Buying, selling and letting - Buying

There has been much speculation about the health of the property market following the recent ‘credit crunch’ which seriously exposed failings of elements of the banking system. Northern Rock has not recovered from the queues of customers who picketed branches to withdraw their savings and threw the financial stability of the bank into question in the process.
Homeowners and investors are understandably concerned about the broader impact this will have on the UK finance and housing market.

What is the credit crunch?

The credit crunch was caused by a liquidity crisis in the financial market. In short because of high repossessions in the US the value of the mortgage portfolios that the banks were selling lost their worth, which reduced their profitability and the banks’ liquidity.
Investment banks usually sell interests in a pool of mortgages. The value of the package is worked out from the expected future cash flow from the mortgages that make up the pool. When these pools were packaged together a certain percentage of the mortgages were expected to default and end up being repossessed. However, what happened was that the defaults and repossession rates were higher than expected.

The main problem with this scenario is that some of the mortgages should never have been made in the first place. Lenders who were desperate for new borrowers were willing to make risky loans in the sub-prime market for greater returns and this backfired.

What caused the problem?

The credit crunch was caused by huge losses made by banks that provided mortgages to sub-prime candidates with less than perfect credit records or low incomes. They defaulted on their mortgages and their homes were repossessed. The banks had to write off their loans and as a result made huge losses in the process which drastically reduced their profitability and liquidity.

Why has this affected the UK?

My understanding is that this has affected the UK banks because some of them are backed by US lenders and others have bought these sub-prime loans, often packaged up in pools of debt called collateralised debt obligations which lost their value.

How will this affect my mortgage?

These problems are unique to a handful of lenders and particular those who specialise in sub-prime lending. It may mean it is more difficult to obtain credit if you are considered a sub-prime applicant as some lenders are introducing tougher criteria to reduce their exposure. For traditional borrowers the effects should be limited – and in any case the situation should gradually return to normal.

Lawrence Garry is a property investor and a director of mortgage adviser Milestone Financial Services. Submit your property market questions to lawrence.garry@milestonefs, call 020 7719 0170 or visit milestonefs.com

On the horizon

Second city bags 50-floor landmark
                             
Developer Dandara has announced that planning permission has been granted on
The V Building, an iconic 50-floor landmark building, set to play a major
role in Birmingham’s continuing regeneration.

Scheduled for completion in 2013, this stunning 150-metre building will feature 655 private residential apartments and 51 serviced suites, along with three premier restaurants and cocktail bars, a library, spa, leisure space and a rooftop observatory.

All the apartments, from studios to three-bedroom apartments, have been designed to maximise space, light and breathtaking views. The V Building will be set in a new civic plaza featuring fountains, lighting, patterned paving and specially designed street furniture.
The building, designed by internationally acclaimed architect Eric Kuhne, derives from its name from the elongated V-shaped formation, with a scissor-shaped roof and latticed cladding.
Follow progress on this amazing scheme at dandara.com.       

Student lets

Mortgage

With the average student debt now standing at nearly £14,000, and property continuing to be seen as a smart bet for investment, the children’s uni years are seen more and more as a double opportunity: why not earn while they learn?

Student debt can take up to 11 years to clear, which seriously hinders a graduate’s financial start in life – and makes the property ladder all but inaccessible.
With this trend for parents of university-age offspring to buy property in uni towns, it was only a matter of time before.

A savvy parent can help their son or daughter get ahead by buying a buy to let for their child to live in while at university. With property prices rising at a steady rate equity can be built up in the property during the university years and then used to pay off student loans and debts on graduation.
Britannia’s Buy to Let mortgages, unlike many others, allows properties to be let to family members - so a son or daughter can live in and manage the property while at university, with additional rooms being let to fellow students to pay the mortgage. A survey recently carried out by Britannia shows that 57 per cent of potential Buy to Let investors would like this family friendly option.

With a property of £150,000 rising at approximately 10 per cent per year over a three year period it would be possible to make around £45,000 which would cover the expenses involved in buying and selling a property and go a long way to pay off any student debts.
Neville Richardson, Group Chief executive at Britannia, said 'This is a great way of giving your child a solid financial start in life and a safe place to live while at university. Britannia's research showed that 42 per cent of potential Buy to Let investors feel that their property would be better maintained if it was rented to a family member.'

Rooms are always in demand in university areas and they can be registered with the university's accommodation cell to find student tenants. Owning the property is also a good way of getting piece of mind knowing that your offspring are living in a safe well maintained house.
 
Facts

Office of National Statistics (ONS) reported UK house prices rose by 204 per cent in the past decade compared with a 94 per cent increase in average wages.
 
According to the Department for Communities and Local Government (DCLG) the average house price in the UK in May 2007 now stands at £209,454 (£218,225 in England ). UK annual house price inflation rose by 10.9 per cent. Annual house price inflation in London rose by 14.5 per cent.
Britannia will only lend to people with a maximum of three properties with Britannia.
We offer a LTV of 85 per cent or less. There is no Higher Lending Charge up to 85 per cent LTV.
A deposit of 15 per cent is required for a buy to let and this may be able to be freed from equity in an existing property.

