The neighbourhood where an average home costs OVER 7 figures!!

While house prices  all over the UK are falling as the financial crisis continues on unrelentingly, one very exclusive area of the capital are setting records with the cost of the average homes in Kensington and Chelsea soaring through the £1million barrier.

Figures from the Land Registry yesterday showed that a typical property in Kensington and Chelsea would set a buyer back £1,022,515.

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Generation of mummy’s boys and daddy's girls created by property market??

According to the Office for National Statistics, the number of people between the ages of 20 and 34 who have yet to leave the family home has increased between 1997 and 2011 by a staggering 20 per cent.

This rise in numbers correlates with a period in which property prices rose sharply, deterring hundreds of thousands of young people to leave the family home, opting to remain at home with their parents to allow them to save up to give them a much needed boost onto the property ladder.

However, while the trend applies to both sexes, the studies show that young men are two thirds more likely to be living with their parents in their 20s and early 30s than young women in Britain.

Over 1.8 million men in the given age-group currently live at home (one in three)  compared with 1.1 million women, (one in six.)

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The scandal of social immobility: Born poor, stay poor?

Recent studies unveiled by the government have published concerning research that  shows that there is a ‘stark gap’ between the life chances of the poorest and the better-off in Britain. 

The study, that Nick Clegg is set to unveil, shows that:

“One child in five is on free school meals, but only one in 100 Oxbridge entrants is.

Only 7% of children attend private schools, but these schools provide 70% of High Court judges and 54% of FTSE 100 chief executives.

One in five children from poorer homes achieves five good GCSEs, compared with three out of four from affluent homes.”

In response to the findings, Mr Clegg will be attempting to push new benchmanrks, which leaves him in a vulnerable position as it is a massive gamble, this will enable the public to track the Governments commitment to improving social mobility. Ministers are admitting to making a rod for their own backs.

In a speech to the Sutton Trust, Mr Clegg will admit that the Coalition "cannot afford" to leave a legacy like the current position. "Morally, economically.”

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Property boom in sight as rich home seekers attempt to avoid euro crisis andflood to UK

Due to the euro being left unstable as elections and Greece and France take place, estate agents here in the UK are expecting a wave of buyers from the Continent who are seeking to escape the euro crisis.


Some of London's hottest properties, in its most exclusive areas, prices are already reaping the rewards of the influx of the wealthy to the UK.


However this wave of wealth could soon become a flood if socialist leader Francois Hollande wins the second round of France's presidential elections.


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HMRC figures show a spring awakening in property sales..

According to HM Revenue and Customs in March the number of homes sold in the UK rose sharply as the typical spring awakening took its toll.
The figures show that there were 74,000 completed sales during March, a significant increase from the 63,000 completed in February.
The pick-up could also be a sign that some buyers brought forward purchases to benefit from the stamp duty concession, which has now expired.


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No increase in interest rates for next 2 years...

Mortgage market experts, fund managers and economists are predicting that, despite March's shock rise in inflation the base interest rate will remain at the record low level of 0.5% until 2014, and that it quite possible will not rise for another three to five years.

Consumer price index rose from 3.4% to 3.5%, while only a rise of 0.1%, it is still significantly higher than the government's target rate of 2%. This prompted some speculation that the Bank of England monetary policy committee might raise interest rates in an attempt to curb inflation: former monetary policy committee member Andrew Sentance wrote in the Sunday Telegraph that "rising interest rates could soon be back on the agenda".

But other economists and financial experts are doubtful there will be sufficient improvement in the UK economy to enable the monetary policy committee to raise interest rates before the end of 2013 at the earliest.

Robert Gardner, chief economist at Nationwide building society, said there was too much volatility in economic data to enable the monetary policy committee to gauge accurately the strength of the economy. This volatility would be exacerbated in 2012 by the Olympics and the diamond jubilee.

"The Bank of England will want to make sure [the economy] is really gaining momentum before it risks raising interest rates," he said.


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Rent rises slow to 2.7% while many tenants struggle...

A recent report by the Association of Letting Agents, there has been a significant rise in the number of tenants battling to pay their rent as household finances are spread increasingly thinly.
The report states that 41% of its members reported an increase in the number of tenants facing difficulties meeting their rental payments to landlords in the six months leading up to March 2012. While last autumn it was only 37%!



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