The Restory: To Be Fashion Thou Shalt Restore Not Replace

The Restory- To Be Fashion Thou Shalt Restore Not ReplaceOur consumption of fashion is evolving. The throwaway days of ‘new season, new wardrobe’ seem to be numbered as we seek a more sustainable approach to all aspects of our lives, not just the fashionable ones. This evolution is fuelled for some by pragmatism, for others by altruism, but for the majority by a desire for our purchases to exist beyond a few seasons, or even just a few outings. Maximalist founder of the website, Man Repeller, Leandra Medine, recently told British Vogue that she wished she only owned 15 things.

 

A more circular approach is taking hold; yes, we buy – both new and pre-loved – but we also repair and rent and sell. We buy less but we buy better and we expect more. Some brands have always understood customer’s demand for products that have longevity and therefore provide aftercare and repair services to that end; heritage names such as Mulberry and Hermes spring to mind. Whilst eco-brand Patagonia has a lifetime guarantee on all its products.

 

However, it seems that for many luxury brands, everything beyond a legitimate product defect is simply outside their scope … and maybe that’s true but it can still leave the customer in a lurch.

 

This is what happened to native New Yorker, Vanessa Jacobs when she moved to London in 2006. “A high-street cobbler made an unapologetic mess out of what should have been a simple heel tip replacement,” recalls Jacobs. It was this experience, and nearly 10 years of subsequent ones of a similar nature, that spurred her to launch The Restory, an on-demand shoe and handbag restoration service that brings together quality, service, convenience and craftsmanship.

 

“It felt like moving heaven and earth to find someone you trust only to realise you could trust them with some things and not others,” continues Jacobs. “I had to make up a web of lies to take a half-a-day off from work to travel to their out-of-the-way shops and then do it all over again to collect my things. Often, they were nice but wouldn’t really go out of their way. I thought someone ought to do something about this and it turns out that someone was me.”

 

Jacobs spent 2 years assembling an A-team of cobblers, leather restorers, shoe blacks and cordwainers from across Europe; she even relocated several here to London. Coupled with charming service-oriented consultants, the company prides itself on devising solutions to almost any challenge.

 

“We use the term restoration because it connotes a what-ever-it-takes-to-bring-it-back approach,” says Jacobs.

 

Boasting a collection of services ranging from bespoke repairs to leather restoration to complete refashioning, The Restory is earning some impressive admirers. British Vogue recently crowned the company its’ go-to specialist and Vanity Fair and Fabric have also praised the company’s work.

 

“Currently, we are concentrating on providing The Restory’s services in London but we will be expanding across the whole of the UK,” continued Jacobs.  “Looking further ahead, the plan is to offer new services and products and then we will look to bring The Restory’s much needed skills to other markets.”

 

So, how does this service work? Simply book a collection online (and soon via app), and a consultant will collect your items from any home or office in Central or West London. Your items will be taken to their atelier, beautifully restored and returned at a time and place of your choosing. “It’s like buying you favourite pieces all over again.”

 

www.the-restory.com

 

2017 Rental Affordability Index

  • To rent the recommended space for one person, Londoners must pay an average of £963.76 per month.

  • On average, Londoners must earn a gross salary of at least £3,323.07 per month to afford to live alone and meet additional living costs. That equates to a gross salary of £39,876.84 per year.

  • A family living in London must earn an average of £6,305.31 per month to cover rent plus living costs. That equates to a gross salary of £75,663.72 per year.

affordabilityrenting

Nested.com, the London based online estate agent, produced the Rental Affordability Index. The study illustrates the price of renting per square metre in 33 London boroughs, 15 UK cities and 72 cities worldwide. Based on this, the research could further convey the minimum gross salary required to support an individual and a family of four in rented property, based on the minimum space recommended for one person, and for a family.

The comprehensive study was undertaken in order to understand the costs associated with renting as an individual and as a family, and to determine whether cities are becoming increasingly unaffordable. The inclusion of specific results for each of the 33 London boroughs allows easy comparison between regional and global cities to the UK capital, with its much-publicised unaffordability. 