The monthly rental income must be at least 120 per cent of the mortgage payment on  an interest only basis at the product rate.

Case study: Become a parent landlord

BARRATT’s Southampton and Eastleigh developments are attracting interest from parents keen to invest in accommodation for offspring attending Southampton University or Southampton Solent University next year.

Rented accommodation is one of the largest and least avoidable expenses for students and relatives alike so it is fast becoming a trend for parents to invest in accommodation for their children.
Figures published last year revealed that 83,000 of the 2.6 million second home owners in the UK were parents who had purchased a property for a child studying at university – an increase of 26 per cent since 2000.

Jodie Wincomb, Barratt’s on-site sales negotiator, reports: ‘The one and two bedroom apartments at new development Twyford Square on Twyford Road, will be ready for occupation next summer. And ready to move into now are a number of citipads, one and two-bedroom homes at Oceana Boulevard on Briton Street in the city centre. The properties are perfect for one person or two people sharing. We’ve had a number of enquiries from parents whose children will be attending one of the city’s universities next year or are currently in their first year.

‘These parent landlords are planning ahead – they would prefer to invest in a stylish apartment close to the university than pay ‘dead money’ towards living expenses in student rented digs.’
Jodie said that it can make sound financial sense to purchase an additional home to let to a child rather than shelling out thousands of pounds on rent over three or four years, the usual duration of a university course.

And according to recent reports, buying a property in a key university town can provide a yield of up to 16.5 per cent over a three-year period, the usual length of a university degree course, and buyers can still make a profit when they sell three years later.
 Also, new figures reveal that this autumn’s batch of students can expect to pay an average of £60 per week for rented accommodation, an increase of seven per cent on last year. University owned accommodation isn’t any cheaper – average weekly rental fees hit a high of £82 recently, a rise of 23 per cent in the last two years.

‘The new trend of parental investment really does make sense,’ Jodie continued. ‘Investor parents know their children are living somewhere safe. Also, a brand new apartment is low maintenance and comes with high energy-efficient ratings - so monthly utility bills will be lower.
‘There are further advantages if the property is purchased in the student’s name as a main residence,’ Jodie added. ‘It will not be subject to capital gains tax when the property is eventually sold, whereas if it is bought in the parents’ names, they will have to pay income tax on rental income as well as capital gains tax.’

Twyford Square is a unique new development of 161 one and two bedroom apartments located off Twyford Road near junction 13 of the M3 and adjacent to the River Itchen. Eastleigh town centre is a short walk away with high street shops and the Swan shopping centre. A short rail or bus ride will take you into Southampton city centre.

Oceana Boulevard is located just minutes from the city centre and adjacent to Dockgate 4, overlooking Queens Park and close to the waterfront. Southampton is a bustling place and the universities are located within easy access of the city centre.
For more information call the sales office at Oceana Boulevard on 02380 837494 or central sales on 01489 796 382, alternatively log onto barratthomes.co.uk.    

Isleworth’s Aura launches 20 October 2007

-  A landmark development from Bellway Homes -

Launching on 20 October 2007 is a new development from Bellway North London. Located on London Road in Isleworth, the 174 home, landmark apartment development named Aura, will offer for sale one- and two-bedroom apartments from a sales and marketing suite and show apartment on site.
Set over seven floors, this innovatively designed development is built to high specification and offers spacious, contemporary one- and two- bedroom apartments priced from just £224,995. First occupations are expected in spring 2008.

The development comes with a package of enhancements for the local community in addition to the children’s play areas. These include over £180,000 contributed to local education services, funding for the nearby Thornbury Playing Fields and contributions to local transport. One and a half acres of the site, set on former commercial land, will be a dedicated public open space including two play areas.

Ian Sloan, Sales Director of Bellway North London, says:
‘We are very excited to be launching this scheme which will provide homes that are contemporary, spacious and excellent value for money. Nearby Isleworth station offers excellent links to Waterloo station within 35 minutes and the site is convenient for the A4 and M4.’
Isleworth's facilities include a public library, swimming pool, gym, and an abundance of green spaces including Osterley and Syon Parks. The town was home to Francis Pear’s famous soap making empire for a century from 1862.

The sales and marketing suite will be open 10am-4pm daily from 20 October where a sales negotiator can be contacted on 0845 676 0257. Alternatively visit www.bellway.co.uk
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Rushmon Homes’ Prospects in Reigate is a collection of two-bedroom apartments at prices ranging from £212,950 to £272,950. The new designer show apartment is open on Saturdays, Sundays and Mondays from 10am to 4pm; call 07795 681909 for further information. For further details about Prospects or any Rushmon Homes developments, visit www.rushmonhomes.co.uk or call 01932 586777.

  Imagine Homes, the UK's buy-to-let specialist, has just acquired St. Mark’s - a brand new off-plan buy-to-let opportunity in High Wycombe, due for completion June 2008.

