London calling: Capital regains prize as most searched-for property location December 21, 2022 The allure of the countryside during the pandemic has subsided as searches for homes in London have spiked to their highest levels since going into lockdown. Cornwall and Devon held the most searched-for locations for several months in 2021, now Brits are looking to head back to the capital, research from online property agent Rightmove [...]
Brits untroubled by rising mortgage rates as property transactions rise December 21, 2022 Monthly property transactions have increased across the UK and returned to pre-pandemic levels despite the ongoing cost of living crisis. Today, HM Revenue and Customs (HMRC) published statistics indicating that monthly property transactions in the UK above £40,000 have increased consecutively over the past nine months. Frances McDonald, research analyst at Savills said: “In light [...]
EXCL – Renters and homeowners go head to head: Tenants want price controls while landlords feel penalised December 21, 2022 While landlords say there is too much regulation in the private rental sector, a majority of tenants in the UK say that there is not enough, according to new research shared exclusively with City A.M. today. Almost three in four tenants say that the rental market needs tighter regulation to protect renters, but over three [...]
Relief for mortgage prisoners: Six banks to begin lending on flats with unsafe cladding December 20, 2022 A handful of the country’s biggest banks will consider mortgage applications for some flats with dangerous cladding from January, in a sigh of relief for people trapped in unsellable properties. Lenders withdrew mortgage provisions for unsafe flats following the Grenfell Tower disaster, when 72 people were killed in a fire at a high-rise block in [...]
Flee the UK and buy one of these gorgeous Caribbean properties December 20, 2022 Sick of the cold and wet? Why not flee to warmer shores – you can snap up some veritable Caribbean properties for the cost of a two-bed flat in Leyton With the temperature predicted to fall as low as minus six this week, you can add freezing weather to the seemingly endless list of things [...]
Purplebricks: Shareholders reject motion to oust chair after dismal financial performance December 19, 2022 Purplebricks’ shareholders rejected a proposal to oust the online estate agency’s chair as its head insisted that improvements were on the way. The troubled firm said a proposal by major shareholder Lecram Holdings to remove Paul Pindar was rejected. Some 71.71 per cent of votes in a general meeting were against the resolution proposed by [...]
Londoners fork out 40 per cent of pay checks on rent each month on average December 19, 2022 Londoners are forking out nearly half of their pay checks on rent each month, according to official data today. It is no surprise London was the least affordable region in the UK for rent, with an average monthly cost of £1,430 – the equivalent to 40 per cent of median income in the year to [...]
Tax take plunged by £9bn through the pandemic, NAO finds December 16, 2022 The amount of cash the taxman brought in during the pandemic plunged by £9bn due to a rise in dodging and non-compliance, according to official figures released today.
Home REIT: We’ve no idea where our rent comes from December 15, 2022 Beleaguered property investor Home REIT has admitted it has no idea how much rent it receives through government housing benefit payments despite saying its business model ultimately relies on them, City A.M. can reveal.
Simpson’s saved? Historic City chophouse granted status as asset of value December 15, 2022 The City of London has decided to designate Simpson’s Tavern – the historic City bar and restaurant threatened with closure – as an asset of community value at a meeting this afternoon. The historic eatery was designated an Asset of Community Value by the City of London Corporation’s Policy and Resources Committee unanimously – taking [...]