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Entries in January 2008
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If you ever watch television dramas set before 1960 you'll know that up prior to that date all working class women - and especially Scousers - spent exactly 70% of their time scrubbing the front steps. After 1960, the availability of free school milk and cheap paperback books meant that front step scrubbing markedly decreased, and a swathe of Liverpudlian women discovered they could walk erect. But we're still - apparently - obsessed with keeping up with the Joneses. A survey by fish4homes reveals 51% of DIYers are motivated by neighbourly competition, compared to a mere 14% concerned with safeguarding or increasing the value of their property. Londoners, however, are the least concerned with appearances, spending an average of just 30 minutes a week on their frontage.
Technorati Tags: London, property, real estate
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The secret of über-developer Lois Gosling, as revealed to the Telegraph:
"People earning huge sums want top products."
Gosling has an enviable track record, turning mammoth profits on swish properties in no time at all. As well as paying attention to the kit, she apparently works fast, claiming to go from first viewing to detailed plans, costs, finance and purchase in less than two days. She's currently selling Cornwall Gardens in Kensington, Queens Gardens in up-and-coming W2 and Langham Mansions in Earl's Court Square. If you're a budding property developer the Rat and Mouse recommends you read the Telegraph piece so you can see what you're competing against... well-connected, well-financed pros with cheap credit and ready-to-move crews.
The Lancasters - some prices revealed [January 17, 2008]
Hookahs, hookers and Tony Blair get lucky... it's Bayswater time [November 19, 2007]
Technorati Tags: London, property, real estate
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In a new report, Shelter demands that lenders offer help to homeowners struggling to meet repayments, and reveals that calls to the charity from the mortgage-stressed increased from 10,000 in 2006 to 80,000 in 2007. What a difference a few percentage points make. According to the report, too many borrowers are being forced into sale and rent-back schemes or further loans. More here.
Technorati Tags: property, real estate
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It's a fall of 0.1% in January, the Nationwide index's third consecutive monthly fall, bringing annual inflation to 4.2% (from 4.8% in December)... the lowest figure since December 2005. This brings the all important three month figure into the red... a 0.3% fall. An interest rate cut next week? Here's a link to the actual, factual report from Nationwide (pdf). Scroll down the graphs. The Average UK House Price graph, plotted over ten years, shows just how serious a crash would be necessary to put a dent in the (theoretical) "profits" of anybody who's held property for five years or more. The Annual % Change in House Prices graph below it is fascinating because it shows how much volatility the market can take before producing annual losses. Note how, in September 05, the annual percentage figure dropped well below the current one... a year later it was at 8%. But the 3 Month on Previous 3 Month % Change graph is the news grabber... dropping below the horizontal for the first time in over three years.
Technorati Tags: property, real estate
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So, the dining room's not completely dead. This extraordinary dining room is part of a Whitehall Court apartment. The Court - described as "a palace of flats" - is a former home to George Bernard Shaw, William Gladstone, Lord Kitchener and even MI6 during the First World War. It's attached to the National Liberal Club, right in the heart of Whitehall. Just two bedrooms, two receptions, two bathrooms, but arguably one of the most remarkable addresses in London, it's with Chesterton's, guide price £3.5m. Particulars here.
[Thanks to Ronan]
Technorati Tags: London, property, real estate
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More in this Category - Linkage
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Based in California, but global in scope, Ava Living is a niche social network with the aim of hooking up anyone with an interest in interior design... pros and non-pros alike. There'll be contests for design students, and the chance to post questions to designers, and for designers to post examples of their work.
Technorati Tags: design, interiors, Web2, web2.0
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According to Halifax Home Insurance, more than half a million dining rooms will face conversion in 2008, as Brits pursue their love affair with "knocking through". It's also about food-on-the-move, the extinction of the family meal. More here.
Technorati Tags: architecture, design, interiors
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Hometrack recorded the fourth consecutive monthly fall in January, of 0.3%, leaving annual inflation at 2.3%, the lowest rate of growth since June 2006. It could have been much worse, but a lack of supply is apparently supporting prices. Meanwhile, the Centre for Economics and Business Research is predicting a 5.5% fall in 2008, followed by a rise of 3% in 2009, and increasing rates of profit in 2010, 2011 and 2012. Place your bets.