St. Mark's features a selection of exceptionally large high specification 2 bedroom apartments and penthouses within walking distance of High Wycombe town centre. Ideally located for commuters, High Wycombe railway station is less than half a mile away with journey times to London Marylebone taking just 33 minutes. High Wycombe offers great accessibility to major road networks including the M40 and M4 and is ideally located for Heathrow Airport, but is one of the few local areas not in a flight path.
St. Mark's is an excellent opportunity for professionals who want to work in the city and live in the country. High Wycombe is home to the Chiltern Hills and the River Thames runs close by. Officially designated an area of outstanding natural beauty, the Chilterns and Thames Valley offer some of the most stunning countryside in England within a stones throw of London.

Significantly High Wycombe is undergoing a massive regeneration scheme known as Eden. It will soon be home to one of the hottest new shopping and leisure destinations in the country. Projected level of total investment stands at £500 million. This is unprecedented in the town's history which demonstrates the scale and ambition of the planned changes.

Grant Bovey, CEO of Imagine Homes, commented: ‘High Wycombe is set to become one of the most sought after areas within London's commuter belt. There is increasing demand for properties in the Home Counties with excellent travel links. Continued regeneration in High Wycombe will encourage strong capital growth and rental demand.’

Imagine Homes offers its customers a worry-free way to invest in residential buy-to-let. Through its expertise, Imagine Homes source quality new build opportunities in excellent locations with strong capital growth and rental prospects. Imagine Homes also find the tenant, manage the property and guarantee the customer a unique rental return of 7.5 per cent of the purchase price per year for two years.
Prices at St Mark's currently start at £208,000. For further details and to register your interest, please telephone 0808 180 0464.

Imagine Homes currently have a range of buy-to-let properties available at developments throughout the UK. For further information on Imagine Homes and their portfolio of properties simply log onto www.imaginehomes.co.uk

Aston Grange, Ralph’s Ride, Bracknell, Berkshire  

Ideally located in a peaceful woodland setting, with exceptional transport links as well as local facilities and amenities, Aston Grange in Bracknell, Berkshire, is attracting a wide range of buyers – including first-timers. All ten remaining apartments at Aston Grange have allocated parking. Prices start from £199,950.

A contemporary development of 24 two-bedroom apartments from Michael Shanly Homes, Aston Grange is well situated on the outskirts of Bracknell – with Martins Heron and Bracknell mainline stations both located nearby. Services to London and Reading take one hour and 20 minutes respectively, while the M3 and M4 are also both easily accessible – providing good access to Heathrow and Gatwick International Airport.
All homes at Aston Grange include a stylish integrated kitchen with stainless steel oven, hob and hood. A fridge freezer, washer/dryer and dishwasher are also standard
Master bedrooms have fitted wardrobes and en suite bathrooms with chrome fittings. Bathrooms are fully fitted with white wall hung sanitary ware, polished chrome taps and fittings, Trevi mains showers, chrome towel rails and ceramic tiled walls and floors.
 
Young friendly Location:

Weekend activities are also well catered for, with Bracknell town centre boasting a cinema and ten-pin bowling centre, an ice rink, a dry ski slope and a range of bars and restaurants. The new Ascot racecourse is situated within three miles Aston Grange.

For greener leisure pursuits, Bracknell Forest and the rolling Berkshire countryside are close by, offering a range of outdoor activities such as hiking and horse riding and for shopping enthusiasts, Princes Square and Charles Square offer all the high street names
Reading is close by where there is a good shopping centre (The Oracle) with many high street names, good bars, restaurants and nightclubs

Imagine private clients acquires prime thames-side properties.
 
Imagine Private Clients is pleased to announce the successful acquisition of 33 plots at Richmond Lock, a unique riverside development set in 14 acres of mature gardens.
 
Purchased from Octagon, the 86,559 square foot site is the first major acquisition for Imagine Private Clients, a new division of Imagine Homes Ltd targeting high net worth investors.
 
Part of an award-winning scheme of 100 houses and apartments built around the Italianate mansion Gordon House, once the home of Lord Kilmorey, the Imagine Private Clients phases of Lion’s Gate and The Grand Terraces at Richmond Lock will consist of substantial four and five bedroom houses ranging from £1.5 to £4 million.
 
Completing in 2009, the Grand Terraces and Lion’s Gate at Richmond Lock will retain the look and feel of the original Octagon development, but the properties will have additional specifications including a fifth bedroom, underground car parking and larger living spaces.
 
James Taylor, managing director of Imagine Private Clients comments: ‘The Richmond Lock acquisition will help meet the huge demand for quality freehold houses in highly sought-after areas within Greater London. Richmond Lock is a unique development which we have enhanced greatly in terms of design and specification and will have huge appeal to the home owner and the investor.’
 
The first release of eight properties is now available to the UK market. For further information please visit www.imageprivateclients.com.


Overview:    The Imagine Private Clients phases of Lion’s Gate and The Grand Terraces are part of an award-winning scheme of 100 houses and apartments built around the Italianate mansion Grade II Gordon House on the River Thames.

Unprecedented demand for apartments at Modus, Ipswich!

Investors buying apartments at Modus in Ipswich, a new development by Fairview New Homes, certainly made a wise decision!  Local letting agents are finding that these stunning new apartments are being snapped up by tenants as soon as they come to the market!

