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More Severe Weather Warnings For UK Property Owners

More Severe Weather Warnings For UK Property Owners

Landlords Urged To Ensure Insurance Is Up To Date Before Severe Weather Hits Again

There was more bad news for property owners and landlords this week as the UK Meteorological Office (Met Office) has issued further severe weather warnings for the week ahead, bringing more misery for landlords and property owners in the South of England already seriously affected by flooding.

Met office staff have predicted a “Valentine’s Day Massacre” as the UK prepares to be battered by 80mph winds and more torrential rain on Friday 14th February, however there will be much more rain before then, with a slightly weaker weather front expected earlier in the week (Tuesday 11th – Wednesday 12th February).

Government departments, local authorities and agencies are working together to do everything they can to help communities at risk, but landlords are urged to check that they are adequately covered by specialist landlord insurance policies.

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North - South Divide Widens Again

North – South Divide Widens Again

A new study by the Office for National Statistics (ONS) has revealed that 20% of middle aged workers are property millionaires – on paper!

In the South East of England almost 30% of people in their 40s and 50s living in private residential properties can calculate their wealth to seven figures, when including savings, investments, the value of their homes and pension pots.

However, the study also revealed a sharp divide between North and South of England as well as between generations.

It claims that five times more children are growing up in households in the bottom top wealth bracket, North East, South East, wealth category as there are in the top wealth bracket.

While almost 60% of middle aged people in the South East have built up an impressive half a million pounds in savings, pension and property wealth, in the North East, 20% of the same age group have little or no assets that they can rely on.

The ONS study shows how wealth builds up through people’s working lives but begins to fall once they retire and begin using up their accumulated assets, in many cases on elderly care.

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2012/13 UK Property Hotspots Revealed by Halifax

2012/13 UK Property Hotspots Revealed by Halifax

New data from UK mortgage lender, Halifax, reveals that currently 9 out of the top 10 UK property hotspots are in the South of England.

The mortgage lender analysed data from across the UK and compared the findings with the actual size of property (in square metres) to find the best performing places in the country.

The borough of Westminster in central London is the most expensive area per square metre for property investment, however, it is also the most cramped. Properties in this London borough can cost an average of £7,586 (GBP) per square metre and on average are also the smallest in the UK at approximately 71 m2.

The Halifax data also found that St Albans was the next most expensive area, although property costs are significantly less at an average of £3,227 (GBP) per square metre. However, this is still almost double the national average of £1,668 (GBP).

Martin Ellis, Housing Economist at Halifax, said: “House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. Westminster has the most expensive prices in the UK on a price per square metre. Interestingly, it also has the smallest average property size in the country. Not only has Westminster got one of the highest population densities per square kilometre among UK cities, but it also has a large proportion of properties that are flats”.

Edinburgh is the only UK city in the top 10 that is outside of the South of England, with Oxford, Winchester, Chichester and Cambridge all above it as among the most expensive areas.

York was named as the most expensive city in the North of England at £1,830 (GBP) per square metre.

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