, there is little indication that this demand will be fulfilled any time soon. With the opening of the over ground line from Clapham Junction to Surrey Quays, transport links have improved, and the station is gradually being refurbished. There remains a great deal to do, although there are many signs that positive change is forthcoming in the future.