Located in Orwell Quay, Modus comprises a collection of one and two-bedroom apartments and live-work duplexes, set within beautifully landscaped surroundings with tree-lined avenues, squares and courtyards. Each new home provides light-filled living space, stylish kitchens with a range of integrated appliances and contemporary bathrooms featuring the latest fixtures and fittings.

The most popular rental properties are proving to be the two-bedroom fully-furnished apartments. With prices starting from just £144,000 for a two-bedroom apartment and Fairview New Homes offering complete furnishing packs at a reasonable cost, these new homes are excellent value for money.

Tucked between Duke’s Street and Fore Hamlet, Modus is in an up-and-coming area within easy reach of the town centre, the marina and the university and college campuses in Ipswich. This location is one of the key factors in the development’s popularity according to Jim Holliday, sales director for Fairview New Homes:

‘At Modus, we have experienced a high level of demand not only for investors who are really pleased with the response from the rental market, but also from first and second time buyers. With close proximity to the university and colleges, the apartments are appealing to teachers and lecturers and to parents who want to buy a property for children of university age or above. The development is also popular with local BT workers, both those who are settling in Ipswich and those who are contracted to work in the area.’

‘The new apartments offer plenty of space and some have balconies or terraces. They are easy to maintain, energy-efficient and within walking distance of the town centre – what more could young professional buyers or tenants want?’

For further information on Modus, please contact Fairview New Homes on 01473 286462 or visit the website on www.fairview.co.uk.

Phoenix Parc helping Ebbsfleet Valley rise from the ashes

The Ebbsfleet Valley regeneration project has been voted the third most valuable physical regeneration scheme in a special report undertaken by Regeneration and Renewal publication. Ebbsfleet Valley is one of the largest developments in the Thames Gateway and is right on the doorstep of the new Ebbsfleet Channel Tunnel Rail Link station. In the heart of the Valley lies the Phoenix Parc development by Explore Living, the residential arm of international construction company Laing O’Rourke.

Phoenix Parc was the first project launched by Dartford based Explore Living and is built on the site of a former factory. The development is comprised of 151 one and two bedroom apartments and 34 two and three-bedroom houses. All the homes have been carefully designed and enjoy spacious layouts with a high level of specification.

John Inglis, Sales and Marketing Director of Explore Living, comments: ‘Phoenix Parc is in the heart of the huge regeneration project in Ebbsfleet Valley. Just by its very location there is fantastic potential for strong capital growth in years to come. The development is situated within half a mile of the new, soon to open, Ebbsfleet International station, which will offer services to central London within 17 minutes as of 2009 and Paris in a little over two hours in November 2007. Due to such wonderful transport links it is no surprise that interest has been from those looking for a sound investment and commuters.’

‘Phoenix Parc offers purchasers the ideal opportunity to capitalise on the growth of the area with apartments starting from £226,995. Investors are able to benefit from an investment package and good value for money. This is evident in the fact that we now only have 10 apartments available left to sell.’
For more information on Phoenix Parc call 0845 4504360 or visit www.exploreliving.co.uk. Explore Living offer a fantastic choice of styles for your new home. From bathroom and kitchen fittings to the colour of the walls and the tiles on the floor, individuality is presented in each and every apartment. Backed by Explore Living’s exceptionally high standard of customer service, making the move could not be more pleasurable.

Phoenix Parc is perfectly designed for those with a love for high-tech creature comforts. All apartments come with provision for Sky+ and HD TV as well as pre wiring for a flat screen television in the lounge. Telephone points are situated throughout the apartment as well as electric under floor heating.
The development is well located for the modern lifestyle. With the completion of the high speed rail link travellers will be able to reach St Pancras in less that 20 minutes in 2009, where as Paris will be a little over two hours away via Eurostar. Phoenix Parc is also ideally situated with those with a love for retail therapy, with the extensive Bluewater shopping centre, the largest of its kind in Europe, providing a range of high street names, luxury designer goods and boutiques stores.

Over 6,000 Square Feet of Outside Space in London

57 per cent of people rate a garden as essential in their choice of property, according to a recent survey.*  In urban areas, outside space can demand a premium, however with the modern pressures of everyday working life, gardening can become a low priority. Higgins Homes’ new development The Roof Terrace, in Woodford Green, solves this dilemma by allowing residents to take advantage of over 6,000 square foot of roof top garden, without worrying about the up-keep.

Jeremy Marcus, Sales and Marketing Director, Higgins Homes, comments: ‘Outside space in London is very desirable but can be costly to maintain. By creating a garden on top of the development, residents can benefit from 6,135 square feet of space without any maintenance. The Roof Terrace is a small, boutique development in a sought-after location which embodies the attention to detail and bold design associated with Higgins Homes.’

 The development comprises 23 contemporary one and two bedroom apartments and two bedroom penthouses situated above office and retail premises. Most apartments benefit from a private balcony or terrace and all have access to the communal roof terrace. The development also benefits from a secure underground car park with enough space to provide one space for each apartment and the ability to purchase a second space if required.
Externally the development uses red and natural stone shaded brick work and stone voussoirs to create an intricate and stylish frontage. The architectural design of The Roof Terrace combines gabled roof tops with dramatic sweeping curves and angular insets, reminiscent of the Art Deco architectural period.

