Average London rents near £1,000 and are unlikely to fall in 2023 – SpareRoom January 12, 2023 UK rent prices soared to their highest peak ever in the final quarter of 2022, inching closer to the £1000 mark, according to new data published today. Flatshare site SpareRoom reported that London rents for the last quarter of 2022 were up 22 per cent on the same period the previous year, taking the average [...]
Persimmon warns of sales slide as interest rate rises push up the cost of mortgages January 12, 2023 Persimmon achieved sales at the top end of its 2022 guidance, despite the mortgage crisis and the wider economic downturn in the second half of the year. The York headquartered company, one of the UK’s largest housebuilders, sold 14,868 new homes last year a rise of two per cent compared to 14,551 in 2021. The [...]
FCA says more than 750,000 at risk of mortgage default as interest rates rise January 11, 2023 The Financial Conduct Authority (FCA) has warned that more than 750,000 people are at risk of defaulting on their mortgage in the next two years. In a letter sent to the Treasury Select Committee on December 14, the regulator said that at the end of June 2022, there were nearly 200,000 regulated mortgages in payment [...]
Home REIT faces legal threat from biggest tenant over £5.5m rent relief deal January 11, 2023 Troubled social housing investor Home REIT is facing a legal challenge from its biggest tenant after trying to renege on a £5.5m rent relief deal it struck due to the dilapidated state of its properties, City A.M. can reveal.
Inheritance tax: London property nets HMRC £820,000 in death duties on average, double other regions’ intake January 9, 2023 Property makes up half the wealth of estates in London paying inheritance tax (IHT) – around twice as much as most other regions, according to a retirement specialist. An HMRC Freedom of Information (FOI) request from retirement specialist Just Group revealed that in 2019-20, the latest financial year of available data, property accounted for 50 per cent [...]
Feel at home with Vertus in Canary Wharf January 9, 2023 | Sponsored Vertus provides an unrivalled rental experience, offering award-winning services in a thriving community. Discover the Canary Wharf estateCanary Wharf has transformed over the last ten years, fast becoming a world-class lifestyle destination. Community and culture have been at the centre of this change, a natural move by the Canary Wharf Group to provide a rich, [...]
BDO in the spotlight over Home REIT audit January 9, 2023 BDO is facing questions over its audit of troubled property investor Home REIT, after it was asked to look again at the social housing firm’s books amid accusations executives had been ‘round-tripping’ revenues and inflated the value of its property portfolio. Home REIT, which invests in housing for vulnerable groups, was forced to delay the [...]
London house prices grow in December with UK homes falling, but 2023 set to bring good news for property owners January 6, 2023 London’s average property price grew by almost 3 per cent, while the average UK home fell 1.5 per cent between November and December 2022. The average property actually rose two per cent when compared with the same month in 2021, according to the latest Halifax house price data, while annual rate of house price growth [...]
Property boss urges Sunak to ditch tax breaks for eco-friendly home owners in 2023 January 4, 2023 Plans to offer stamp duty refunds to home owners who make their properties more eco-friendly are simply “a bad idea,” one of Britain’s largest property associations has told City A.M.. Banks last year urged the Government to incentivise changes by refunding stamp duty to buyers who pay for green upgrades within two years of making [...]
Experts predict house prices will fall in 2023 – but it’s not all bad news for homeowners January 4, 2023 Homeowners can expect to see house prices fall this year by as much as six per cent over the year, according to a leading property association. The boss of the National Association of Property buyer Jonathan Rolande does though expect activity and demand to pick up in the summer months. ““This will negate some of [...]