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A new business concept headed by Tom Stokes, ex MD of Evans Easyspace launched today choosing South Yorkshire as its first location. The Rt Honourable, John Healey MP, officially launched The Right Space with a talk about the importance of SMEs to the local economy.

The Right Space aims to stimulate regional economies by encouraging SMEs to take advantage of the economic downturn offering quality business space at bargain prices that make buying even more achievable than renting. The event, held at the Manvers development where the property was showcased and the business model explained: The Right Space acquires quality accommodation to suit all types of businesses and offers them to companies in the region at typically a third of the price of comparable properties.

Enterprise Court, off Manvers Way is The Right Space’s initial property. Currently similar office accommodation in the area is priced for sale at around £150 per sq/ft. The Right Space is offering Enterprise Court initially only to local businesses, at an unbelievable £49.95 per sq/ft. This equates to office space for up to 15 employees for an amazing £68,282. It is projected that business owners could save up to £1.2m over a standard 25 year mortgage term and will notice an immediate, dramatic decreases in overheads.

James Newman, Chairman of the Sheffield Region Local Enterprise Partnership also spoke to welcome The Right Space. Other attendees included Rotherham and Barnsley Chamber of Commerce, Rotherham Investment and Development Office (RiDO), fast growing corporate bank, Handelsbanken, Just Commercial Mortgages, Rotherham Borough Council, The Star Newspapers and HSBC.

Mr Healey said: “We’re delighted that you’re using Rotherham as your national first and you’re very welcome here. What you’re doing at Enterprise Court will give a boost to local and regional firms in the future. This presents the opportunity to see more small firms in the area starting up, prospering and growing.”

The company has creative and innovative packages allowing the option to buy offices, workshops and fully serviced offices on flexible terms. The Right Space has held discussions with various banks have given great positivity and they would have no issues lending to stable businesses on the above numbers. It will also provide assist businesses with their operating costs.

Tom Stokes Chairman of The Right Space, said: “We truly believe that this is a great stimulant for South Yorkshire business and that it is the start of our investment into helping in any small way we can companies in the area.

We will be also be holding an open weekend at Enterprise Court on Friday February 10th and Saturday February 11th from 12pm until 5pm and Sunday February 12th from 12pm to 4pm each day. We would like to invite any local business people to come along, look around and talk to us about this outstanding property opportunity.”

ENDS

Media Enquires:
Donna Gardner
08450 176090
d.gardner@fantasticmedia.co.uk
The Right Space is an innovative and growing provider of new and existing quality office, industrial, storage and retail space. Specifically catering for small to medium sized businesses, The Right Space offers property at prices that won’t be beaten.
The Right Space aims to stimulate regional economies by offering quality business space at prices that make buying as achievable as renting. With creative and innovative packages The Right Space allows the option to buy offices, workshops and industrial spaces and move into fully serviced offices on flexible terms.
The product offering and business model is very simple, to help businesses achieve growth by providing quality commercial environments at prices that are often one third of the market average.

Rental portal Citylets.co.uk has published strong results for 2011 with visitor traffic up 22% on 2010 and enquiries to agents up by 21%.

The performance cements the Scottish-based company’s position as the UK’s most visited dedicated residential lettings site – even outperforming sector giant Rightmove in the Scottish heartland.

The continued growth means Citylets traffic has increased by 200% since 2007, the year the company launched its quarterly datareport into the state of Scotland’s rental market.

Thomas Ashdown, founder and MD of Citylets said: “We’re delighted to maintain our strong growth trajectory with a 22% rise in traffic in 2011.

“We operated in broadly the same geographies as 2010 and are confident these results reflect not just a growth in the rental market, but a growth in our market share.

“Traffic to Citylets is now three times what it was just four years ago.”

According to Experian Hitwise, the online intelligence agency, Citylets’ average monthly rank in the property category (based on UK visits) in 2011 was higher than any other dedicated residential letting site. Citylets was also the only site in its genre to maintain a top 100 position throughout the year & was regularly the most visited lettings site in the UK.

Agent offices on site (Scotland and Northern Ireland) grew over the year to 450, up 12.5% from the previous year.

One of the most interesting findings by Citylets is that more than half of all its Scottish clients are not on Rightmove, the UKs largest property site.

Thomas added: “Rightmove may be the UK’s biggest site, however in Scotland Citylets is the clear market leader for lettings with 54% of our clients not subscribed to Rightmove.

“In major cities like Edinburgh and Dundee, that increases to 85% and in Aberdeen it’s currently 65%. These figures suggest that in urban Scotland, Citylets attracts the larger audiences relevant to our local clients.

“Indeed the figures seem to underline the fact that property markets are predominantly local and it is local presence that counts, not over-arching UK visitor numbers.”

Citylets was set up in 1999, remains under independent ownership and is managed in Edinburgh by its founding team.

Already 2012 looks set to be another interesting year for the company which promises improved site functionality for visitors and a suite of new products for agents.