Technorati Tags: property, real estate
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Apologies for the technical difficulties this morning. Our extreme popularity was our undoing. Normal business will resume shortly.
Technorati Tags: theRatandMouse
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He's Ian Jack, and here he describes how he took a walk down Upper Street in an attempt to feel sorry for estate agents. They're rarely heroes in fiction. They've become a byword for "boosterism". And now they're even about to be stripped of their one compensation... easy money. So... can he find it in his heart to shed a tear for the first potential victims of a property price correction? To be honest, it's not entirely clear. Except he likes Savills Paul Williams - but then I've heard it rumoured that Savills agents all attend an actual six week-long intensive charm course in their first year, with refreshers every other year.
Technorati Tags: estate agents, Foxton's, Foxtons, real estate agents
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More in this Category - Linkage
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The Telegraph takes a peak inside Chiswick's Oddfellows Hall... a Victorian building, built by the masons, and featuring four entrances and four addresses. It's been used as a wedding venue and an artist's studio, before the current owner - an estate agent/property developer - snapped it up for £385,000 in 2002 (I know, I know) and gave it a radically modern re-fit. Now it's all plasma screen in the bathroom ceiling, under-floor heating and cinema rooms. What's it doing in the Telegraph? It's for rent... £3,900 a month, from Featherstone Leigh. I can't find Japanese water feature nor wet room of it on the FL website, but luckily you can see more pictures here.
Technorati Tags: London, property, real estate
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Two 39-storey residential towers containing 500 homes are part of the £400m plans to revamp Clapham Junction station. If you want to have a look, head over to shopping centre before Saturday, or (even better) click this with the button on your mouse.
Technorati Tags: London, property, real estate
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More in this Category - Linkage
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Low volume, low mortgage data, falling prices... it's enough to make an estate agent adopt a foetal position. Not at Chesterton, though. They've just opened a 6000 sq ft flagship branch in Westminster (it's here), with two floors and glass walls. Inside... a Smart convertible, which will be given away in a draw to any one of the branch's clients instructing the branch over the coming four months on a property within a one mile radius. The Rat and Mouse doesn't want to put a damper on things, but anybody living within a one mile radius of Gillingham Street is unlikely to notice the acquisition of a new Smart car. Anyway... nice desk!
Technorati Tags: estate agents, London, real estate agents
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New loans for house purchases were down 38% in December (compared to December 2006) levels, and totaled just 42,088... the lowest figure since records began a decade ago. More here.
Technorati Tags: property, real estate
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More in this Category - Linkage
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More in this Category - Linkage
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It's such a long time since I spoke with Gawker Media's lively NY-based travel blog, Gridskipper, about the least favourite London buildings, that I'd almost forgotten what I'd nominated. Quite out of the blue, the piece has appeared, and it's a fun read, with contributions by Sam Jacob, Ali Mangera, Tom Holbrook and Patrick Lynch.
Technorati Tags: architecture, London, property, real estate
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This time, it's the Nationwide, the UK's fourth largest lender, who are increasing rates for new borrowers by up to 0.15% today. That's - of course - a move in the opposite direction to the Bank of England. According to sources, they're likely to be followed by the Alliance & Leicester this week, with other lenders following suit shortly.
Mortgage repayment? Stick it on the card... [January 22, 2008]
PM tells lenders to pass on rate cuts [January 9, 2008]
The Bank of England's not your dad [December 21, 2007]
Technorati Tags: property, real estate
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A clue! A clue!
Okay. It's Humberts share price. (Damn! I made that too easy!)
Yesterday, the estate agents predicted a small loss for the first quarter, and announced the resignation of their executive chairman and their chief executive. Today, the seat has been kicked from under their share price. Tomorrow's a new day. It might be crap, too. (Thanks to the Rat and Mouse reader who alerted me to this.)
Technorati Tags: estate agents, real estate agents
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An angry mob suffering negative equity, that is. Thanks to the Rat and Mouse reader who sent me this fascinating New York Times piece about a test case in which a woman is suing her agent for apparently misleading her about the true value of a property "because he feared she would back out and he would lose his $30,000 commission". With US property values dropping like Newton's apple, experts predict more angry homeowners to send their agents invites to court. Obviously, things are a little different over here (in the UK). Apart from the wealthy minority who use search agents, we tend to be represented by estate agents when we're in the position of vendor. That, and we don't order Cherry Coke at restaurants. Nevertheless, I'll be watching the case with interest. The agent's lawyer (wow... there's a match made in heaven) is blaming the buyer for a failure to do her homework.
