Why Oxford is now part of London
An interesting article by Yolande Barnes, Director of Residential Research at Savills, suggests that in terms of property prices London’s tentacles stretch well outside the M25 and indeed as far as Suffolk and Dorset.
She argues that various property markets outside London behave in a similar way to the capital city’s, driven by several of the same factors. “Some areas to the South and South West of London, including Windsor, Guildford, Dorking and Redhill/Reigate have shared over 97.5% of their house price movements in previous property market cycles with the capital, effectively behaving like an extension of London boroughs,” she writes. “London’s city state extends over most of southern England, south of a line from the Severn to the Wash. Only the most peripheral and rural counties of Devon, Cornwall and Norfolk are excluded. This area has a population of 25.5 million people, rivalling the urban areas of Tokyo and Shanghai.”
Seaside house prices in Scotland
Five seaside towns in Scotland have recorded at least a doubling in house prices since 2004, according to research from Bank of Scotland. All five towns are on the Aberdeenshire coast. Fraserburgh has experienced the biggest rise with a 139% increase from an average price of £53,641 in 2004 to £128,418 in 2012 followed by Peterhead (116%) and Macduff (115%) have seen the next biggest gains, followed by Cove Bay (108%) and Inverbervie (100%).
A further 20 coastal towns – out of a total of 60 surveyed – have recorded price increases of at least 50% since 2004. Partly due to the substantial rises in the top performing towns, the average house price in Scotland’s seaside towns rose by 45% between 2004 and 2012, exceeding the 36% increase for the whole of Scotland.
There appears to be an east-west divide in house prices in Scottish seaside towns, with nine of the ten most expensive seaside towns being located on the eastern coastline. North Berwick is Scotland’s most expensive seaside town with an average house price of £327,518. St. Andrews is the second most expensive (£261,446), followed by Stonehaven (£211,413) and Inverbervie (£202,144).
Eight of the ten least expensive seaside towns are in western Scotland. Girvan is the most inexpensive in Scotland with an average price of £75,325. All ten least expensive towns have an average price below £100,000.
Leeds cuts Buy to Let mortgage rate
Leeds Building Society has announced reductions in the headline rate on a number of landlord mortgages with the associated fees unchanged at £99. This includes their:
* 2 year fixed rate Buy to Let rate reduced by 0.59% from 3.99% to 3.40% (available up to 75% LTV)
* 2 year discounted Buy to Let rate reduced by 0.70% from 3.99% to 3.29% (available up to 70% LTV)
Tesco Bank launches new mortgage rates
Tesco Bank has announced three new fixed rate mortgage products over two, three and five years at 60% LTV. Rates on its range of tracker mortgages have also been reduced. Customers taking out a mortgage with Tesco Bank will also receive a ‘thank you’ with Clubcard points as they repay their mortgage, collecting one point for every £4 on their monthly mortgage repayments*.
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