“There’s a rat in the room”: Nick Candy claims he has been misportrayed in £132m High Court extortion trial March 10, 2017 Property tycoon Nick Candy told a High Court judge this morning that he has been “misportrayed” in the £132m extortion case against him and his brother Christian Candy. He made the complaint at the end of the fifth week of a trial that has scrutinised the business dealings of two men at the centre of London’s [...]
London’s best places to buy a pied-a-terre: Thinking of selling up for a landing pad in the city? Here are the best locations March 10, 2017 For those disenchanted Londoners considering a move to the country, but afraid of spending half their lives on commuter trains, buying a pied-à-terre could be the solution. For a fraction of the price that you would sell a family home in London, hard-working city executives can hole up close to the office during the week, [...]
With RICS finding the housing market subdued, should we brace for falling house prices? March 10, 2017 Kay Neufeld, an economist at the Centre for Economic and Business Research (CEBR), says Yes. With infallible regularity, every year a number of property market analysts predict that “this year prices surely must fall”. Most of the time, they are wrong. Looking at market fundamentals, not much has changed in 2017. The demand for housing [...]
The road to Brexit: what next for shares, sterling and property? March 9, 2017 The UK government is expected to trigger Article 50 by the end of this month, signalling the start of a two-year process that will see the country leave the EU. The Brexit process started on 20 February 2016 when then Prime Minister David Cameroncalled a referendum on the UK’s membership of the EU. The [...]
Estate agent Countrywide’s share price tumbles as profits fall by more than half March 9, 2017 Shares in the UK's largest estate agent have tumbled after it admitted pre-tax profit plummeted by close to 60 per cent last year. Read more: Estate agents Savills warns current UK house price growth is unsustainable The figures Countrywide, the company behind high street estate agency brands including Bairstow Eves and Hamptons International, said today its [...]
Rents could rise 20 per cent in the next five years – as UK house prices rise 18 per cent March 9, 2017 Rents in the UK could rise by a fifth in the next five years as housing costs rise for the UK's lowest earners, one of the UK's most well-respected housing bodies has said. Research by the Royal Institution of Chartered Surveyors (RICS) showed rents for those on lower incomes could rise more than 20 per [...]
Budget 2017: Here’s how the Budget will affect landlords and the buy-to-let sector March 8, 2017 With the housing crisis in full throes, the last few years have been difficult ones to be a landlord – indeed, many have felt punished by measures such as an end to mortgage tax relief and higher stamp duty on buy-to-let homes. The good news for landlords was that today's Budget didn't include any further [...]
Budget 2017: Business reacts to government’s relief measures for business rates March 8, 2017 Today, chancellor Philip Hammond announced a handful of measures intended to cushion the blow of business rate rises this year, including a £300m relief fund that will be distributed to local authorities. In addition, Hammond said small pubs will get a £1,000 reduction on their business rates bill this year, a handout that will help [...]
Budget 2017: This is what the Budget had to say about UK house prices March 8, 2017 UK house price growth will be cut by almost half by 2018, according to predictions from the Office for Budgetary Responsibility (OBR). The OBR has released its predictions for house price growth along with chancellor Philip Hammond's first (and last) Budget today, and it seems house price rises will be tempered over the next five [...]
Foxtons results: Another dive in profits thanks to London house prices March 8, 2017 Shares in struggling London estate agent Foxtons took a dive today after it admitted London's cooling market pushed down profits last year. The figures Revenues fell 11 per cent to £132.7m in the year to the end of December, Foxtons said today – while pre-tax profits fell more than half, from £41m in 2015 to £18.8m in 2016. Lettings revenue fell one per [...]