The price per square metre of property was calculated based upon current market listings for all locations researched, whilst the minimum space recommended for one person and four people is laid out in guidelines from the Greater London Authority.1 The gross salary guideline was included to help illustrate relative affordability.2 

London

  • To rent a property of the minimum space recommended for one person, Londoners must on average pay £963.76 per month.

  • Taking into account the recommended maximum 29% of income which should be spent on rent,2 on average a Londoner needs to earn a gross salary of £3,323.07 per month to live alone. This equates to £39,876.84 per year.

  • In London, the minimum space recommended for a  family of four requires a monthly income of £6,305.31. This equates to an annual salary of £75,663.72.

  • The least affordable borough to rent in London is Kensington and Chelsea, where rent per square metre is £72.40 per month. 

  • To afford to rent alone and cover additional living costs in Kensington and Chelsea, an individual needs an income of £9,736.55 per month, or £116,838.60 per year.

  • To afford the rent for the minimum space recommended for a family of four in Kensington and Chelsea, a monthly income of £18,474.48 is needed. This is equal to an annual income of £221,693.76.

  • The most affordable borough to rent in London is Bexley, where rent per square metre is £13.30 per month. 

  • To afford to rent alone and cover additional living costs in Bexley, an individual must earn an income of £1,788.62 per month, or £21,463.44 per year.

  • To afford the rent for the minimum space recommended for a family of four in Bexley, a monthly income of £3,393.79 would be required, equal to an annual income of £40,725.48.

 

The results for London, ranked by the cost of rental per square per metre, are as follows:

Borough

Cost Per Sq. Metre

Monthly Rental for a Single Person 

Yearly Income Needed to Afford Single Person Rental 

Monthly Rental for a Family 

Yearly Income Needed for to Afford Family Rental

1

Kensington & Chelsea

£72.40

£2,823.60

£116,838.60

£5,357.60

£221,693.76

2

City of Westminster

£54.82

£2,137.98

£88,468.08

£4,056.68

£167,862.60

3

City of London

£44.42

£1,732.38

£71,684.64

£3,287.08

£136,017.12

4

Camden

£39.50

£1,540.50

£63,744.84

£2,923.00

£120,951.72

5

Hammersmith & Fulham

£32.86

£1,281.54

£53,029.20

£2,431.64

£100,619.64

6

Islington

£32.34

£1,261.26

£52,190.04

£2,393.16

£99,027.36

7

Wandsworth

£31.69

£1,235.91

£51,141.12

£2,345.06

£97,036.92

8

Southwark

£31.29

£1,220.31

£50,495.64

£2,315.46

£95,812.08

9

Lambeth

£30.53

£1,190.67

£49,269.12

£2,259.22

£93,484.92

10

Haringey

£26.65

£1,039.35

£43,007.64

£1,972.10

£81,604.08

11

Hackney

£25.72

£1,003.08

£41,506.80

£1,903.28

£78,756.36

12

Richmond upon Thames

£23.49

£916.11

£37,908.00

£1,738.26

£71,928.00

13

Merton

£22.42

£874.38

£36,181.20

£1,659.08

£68,651.64

14

Tower Hamlets

£21.70

£846.30

£35,019.36

£1,605.80

£66,446.88

15

Barnet

£21.67

£845.13

£34,970.88

£1,603.58

£66,355.08

16

Brent

£20.89

£814.71

£33,712.08

£1,545.86

£63,966.60

17

Kingston upon Thames

£20.50

£799.50

£33,082.80

£1,517.00

£62,772.36

18

Ealing

£20.47

£798.33

£33,034.32

£1,514.78

£62,680.56

19

Enfield

£19.00

£741.00

£30,662.04

£1,406.00

£58,179.36

20

Waltham Forest

£17.70

£690.30

£28,564.08

£1,309.80

£54,198.60

21

Hounslow

£17.47

£681.33

£28,192.92

£1,292.78

£53,494.32

22

Harrow

£17.17

£669.63

£27,708.84

£1,270.58

£52,575.72

23

Lewisham

£16.82

£655.98

£27,144.00

£1,244.68

£51,504.00

24

Greenwich

£16.52

£644.28

£26,659.92

£1,222.48

£50,585.40

25

Newham

£16.50

£643.50

£26,627.64

£1,221.00

£50,524.08

26

Sutton

£16.08

£627.12

£25,949.76

£1,189.92

£49,238.04

27

Redbridge

£15.92

£620.88

£25,691.64

£1,178.08

£48,748.08

28

Hillingdon

£15.83

£617.37

£25,546.32

£1,171.42

£48,472.56

29

Bromley

£15.70

£612.30

£25,336.56

£1,161.80

£48,074.52

30

Croydon

£15.30

£596.70

£24,691.08

£1,132.20

£46,849.68

31

Barking & Dagenham

£14.94

£582.66

£24,110.04

£1,105.56

£45,747.36

32

Havering

£13.88

£541.32

£22,399.44

£1,027.12

£42,501.48

33

Bexley

£13.30

£518.70

£21,463.44

£984.20

£40,725.48

Average across 33 boroughs

£24.71

£963.69

£39,876.84

£1,828.54

£75,663.72

 

UK cities: 

  • The second most expensive UK city for rent prices is Edinburgh at a cost of £12.85 per square metre. 

  • The most affordable city to rent property is Belfast at £6.29 per square metre.  

  • An income of £1,728.10 per month is needed for single habitation in Edinburgh. That equates to an annual salary of £20,737.20 per year 

  • To afford family rental in Edinburgh, a monthly income of £3,278.97 is needed. That equates to an annual income of £39,347.64.

  • An income of just £845.90 per month is needed for single habitation in Belfast. That equates to an annual salary of £10,150.80 per year.

  • To afford family rental in Belfast, a monthly income of just £1,605.03 is needed. That equates to an annual income of  £19,260.36.

  • Single rental in London is more expensive than family rental in any other UK city.  

  • Three of the UK cities made the top 50 global cities list (London, Edinburgh and Bristol)

 

The top 15 results for the UK cities list, ranked by the cost of rental per square per metre, are as follows:

City

Cost Per Sq. Metre

Monthly Rental for a Single Person 

Yearly Income Needed to Afford Single Person Rental 

Monthly Rental for a Family  

Yearly Income Needed for to Afford Family Rental

1

London3 

£24.71

£963.69

£39,876.84

£1,828.54

£75,663.72

2

Edinburgh

£12.85

£501.15

£20,737.20

£950.90

£39,347.64

3

Bristol

£11.22

£437.58

£18,106.80

£830.28

£34,356.36

4

Southampton

£10.68

£416.52

£17,235.36

£790.32

£32,702.88

5

Manchester

£9.79

£381.81

£15,799.08

£724.46

£29,977.68

6

Aberdeen

£9.61

£374.79

£15,508.56

£711.14

£29,426.52

7

Cardiff

£9.24

£360.36

£14,911.44

£683.76

£28,293.48

8

Leeds

£8.92

£347.88

£14,395.08

£660.08

£27,313.68

9

Nottingham

£8.83

£344.37

£14,249.76

£653.42

£27,038.04

10

Sheffield

£8.54

£333.06

£13,781.76

£631.96

£26,150.04

11

Birmingham

£8.51

£331.89

£13,733.40

£629.74

£26,058.24

12

Newcastle

£8.47

£330.33

£13,668.84

£626.78

£25,935.72

13

Glasgow

£8.31

£324.09

£13,410.60

£614.94

£25,445.76

14

Liverpool

£7.19

£280.41

£11,603.16

£532.06

£22,016.28

15

Belfast

£6.29

£245.31

£10,150.80

£465.46

£19,260.36

Global cities:

  • Of the 120 locations included in the ranking, San Francisco is the most expensive city to rent property outside of London, at £42.81 per square metre. 

  • To afford to rent alone and cover additional living costs in San Francisco, an individual must earn £5,757.21 per month. This equates to £69,086.52 per year.

  • To afford rent for the minimum space recommended for a family of four in San Francisco, an income of £10,923.93 per month is needed. This equates to £131,087.16 per year.

