PROPERTY NEWS
WEST END ATTRACTS CASH BUYERS
Buyers of West End property are increasingly choosing to pay in cash rather than purchasing a mortgage, says estate agent LDG. It saw the number of cash buyers rise 20 per cent in the last quarter of 2010, compared to the same period in 2009. LDG partner Laurence Glynne said that investors see buying West End property as “more lucrative” than leaving their money in the bank, attributing this trend to the strength of the West End market.
SERVICED APARTMENTS PEAK
Occupancy levels of London’s serviced apartments have reached record highs, rising from 81 per cent in January 2010 to 91 per cent in June. The data – published by property provider Go Native – shows that the sector has expanded from its corporate origins into the tourist market and is now a flexible alternative to hotels for long stay travellers. The average occupany of SAs in 2010 was almost 10 per cent higher than that of hotels.
£10m FUND FOR FLATSHARES
Urban Share, the London flatshare specialists, has launched a new fund in an effort to meet the huge demand for shared properties in London. The Urban Share Opportunity Fund hopes to raise £10m of equity into order to buy fifty properties below market value in central London, which will then be refurbished and let to students and young professionals. For further information e-mail [email protected].