Number of first-time buyers hits 10-year high January 13, 2017 The number of first-time buyers has reached a 10-year high last year. According to Halifax, there were 335,750 first-time buyers in 2016, up 7.3 per cent on the year before, but still well below the pre-crisis peak of 402,800 in 2006. The average age of a first-time buyer was 30, and they spent an average £205,170 [...]
Now the London party is over, housebuilders must help tidy up January 13, 2017 Barratt Homes said yesterday it is struggling in London – an admission that came as no surprise. The housebuilder is one of several to have jumped on the London bandwagon in the first half of this decade, merrily buying up land all over the capital as house prices whooshed upwards. But its first half results, [...]
Foundations of the housing white paper are still being laid as Prime Minister Theresa May asks for more meat on the bones January 13, 2017 The long-awaited housing white paper is still weeks from publication as the government looks for ways to beef it up so that it passes muster with the Prime Minister Theresa May. The flagship policy document was originally pencilled in for publication late last year. Several key industry figures had expected the white paper to be published [...]
Barratt Developments reports sales struggles in London January 12, 2017 Barratt Developments is feeling the heat in London as it reported today that completions in the capital were down more than 56 per cent. The housebuilder completed on 367 homes in London in the six months to the end of December, down from 842 in the same period the year before. Barratt said it was lowering prices and offering [...]
Hotels continue to be a favourable option for investors looking to the UK January 11, 2017 | City Talk As the UK’s most popular tourist destination after London, Edinburgh plays a vital role in the UK tourism economy. Its preeminent position was underlined recently when Deloitte – for a third year running – named Scotland’s capital the UK’s most attractive location for hotel investment outside London. The figures certainly stack-up. The city achieves some [...]
One Nine Elms has finally appointed a contractor after its bust-up with Balfour January 11, 2017 Chinese property giant Dalian Wanda said today that it had appointed a new contractor for its £1bn One Nine Elms project, after it fell out with its first choice. In November it emerged the company had failed to agree terms on the main build contract with Balfour Beatty, a pair of towers rising to 58 storeys which will [...]
Taylor Wimpey lays strong foundation ahead of bumpy year with earnings at the upper end of expectations January 11, 2017 Taylor Wimpey says it expects full-year profits at the “upper end of market consensus”, as the housebuilder remains confident of its ability to continue dividend payments – although its order book for 2017 weakened from last year. The figures Earnings are expected at the top end of the £706.4m to £755m range Taylor Wimpey has [...]
Foxtons shares have fallen again as the mean streets of London continued to take their toll January 11, 2017 Estate agent Foxtons said tougher stamp duty rules and harsh trading conditions in London caused earnings to almost halve last year. The figures In a trading update this morning, Foxtons said revenues hit £133m in the year to the end of December, down from £150m the year before. Meanwhile, quarterly revenues fell to £26m, from £35m the year before. Adjusted earnings before interest, [...]
Buy-to-lose? With new restrictions on buy-to-let mortgages and the introduction of other punitive measures in 2017, is there any value left in letting for mortgaged landlords? January 11, 2017 As we enter 2017, the tide has truly turned against Britain’s buy-to-let landlords. First, George Osborne discouraged people from buying a second residential property by imposing extra stamp duty of 3 per cent. Now, the Bank of England is demanding that mortgage lenders “stress test” loans to landlords. Since 1 January, the Bank’s Prudential Regulation [...]
Rents are hitting an “affordability ceiling” January 11, 2017 Rental price growth more than halved last year as the nation hit "an affordability ceiling". UK rents increased by an average 1.7 per cent year-on-year in December, according to data from Homelet, down from rent inflation of 3.8 per cent last year. New tenants paid an average rent of £892 per month. Read more: Rents [...]