Holiday Homes: Sussing out the property market in Barcelona, the Spanish city proving popular with cash-strapped millennials June 2, 2016 Barcelona is the millennials’ Paris. There are scores of city-wide events aimed at a younger demographic, the art galleries are overwhelmingly modern, and a cursory glance through social media will net you far more pictures of young couples standing atop one of Barcelona’s several hills than the Eiffel Tower. The city’s growing popularity means property [...]
Forget the dinner party chatter – Brexit won’t make much difference to the London property market June 2, 2016 Every week, City A.M. invites an industry professional to write about an emerging trend in the property market. While the Chancellor’s taxes have affected the number of property transactions in Prime Central London, this is not the chief spanner in the works being cited by prospective purchasers. That would be a fear of Brexit, which [...]
Homemover loan applications had the highest success rate for mortgage approvals in the first quarter June 2, 2016 Homemover loan applications registered the highest success rate for converting mortgage applications into completed deals in the first quarter, according to the Intermediary Mortgage Lenders Association (IMLA). The IMLA data shows that 80 per cent of homemover applications resulted in an offer and the same percentage of offers led to a deal. Read more: Nearly two out [...]
Could new City skyscraper 1 Undershaft host London’s highest museum? June 2, 2016 The City's next tallest skyscraper could become home to the capital's highest museum, after the Museum of London unveiled plans to create public viewing galleries on the 71st and 72nd storeys of 1 Undershaft. Property Week reported this morning the museum has been in talks with the tower's developer, Aroland Holdings, about managing the building's free public viewing [...]
This is why we’re struggling to build on brownfield sites June 2, 2016 The soil in Britain is so contaminated that it is damaging construction efforts across the country, according to a report from the Environmental Audit Committee (EAC) out today. Around 300,000 hectares of UK soil are thought to be contaminated with toxic elements as a result of the country's industrial history, and London is one of the worst affected areas. The [...]
UK mortgage lending dropped to its lowest level since the height of the eurozone crisis in April June 1, 2016 Mortgage approvals have hit their lowest level since the height of the Eurozone crisis, according to the Bank of England. Mortgage loans totaled just £281m in April, their lowest level since August 2012, after the hike in stamp duty came into effect at the beginning of the month and buy to let landlords fled the [...]
Brexit bluster: Telford Homes boss is so chill about housing he says he’d buy a plot on the day before the EU referendum June 1, 2016 The chief executive of a top London property developer is so confident about the resilience of the housing market that he'd buy a plot the day before the EU referendum. Speaking to City A.M. on a day of strong results for the company, Jon Di-Stefano, chief executive of Telford Homes, said: "Even if we vote out people aren't going to disappear [...]
Telford Homes announces strong results as it sets its sights on the private rented sector June 1, 2016 London residential property developer Telford Homes announced strong revenue growth in its final results for the year ending March 2016, and pre-tax profits at the company exceeded original market expectations. The firm's revenue was up by 42 per cent year-on-year, jumping from £173.5m in 2015 to £245.6m this year. Pre-tax profits were up by 28 per cent, to [...]
House price growth falls to its lowest since October 2015 as stamp duty changes take their toll June 1, 2016 Have George Osborne's changes to house prices had their desired effect? House price growth fell in May, to its lowest since October last year – suggesting things could be about to look up for those struggling to move up the property ladder. Nationwide's House Price Index showed prices rose 1.3 per cent to £204,368 in the [...]
Buy to let backlash: rent supply falls year-on-year and renters are set to pay the price May 31, 2016 The supply of rental properties is fell year-on-year in April, down by five per cent, as letting agents predict that the stamp duty hike on buy to let properties will end up hitting renters in the coming months. The average number of properties managed per branch decreased from 193 to 183 year-on-year, according to data from the [...]