The number of mortgages in arrears and repossessions fell in the last quarter August 11, 2016 The number of mortgages in arrears continued to fall in the second quarter, reaching its lowest level since records began. According to the Council of Mortgage Lenders (CML), at the end of June there were 92,500 mortgages in arrears of at least 2.5 per cent of the total mortgage outstanding – down from 95,900 at [...]
Businesses went berserk for office space in central London after the Brexit vote August 11, 2016 Businesses flooded back into central London after the Brexit vote, new research has suggested – with the amount of new office space leased by firms jumping by 24 per cent. Research by CBRE suggested businesses leased 980,400 sq ft of office space in July, a quarter more than in June and the strongest monthly average [...]
Derwent London’s share price suffers as the property company downgrades rental forecast August 11, 2016 Property landlord Derwent London's share price fell this morning after the company lowered its rental growth forecast due to the Brexit vote. In its interim results for the half year ending 30 June, Derwent London said: "the outcome of the EU referendum may lower activity", and reduced its estimate of rental growth from between five and eight per [...]
Housing market activity fell after the EU referendum, according to chartered surveyors August 11, 2016 Activity in the housing market is projected to weaken in the coming months, according to chartered surveyors. The Royal Institute of Chartered Surveyors (RICS) said house price growth faltered in July and the outlook for house price growth "remains negative" in the aftermath of the Brexit vote and changes to stamp duty tax on second homes. Read more: Everything [...]
House prices in the City and its fringes have boomed in the last five years August 11, 2016 House prices in the City and the surrounding boroughs have soared over the past five years as the centre of London has become a more attractive place to live. City fringe areas such as Clerkenwell, Shoreditch and Wapping have proven particularly popular, where prices have jumped by 47 per cent since 2011, according to research [...]
Aviva’s property fund may be closed for up to eight months due to uncertainty surrounding the Brexit vote August 10, 2016 Aviva's property fund will be closed for six to eight months, meaning investors wanting to withdraw their cash won't be able to do so until next year. In a note issued to investors, Aviva said: "Property sales may be more difficult to execute in the current environment due to market uncertainty. Read more: Aberdeen Asset Management lifts [...]
First-time buyers secured more mortgages in June than at any other point since August 2007 August 10, 2016 First-time buyers boosted mortgage lending in June as tax changes designed to deter buy to let landlords took effect. June mortgage lending was up by 29 per cent month-on-month, according to lending data from the Council of Mortgage Lenders (CML). Mortgage lending was up by 12 per cent compared to the same month last year. First-time [...]
Vendors trying to shift property after the Brexit vote have cut prices by nearly 10 per cent in some parts of London August 10, 2016 Vendors trying to shift their property in the aftermath of the Brexit vote and stamp duty changes are cutting prices by nearly 10 per cent in some parts of London. Data from Zoopla shines a light on just how many houses have had their prices reduced, and by how much. Read more: Here's everything you need to [...]
Britain’s biggest landowner, Duke of Westminster, dies aged 64 August 9, 2016 Gerald Cavendish Grosvenor, Britain’s biggest landowner, has died aged 64 due to a sudden illness. The billionaire, known to be worth £8.3bn, owned swathes of land in London. According to Forbes, he's the third richest person in the UK and the 68th richest billionaire in the world. Read more: Britain ranked fifth richest country in the world [...]
Central London shops crowned “safe haven” investments – but prime residential prices continue to fall August 9, 2016 Central London shops have been a "safe haven" for investment after the Brexit vote – but prices for high-end homes in central London have been falling. Investors bought up £1bn worth of prime retail property in central London during the first half of the year, according to CBRE – and total investment is set to [...]