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<td align="RIGHT"><b><font size="1" color="#FFFFFF">Homes and Property</font></b></td>
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<td colspan="2" bgcolor="#003399"><font color="#FFFFFF" size="1"><b><font color="#FFFFFF" size="1">Homes
and Property - E: <a href="mailto:kensington@myvillage.co.uk">kensington@myvillage.co.uk</a></font></b></font></td>
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<p><font size="1"><b><font size="1"><font size="1"><font color="#000000"><b><font size="1"><b><font size="1"><font size="1"><font color="#000000"><b><font size="1"><b><font size="1"><b><font size="1"><font size="1" color="#FFCC00">Feature:</font><font size="1" color="#FFFFFF">
Property Boom: How much longer? 10/08/01</font></font></b></font></b></font></b></font></font></font></b></font></b></font></font></font></b></font><font size="1"><b><font size="1"><font size="1"><font color="#000000"><b><font size="1"><b><font size="1"><font size="1"><font color="#FFFFFF">
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<p><font size="1"> <font color="#FFFFFF">Average London house prices
have now broken through the �200,000 barrier for the first time,
increasing fears that prices are unsustainable. Greater London is
the most expensive place in the UK to buy a house with average prices
rising by 6.65% per cent to �205,831 at the end of June from �193,004
a year earlier. </font></font></p>
<p><font size="1"><font color="#FFFFFF">There was also a massive 77%
surge in the number of homes sold for over �1 million during the
three months to June compared to the same quarter last year - 516
homes were sold in that price bracket. </font></font></p>
<p><font size="1"><font color="#FFFFFF">The Royal Borough of Kensington
& Chelsea remains the most expensive place in Britain to buy a home
with an average cost of �567,952, with one house in Kensington Park
Gardens on the market through FPD Savills for �85 million. (Read
more on that story <b><a href="../../kensington/homes-property-features2/#85">here</a></b>).
</font></font><font size="1"><font color="#FFFFFF">For the price
of an average Royal Borough property, sixteen homes could be purchased
in Blaenau Gwent in Wales. </font></font></p>
<p><font size="1"><font color="#FFFFFF">But the boom is far from good
news for everyone - and it could be bad news for the economy. A
survey by FPD Savills suggests that as many as 800,000 households
in London cannot afford to buy a home at current entry-level prices
of �75,000 plus. And that total of households, earning less the
�20,000 a year, excludes those who are already being housed in the
social sector either by local authorities or housing associations.
</font></font></p>
<p><font size="1"><font color="#FFFFFF">Many of those people will
fall into the category of key workers like teachers and nurses or
they will be working in low-paid service industry jobs. If those
people can't afford to live in the Capital then the labour shortage
which already exists, and is hampering business activity, will get
worse. </font></font></p>
<p><font size="1"><font color="#FFFFFF">The Mayor's recent Housing
Commission recommended building an extra 43,000 houses each year
to meet projected demand with 29,000 of them in the affordable to
those on moderate to low incomes. But FPD Savills' Director of Residential
Research, Richard Donnell, said, , "This will require London's current
housing output to be increased by a factor of three and sustained
for the next 10 years. This is simply not realistic or feasible
given the chronic lack of suitable land." </font></font></p>
<p><font size="1"><font color="#FFFFFF">Analysts are divided as to
when the heat will come out of the London property market but with
the Bank of England cutting interest rates (read about that <b><a href="http://www.mycityoflondon.co.uk/cityoflondon/businesszone-RateCut.htm">here</a></b>)
recently and further cuts said to be on the way, the boom seems
set to continue at least for the rest of this year. That may mean
that any collapse will be all the more precipitous when it comes.
