Property sales expected to rise in prime central London
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Post on 14-Jun-2015
DESCRIPTIONMany experts estimate that property sales could rise on the back of government efforts to help make mortgages more readily available following a rise in the number of mortgage approvals issued.
1. Property Sales Expected To Rise In Prime Central LondonMany experts estimate that property sales could rise on the back of government efforts tohelp make mortgages more readily available following a rise in the number of mortgageapprovals issued.The Bank of England has announced that mortgage approvals increased following thelaunch of the 80 billion Funding for Lending Scheme (FLS) by the BoE and the Treasuryin August designed to increase the availability of cheaper loans and mortgages forbusinesses and households.So far over 20 banking groups, including the five largest lenders in the UK, have signed upto the Funding for Lending Scheme, while funding costs have fallen by around onepercentage point.Fresh data from the Bank of England shows that the volume of loans approved forproperty purchases increased by 2,103 to 50,024 in September, while the number of loansapproved for remortgaging rose by 1,860 to 28,343.Market conditions are definitely improving at present, said Brian Murphy, head of lendingat Mortgage Advice Bureau. The Funding for Lending scheme is now starting to make animpact and should be of benefit to building societies as the months go on as they haveremained committed to increasing their lending this year.The latest Royal Institute of Chartered Surveyors UK housing market survey shows thatexpectations for future sales reached their highest level since May 2010. DuringSeptember, a net balance of 26 per cent more respondents predicted transactions to growduring Q4 2012.Peter Bolton King, Royal Institute of Chartered Surveyors global residential director, said:Surveyors are optimistic that the run in to Christmas could see an increase in activity inmany areas of the country.The anticipated rise in housing activity could potentially help to drive up property pricesacross parts of the country, particularly in prime central London and its outskirts despitethe fact that property prices have already soared in the past year or so. 2. In the London Borough of City of Westminster, for example, prices increased by close to20 per cent in the year to August due to a general shortage of properties for sale inLittle Venice - forms part of Maida Vale - as well as Hyde Park, St Johns Wood, Mayfair,among other parts of the borough.Property prices in the City of Westminster rose by an astonishing 18.3 per cent in theyear to August, according to the latest figures from the government Land Registry, saidAndrew Ellinas, director of leading estate agents Sandfords. The increase is the highest inthe UK by a very long way.The jump in property values means that any house or flat for sale in Little Venice, StJohns Wood, Hyde Park, Mayfair, or any other part of the borough for that matter is nowsignificantly higher compared to this time last year.The major shortage of houses and apartments for sale in Fitzrovia, St Johns Wood,Hyde Park, Mayfair, Maida Vale, among other parts of the City of Westminster in relationto high demand are driving property prices upwards, said Adam Feather of RobertAnthony estate agency. 3. With very few new homes being delivered in prime central London, it is highly unlikely thatthe increase in property values will slow anytime soon not for as long as the capitalcontinues to be seen as a safe haven to buy property.
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