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BARBICAN LIFE


offer can be measured in days or weeks, rather than the months – or even years – for many properties elsewhere. There are some interesting


statistics coming out of the banks and property websites. One is that in London, because of the shortage of properties to buy, the impact is largely being seen in rentals, but while this should suggest that property prices, or rental charges, should both rise as a result, overall property values have remained somewhat static (the Barbican is a bit of an exception) but there does seem to be pressure on


years


or


so, while rentals


have


remained largely in line with earnings until only the past year when they have risen while earnings


have


remained pretty flat. One may ask if these patterns are sustainable – people have been asking this about house prices throughout the period of the big increases -


so the answer may be


‘maybe’ but there could well be a trigger which will cause a crash to develop and house prices will fall back to relate closer to incomes.


This


almost inevitably will happen sooner or


later, but with capital flows continuing to find their way to the


have seen more applicants than usual registering today weekend.


after the long Across the City and


particularly in the Barbican the demand is strong. Applicants are generally looking for flexible living space with a good kitchen and modern appliances, the use of the Barbican gardens is also a bonus with so little public outside space available in the City. Tina also suggests giving Frank Harris a call if considering selling – Current Barbican property valuations may surprise you. Hamilton Brooks: - Glen Cook


says, “As we all know property prices are dictated by supply and demand. - Supply in the Barbican in the first 3 months of this year was pretty bad. Little did I know it would get worse! This supply problem in our opinion is driven by 2 issues, 1. Sellers do not want to sell now as they do not want the cash (as they have investments and spare cash already). 2. They don't want to sell because they don't want to sell! They are happy where they are.


FOR SALE 1 hour 35 mins from King’s Cross (door to door)


rental rates – with London rentals the most expensive in the country and said by Nationwide to be chewing up as much as 40% of the average renters’ annual income – to this writer an excessive amount for people to be spending. But as you will see from the two


graphs here, house prices have moved up hugely higher than RPI (and income) has grown over the past 30


50


UK, this day may yet be a long way off – and when it comes the crash will probably not be down to the extremely


low levels the gloom merchants predict.


Estate Agents’ Comments Sales Frank Harris (Tina Evans): After a fabulous weekend of celebrations in London for the Diamond Jubilee we


The Old Rectory, Grove, near Retford, Notts.


£892,500


5 receptions, 6 bedrooms, 2 bathrooms, 2 acres


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