Government ‘should overhaul’ stamp duty to boost housing market October 27, 2019 The government should slash stamp duty to help boost housebuilding and encourage people to buy their own homes, a new report has stated. Stamp duty is the second most unpopular UK levy behind inheritance tax, and a gradual rise in rates has meant the average buyer in England pays £2,300 when they buy a property. [...]
Legal Q&A: Should I invest in an apartment building with exterior cladding? October 25, 2019 The Grenfell Tower fire in 2017 brought into sharp focus the fire risks posed by flammable external wall systems known as ‘cladding’. From a buyer’s perspective the presence of cladding will impact a number of areas, not least the ability to obtain a mortgage, potential remedial costs and the future saleability of the property. Commonly, [...]
New builds: Homes on the market in London this week, from a Battersea tower to a former camera factory October 25, 2019 Shoreditch Exchange, Shoreditch From £785,000 for a one-bed Two new show homes have just been launched at Regal London’s Shoreditch Exchange. Located on Hackney Road, the development includes 184 one, two and three-bed apartments with access to cinema rooms, a gym and roof terraces, as well as a WeWork office. The show homes, one of [...]
What are reservation agreements, and could they really stop gazumping? October 25, 2019 A sale falling out of bed at the eleventh hour is one of the biggest bugbears for those wanting to move home. But the government has now proposed a solution in the form of ‘reservation agreements’, which it now plans to trial early next year. Under this system, which is common in Europe, both buyers [...]
Property of the Week: This Regent’s Park mansion was the setting for a Victorian scandal October 25, 2019 Owning a neoclassical mansion in Regent’s Park would be quite nice in itself. Buy this former ambassadorial residence that has just come to the market on Cumberland Terrace, though, and you will also be able to retrace the steps of 19th century royalty, artists and high society. The grade I-listed, five-bedroom mansion was built in [...]
Focus on Victoria: Once just a train station, this central postcode now has an identity all its own October 25, 2019 There was a time not so long ago when Victoria was a train station, not an area. You could be ‘near Victoria station,’ but not ‘in Victoria’. Happily, it’s now made the transition thanks to an explosion of new bars, shops, offices and restaurants which have put the district firmly on the map. “For many [...]
Opinion: Uncertain times are leading to London property ‘microclimates’ October 25, 2019 The fluctuations and instability experienced by the capital’s housing market continue to be underpinned by, for want of a better phrase, ‘Brexit uncertainty’. A market once dictated by patterns and trends has been shaken by political turbulence, leaving buyers and sellers with little direction on how to navigate it, which is ultimately resulting in inconsistencies [...]
UK mortgage approvals slip to six-month low October 24, 2019 The number of new mortgages approved by UK banks fell to a six-month low in September, survey data has revealed, suggesting Britain’s property market is slowing as Brexit uncertainty continues. Read more: UK house prices suffer slowest October rise since 2008 Banking trade association UK Finance said banks gave the green light to 42,310 loans [...]
Wework plans to axe up to 4,000 jobs October 23, 2019 Wework is planning to axe up to 4,000 jobs as Softbank launches a turnaround plan after taking control of the business earlier this week. The redundancies will reduce Wework’s global workforce of 14,000 people by just under 30 per cent. Read more: Softbank takes control of Wework Wework is seeking to move its cleaning operation [...]
Exclusive: Flexible office space firm Central Working falls into administration October 23, 2019 London-based flexible office space group Central Working has collapsed into administration. The co-working business, which hosts 1,850 companies across 11 sites in the UK, has appointed administrators from independent advisory firm Quantuma. Read more: Softbank seizes control of Wework in deal making Adam Neumann a billionaire A letter to tenants seen by City A.M. said [...]