Why a bespoke wine cellar might not cost what you think September 1, 2021 So maybe you have a burgeoning wine collection: a couple of cases of Super Tuscan you picked up for a good price en primeur, a Château Lafite you’re saving for a special occasion, some Cabernet Franc that won’t be at its best for another six or seven years. What you need, my friend, is a [...]
City Moves: Who’s switching jobs in the Square Mile this week? September 1, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Pictet Wealth Management poaches Goldman Sachs veteran as new CEO Pictet Wealth Management has appointed a Goldman Sachs veteran as its new CEO, following the departure of its long-standing lead Heinrich Adami. Joining next week, Robert [...]
UK house prices jump unexpectedly in August September 1, 2021 UK house prices jumped unexpectedly in August driven by strong demand for homes in the lower segment of the market, according to new figures released today. Data from Nationwide shows house prices rose 11 per cent annually in August, up from July’s 10.5 per cent increase. The shock rise is likely being driven by the [...]
Newmarket revealed as top supply shortage hotspot September 1, 2021 Newmarket in Suffolk has marked the biggest gap between the number of homes sold and new sellers over the past year. The town’s number of agreed sales was up 79 per cent on last July while new sellers entering the market has dropped 49 per cent, according to fresh data from property website Rightmove. Areas [...]
60 per cent of all properties sold in London hit by down valuations August 31, 2021 Nearly 400,000 UK property transactions have been down valued in the last year alone, according to research by London property agent Benham and Reeves, shared with City A.M. this morning. At 59 per cent, London is home to some of the largest levels of down valued homes of all UK areas and it also ranks third [...]
Stamp duty taper triggers dip in mortgage approvals August 31, 2021 Mortgage approvals declined over the last month as the tapering of the stamp duty holiday deterred Brits from pushing ahead with homepurchases, according to official data published today. Data from the Bank of England shows there were 75,152 mortgage approvals in July, the first full month after the stamp duty taper, down from 80,272 in [...]
Share of London buyers from outside capital at five year high August 27, 2021 The share of buyers moving to London from outside the capital has reached its highest level in five years. Data from Hamptons, the luxury estate agents based in London, showed that the proportion of buyers who moved in from outside the capital jumped to 13.5 per cent for the 12 months ending June 2021. Migrated [...]
The Hut Group billionaire Moulding loaned £151m from local council August 27, 2021 The billionaire owner behind The Hut Group (THG) has been lent £151m by Warrington council, after it secured a £4.5bn stock market listing last year. THG’s Matt Moulding was given access to a £200m loan facility by the Cheshire local council in October for Icon 3 Holdco, a company he indirectly controls. In one of [...]
Property: Market now faces acute supply shortage after buying frenzy August 26, 2021 Housing stock levels are down 26.4 per cent compared to the 2020 average, as buyer demand has eroded existed supply. While buyer demand remains strong, up 20.5 per cent, stock supply will remain low into next year, according to the property platform Zoopla’s monthly House Price Index. The property market is experiencing its greatest stock [...]
Cazoo goes public: Will it be a hat-trick of triumphs for Alex Chesterman? August 25, 2021 For some petrolheads, how quickly a car can go from nought to 60 miles per hour is a good indication of its quality. If one were to measure Cazoo on a similar scale, the results would be somewhere off the speedometer. On Friday the used car marketplace will go public in New York in a [...]