Technorati Tags: estate agents, real estate agents
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New figures from Shelter reveal that a million of us are using credit cards to pay the mortgage or rent. That's 6%, rising to 7.5% in the 18-24 age bracket. Typical credit card interest rates fall between 15% and 18%, with some people paying up to 40%. So... that's at least 15% interest on the interest on your home loan. Somebody's making money. (Hint, if you're one of the 1m above: it's not you.)
Technorati Tags: property, real estate
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More in this Category - Linkage
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It's all - according to the Daily Mail - about education:
I'm moving to Britain because it has the best education system in the world – who knows? My son may end up at Eton. At the moment I'm living between Somerset and California, but next year we'll move to London permanently because the British teaching system is second to none.
Technorati Tags: celebrity, London, property, real estate
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And for £50m, a new London record, after nearby Palladio's sale for £35m just a fortnight ago. The buyer? A Kazakhstani billionaire by the name of Horelma Peramam. More here.
Feeling horny? Forbes UK property porn special [January 26, 2007]
Bishop's Avenue's £50m house [May 5, 2006]
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It's a fall of 0.8% in asking prices in the five weeks to January 12, leaving annual house price inflation at 3.4%, its lowest since December 2005.
Technorati Tags: property, real estate
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The Sunday Telegraph has been taking a closer look at Kielder Property Management... a company set up on June 27 last year, just before the arse fell out of Northern Rock's world. Kielder - apparently - has one share, and it's owned by Northern Rock. Its directors are Northern Rock managers. Its business? Buying its own repossessions in auction, and letting them out.
From the Telegraph:
Industry insiders called the arrangement "opportunistic" and unusual, as lenders normally want to avoid appearing to profit from customers' woes.
Surely no-one would interpret it that way?
Technorati Tags: property, real estate
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More in this Category - Linkage
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So, today Scottish Equitable locked the doors on its property fund in order to halt panic selling. Yet only yesterday Morgan Stanley raised its six-month rating on property stocks, making British Land Co. and Segro top UK picks. Here's Bloomberg:
U.K. real estate stocks rose in London trading after a Morgan Stanley analyst said the group may gain at least 20 percent in the first half as the Bank of England cuts interest rates to avert a recession.
Furthermore:
JPMorgan Chase & Co. analyst Harm Meijer yesterday said investors should ``think contrarian'' and start buying real estate stocks. Last year, the shares fell 38 percent, more than any other industry in the FTSE All-Share Index. London-based Meijer said British Land and Segro were his top U.K.
Technorati Tags: London, property, real estate
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Technorati Tags: property, real estate
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More in this Category - Linkage
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In cased you missed them...
Kensington & Chelsea
Wandsworth & Battersea
Borough/Soutwark
Hammersmith, Chiswick & White City
King's Cross
Elephant & Castle
Docklands
Greenwich Peninsula
Lea Valley Olympic Park
Stratford
Not many surprises, there. A mixture of old favourites, where limited stock and high-intensity foreign interest tends to keep prices up, and well-telegraphed regeneration areas. The Rat and Mouse was a little surprised not to see more from the south-east, where the Dulwich spread continues but it's still possible to find family-sized homes for (a little) less than zillionaire prices. Read the full piece here.
Technorati Tags: London, property, real estate
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According to this, Gwen Stefani's London-bound, to support husband Gavin Rossdale as he does a bit of UK career promotion.
Technorati Tags: celebrity, London, property, real estate
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At the forefront of the rise of Bayswater , the Lancasters - Northacre's ambition redevelopment of the listed Thistle Hotel - has been a hot topic since work began in 2007. Apartments will become available in 2010 and prices have remained a closely guarded secret, despite a lot of interest (there's a sense of ground being tested here... developers keen to see what Bayswater might realistically become in the next five years). But this morning, thanks to a tip-off, the Rat and Mouse can reveal some numbers. The first release involves two-bedroom apartments, with a guide price ranging from £1.9m to £2.5m. So you think that's a lot? You're right. Square footage is estimated at 1,046 to 1,415... giving a price per square foot of over £1,700. In Kensington & Chelsea, it's only just broken the £1,000 barrier.