  • Of the 120 locations included, Cairo is the cheapest city to rent property, at just £3.05 per square metre. 

  • To afford to rent alone and cover additional living costs in Cairo, an individual must earn £410.17 per month. This equates to £4,922.04 per year.

  • To afford the rent for the minimum space recommended for a family of four in Cairo, a monthly income of £778.28 is needed. This equates to £9,339.36 per year. 

 

The top 50 results for the global cities list, ranked by the cost of rental per square per metre, are as follows:

City

Cost Per Sq. Metre

Monthly Rental for a Single Person 

Yearly Income Needed to Afford Single Person Rental

Monthly Rental for a Family 

Yearly Income Needed for to Afford Family Rental

1

San Francisco, USA

£42.81

£1,669.59

£69,086.52

£3,167.94

£131,087.16

2

New York City, USA

£41.03

£1,600.17

£66,213.96

£3,036.22

£125,636.64

3

Hong Kong, Hong Kong

£33.14

£1,292.46

£53,481.12

£2,452.36

£101,476.92

4

Dubai, UAE

£30.49

£1,189.11

£49,204.56

£2,256.26

£93,362.52

5

Singapore, Singapore

£28.84

£1,124.76

£46,541.76

£2,134.16

£88,310.04

6

Washington D.C., USA

£28.73

£1,120.47

£46,364.28

£2,126.02

£87,973.20

7

Geneva, Switzerland

£26.66

£1,039.74

£43,023.72

£1,972.84

£81,634.80

8

Sydney, Australia

£25.30

£986.70

£40,828.92

£1,872.20

£77,470.32

9

Zurich, Switzerland

£25.19

£982.41

£40,651.44

£1,864.06

£77,133.48

10

Los Angeles, USA

£24.75

£965.25

£39,941.40

£1,831.50

£75,786.24

11

London, UK3 

£24.71

£963.69

£39,876.84

£1,828.54

£75,663.72

12

Miami, USA

£24.53

£956.67

£39,586.32

£1,815.22

£75,112.56

13

Chicago, USA

£21.52

£839.28

£34,728.84

£1,592.48

£65,895.72

14

Copenhagen, Denmark

£20.40

£795.60

£32,921.40

£1,509.60

£62,466.24

15

Tokyo, Japan

£20.20

£787.80

£32,598.60

£1,494.80

£61,853.76

16

Vancouver, Canada

£20.00

£780.00

£32,275.92

£1,480.00

£61,241.40

17

Amsterdam, Netherlands

£19.54

£762.06

£31,533.48

£1,445.96

£59,832.84

18

Paris, France

£18.93

£738.27

£30,549.12

£1,400.82

£57,964.92

19

Melbourne, Australia

£18.18

£709.02

£29,338.80

£1,345.32

£55,668.36

20

Oslo, Norway

£17.39

£678.21

£28,063.92

£1,286.86

£53,249.40

21

Reykjavik, Iceland

£17.34

£676.26

£27,983.16

£1,283.16

£53,096.28

22

Stockholm, Sweden

£17.28

£673.92

£27,886.32

£1,278.72

£52,912.56

23

Dublin, Ireland

£16.81

£655.59

£27,127.92

£1,243.94

£51,473.40

24

Seoul, South Korea

£16.36

£638.04

£26,401.68

£1,210.64

£50,095.44

25

Toronto, Canada

£16.32

£636.48

£26,337.12

£1,207.68

£49,972.92

26

Auckland, New Zealand

£16.24

£633.36

£26,208.00

£1,201.76

£49,728.00

27

Brisbane, Australia

£16.12

£628.68

£26,014.32

£1,192.88

£49,360.56

28

Helsinki, Finland

£15.92

£620.88

£25,691.64

£1,178.08

£48,748.08

29

Beijing, China

£15.80

£616.20

£25,497.96

£1,169.20

£48,380.64

30

Perth, Australia

£15.48

£603.72

£24,981.48

£1,145.52

£47,400.84

31

Munich, Germany

£15.26

£595.14

£24,626.52

£1,129.24

£46,727.16

32

Shanghai, China

£15.17

£591.63

£24,481.20

£1,122.58

£46,451.64

33

Milan, Italy

£15.00

£585.00

£24,206.88

£1,110.00

£45,931.08

34

Rome, Italy

£14.54

£567.06

£23,464.56

£1,075.96

£44,522.52

35

Tel Aviv, Israel

£14.51

£565.89

£23,416.08

£1,073.74

£44,430.60

36

Frankfurt am Main, Germany

£13.71

£534.69

£22,125.12

£1,014.54

£41,980.92

37

Edinburgh, UK

£12.85

£501.15

£20,737.20

£950.90

£39,347.64

38

Dusseldorf, Germany

£12.68

£494.52

£20,462.88

£938.32

