Investment in London’s commercial property market drags as economic woes deepen July 25, 2022 London’s commercial property market took a hit in the second quarter of 2022 as investment declined amid a weakening economic outlook, according to data by BNP Paribas. Central London properties experienced an eight per cent investment drop at £4.5bn compared to Q2 last year, with the number of office deals transacting at less than half [...]
No property policies: Lack of housing ideas from Truss and Sunak branded ‘deeply alarming’ July 24, 2022 Rishi Sunak and Liz Truss need to put tackling the housing crisis at “the top of their list” if they become Prime Minister, a major housing association told City A.M. this morning. The National Association of Property Buyers said a whole generation of people faced being unable to own or rent a property due to [...]
City bombshell: Hundreds of angry Northern Rock clients sue TSB Bank for £800m after being trapped in high-interest mortgages July 18, 2022 City A.M. was told this morning that TSB Bank is facing a legal action worth up to £800m, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates. Today, six years to the day since TSB bought £3.3bn mortgages from Northern Rock, approximately 200 homeowners whose mortgages have been administered [...]
Rents in London grow at fastest rate ever of any UK region hitting record £2,257 per month July 14, 2022 London rents have grown at the fastest ever rate out of any region in the UK, according to new research today, as prices hit a new record. The cost to rent a property in the capital has jumped by 15 per cent in the past year, hitting an average of £2,257 per month. Demand [...]
Property prices to smash through £300,000 mark by next month, industry expert predicts July 13, 2022 AVERAGE property prices will smash through the £300,000 mark by the end of the Summer, an expert said today. Latest data show that prices hit a record £294,845 – as rates rose at the fastest level in 18 years. Despite claims prices could be set to crash, Jonathan Rolande, from House Buy Fast, believes we [...]
No Brexit exodus: Foreign homeowners sit on £45bn worth of property in London alone July 12, 2022 It has been revealed this morning which areas of the property market are home to the highest value of homes owned by overseas homeowners, with the total market value of foreign owned homes currently standing at £90.7bn across England and Wales. Just shy of a quarter of a million homes are owned by overseas buyers, [...]
City exclusive: HSBC strikes £605m deal for iconic Cheesegrater skyscraper in the Square Mile July 12, 2022 City A.M. can exclusively reveal this afternoon that property investment giant CC Land Holdings has struck a £605m refinancing deal for one of London’s tallest buildings, the iconic ‘Cheesegrater’, in an agreement co-ordinated by HSBC. Officially named The Leadenhall Building, after its London location, the 225-metre-tall skyscraper was purchased by Hong Kong-headquartered C C Land [...]
Revealed: More than 100 MPs pocket at least £2.6m per year by renting out hundreds of properties July 11, 2022 Just over 100 members of parliament make at least £2.6m per year between them by renting out properties in London and across the UK. According to new research, based on parliamentary disclosures published in September 2021, 177 MPs own at least 312 residential properties, nearly a third of all MPs. Those are properties they own [...]
PMI: House building shrinks for first time since beginning of pandemic July 6, 2022 A slowdown in the UK economy triggered by the cost of living crisis has led to house building stalling, a closely watched survey published today reveals. Activity in the UK house building sector dropped for the first time since May 2020, when the country was in the teeth of the most onerous pandemic restrictions, according [...]
If money was no object: The City is by far Londoners’ most desirable borough July 2, 2022 One in five Londoners would want to live in the City, with the figure rising to 28% among those aged 18-34, according to new research shared exclusively with City A.M. today. The Square Mile is closely followed by Kensington and Chelsea, with 18 per cent of Londoners choosing the leafy and exclusive borough as their [...]