Each apartment comes with a stylish Urban Myth kitchen which is fitted with Smeg appliances which including a stainless steel electric oven, a stainless steel gas hob, an integrated fridge/freezer, a washer/dryer and a dishwasher.

Woodford Green has a wide range of shops and restaurants and South Woodford underground station has direct central line trains to Liverpool Street Station which take approximately 20 minutes.

Construction on The Roof Terrace has already begun and first completions are due in spring 2008. Prices start at £299,950 for a two bedroom apartment - less launch incentives of £500 towards legal fees and £2,500 for flooring. For further information and brochure requests please contact Higgins Homes on 020 8505 0614 or visit higginshomes.co.uk.

Crest Nicholson, Courtyard, Bishop’s Stortford

The Courtyard, the first development by award-winning developer Crest Nicholson, in Bishop’s Stortford, Hertfordshire, is now for sale, comprising a stylish selection of two bedroom apartments and one individual three bedroom cottage. The Courtyard, located just off Hockerill Street, is set to be popular with young local professionals commuting into London and those looking to invest. Just a few metres from the centre of this pretty market town, the development has been thoughtfully designed to blend seamlessly with the local vernacular and strikes the perfect balance between old and new.

John O’Kane, Director of selling agents, Savills, comments: ‘Currently there is nothing else quite like The Courtyard on the market in the area. Bishop’s Stortford is one of Hertfordshire’s oldest market towns and Crest Nicholson’s experience in quality, design and workmanship is evident and has produced something really exceptional in the market. Purchasers seeking the very best in terms of location in the town centre and specification need look no further than Crest Nicholson at The Courtyard.’

Located within an established conservation area, The Courtyard takes its architectural design from this and the surrounding listed buildings. Exteriors combine classic cream render and local stock brickwork complemented by weather boarding and a mix of slate and brick red roof tiles to give a timeless and elegant appeal.

The contemporary interiors create a perfect contrast to the traditional façades. Designed to suit purchaser’s busy lifestyles, the smart, stylish and practical living spaces have been created with fitted kitchens featuring a Bosch stainless steel oven with gas hob, an integrated fridge/freezer and a washer/dryer. Bathrooms feature sleek Villeroy and Boch sanitaryware and are complemented by Hansgrohe chrome accessories.

Helen Moore, Sales & Marketing Director, Crest Nicholson (Eastern) Ltd, comments: ‘I expect The Courtyard to prove attractive to young professional buyers, as well as investors, thanks to the development’s excellent location close to Bishop’s Stortford train station and Stansted airport. Commuters can be in London in under 40 minutes and the accessibility to Stansted airport ensures that the apartments at The Courtyard should have excellent rental potential.’

The ideal commuter location, trains from Bishop’s Stortford station take residents into London Liverpool Street in as little as 39 minutes*. Alternatively, the university city of Cambridge is less than 30 miles away. However if travelling further a field, Stansted airport is just 5 miles away.

Residents at The Courtyard will each benefit from their own allocated parking space.

Two bedroom apartments are priced from £230,000.

For more information contact Crest Nicholson on telephone: 01277 693262 or visit: www.crestnicholson.com  

Owners buy their island

Over fifty percent of the first phase of apartments released at The Island, a new development in Islington, London, N1, have been sold off-plan. Ten of the 17 properties in the development have been snapped up since the launch in mid-September at the Chesterton New Homes office. The majority of these sold to owner occupiers attracted by the quality specifications and generous size of apartments.

The Island is a contemporary development of 58 one and two-bedroom apartments and duplexes developed by George Wimpey and scheduled for completion from November 2008. The apartments are arranged around a private landscaped courtyard.

Wood is used throughout the apartments with real oakwood flooring in the hallway, kitchen and living-rooms and ashwood internal doors. Each kitchen is has Mirari white gloss fitted units with Delta down-lights. These are set off against the stainless steel cooker and sinks. Security is provided with video entry-phones in each apartment.

The Island is situated off trendy Upper Street and within walking distance of both Angel Tube Station and Essex Road Train Station. The area enjoys an abundance of pubs, bars and restaurants, as well as the N1 centre. Antiques shops and markets can all be found on 'Camden Passage' and the area is rich in local theatres.

Conrad Mazen, Chesterton New Homes Director, comments: ‘We are delighted at how successful The Island has been amongst owner-occupiers. Many new-build residential schemes are geared towards investors and the units themselves are often quite small. The Island, however, features well-proportioned apartments which appeal to home-owners – for example all the one bedroom flats measure well in excess of 500 sq ft.’

Prices in the current phase start from £330,000 for one-bedroom and £415,000 for two-bedroom properties. The second phase of The Island is due to be released in Spring 2008.

For more information on Chesterton New Homes, please contact Conrad Mazen, Chesterton New Homes Director, on 020 7288 0330 or see chesterton.co.uk.

Property Fever Following Walthamstow’s Olympic Effect

Property prices in Walthamstow are set to rise by as much as £100,000 because of the 2012 Olympics effect. London developers and estate agents are earmarking the area as an investment hotspot and residential schemes, such as Higgins Homes’ new development Uber, in the centre of Walthamstow, are being snapped up by residents and investors alike.