£38,827.08

39

Madrid, Spain

£12.04

£469.56

£19,430.04

£890.96

£36,867.36

40

Hamburg, Germany

£11.99

£467.61

£19,349.40

£887.26

£36,714.24

41

Vienna, Austria

£11.88

£463.32

£19,171.92

£879.12

£36,377.40

42

Taipei, Taiwan

£11.88

£463.32

£19,171.92

£879.12

£36,377.40

43

Brussels, Belgium

£11.85

£462.15

£19,123.44

£876.90

£36,285.48

44

Moscow, Russia

£11.60

£452.40

£18,720.00

£858.40

£35,520.00

45

Bristol, UK

£11.22

£437.58

£18,106.80

£830.28

£34,356.36

46

Berlin, Germany

£10.81

£421.59

£17,445.12

£799.94

£33,100.92

47

Southampton, UK

£10.68

£416.52

£17,235.36

£790.32

£32,702.88

48

Osaka, Japan

£10.29

£401.31

£16,605.96

£761.46

£31,508.64

49

Jakarta, Indonesia

£10.28

£400.92

£16,589.76

£760.72

£31,478.04

50

Barcelona, Spain

£10.27

£400.53

£16,573.68

£759.98

£31,447.44

Statistics From Think Tank NLA Reveal Frightening Extent of London Housing Crisis

Gillray's Steakhouse and Bar view London EyeSome interesting and shocking news today on the London Housing Crisis. New London Architecture (NLA), the capital’s think tank on the city’s built environment, has today announced a series of findings from their insight study into the London housing shortage. The research gathered by former Development Director at Peabody, Claire Bennie, has formed the basis of their forthcoming exhibition New Ideas for Housing. The exhibition examines London’s housing market, past and present, as well as the results of an extensive global ideas competition, set-up with the Mayor of London to tackle the shortfall.

Current statistics show that the capital’s population has now hit record numbers and is set to keep rising. It is estimated that we need 40,000 new homes every year for 20 years to deal with the current population increase and a further 9,000 a year, on top, just to catch up on the deficit. Current delivery of new homes stands at between 20-25,000 a year, this means the delivery of new homes has to at least double from its current rate.

Earlier this year, London’s population passed its previous peak of 8.6 million people, and future projections suggest there will be 9 million people in London by 2020, 10 million by 2030 and 11 million by 2050, adding nearly 70,000 people and 34,000 jobs every year.

The comparison in quality of life between homeowners and those renting properties is creating a widening gap amongst Londoners. 40-50% of all renting households in London are living in poverty whilst 40% of owner-occupied homes have two or more spare bedrooms. The proportion of 25-34 years olds owning their own homes has fallen from 59% to 36% in less than a decade and the current population figures show that 80% of all new housing is only affordable for 20% of Londoners.

A rise in renting is a common theme throughout the research with a third of all privately owned homes now rented out. Successful European models show that long-term renting can act as a possible solution, but this would mean a large-scale change across the industry in the way that housing is funded and delivered. Developers such as Argent are already looking into large build-to-rent developments that could change the way we live in the capital.

Contrary to popular belief that many of London’s developments second-homes for foreign millionaires, only 121,000 homes are recorded to be ‘empty’. However, there has been a significant growth in properties bought as investments, currently 61% of all new homes are bought with the no intention of occupying (Molior London).

