OneSavings Bank chief executive explains why his business is safe as houses August 24, 2016 Despite worries the referendum would wobble housing demand, the boss of OneSavings Bank has found particular niches of the market to be quite lucrative. In particular, Andy Golding told City A.M. the bank was focusing on the "normal stock" side of the market in London – as opposed to the "high-end, crazy value stuff" – which was "still very [...]
Rents are increasing fastest in the South East and the East of England, not London August 24, 2016 Rising rents are a headache for Londoners who can't afford to put down a deposit on a home – but price increases are actually larger outside the capital. According to data from the Office of National Statistics (ONS), rents grew 3.5 per cent over the past year in the south east, compared to a rise [...]
Lending to London’s home movers sinks as first-time buyers edge onto the property market August 24, 2016 Home movers are releasing their grip on London's housing market, as data released from the Council of Mortgage Lenders (CML) shows they took out fewer loans in the second quarter. CML said home movers withdrew 6,700 loans in the second quarter, a fall of 37 per cent as compared to the first quarter of 2016. [...]
UK mortgage approvals fell to their lowest level in 18 months in July – meaning house prices could fall by five per cent next year August 24, 2016 The number of mortgages approved fell to their lowest level in 18 months in July, suggesting house prices could fall considerably by the end of 2017, the British Bankers' Association (BBA) has said. Figures by the BBA showed 37,622 mortgages were approved in July, down from 39,763 in June and 41,620 in May. It's an impressive slide since [...]
Housebuilder shares rise as Brexit fears look like a thing of the past August 24, 2016 Rumours of housebuilders' demise are greatly exaggerated. Builders were among the big winners on the FTSE 100 for the second day in a row this morning, after strong results from Persimmon yesterday suggested they are weathering the Brexit storm. Persimmon was up 2.5 per cent at 1,918p in mid-morning trading, while Barratt was up 2.7 per cent at 499.3p. [...]
Property transactions edged down in July, defying expectations of a Brexit vote-related crash August 23, 2016 The number of property transactions edged downwards in July, putting to bed concerns that the Brexit vote would result in a dramatic fall in sales. According to figures from HM Revenue and Customs (HMRC), the number of residential property transactions fell by 0.9 per cent between June and July. Read more: This is where all the [...]
Persimmon’s profit jumps as demand from customers remains “encouraging” after the Brexit vote August 23, 2016 Housebuilder Persimmon brushed off any worries the company has been hit by Brexit as it posted a strong set of half year results today. The company's share price was up 4.24 per cent in afternoon trading after it announced profit before tax jumped 29 per cent in the six months to the end of June, up to £352.3m. Revenue increased [...]
Edinburgh should stay the top UK location for commercial property investment outside London post-Brexit August 23, 2016 | City Talk It’s fair to say we live in interesting times post-Brexit. The only tangible outcome of the United Kingdom’s EU referendum on 23 June has been uncertainty so far. But while many across corporate Britain wait for greater clarity, property deals continue to be made – with investors showing a clear preference for traditionally strong, robust [...]
Government to launch £5bn fund to help small developers solve the housing crisis before the Autumn Statement August 23, 2016 The government will unveil a fund worth up to £5bn aimed at helping to solve the housing crisis in the weeks leading up to the Autumn Statement, City A.M. understands. The Home Building Fund, aimed at small and medium-sized developers, was announced as part of the Queen’s Speech in May, but has since languished at [...]
Rents on high-end homes have gone down in the aftermath of the Brexit vote and the stamp duty tax hike August 22, 2016 Lettings in the high-end of London's property market have been "subdued" in the second quarter of the year due to both a fall in demand and an increase in supply. JLL said "immaculate properties presented in first class condition" are not losing value, but on average rental values fell by 1.9 per cent during the second quarter. In the 12 months to [...]