Technorati Tags: London, property, real estate
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Shortly before Christmas we reported on a growing stand-off between Balham residents and Foxtons estate agents regarding residential parking and brightly painted Minis. The Rat and Mouse got a little psychological and suggested some SW12-ers were using Foxtons to vent... a safety valve for other frustrations in their lives. Well, turns out the story was a little more complicated that we thought. The original Wimbledon Guardian piece was followed by a series of comments purportedly from Balham locals, mostly in support of the agents' right to park where they like... as long as they pay at the meters. Now it seems that a good proportion of the comments have been traced back, via their IP addresses, to Foxtons agents. Some were "so offensive they had to be removed from the site". Ouch.
Technorati Tags: Foxton's, Foxtons, London, real estate agents
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More in this Category - Linkage
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The Royal Institution of Chartered Surveyors' house price balance fell to -49.1 (in English, 49.1% more surveyors reported a fall than a rise) in December, its most negative position since November 1992. Unsold stock has jumped by a further 7.1% (after a rise of 9.1% in November and 10.3% in October). The RICS continues to urge interest rate cuts.
Technorati Tags: property, real estate
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News International have brought in Gillian Kent, former MSN UK MD, to head up Propertyfinder, overhaul its business strategy, and make it yap louder on the tail of market leader Rightmove. More here.
Technorati Tags: property, real estate, Web
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According to the Daily Mail (and everything that means) Kate Moss managed to alienate her new St Johns Wood neighbours even before "a fleet of pantechnicons arrived with her belongings, including a mattress, lampshades and an outdoor setting", by indulging in a certain amount of raucousness at a friend's pad, just down the road. The Mail goes on to chat with a number of Moss's new neighbours, and learns that angry local residents have already contacted their MP and the police. Blimey.
Technorati Tags: celebrity, London, property
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More in this Category - About
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A six-bedroom house on Gloucester Road... and the former home of J.M. Barrie, author of Peter Pan. Barrie is believed to have been living at the house when he wrote the book, and the house has several interesting original features... the original sink in the bathroom, a dumb waiter. It's with Foxtons, here, with a guide price of £6.75m.
If these walls could talk... Biba edition [September 13, 2007]
Technorati Tags: London, property, real estate
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Okay... where to start? Gypsy Tower is a Grade II-listed former church, built in 1861, extensively renovated in 1998, and located in Gypsy Hill, Dulwich Village. Inside... four bedrooms, a lift to the roof terrace and belfry, and a working church clock. The Rat and Mouse has never seen anything like this before in London. One of a kind, available for rental at £1,200 a week. For more information, contact Cityscope.
Technorati Tags: London, property, real estate
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More in this Category - Property online
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Thanks Tom... you're right, I do. You have to take the Department for Communities and Local Government seriously in one (and only one) respect... their house price index is based on completions. They've just dropped the November data, and it's a fall of 0.8%, leaving the annual growth at 9.5%, the lowest it's been in a year, but still higher than it's likely to be in a few months. More here.
Technorati Tags: property, real estate
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According to this trip around 61/2 Redington Road in Hampstead, it's had half the Arsenal team sniffing around its fingerprint entry system, floor-to-ceiling glazing and Ralph Lauren bed. It's a remarkable place... four bedrooms, John McAslan and Partners design, double garage... with Quintessentially Estates, guide price £6m (although I can't find any sign of it on their website... if you want pictures, go here for the Telegraph slideshow). It's apparently not so remarkable it hasn't been on the market for a while, though. Here's a piece from June, and the Times, welcoming the property to the market.
Technorati Tags: architecture, design, London, property, real estate
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New England manager Fabio Capello is, apparently, house-hunting; and if rumours are true he's taken a shine to Sven Goran Eriksson's old Regent's Park mansion. Don't do it, say the fans. That place is cursed!
Technorati Tags: celebrity, London, property, real estate
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An Acton man has been put on the sex offenders register for seven years after being found guilty of wiring a camera between his bedroom and the communal bathroom, so that he could watch his flatmates [not pictured] showering. His plan was apparently scuppered when one resident discovered a lens in the wall, and followed a wire up the outside of the building to the man's attic room.