80% of households bring in less than £45,000 a year and with house prices rising by 18% last year and living wages only rising by 2.1%, a revised approached to the capital’s housing market needs addressing.

Peter Murray, Chairman of New London Architecture, rallied this call for change by saying: “There is no silver bullet to solve London’s housing crisis – we need to look at lots of smaller and innovative contributions to fill in the gap left by the traditional providers”

Claire Bennie, Architect and Housing Development Specialist, and former Development Director at Peabody, commented: ‘Housing London is the pressing issue of our time: we now need to implement the best solutions from this competition without delay so that our young people can settle and thrive in this great metropolis.’

Greater London is a relatively low-density city and covers 152,200 hectares of land. If all of London’s residents were standing in a grid, they would be spaced 14m apart but if London continues to grow upwards and outwards then there is the potential to create 470,000 new homes over the next 20 years. There is currently an estimated 75,000 hectares of available space in Greater London and with the potential to create to 100,000 homes on sites as small as 0.25 hectares the density of city must improve. The NLA exhibition New Ideas for Housing will explore some of the most innovative solutions to the housing crisis and what is next for London.

62 Per Cent Increase in Rent During Games in London

LONDONERS RACE TO CASH IN ON THE GAMES

· 62 per cent increase in short term property rentals listed on Gumtree.com

· Average rental price drops as homeowners look to fill their properties over July and August

Gumtree.com has seen a 62 per cent increase in adverts posted by Londoners looking to cash in on their homes and spare rooms in prime Olympic hotspots.

The average asking price for London short-term rentals has actually dropped by 24 per cent between May – June 2012, as homeowners become more realistic in their price expectations and the Games draw closer.

From studios to five-bedroom houses, Gumtree has seen more than 10,500 replies for London properties for rent during the Olympic period. According to the latest Gumtree.com site data, the average asking price for a 4-bedroom family home during the Olympics period is currently £2,377 per week and for a 1-bedroom apartment or room, it is £892 per week.

Gumtree.com has seen hundreds of savvy Londoners advertising spare rooms or sofas, renting their property out in its entirety, while other advertisers are trying to secure themselves a holiday by swapping their property for a week with those living overseas or in other parts of the UK.

Current ads live on the site include:

·         3-bedroom apartment, Euston £995 pw

·         2-bedroom apartment, Wapping £700 pw

·         2-bedroom apartment, Shoreditch £2,495 pw

·         1-bedroom apartment, Stratford £1,000 pw

 

 

Hamish Stone from Gumtree.com said: “With the Olympics starting this week we are seeing more and more Londoners looking to capitalise on their prime locations and get in on the Olympic fever sweeping the country. For anyone interested in renting out a room or home at the last minute, make sure that you highlight how close you are to the Olympic venues, flag transport links, and talk about any local events that visitors might be interested in in your area.”

Short Accommodation Website For London Helps Find Somewhere to Lay Your Head.

Head2Pillow launched its short stay accommodation website for the London area in Autumn 2010, enabling homeowners with a spare room to rent it out and make tax-free money and for visitors to the capital to find an affordable room for a short stay.

The site has been developed over a considerable length of time, with the focus being on ease of use for both homeowners and guests.

For Guests looking for a room, the site has an innovative Quick Search facility, enabling users to look for a room by *either
*town
*postcode
*venue, which now also includes the main Olympic venues.

In addition, the Advanced Search allows users to carry out a more detailed search based on a selection of criteria, including cost, distance and availability dates.

Many online accommodation sites only allow users to find out limited information online and the actual booking process is dealt with by email. Head2Pillow enables users to search for a room in real time, book and pay securely via Barclaycard all online. In addition, there is no sign up fee for Guests, no minimum stay required and no booking fees.

Homeowners with a spare room can advertise their room straight away with no sign up fee, knowing that they have complete control over the room price and availability and can rent it out as often or as little as they like. In addition, they can select to receive an SMS alert every time a booking is made for their room.

With the Government’s cuts really hitting households across the country now, there has never been a better time for homeowners to make some much needed extra cash or for Guests to book an affordable room with Head2Pillow.