Mortgage costs expected to grow by another £2,500 as inflation spirals July 1, 2022 The cost of a mortgage is expected to grow by another £2,500 by the end of this year, in comparison with December 2021, according to property site Zoopla today. Economists anticipate “sharp” hikes to mortgage rates in the coming months, as the Bank of England seeks to tame spiralling inflation, which is already at 9.1 [...]
Shares in property firms continue to tumble as Bank of America warns WFH here to stay June 30, 2022 Selling pressure has mounted after American investment titan Bank of America warned that “real estate’s glory days are numbered”. A major concern for the bank was that “working from home and hybrid working are here to stay”, adding in its research note: “Recession will likely lead office occupancy and market rental values to decline and [...]
Mike Ashley’s Frasers Group snares stake in Australian fashion marketplace as retail swoop continues June 30, 2022 Mike Ashley’s retail empire has nabbed a 29 per cent stake in Australia’s fashion platform MySale. Frasers Group has snared a 28.7 per cent holding in MySale, in its latest retail swoop, it announced on Thursday morning. My Sale puts global buyers in touch with sellers to Australian and New Zealand e-commerce sites. London-listed Frasers [...]
Pace of house price growth slows as average price hits new record of £271.6k June 30, 2022 House prices saw a slight slowdown in growth this month as the price tag of an average UK home hit a new record of £271,613. According to the Nationwide House Price Index, published on Thursday morning, UK annual house price growth slowed to 10.7 per cent in June. This was a subdued pace of growth [...]
City of London elections: Biggs wants to bring the City back to life June 30, 2022 As the City of London prepares for elections, one candidate wants to reinvigorate the Square Mile. Nigel Biggs is one of five hopefuls in the Walbrook Ward for the forthcoming 7 July vote in the City of London, a municipality which has been functioning since at least 1032. With people spending more time working from [...]
Remortgage sales hit highest level since before the pandemic outnumbering all other types of home loans June 29, 2022 The FCA’s latest data shows that remortgage sales in the fourth quarter of last year, at 92,558, reached their highest level of activity since early 2020, before the outbreak of the pandemic. In fact, they outnumbered all other types of home loans for the first time since the third quarter of 2020, according to analysis [...]
Government to review short term holiday lets like Airbnb in tourist hotspots June 29, 2022 The UK government said on Wednesday it was launching a review into short term rentals in popular tourism areas in England, including Airbnbs. Ministers said they wanted to support rental platforms like Airbnb but acknowledged concerns that such businesses could drive communities out of their area – for example if landlords opt to run their [...]
Week ahead: City eyes housing stats and BoE governor Bailey remarks June 26, 2022 The UK’s red hot housing market is set to revert to more normal territory driven by the cost of living crunch chilling demand for homes, fresh data released this week that will be closely watched by the City. London’s premier FTSE 100 index has rebounded after suffering bruising losses of late caused by investors around [...]
UK leads Europe in mortgage market might but sits at bottom for share of population that owns home June 24, 2022 While the UK may trail other European nations when it comes to the total proportion of the population that own their own home, it does lead the way when it comes to the might of the mortgage sector and the number of properties purchased by borrowing. At 65.1 per cent, the UK sits well within [...]
Vacant homes in London increase by the thousands, fuelling squeezed supply June 24, 2022 Westminster has seen the number of vacant but owned homes jump by 48 per cent over the past year – the equivalent of nearly 2,500 homes – as property demand in London outpaces supply. London is the only region of England which has seen the number of vacant homes rise over the past year, according [...]