[via Londonist]
Technorati Tags: London
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More in this Category - Linkage
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Personally, this makes me feel a little queasy, but it's the way of the market I suppose. BMVPropertyLeads is a service designed to bring you news of repossessions so early they haven't even happened yet. You specify a locality and a number of leads, you pay through either credit card, debit card or Google Checkout, and they send you, within 24 hours, full contact information about repossession hearings in the next 50 days. The idea, obviously, is that you follow up with an offer - at a discount (they suggest 15%-45%, "however discounts of up to 82% have been achieved by some of our more savvy clients") - and the result is a win-win situation for you (cheap house) and the vendor (repo avoided). Hmm. Leads start at £99 for three, and go up to £1,250 for 50. BMV say they sell each lead only once, and that all leads are vetted, checked and guaranteed. So where are they getting the data? And isn't there some form of data protection to stop this entering the public domain?
Our data is obtained through a secure link, enabling us to access a mortgage company’s intent to seek repossession for over 90% of mortgage lenders in the UK. All data is then profiled against the marriages, birth and deaths database, and the 2005, 2006 and 2007 electoral roll.
Clearly not, although the Rat and Mouse still doesn't understand where the data's coming from. And presumably, that's the point. For if it is in the public domain, then we can probably all get it for free.
Technorati Tags: property, real estate
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More in this Category - Linkage
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"By becoming part of FIC's international bouquet of channels, RETV will be able to leverage the company's publishing, online and other channels to further improve our viewers experience while enhancing at the same time the value proposition we can offer to our advertisers."
That's sweet-smelling Real Estate TV's MD Mark Dodd (or just "MD" for short) on Fox's purchase of the satcab channel.
Technorati Tags: property TV
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More in this Category - _Other
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That's Divorce Week... because this is traditionally the busiest week in the entire divorce calendar. What's this got to do with Savills? Well, they've just announced that Savills representatives will be joining Collaborative Solutions, a divorce mediation consultancy with the stated intention of keeping divorces out of the courts, and helping warring couples war with dignity.
Technorati Tags: estate agents, real estate agents
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The average house price has risen by an inflation-adjusted 160 per cent over 12 years, according to Nationwide. Owners of London properties have done even better, with a 193 per cent increase. Such inadvertent financial coups confer bragging rights at dinner parties from Barnet to Bromley. Yet the tiramisu-scoffing asset allocators could only realise their swollen capital if they relocated permanently to Barnsley.
The FT's Jonathan Guthrie tells it like it is in a fabulous column, here. It's brave and provocative - given the FT's core readership - while avoiding the apocalyptic suicide-pact attitude found elsewhere.
Technorati Tags: London, property, real estate
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According to figures by Knight Frank, London homes costing £2.5m and more rose by 1% in December, leaving them up 29% on the year. Price increases are said to have been fueled largely by foreign buyers. More here.
Technorati Tags: London, property, real estate
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More in this Category - Linkage
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Tonight's, er, Tonight With Trevor McDonald, is all about the nuclear winter that could follow a housing crash... negative equity, repos, genetic mutation...
Technorati Tags: property, property TV, real estate
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'I think where interest rate cuts happen the building societies and banks have a duty to take that into account.'
Oh no we don't! respond the lenders, and surely they're right? They operate in a market, and - unless anybody kind find any evidence of price fixing - they surely don't have any duty whatsoever to pass on interest rate cuts (other than a duty to shareholders to remain competitive). Or am I missing something?
Technorati Tags: property, real estate
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What's that? Pitchpuff.com is a web launch by A Place In The Sun's Zilpa Hartley. It's a private sales website with the emphasis on video and property. You can shoot your own particulars and upload the film from your video camera or mobile phone, or ask the Pitchpuff posse to come and shoot it for you. For a limited period, you get 12 months of advertising for free, and then it's £15 per month per property.
Property search news... an update... [February 9, 2007]
Hello PodAds [August 3, 2006]
Rat and Mouse trendspotter - video viewings [April 11, 2006]
Technorati Tags: Web, Web2, web2.0
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An interesting piece by Merryn Somerset-Webb, from the Standard, points out why London property is particularly susceptible to a falling pound.