Scot Philp, Residential Manager at Strettons, local estate agents in Walthamstow, comments: ‘The Housing market is still very strong in many parts of London and preparations for the 2012 Olympics preparations are creating a very buoyant prospective rental market. The spill over from Stratford in to areas such as Walthamstow has already provoked a property price increase in the area of up to 12 per cent this year. Because of the cultural vibrancy and transport links, the location is very desirable for renters and every property on our rental books is let within 10-14 days. With statistics like this it is no wonder that developments like Uber are extremely popular.’

Jeremy Marcus, Sales and Marketing Director at Higgins Homes, comments: ‘Uber has been extremely popular, with eleven apartments being sold in the first week or so of launching. Walthamstow market is less than 50 yards from the development and the train and tube stations are within a short walk. Walthamstow is also undergoing a massive regeneration campaign which will further the potential for capital growth and improve the facilities for residents.’

Uber comprises 100 studios and one and two bedroom apartments on Erskine Road. The building has a cascading and ascending flat roof, sculpted with aluminium panels to give a dramatic profile. The development incorporates a secret garden, so residents can read a book and enjoy the sunshine without being overlooked.

Most apartments have glass panelled balconies providing buyers with outside space and there is also a video entry system in each property. Internally each apartment has a designer Urban Myth kitchen which comes fitted with Smeg appliances including a stainless steel electric oven, gas hob, integrated fridge/freezer and washer/dryer.  

Walthamstow provides residents with a wealth of amenities ranging from boutique market stalls to designer clothes shops in The Mall, Selborne Walk.  St James Street train station, near the high street, has regular direct trains to London Liverpool Street which take approximately 16 minutes*. Walthamstow Central underground station is on the Victoria line and trains take approximately 23 minutes to Oxford Circus**.

First completions are expected in spring 2008. Prices for a one bedroom/one bathroom apartment start at £205,000 and at £260,000 for a two bedroom/two bathroom apartment with balcony. The marketing suite is open seven days a week between 10am and 5pm. For further information please contact Higgins Homes on telephone: 020 8521 7885 or visit the website: www.higginshomes.co.uk

Berkeley Homes (South East London) Ltd are pleased to announce the launch of its Caspian Wharf development, located on the banks of the Limehouse Cut, Bow, E3. The 82 studio, one, two- and three-bedroom apartments were released for sale on 24th May and are proving a huge success with purchasers.

This vibrant waterside development offers contemporary individually designed apartments that strike an excellent balance between function and comfort. The properties are situated in a brick six-storey building that features extensive glazing, glass and steel balconies and large terraces with views towards the canal and Canary Wharf.

White handless glass units and grey composite stone worktops, splashbacks and upstands create sleek, luxurious kitchens that are completed with Siemens stainless steel integrated appliances, Elica stainless steel and glass telescopic glide extractor and optional TV units.

Elegant clean lines, chrome fixtures and fittings and white sanitaryware ensure that the bathrooms offer a calming retreat away from the stresses of every day life. All of the apartments also benefit from zoned underfloor heating and electronic audio door entry systems, with the majority offering outside space by way of balconies or terraces.

Residents at Caspian Wharf will enjoy the use of a communal terrace on the fourth floor as well as the landscaped podium on the first floor, which will provide cover for the limited car parking spaces that are available on selected plot.

Caspian Wharf is well connected for travel into the City. The development is within easy reach of Bromley-by-Bow underground station on the Hammersmith & City and District lines while Devons Road DLR station is also close by. Langdon Park is the new DLR station due to open in Summer 2007, and is also within easy reach.
The A11, A12, A13 and M11 offer road links to Greater London and the North. The proposed Olympic Village at Stratford is situated close by offering a lasting legacy on the doorstep.

Victoria Park offers plenty of open space and residents can enjoy the festivals, fetes and open-air concerts that take place while nearby Mile End Park offers an international standard athletics stadium. A wealth of cafes, bars and restaurants can also be found within easy reach of the development.

Jon Hall, Head of Sales & Marketing for Berkeley Homes (South East London) Ltd commented: ‘We’ve had an excellent launch of Caspian Wharf with an overwhelming response from purchasers. This contemporary development offers sleek, luxurious properties in a vibrant waterside setting and we are confident the remaining properties will prove just as popular with both investors and owner-occupiers alike.’

Prices for the apartments at Caspian Wharf start at £215,000 for a studio apartment. For further information contact the Sales and Marketing Suite, which is situated at 99 Leman Street, London, E1. It is open 10am to 6pm weekdays (until 8pm on Tuesdays) and from 10am to 5pm on weekends. Call 0844 800 1152 or see berkeleyhomes.co.uk.

Good lighting really does transform a home, but it can be a difficult task to master. Leading electrical regulatory body NICEIC offers some practical advice on how to get to right.

Well positioned lights will really help to enhance the mood of a room, but just how much light is needed to create the right effect? One way to determine the correct light levels for a home environment is to measure the room size in square metres and multiply this by 25 for incandescent lamps, 15 for halogen lamps or 19 for compact fluorescent lamps. This will give you the total watts required to light the room.  It’s best to place lights at a height where the bulb can’t be seen directly to avoid and reduce any glare. Don’t hang pendants so high that the bulb is clearly visible underneath from below and if lights are to be positioned over or near reflective surfaces make sure they have a diffuser.

