Largest asking price boost in a decade

A survey carried out by RightMove this past month has revealed that the housing market has seen a ‘’surprisingly strong’’ bounce after sellers upped their asking prices by the highest monthly jump for a decade. The company, which looked at 90% of the UK property market between January 8 and February 11, said prices were up 1.4% year-on-year. The 4.1% month-on-month leap is the biggest recorded in the past decade. Last month, the average property asking price was £233,252, compared to £224,060 in January, according to figures from the Rightmove House Price Survey. This month-on-month leap is the largest price change seen in the second month of the year since 2002.

Rossica Prize 2012

The Rossica Translation Prize is a biennial award given to an exceptional published translation of a literary work from Russian into English. The prize was inaugurated in 2003 by Academia Rossica and has been presented since 2005. It is the only prize awarded for the best new translation of a high-quality Russian literary work into English. Literary work must be written in Russian by any author, present or past, and published in English in 2009, 2010 or 2011. The prize is open to works published in any country. The short list will be finalised in April and made public during the London Book Fair (16-18 April).   The prize is awarded in London on the 24th of May, the birth date of Saints Cyril and Methodius, creators of the Slavic alphabet. Excerpts of the winning and runner-up translations are printed in an accompanying Rossica journal.

London and the Olympics; the Effects

London’s Olympics has been the subject of fierce debate for many years While those who are slightly more pessimistic point to the costs involved and the potential disruption the games will cause to London’s transport facilities, those that are more positive point to the impact that investment in the games will have in the long run and the way that business in the capital will benefit because of the influx of tourists.

One prevalent concern seems to be the cost of the games. The original Olympics budget of £2.4 billion has been bumped up to £9.3bn. Separate from this budget is the cost of actually staging the Games, which stands at £2bn. With this in mind, it is no surprise that the public at large, who contributed a fair amount of this money through taxation, are expecting to see that their money has been put to good use and that the Olympics will provide infrastructure that will benefit London in the future. Others are concerned about the disruption and overcrowding that will take place on the roads and on public transport. Despite these concerns, many people focus on the opportunities the event will bring and appreciate the fact that the Olympics will be a once in a lifetime opportunity for Londoners to experience the Games first hand. From recent figures it is clear that businesses and the property market are likely to benefit, even if only in the short term, from the Games.

New Russian bookshop to open in West End

It has been announced that bookseller Waterstones is to open a Russian bookshop in its Piccadilly flagship store this month. The shop, which is going to be called ‘’ Slova’’, the Russian word for words comes after the chain was bought by Russian oligarch Alexander Mamut’s A&NN Group in June last year. It will be based on Piccadilly’s ground floor mezzanine level and contain nearly 5,000 titles, taking up 1,200 sq ft of space. The books will be sold by Russian-speaking booksellers.

Rents during the Olympics

The London 2012 Olympics look set to be a gold rush for homeowners as well as athletes after rental prices for the games fortnight in several of the capital’s Olympic boroughs shot up to 35 times their usual price. Known by estate agents as the ‘Olympics effect’, this trend has been witnessed at other host cities, and London will be no exception. If one were to replicate the effect that the World Cup had on property prices in South Africa, for the London Olympics a homeowner could generate an average of £4500 for the 16 day Games period, with larger properties fetching much more.

It goes without saying that areas of East London close to the Olympic Park will benefit greatly from this property boost. While Canary Wharf has a shortage of low-cost property, areas such as Poplar and the Isle of Dogs will offer entry level opportunities for first-time buyers. Once the shopping, sports, leisure, and transport facilities are put in place, East London is likely to become a much more desirable place in which to live. As Alex Leigh, a sales manager at Foxton’s sees it, the Olympics, will "put the eye of the world" on Stratford and that "It's brought attention to an area that perhaps wouldn't have had the same attention otherwise."

A positive outlook for 2012

Despite the economic downturn and current problems facing the Eurozone, both property experts and the general public remain optimistic about the 2012 property market.

According a recent survey carried out by the property giant Rightmove, upon asking individuals who were thinking of buying property how they felt about the future of the property market, only three people in ten felt pessimistic about the UK's house prices. Almost 50% felt that there would be barely any change at all in house prices over the next 12 months. The director of the company, Miles Shipside, believes that it is positive outlooks such as these that are keeping the property market stable. As he puts it: ‘’ the public's belief in the value of bricks and mortar seems to defy the deteriorating economic situation.’’ In a similar study carried out by the London School of Economics and estate agent John D. Wood, respondents were asked to think about a hypothetical house in Central London worth £1 million and to state their view on whether values will go up or down over 12 months, five years and ten years, ignoring inflation. 43% of respondents were "certain" house prices will rise over the next 10 years, 26% were "certain" they will go up over the next five years.  Eight percent were ‘’certain’’ that house prices will rise over the next 12 months.

Royal Park to be let to Russians during 2012 Olympics

It has recently been revealed that Russia’s base during the London 2012 Olympics will be Perks Field, on the grounds of Kensington Palace, the current home of Prince William and Kate Middleton. The space will be used by Team Russia throughout the Olympic period. Such an agreement is said to have come about because it will be beneficial to both sides. Not only would it allow Russia to showcase its sporting ability and culture, but it will also bring in some finances to the Royal family, which have dwindled in recent years.

Foreign investment in London property to remain strong

Despite the economic downturn, figures have shown that the London property market is, and  will continue to be particularly active. This is due, in part, to an increase in property investments by international buyers.  Specifically, buyers from Greece, New Zealand, Russia and India with budgets from £10 million to £100 million, who wish to buy property in the prime areas such as Mayfair, Knightsbridge, Belgravia, Kensington and Chelsea, are driving this market. Although prime central London prices have fallen by 0.23% in the past 18 months, it is predicted that property in London will continue to outperform the rest of the UK because of higher value business activity and investment from abroad.

Prices may have fallen but many foreign buyers see the situation as a good purchasing opportunity. Andrew Stanford, residential consultant at Cluttons predicts a 4% growth in the property market in 2012 which will be followed by a 5% growth in 2013. Owning a home is an emotional desire, and the demand for property in London remains high. This is not surprising considering the family homes market is stronger than it has been for many years.

Kensington and Chelsea: London’s most exclusive residential address

A recent survey carried out by Lloyds TSB has found that property prices in the borough are some of the highest in the country. It was found that six out of the nation’s  ten most expensive streets can be found in the borough. Topping the list was Capden Hill Square where the average cost of a property is £4.9m. Other streets to make it onto the list were Drayton Gardens, Dawson Place, and Cadogan Square where a property can cost up to £3.7m. As Suren Thiru, economist at Lloyds TSB puts it, although other areas in the capital have similar qualities, property prices in Kensington and Chelsea tend to outperform the rest of London.

This news comes as no surprise since Kensington and Chelsea has always had a glamorous reputation with its excellent schools, upmarket shops, proximity to the capital's business district and impressive properties. Moreover, it seems that impressive surroundings, large properties and plenty of green space appear to be the key factors in boosting a street's value, all of which are ample in the borough. With this in mind it is no wonder that the area attracts buyers from the business and entertainment world, and more recently the super-rich from across the world.