Technorati Tags: London, property, real estate
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It's Hamptons again... this time with data regarding Londoners' attitude to a potential home's efficiency. They couldn't give a monkeys. Sixty-seven per cent regarded it as the least important factor, behind size, location and condition. Surely that's very sensible, given that size, location and condition are a lot harder to alter than energy efficiency. More here.
Technorati Tags: London, property, real estate
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According to data from Hamptons, there are less than seven buyers per London property, down from 11 just a year ago. The Standard talks to Phil Tenant of Hamptons' Chelsea branch, and he's all right, Jack, with twelve per property. In Fulham, it's apparently a little more worrying, where there are just four times as many buyers as sellers, and the figure's five in St John's Wood and Clapham, and six in the City and Wimbledon. Inevitably, sellers are down, too, with both Hamptons and Douglas and Gordon reporting around 30% fewer properties in their books. Tough times lie ahead for estate agents.
Technorati Tags: estate agents, London, property, real estate, real estate agents
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More in this Category - Linkage
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Halifax confounds and confuses this morning with news that its house price index shows a 1.3% rise for December, wiping out November's fall, and much of October's. The new figure leaves annual inflation at 5.2%, from November's 6.3%. Does this point to a rally? No more than a fall of 1.3% means a crash. Expect the indices to leap about a little during a period of uncertainty. But it remains to be seen whether the figure will have any bearing on the Bank of England when it meets on Thursday to decide interest rates.
Technorati Tags: property, real estate
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You can tell a lot about 2007 by the candidates for American Dialect Society's word-of-the-year... wrap-rage, waterboarding and subprime. Ah, the fun we had. Anyway, sub-prime ran away with the prize... More here.
Technorati Tags: property, real estate
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I received an unusual amount of email following a very modest item of linkage about the arrival of Israeli squillionaire Lev Leviev. Where's he living? everybody wanted to know, in a way that suggested they could only be looking for loans. The truth was... and even after some enquiries... I didn't know. So - now - it's kind of the Rat and Mouse's duty to point readers in the direction of this revelation in the Sunday Times, that he's spent £35m on a bullet-proofed ten bedroom house in Barnet.
Technorati Tags: celebrity, London, property, real estate
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The Mail on Sunday takes up the case of HBOS's Sam victims... widows or widowers of Shared Appreciation Mortgagees who find themselves homeless when the bank calls in debts. HBOS and Barclays both pushed these mortgages in the 90s. According to Sam rules, mortgagees agree to give back around 75% of capital appreciation (plus the original loan). If they die, the bank calls in the debt, and any spouse living there is out on their ear. Barclays apparently have a system in place to deal more equitably with widows and widowers. HBOS apparently don't. Go here to read the Mail on Sunday's open letter to HBOS.
Technorati Tags: property, real estate
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More in this Category - Linkage
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LSL Property Services, owners of a number of estate agencies including Reeds Rains, is pruning. According to this in the Telegraph, 12 branches and 315 jobs have had the chop after a 40% fall in transactions. A portent for full-blown estate agency disaster? It's far from clear. LSL Chief Exec Simon Embley and the Rat and Mouse would both like to point out that this has happened before, back in 2005, when we were urging readers to take in an estate agent and give him/her a hot meal. That was immediately before two consecutive years of estate agents fattening themselves like seals. What's certain is that Property-Careers.com is probably the most unfortunate domain name in the LSL portfolio.
Technorati Tags: estate agents
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A reader asks ThisIsMoney, how can they make a bit of cash out of a house price catastrophe? The answer comes in two parts... spread betting and a new derivatives fund, due to be launched this month by Strutt & Parker, called the UK Residential Index. The first, we knew about. Strutt & Parker's entry into the pain relief market for the property over-exposed, we didn't. Interesting. According to this, it will use the Halifax House Price Index as a benchmark.
Technorati Tags: property, real estate
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More in this Category - Linkage
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It's called the Credit Conditions Survey, and it's warning that 2008 will be an expensive year for borrowers, whether the Bank of England continues to cut base rates or not. Loans will be harder to come by, and will cost more, as lenders increase their mark-up (which, by November, had already risen to six times the five-year average). More here.
The Bank of England's not your dad [December 21, 2007]
Technorati Tags: property, real estate
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