What is the price of a bedroom?
While a bedroom in Knightsbridge could set you back £1m, one in Burnley might only be £20,000, according to an interesting post (with maps) by Chris Buckle at Savills. Using Census and Land Registry sales value details, he suggests that most bedrooms are in the £50,000-£100,000 bracket, with hotspots including Windermere, York, Southwold, and Padstow. “Mapping up this diversity demonstrates the importance of transport links to value,” he says, “with the higher values streaming out along the railway lines from the employment districts of central London.”
Old office space could be turned into 11,500 new homes
Lambert Smith Hampton estimate that more than 11,000 new homes could be created by converting 7.4m sq ft of the UK’s obsolete office space. Tony Fisher, the company’s National Head of Office Agency, said: “Modern workplace trends have changed office occupier’s requirements. In the last 20 years, the amount of allocated space per person in an average UK office has halved. Office occupier requirements will continue in this vein, meaning any stock that does not meet modern workplace trends is unlikely to ever be let again and while not every obsolete building can be converted a fair proportion could be. In the past getting planning permission to convert an office into residential accommodation could be costly and time consuming. This is no longer the case in England following the government’s recent announcement that they will allow office space to be converted without planning permission.”
Their top five locations with the best conversion potential are:
Latest house price figures
The Office For National Statistics has released its latest house price figures:
- In the 12 months to February 2013 UK house prices increased by 1.9%
- House price growth is “relatively stable” across most of the UK, with prices rising in London and falling in Northern Ireland
- Annual house price increases in England were driven by a 5.9% rise in London and a 2.4% increase in the North East.
- In February 2013, prices paid by first-time buyers were 1.6% higher on average than in February 2012.
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