As well as being the UK’s number one residential letting portal, Citylets established its quarterly datareports in 2007 to fill a knowledge gap about the Scottish rental market. Although more than one in 10 homes in Scotland is rented privately, there was little detailed information about the sector.

With more than 50,000 rental transactions per year in Scotland, involving over 400 agents Citylets now produces a comprehensive quarterly datareport, which is established as the definitive guide among landlords, investors and letting agents.

For more information visit www.citylets.co.uk, while the datareport can be accessed at www.citylets.co.uk/reports.

ENDS

Issued on behalf of Citylets by www.holyroodpr.co.uk. For more information, contact 0131 561 2244 or info@holyroodpr.co.uk

•       London’s prime property now 161% (£708,000) more expensive than a typical London home
•       Gap between top and middle of the market considerably wider in London than rest of UK

Growth in the price of London’s prime properties has left a £708,382 gap between the asking price of top end properties and the average London home, according to the latest Prime Index from PrimeLocation.com (www.PrimeLocation.com).

The monthly index, which tracks the top quarter of the property market by value, reveals that prime property asking prices in the Capital now average £1,149,551 – 161% more than the asking price of an average London home, which is currently £441,169.

The prime property gap for the UK as a whole, while significant, is considerably less. Average UK prime prices currently stand at £472,340, some £252,397 or 115% higher than the typical UK home which now commands an asking price of £219,943.

The average asking price of London’s prime properties have risen 4.75% or £51, 907 over the past 12 months – significantly more than the 0.8% year-on-year growth that the UK prime market has experienced.

Nigel Lewis, property analyst at PrimeLocation.com said: “The distribution of property wealth in the Capital is becoming increasingly uneven, as the prices of London’s most expensive properties continue to grow. The asking price of the average London home has performed well this year, growing consecutively every month, but this is no match for London’s prime property market, where prices are almost £10,000 higher than they were this time last year.”

Average asking prices for London’s prime platinum properties (the top 10% of the market) are up 3.22% on last year at £1,729,894. This is 292%, or £1,288,725 higher than the typical London home. Prime platinum property for the UK as a whole carries an asking price of £654,746, which is around 198% or £434,803 more than the asking price of an average UK home.

The prime property gap in London appears to be gradually widening, rising from £673, 523 in September 2009 to £708,382 this month – a trend that has also been repeated in the UK market.

Nigel Lewis continued: “London’s prime property market operates very differently to the overall UK market and is far less sensitive to the issues facing the UK economy due to high levels of foreign investment. The London prime property market is viewed by many investors as a safe investment opportunity, particularly those from overseas who also stand to benefit from a weaker pound.

In the same way that the divide between rich and poor is greater in London than in the UK overall, the disparity of the Capital’s property wealth is far more extreme than the UK’s, and this is definitely a trend that looks set to continue.”
The Prime Property Gap – UK and London
Prime Asking Prices – London    Average Asking Prices – London  Prime Price Gap – London        %
01-Sep-11       £1,149,551      £441,169        £708,382        161%
01-Sep-10       £1,097,466      £427,773        £669,693        157%
01-Sep-09       £1,105,510      £431,987        £673,523        156%
Prime Asking Prices – UK        Average Asking Prices – UK      Prime Price Gap – UK    %
01-Sep-11       £472,340        £219,943        £252,397        115%
01-Sep-10       £454,022        £218,189        £235,834        108%
01-Sep-09       £458,189        £218,510        £239,680        110%
Prime Platinum Asking Prices – London   Average Asking Prices – London  Prime Platinum Price Gap – London       %
01-Sep-11       £1,729,894      £441,169        £1,288,725      292%
01-Sep-10       £1,675,960      £427,773        £1,248,187      292%
01-Sep-09       £1,652,882      £431,987        £1,220,895      283%
Prime Platinum Asking Prices – UK       Average Asking Prices – UK      Prime Platinum Price Gap – UK   %
01-Sep-11       £654,746        £219,943        £434,803        198%
01-Sep-10       £634,479        £218,189        £416,290        191%
01-Sep-09       £629,099        £218,510        £410,589        188%
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Source: PrimeLocation.com, October 2011

-ENDS-
Notes to Editors
About the Prime Index
The monthly PrimeLocation.com Prime Index offers a unique, independent and robust view of the UK’s prime property marketplace, including prices and stock levels. For the first time, the index provides authoritative data for all regions of the country.
It segments the upper end of the market as follows:
• Prime – incorporating the top 25% of all UK property by value
• Prime Platinum – incorporating the top 10% of all UK property by value

The percentile approach enables the two prime tiers to track the overall market prices, stock and remain relative to local market forces.

About PrimeLocation.com
PrimeLocation.com is the UK’s principal portal for leading estate agency firms, representing 12,600 branches including major national agencies such as Savills, Knight Frank and Hamptons International. It lists just under a million properties to rent or buy in the UK and overseas and has over 5.2m visits a month*.  PrimeLocation.com is part of the Digital Property Group, a division of A&N Media.

*Source: Cognesia, September 2011.
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