The lighting for each room in the house will depend on its function, and the following tips will help you decide which light sources are best.
The living room Used for relaxing, entertaining, socialising, reading and watching TV, the living room is a multi-functional space. Work out where your furniture will be positioned and where you need lighting. That way you can advise your electrician if new sockets need to installed and so avoid long cables and flexes running across the floor.

Aim to use plenty of different light sources so you can create different levels of lighting.
One central pendant light with up lighters and table lamps placed around the perimeter of the room will create a feeling of more space as the light radiates inwards. Floor lamps are effective at brightening up dark areas where it’s tricky to fit wall lights. Just one chandelier situated in a living room can provide an element of glamour – they were traditionally lit by candles so use a low wattage bulb to give the same subtle affect.

The kitchen Lots of light is required in the kitchen. Under unit lighting is important to cast efficient light over work surfaces and a good ambient light is also useful. Downlighters in the ceiling creates a glare free effect while remaining functional, but it’s important that each spotlight is fitted properly with a fire hood. Pendants aren’t best suited to kitchens as they attract grease and dust.  
The dining room How you light this room depends on its style, but usually the main light source is hung over the dining room table, which can then be supplemented by wall lights and table lamps. You could also fit a rise and fall pendant, which can be adjusted to the desired height. If candles are used ensure they are far enough away from the light fitting. Long dining room tables look great with long lights suspended on wires.

The bathroom For make-up application and shaving it’s best to have a bright light, but if relaxing for a soak in the tub you’ll want to be sure you can dim the lights. Wall lights must be out of reach, or enclosed to keep water out, especially spotlights that are installed above a shower. Lighting can be controlled by a wall switch, which must be mounted outside the bathroom. Some mirrors have sections of the reflective surface removed and lights fitted behind. You can also use LED floor lights, which are set into the floor and come in different colours.

The bedroom Here you can really be creative with your lighting scheme, using bright neon colours or sparkling fairy lights. The right lighting will help you create a relaxing retreat to wind down and get a good nights sleep, but be sure to include more general lighting for getting dressed in the morning. Adjustable reading lamps are ideal if one of you is reading or watching TV while the other sleeps. They can be mounted on the wall, hotel style, or they can be fixed to the bed head or used as table lamps. To make the most of your dressing table make sure it is lit from both sides of the mirror, so it doesn’t cause shadows across your face.
To find a registered electrician in your area visit findanelectrician.info

General tips

Bright light is not always good light
Different effects are produced when light is reflected by surfaces, so consider this when you are deciding where to situate lights
Direct lights are best for reading or working
Lights can also be used to highlight features such as paintings or objects and help add atmosphere to a room
For multi functional rooms install a dimmer switch so you have the option of more light for reading or working and lower light levels for relaxing
Incandescent bulbs give off warmer colours and will help achieve a cosy atmosphere, while fluorescent light bulbs will offer a cooler but more efficient light for utility rooms
Dark coloured rooms absorb more light, so additional light will be needed
If you have a feature wall or coloured surface, illuminate it with lighting to add colour

The Exeter office of Savills has been instructed to sell Waterside House set in the sought after village of Stoke Gabriel in the famous South Hams region of South Devon.

As the name implies, Waterside House is perfectly located on the water’s edge, enjoying spectacular views from the many windows, balconies and terraces over the unique Mill Pool to the deciduous wooded banks beyond or down stream to the tower of the parish church of St Gabriel and St Mary with the River Dart beyond.  With steps leading down to the river via the terraces and balconies, the house is ideally placed to enjoy not only the water frontage, but also the south Devon countryside, Dartmouth and Totnes being about 4.5 and 5 miles away by boat and Torbay about 6 miles away.  The stylish accommodation includes a master bedroom suite with river balcony, a guest suite, 2 further bedrooms, open living space with dining area, sitting area, kitchen, laundry room, study, cloakroom, family bathroom, shower room, games room with kitchenette, studio and workshop and would provide the discerning owner with a property which is just perfect to entertain in.

Stoke Gabriel is picturesquely scattered on the east bank of the estuary of the Dart and is surrounded by beautiful and unspoilt undulating countryside.  This ancient and unspoilt village retains much of its period charm with records showing that a church has been in the village as far back as when William the Conqueror defeated King Harold in 1066.  Set within the church grounds is the famous yew tree reputed to be nearly 1300 years old and rumour states if you walk backwards round the tree three times your wish will come true!

Richard Addington of Savills says “Looking over the Mill Pool at sunset from the balconies is amazingly calming.  Whether you had this house for a permanent or holiday residence, the benefits are obvious”
Waterside House is being offered for sale at a guide price of £1.5 million.

Tax may well be playing on the mind of many property investors as they prepare to file their self assessment tax return. Although the final deadline is the end of January next year, for those who want the Inland Revenue to calculate their tax for them the deadline 30 September.
The problem for many investors is that the complexity surrounding tax issues means it can be very hard to know what is and isn’t deductable – the end result being that investors can end up paying too much or too little in income and capital gains tax.
Before you tackle your tax return this year it is worth ensuring you have considered everything you can to correctly minimise your tax bill.

