It’ll take young Londoners more than a decade to save for one of David Cameron’s starter homes May 27, 2016 The government's new starter homes initiative has come in for a lot of flack – but this may be its most damning criticism yet. Yep: new figures by property services giant JLL show if the average young couple in the capital started saving now, they wouldn't get their hands on a starter home until 2028. That's more than [...]
Home sales to first-time buyers hit a two-year high in April as landlords fled from stamp duty charges May 27, 2016 Sales of properties to first-time buyers hit a two-year high in April after buy to let stamp duty changes scared off landlords looking to purchase a second home. There were 32,300 first-time buyer home sales in April, up from 28,100 in March – a rise of 14.9 per cent. The increase year-on-year was 37.4 per cent. The [...]
Focus On Deptford: First time buyers flock to SE8 in search of affordable homes, but is it the new Shoreditch? May 26, 2016 In Tudor times, Deptford was the centre of the naval world. Operated by the Royal Navy from the mid-16th to the late 19th century, the Deptford Docks maintained warships for 350 years and attracted the greatest mariners of the time to its shores, from Sir Water Raleigh to Sir Francis Drake. But once the navy [...]
Fast forward: What will pensions be like in 20 years? Experts say taking a loan and easy access are on the cards, while inheritance may mean losing the state pension May 26, 2016 The nation's plans for old age have been subject to change lately as the chancellor has announced a range of reforms to how pensions work. There have been radical changes, and everyone believes more are heading our way. So what will pensions saving be like in 20 years’ time? Read more: The planned second-hand annuities [...]
London house prices: Mortgage lending rises 41 per cent in capital May 25, 2016 Slowdown? What slowdown? Mortgage borrowing to fund London house purchases rose a whopping 41 per cent in the first quarter of 2016 compared with last year, up to £7.1bn, figures published by the Council of Mortgage Lenders this morning revealed. The amount borrowed was also up quarter-on-quarter, rising six per cent on the last [...]
At the close: Traders looking up on bumper day for the FTSE 100 May 24, 2016 The markets were up today, the pound was up today and oil was up today, as buyers outnumbered sellers across the board. The FTSE 100 closed up 1.4 per cent at 6,219.26, with greens dominating screens, defying logic as economic data pointed to a looming US rate rise and UK public sector finances disappointed. Tesco was the [...]
UK property transactions down by 45 per cent in April as stamp duty changes hit May 24, 2016 The number of property transactions in the UK fell by 45 per cent between March and April, according to new data from HM Revenue and Customs (HMRC). The figures from HMRC show 94,370 properties were sold in April compared to 164,400 in March as landlords scrambled to snap-up homes before stamp duty changes came into effect, putting a [...]
Nationwide posts strong profit growth as mortgage lending reaches pre-recession levels May 24, 2016 Nationwide lent more money to house-buyers last year than it has done since the financial crash starting in 2007, helping the society to post strong profit growth. The figures Gross mortgage lending at the building society was up 20 per cent to £32.6bn, as the firm helped 57,200 first time buyers into a home of their own. [...]
Blame Brexit: International investors shun prime London property May 23, 2016 The proportion of international buyers and sellers in London property fell in the first quarter of 2016, according to research released today, despite a fall in sterling making UK property relatively attractive. The effect was strongest in central London, but there has also been reduced activity in overseas nationals across the whole of London. The research [...]
Chancellor George Osborne warns again Brexit will hit house prices May 21, 2016 Chancellor George Osborne again warned Brexit will hit house prices, as an immediate economic shock hits financial markets. Speaking at the G7 finance ministers’ meeting in Japan, he said: "There would be a hit to the value of people’s homes by at least 10 per cent and up to 18 per cent … first-time buyers are hit because mortgage rates [...]