Average UK household owns £1.2m less than richest July 20, 2022 The wealth of the richest UK households is on average £1.2m higher than typical Brits, a new report released today shows. Wealth inequality has hovered around the same level since the mid-1980s, albeit from an already elevated footing, with the richest consistently owning around half of the UK’s stock of assets, according to the Resolution [...]
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, [...]
Boris Johnson’s plan for 50-year mortgages is outright ‘risky’ and solely aimed at inflating the market, warns property guru July 5, 2022 Boris Johnson’s latest proposal for the housing market is “another risky, spontaneous announcement aimed at temporarily inflating the housing market” according to the boss a major property firm. David Alexander, the chief executive officer of DJ Alexander Scotland, part of the Lomond Group, told City A.M. today he believes that the comments from the Prime [...]
Credit Suisse and Citco face £430m lawsuit over Chelsea property deal that lost Vatican £100m June 22, 2022 The filing of a €500m (£430m) lawsuit against Credit Suisse and Citco over the loss of millions in charitable funds through a Chelsea property deal has led to calls for greater transparency around the “origins of money used to purchase high-value property” in Britain. The calls come after Anglo-Italian financier Raffaele Mincione’s WRM Group filed [...]
Run on equity release: Cash tied up in properties fund £1 in every £90 spent by retired Brits June 18, 2022 A new analysis published this week showed that equity release finances around £1 in every £90 spent by retired Brits. Total retirement spending funded by equity release could top £4bn this year and £5bn in 2025, according to modelling by the Centre for Economics and Business Research (Cebr), as homeowners increasingly look to property wealth [...]
UK mortgage arrears hit highest level in more than 12 years as debts to banks creep past record £2bn June 15, 2022 The value of mortgage arrears in the UK has reached its highest level since 2010, with £2.05bn of mortgage debt delinquent at the end of the first quarter of 2022, according to new data shared with City A.M. this morning. As interest rate rises and the cost-of-living crisis hit household finances, more families are now [...]
Middle class stampede for equity release as Brits use their property as ATM by withdrawing billions via later life mortgages June 14, 2022 UK homeowners have already released equity to the tune of £1.4bn so far this year, with this figure estimated to hit almost £5.6bn by the end of the year. In fact, during the first three months of this year, over 12,500 homeowners opted to utilise the pent up value accumulated within their property via later [...]
Brits to be allowed to use housing benefits for a mortgage to buy their homes June 9, 2022 Allowing lower-paid workers to use housing benefits to buy their homes and an extension of the right to buy for housing association tenants should give Tory support a boost. Prime Minister Boris Johnson is expected to confirm his intentions in a major speech today as he seeks to repair his fortunes after a bruising Tory [...]
UK house price skyrockets to record £289k: ‘Any mutterings of a market crash are greatly exaggerated’ June 8, 2022 The average UK house price hit a record high of £289,099 in May, but the pace of growth in values is slowing, according to an index this morning. Russell Galley, managing director of Halifax, said: “The average cost of buying a home in the UK is up 1 per cent, or £2,857, on last month, [...]