Look inside: London’s smallest flat sold at auction for £90,000 February 24, 2022 London’s smallest flat sold at auction on Wednesday for £90,000, well above the guide price for the 75 sq ft property. Located on Saratoga Road, Hackney, the property – images of which were shared around Twitter in the days before the auction – sold for 20 per cent over its guide price of £75,000. The [...]
WPP swings from £2.2bn loss with ‘fastest organic growth for over 20 years’ February 24, 2022 WPP has swung from the eyewatering £2.2bn loss it swallowed in 2020, pulling in £1.2bn in profit last year. In what CEO Mark Read has hailed as WPP’s “fastest organic growth for over 20 years”, the technology, media and communications heavyweight has returned more than £1bn to shareholders, it said in its preliminary results today. [...]
Buyers’ demand for Bath hots up after Netflix series Bridgerton February 23, 2022 Demand for homes in cathedral cities has been hotting up among overseas buyers, with house-hunters enticed by the Netflix series Bridgerton. According to data from estate agent Winkworth, demand and prices for cathedral cities are 20 per cent higher than other locations. For the city of Bath, where the Regency era romance series Bridgerton was [...]
Camden and Chelsea among London areas to see biggest rent increases February 23, 2022 Average London rents are predicted to grow 14 per cent over the next five years, according to data exclusively shared with CityA.M. Desirable areas including Kensington and Chelsea, City of London, Camden and Hammersmith and Fulham saw the largest rental increases, with prices jumping around a third for each borough. Data from CBRE found that [...]
London rents exceed pre-pandemic levels with average weekly rent £751 February 23, 2022 Rents in the capital have soared as Covid restrictions have eased, with the average weekly rent now standing at £751. Data from estate agency Chestertons has found that the average rent has soared 21 per cent since 2020 when the average cost for renters was £589. Demand has increased thanks to renters returning to the [...]
The UK’s largest, must attend event for private investors is back! February 23, 2022 Saturday the 19th March 2022 The Business Design Center, Islington Get your free ticket with code ‘CITYAM’ at checkout The UK’s largest investment show for private investors is back for 2022 and better than ever before. Join world leading entrepreneurs, investors and fund managers as they discuss today’s trends and tomorrow’s opportunities. Building on its [...]
Buy-to-let investors profit taking boosts CGT take to record level February 22, 2022 Buy-to-let investors taking profits on their properties has propelled capital gains tax (CGT) receipts to their highest ever level, revealed official figures published yesterday. The Treasury received 20 per cent more income from capital gains tax last year, with receipts climbing to £12.9bn from £10.8bn from the previous year, according to HMRC. A red hot [...]
HSBC profits double to £13.9bn as lender rebounds from pandemic slowdown February 22, 2022 HSBC has reported profits more than doubled last year as the lender recorded stellar growth across its divisions, driven by the release of expected credit losses stored up over the pandemic and a higher share of profits from the firm's associates.
£13bn in a year: Entrepreneurs selling businesses and assets cause capital gains tax bills to jump 20 per cent February 22, 2022 The UK’s Capital Gains Tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to new research shared with City A.M. this afternoon. The increase is primarily due to a rise in tax on entrepreneurs selling businesses causing The value of capital gains in the UK [...]
Home transactions settle back to pre-Covid levels with ‘best sellers’ market in decades’ February 22, 2022 More than 85,000 homes changed hands in January, with property transactions up on pre-Covid averages, HMRC data has revealed. Official figures show that the provisional non-seasonally adjusted estimate of UK residential transactions for January 2022 was 85,520. This was 22.2 per cent lower than December 2021. There were seven per cent more transactions than the [...]