GET ORGANISED

Property investors need to be organised. A separate bank account should be set up and investors should keep track of rental income and expenditure, holding on to all relevant receipts. Hiring professionals such as accountants and solicitors will help to make the process much easier. Any professional or legal fees can be offset against the rental income. However, fees incurred during the actual buying process cannot be claimed until the property is sold.

SINGLE OR JOINT OWNERSHIP

If the property is owned by more than one person then careful consideration needs to be given to the form the ownership takes, whether it is joint ownership, partnership or through a syndicate, each method will have its own tax implications. As the Inland Revenue assess income individually, each legal owner of the property is required to submit an annual return.

OFFSETTING EXPENSES AGAINST RENTAL INCOME

Income tax is payable on rental income after allowable deductions have been taken into account and the list is extensive when it comes to what is and isn’t deductable. Investors can offset costs including utility bills when properties are empty, management agents’ fees and interest paid on borrowing costs, including mortgages and loans.
In addition, costs relating to repairs of maintenance can be offset. However, improvements made to a property, such as adding a conservatory are not tax deductable, but they can be offset against the capital gains tax liability when the property is sold.

RUNNING YOUR PROPERTY AS A BUSINESS

A buy-to-let property should be treated as a business and as such certain costs associated with running the property are deductable. These include marketing and travel costs and office costs such as a proportion of the utility bills and office equipment.

EXIT STRATEGY

When it comes to selling the property there is likely to be capital gains tax on any profit accrued on the property, which could be up to 40 per cent. However, there are steps which you can take to reduce the bill. For example, you can claim exemption on the tax for the period you have permanently resided in the property and the final 36 months of ownership, irrespective of whether you have lived there. Other tax breaks include taper relief and personal capital gains allowance of up to £8,500.

PLAN FOR THE NEXT GENERATION

It is vital to plan for the next generation and to protect your assets from inheritance tax (IHT). The current threshold is £300,000, which means you are likely to be liable for inheritance tax, especially if you have a portfolio of properties. However, there are various methods for reducing IHT. It is worth consulting a professional to ensure you minimise your family’s bill. It is essential to make a will, to ensure your estate is passed on according to your wishes and if your property is overseas you should seek inheritance tax advice and write a local will, as your British will might not be accepted.
Whether you are buying in Britain or overseas you need to be fully aware of all the tax implications. Don’t be fooled into thinking you won’t be found out, the authorities now have the power to discover exactly what your income is whether it’s here in Britain or overseas. Be prepared, pleading ignorance will never count in your defence.

David Austin is managing director of Property for Life. Visit propertyforlife.com

Most people rent because they believe they cannot afford to buy. But what if there was an option to own a place for the same or less than what it costs to rent? Amanda Shiel spotlights one such competitively priced development.

Milliners Place combines the conversion of a former hat factory three new buildings on Midland Road to create 119 luxurious one-, two- and three-bedroom apartments. Situated in the town centre, Milliners Place is a five-minute drive to the M1, making the North and South of England easily accessible. It’s also a short walk to the train station, which offers the town’s commuters fast trains to London’s St Pancras in just 23 minutes and an easy commute to Luton Airport. 

Redeham Homes has sensitively converted Milliners Place to retain the building’s original Georgian architecture, while creating stylish apartments that maximise the available space and light. The apartments have been built to a high specification including a choice of kitchen designs incorporating an integrated stainless steel oven, extractor hood, fridge/freezer and washer dryer. A choice of layouts includes open-plan and semi-open plan styles as well as those with separate kitchens.
The contemporary bathrooms include Roca Laura wall-hung white sanitaryware complemented by Grohe fittings, thermostatic showers and heated towel rails. To provide purchasers with an added level of style and luxury, a range of the apartments include en suite facilities to the principal bedroom. Some of the apartments also benefit from balconies or terraces. Private parking is also available at the development.
Milliners Place is ideally situated for Luton’s wide range of facilities and amenities including the Arndale Centre, which is within easy walking distance.

Prices for the remaining apartments at Milliners Place start at £130,000 for a one-bedroom apartment and from £170,000 for a two-bedroom apartment. For further sales information contact Redeham Homes on 01582 456692 or visit redehamhomes.co.uk.

We look at a no-nonsense guide for landlords who let to students
 
The Landlord’s Guide to Student Letting is an invaluable guide to understanding the continuous flux of a profitable market and the legislation attached to it.

Written by seasoned student landlord Catherine Bancroft-Rimmer, it is candid about the pros and cons of student letting, making complex and confusing legal procedures easier to understand and act on.
Sample letters, forms and useful addresses of organisations are included to help the landlord. Rimmer also takes into account the long-term view of the student letting market nationally and shares her knowledge about potential future changes made by the government which will have a long term impact.
If you’re interested in investing in student housing, The Landlord’s Guide to Student Letting will arm you with information about your rights and responsibilities and prepare you for the highs and lows of landlord life.
 
The Landlord’s Guide T