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Google has finally launched a property search feature for the UK map. Looks pretty crowded at first sight but it is going to take some time before we will see a decent amount of ads there.

How to get to Google Property Map Search:

1. Open maps.google.com;
2. Next to search bar click on “show search options” and choose property;
3. Type in location (London, specific London area or postcode);
4. Filter by property type, bedroom and bathroom number, price;
5. Hit the search button!

Happy hunting!

PS! Do not hold your breath for individual listings – the ads come via feeds from estate agents and property portals.

Nigel Lewis introduces the new iPad application for property portal Primelocation.com. The app is available to download for free!

iTunes preview.

Here is the link to the property where the video was taken.

Property portal FindaProperty.com has just published their new monthly index of residential letting prices.

Flood of Flats Hits the Capital’s Rental Market

- London continues to underperform the country as a whole, with steady declines in both asking rents and yields over the past 12 months.

- Rents have fallen by 6.0% or £102 since August 2008, while yields have declined from 5.09% to 4.49% over the same period.

- Declines in rents and yields are largely attributable to the oversupply of properties available to rent. Stock levels rose by 50% between August 2008 and August 2009, and the number of properties on the London rental market has increased for ten consecutive months (since October 2008) as homeowners have advertised properties for rent rather than attempting to sell them in a tough sales market.

- The London rental market differs from the rest of the country. It consists predominantly of flats, which account for 84% of rental property available on FindaProperty.com. By way of contrast, in the national rental market, houses outnumber flats by more than two to one. The Survey of English Housing indicates that 66% of renters in London live in flats, suggesting that there is an oversupply of flats on the market relative to houses. Indeed, the supply of flats on the rental market has risen by 18% over the past six months, while houses are up just 7.3%, based on

- Asking rents for flats have fallen by 7.4% or £111 pcm over the past year, from £1,509 to £1,398 pcm; while the decline of rents on houses was, in percentage terms, less than half that – £79 or 3.5%, with a fall from £2,270 to £2,191 between August 2008 and August 2009.

- The relative scarcity of houses to rent in the capital makes them more sought after, especially for families and other people who need or prefer a home with an independent entrance and a garden. Many people who in other circumstances would have purchased a house have been discouraged by lack of confidence or prevented by lack of finance, or may be waiting for prices to stabilise. In the meantime they rent.

- The excess supply of flats could also be exacerbated by the pick-up in activity in the sales market, with some existing renters taking the plunge as owner occupiers and vacating their flats.

- The borough-wide picture is mixed. The boroughs showing the largest declines are Greenwich, Haringey, Brent, Merton and Lewisham, all with a monthly decline of over 2%.

Download the full report here - FindaProperty.com Rental Index August 2009

Quick poll for everyone currently browsing the property portals, searching for that perfect property to rent!

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