PROPERTY NEWS
DEMAND FOR PROPERTIES DURING OLYMPICS UPS THE RENTAL BAR Harrods Estates is marketing a number of luxury properties around the Olympic stadium for £40,000 to £80,000 a week – an increase of 220 per cent on their normal rental value. The dearth of properties in close proximity to the Olympic stadium has driven short-term rental prices through the roof, with most deals already snapped up months ago. A typical homeowner can usually expect to achieve a 40-50 per cent increase.
HOUSE PRICE DECLINE INCREASED THIS MONTH
Knight Frank/Markit’s November House Price Sentiment Index (HPSI) shows that the rate of decline in house prices increased in December. More than 20 per cent of households said that the value of the property in which they lived fell during the month, with only seven per cent reporting a rise. The resulting HPSI figure of 43.3 is down from 44.7 in November. Any figure under 50 indicates that prices are falling.
PUNTER SOUTHALL GROUP LETS SPACE ON THE STRAND
Orchard Street Investment Management , the specialist commercial property investment manager, has let 35,200 square feet of office space on a ten year lease at 11 Strand to Punter Southall Group. The letting follows the completion of a £3.5m refurbishment of the upper floors in September and the earlier expansion and refurbishment of the ground floor to incorporate retail units let to Next and Paul UK.