Foxtons shares have fallen again as the mean streets of London continued to take their toll January 11, 2017 Estate agent Foxtons said tougher stamp duty rules and harsh trading conditions in London caused earnings to almost halve last year. The figures In a trading update this morning, Foxtons said revenues hit £133m in the year to the end of December, down from £150m the year before. Meanwhile, quarterly revenues fell to £26m, from £35m the year before. Adjusted earnings before interest, [...]
Oil falls two per cent as concerns rise that increase in US production will undercut Opec deal January 9, 2017 Oil prices fell more than two per cent today after figures indicated US production is growing and could undercut global deals to cut supplies and boost the global market. Data released by US oilfield services provider Baker Hughes today showed US energy companies added oil rigs for a 10th week in a row to 529, extending a [...]
Focus On Bayswater: Why Notting Hill’s overlooked neighbour is the next big central London investment opportunity January 6, 2017 Around any piece of prime central London, you’ll find a forlorn district on the outskirts whose fortune has improved immeasurably in recent years. Priced out of premium areas, buyers are increasingly moving to these formerly unpopular areas in search of space and affordability – and changing these areas in the process. Bayswater is a prime [...]
UK home-buying stays solid in November but consumer credit rises by highest amount since 2005 says the Bank of England January 4, 2017 British house purchase numbers stayed flat in November, but still remained steady above pre-referendum levels, while UK consumer borrowing increased by the most since March 2005. UK banks approved 67,505 mortgages in November, compared to 67,371 in October, according to the Bank of England (BoE), but remortgaging levels rose to the highest levels since October [...]
Thousands of £250,000 starter homes are about to be built (outside London) January 3, 2017 Housing minister Gavin Barwell has given the green light for the construction of thousands of new starter homes outside of the capital. Built on brownfield sites, the new homes are designed for first-time buyers between 23 and 40 years old, and will be sold at a discount of 20 per cent below market value, with [...]
From Southern rail’s backfiring poster to Google’s April Fool prank gone wrong: Six of the most memorable business blunders of 2016 January 1, 2017 2016 has been an interesting year to say the least. There has of course been a plethora of notable political events over the past 12 months, but there’s also been plenty going on in the business world. With that in mind, here are some of the most memorable company clangers from over the year – from [...]
UK house price growth has edged up from its November low December 29, 2016 December may traditionally be a bad time to try to sell your house – but UK house prices bucked the trend this month, with growth edging up from their low in November. Nationwide's house price index showed prices rose 4.5 per cent in the year to December, up from 4.4 per cent in November, its [...]
All I want for Christmas is… an ultra-hard Brexit (and nine other pro-growth policy wishes) December 22, 2016 Here is my Christmas wish list for Santa. Ten policy measures which, if implemented, would make future growth prospects truly joyous, with Christmas every day of the week. But these are also economic policy measures Santa won’t be too familiar with, as he boards his sleigh somewhere north of the Nordic economies. I don’t pretend [...]
One in five first time buyers have been given a hand by Help to Buy December 15, 2016 One in five house purchases made by first time buyers are now being supported by the government's Help to Buy Isa. The scheme, which was started on 1 December last year, gives aspiring home owners a 25 per cent boost to their savings when buying a property worth £250,000 or less. The price limit rises to [...]
Loans to home buyers fell in October December 14, 2016 Loans to home buyers fell by eight per cent in October, despite the amount borrowers are paying towards interest rates hitting a historic low. First-time buyers borrowed £4.5bn, a monthly decrease of eight per cent, and a year-on-year drop of two per cent, according to figures from the Council of Mortgage Lenders (CML). Read more: [...]