</font></font></p>
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<td width="30%"><font color="#FFFFFF" size="1"><b>Features</b></font></td>
</tr>
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<td width="30%">
<p><font size="1"><b>Local Homes & Property<br>
</b><font color="#000000"><b><font color="#000000"><b><font color="#FFFFFF"><a href="../../kensington/property-feat1/#100">100%
Design at Earls Court</a><font color="#000000"> </font><br>
</font><b><b><font color="#000000"><b><b><font color="#000000"><b><b><font color="#FFFFFF"><a href="homes-property-features2.htm#85">Kensington
Mansion £85million</a></font></b></b></font></b></b></font></b></b><font color="#FFFFFF">
<br>
</font></b></font></b></font></font></p>
<p><font size="1"><b>London Homes & Property<br>
November<br>
</b></font><font size="1" color="#FFFFFF"><font size="1" color="#FFFFFF"><b><font size="1"><a href="javascript: network_link('http://www.myvillage.co.uk/pages/property-mortgage.htm')">Homeowners:
Money to burn?</a></font></b></font></font><font size="1"><b> <br>
October<br>
</b></font><font size="1" color="#FFFFFF"><font size="1" color="#FFFFFF"><b><font color="#FFCC00" size="1"><font size="1" color="#FFFFFF"><a href="javascript: network_link('http://www.myvillage.co.uk/pages/property-skyscrapers.htm')">Reach
for the sky</a></font></font></b></font></font><font size="1"><b>
<br>
<font color="#FFFFFF"><b><font color="#FFCC00"> <font color="#FFFFFF"><font color="#FFFFFF"><b><font color="#FFCC00"><font color="#FFFFFF"><a href="javascript: network_link('http://www.myvillage.co.uk/pages/property-1950s.htm')">Back
to the 50's for mortgage rates</a></font></font></b></font></font></font></b></font><a href="javascript: network_link('http://www.myvillage.co.uk/pages/property-1950s.htm')">
</a><br>
September<br>
<font color="#FFFFFF"><b><font color="#FFCC00"><font color="#FFFFFF"><a href="http://www.myvillage.co.uk/pages/property-celebs.htm?domain=mykensington">Celebs
boost property prices</a></font></font></b></font> <br>
August<br>
<font color="#FFFFFF"><b><font color="#FFCC00"> <font color="#FFFFFF"><a href="http://www.myvillage.co.uk/pages/property-homesquota.htm?domain=mykensington">London:
50% affordable homes?</a></font></font></b></font> <br>
<b><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#FFFFFF"><a href="../../kensington/property-priceboom/">Property
Boom: How much longer?<br>
</a></font><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#FFFFFF"><a href="../../kensington/property-prophunt/">Property
Hunters: London property the easy way</a></font></b></b></b></font></b></b></font></b></b></b></font></b></b></font><a href="../../kensington/property-prophunt/"><font color="#FFFFFF">
</font></a></b></b></b></font></b></b></font></b><br>
July<br>
<b><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#000000"><b><b><font color="#000000"><b><b><b><b><font color="#000000"><b><b><b><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#FFFFFF"><a href="../../kensington/property-tycoon/">Property
tycoon in murder enquiry</a></font></b></b></b></font></b></b></font></b></b></b></font></b></b></b></b></font></b></b></font></b></b></b></font></b></b></font></b>
<br>
June<br>
<font color="#000000"><b><b><b><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#000000"><b><b><font color="#000000"><b><b><b><b><font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#FFFFFF"><a href="../../kensington/property-DIY/">How
to forget about DIY and live happily ever after</a></font></b></b></b></font></b></b></font></b></b></b></b></font></b></b></font></b></b></b></font></b></b></font></b></b></b></font>
<br>
May<br>
<font color="#000000"><b><b><font color="#000000"><b><b><b><font color="#FFFFFF"><a href="../../kensington/property-kensingtonpalace/">Kensington
des res - 9 receptions, 7 bed , �67.30 pw</a></font></b></b></b></font></b></b></font>
<br>
April <br>
<font color="#FFFFFF"><a href="../../kensington/homes-property-features1/#trauma">Traumatised
Flatmates Avoid Each Other<br>
</a><a href="../../kensington/homes-property-features1/#safe">Safe and Sound ?<br>
</a><b><a href="../../kensington/homes-property-features1/#women">Women Lead the
Property Race<br>
</a><a href="../../kensington/homes-features-mortgage/#65">Kensington House for
sale - only £65million<br>
</a><font color="#000000">March<br>
</font><a href="../../kensington/homes-features-mortgage/#boom">Bankers Sense
Boom In Mortgage Market<br>
</a></b><a href="../../kensington/homes-space/#city">City Bonuses Fuel K&C; Property
Boom<br>
</a><a href="../../kensington/homes-space/#space">Arrange more space in your home</a><br>
<font color="#000000">February<br>
</font></font></b></font><font color="#FFFFFF" size="1"><b><a href="../../kensington/homes-property/#grows">House
Price Divide Grows - 08/02/01</a></b></font></p>
<p><font color="#FFFFFF" size="1"></font></p>
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