Gross mortgage lending down seven per cent in September October 20, 2016 Gross mortgage lending fell seven per cent last month, but hit the highest September figure since 2007. According to the Council of Mortgage Lenders (CML), gross mortgage lending was £20.5bn in September, down seven per cent month-on-month. Read more: London boss of Barratt Developments arrested on suspicion of misconduct The figure represented a two per [...]
London construction slowing after the Brexit vote October 20, 2016 Construction in London is undergoing a slowdown following the Brexit vote, according to chartered surveyors. A survey from the Royal Institution of Chartered Surveyors (RICS) found that nine per cent of surveyors have reported that construction had risen rather than fallen in the capital this quarter – but this was the lowest reading from the survey since [...]
Foxtons reports decline in revenue in third quarter due to reduced activity in the London property market October 19, 2016 Reduced activity in the London property market hit Foxtons revenues during the third quarter of the year. The estate agents said total group revenue for the three months to 30 September had fallen to £37.5m from £43.5m last year, while sales revenue was down to £12.2m from £18.5m – reflecting a continuation of reduced activity [...]
Tech sector drives demand for London’s offices post-referendum October 18, 2016 The tech sector is driving a return to health for the commercial property sector in central London. According to Knight Frank, there was demand for 9.5m square feet (sq ft) of office space in central London between June and September. This is ahead of the long-term quarterly average of 7.5m sq ft. Read more: How [...]
Tax changes to force 440,000 landlords up a tax bracket October 18, 2016 More than 400,000 landlords will be pushed up a tax bracket from April next year. By 2021, landlords will not be able to deduct mortgage interest payments or other financial costs from their turnover before declaring their taxable income. Read more: Watch out, tenants: Landlords threaten to hike rents because of new taxes The changes [...]
House prices up 8.4 per cent in the UK as a whole October 18, 2016 House prices have continued to rise over the past year, with an average of 8.4 per cent across the UK. Figures released from the Office for National Statistics this morning show that the average UK house price was £219,000 in August 2016 – that's £17,000 higher than in August last year, and £3,000 higher than [...]
Houses priced below £100,000 are officially extinct in London October 17, 2016 Houses priced below £100,000 are now an extinct species in London. According to research by Jackson-Stops and Staff, all London homes worth less than £120,000 will disappear this year, with properties worth less than £150,000 set to vanish by 2020. Read more: This is how sterling's unstoppable slide will affect UK house prices Ninety-three per [...]
Sales of houses worth over £10m crashed this summer October 17, 2016 Sales of super-prime properties in London – luxury pads costing over £10m – slumped this summer. According to research by property consultancy London Central Portfolio (LCP), sales have fallen 86 per cent in the three months to August as compared to the same period last year. Read more: This is how sterling's unstoppable slide will affect [...]
Focus On Holloway: How the area went from “no-go area” to a thriving hotspot for independent businesses October 17, 2016 Holloway may be one of the oldest neighbourhoods in north London, but it hasn’t always been popular. Londoners who weren’t Arsenal fans might only pass through to get on to the M1 and its infamous women’s prison on Parkhurst Road hardly does wonders for its reputation. For a long time, its only cultural claim to [...]
Paris steals London’s crown as Europe’s top property market October 17, 2016 London has lost its spot as Europe's top real estate market in the wake of the EU referendum. A leading index of Europe's most promising property hotspots found Paris has knocked the capital into second place for the first time in four years with the London market looking set for a bumpy ride as the UK [...]