Boris Johnson mulls 50-year mortgages to get more young people on housing ladder July 2, 2022 Downing Street is looking at plans for 50-year mortgages that parents can hand down to their children. According to a report in The Times, Boris Johnson is looking at encouraging long mortgages as a way to get more young people onto the housing ladder. While a number of banks already provide products that mean parents [...]
If money was no object: The City is by far Londoners’ most desirable borough July 2, 2022 One in five Londoners would want to live in the City, with the figure rising to 28% among those aged 18-34, according to new research shared exclusively with City A.M. today. The Square Mile is closely followed by Kensington and Chelsea, with 18 per cent of Londoners choosing the leafy and exclusive borough as their [...]
Mortgage costs expected to grow by another £2,500 as inflation spirals July 1, 2022 The cost of a mortgage is expected to grow by another £2,500 by the end of this year, in comparison with December 2021, according to property site Zoopla today. Economists anticipate “sharp” hikes to mortgage rates in the coming months, as the Bank of England seeks to tame spiralling inflation, which is already at 9.1 [...]
No cost of living crisis for Prince Charles as Duchy of Cornwall’s assets swell to record £1.2bn after £93m ‘staycation’ boost June 30, 2022 Annual accounts published this afternoon show that the total assets of the Duchy of Cornwall’s landed estate have risen to more than £1.2bn, a jump of nearly £93m since last year. As heir to the throne, the Prince of Wales is entitled to the Duchy’s profits as his yearly private income, which came to £23m [...]
Pace of house price growth slows as average price hits new record of £271.6k June 30, 2022 House prices saw a slight slowdown in growth this month as the price tag of an average UK home hit a new record of £271,613. According to the Nationwide House Price Index, published on Thursday morning, UK annual house price growth slowed to 10.7 per cent in June. This was a subdued pace of growth [...]
Average UK house costs £271,613 as price growth shows ‘tenative signs of slowdown’ June 30, 2022 The pace of UK house price growth slowed modestly last month, with the price tag of a standard home hitting a new record high of £271,613. According to the Nationwide House Price Index published on Thursday, average prices increased by over £26,000 in the past year. The rate of annual growth slowed to 10.7 per [...]
Remortgage sales hit highest level since before the pandemic outnumbering all other types of home loans June 29, 2022 The FCA’s latest data shows that remortgage sales in the fourth quarter of last year, at 92,558, reached their highest level of activity since early 2020, before the outbreak of the pandemic. In fact, they outnumbered all other types of home loans for the first time since the third quarter of 2020, according to analysis [...]
Boost for the City as office take-up hits highest level so far this year with vacancy rates dropping and rent at new record June 28, 2022 Office take-up in the City of London office take-up reached 714,683 sq ft in May, which is the highest monthly take-up by volume since December 2021, and the most number of deals by number (36) since March 2021, real estate giant Savills said this morning. Take-up for the year-to-date has now reached 2.3m sq ft [...]
Calls grow for City of London to drop plans to tear down historic Barbican buildings which include Museum of London June 27, 2022 The City of London Corporation is urged to reconsider an earlier decision to demolish historic buildings, including the Museum of London, in the capital’s Barbican area. A campaign has been launched. The City of London Corporation has submitted plans to demolish Bastion House and the Museum of London, replacing both with a 780,000 square feet [...]
UK leads Europe in mortgage market might but sits at bottom for share of population that owns home June 24, 2022 While the UK may trail other European nations when it comes to the total proportion of the population that own their own home, it does lead the way when it comes to the might of the mortgage sector and the number of properties purchased by borrowing. At 65.1 per cent, the UK sits well within [...]