Monthly mortgage payments top £1,000 as homeowning costs pile up August 15, 2022 The average monthly mortgage payments for first-time buyers putting down a 10 per cent deposit have climbed past £1,000 for the first time, according to property site Rightmove today. The latest interest rates rise of 0.5 per cent has piled further pressure onto new buyers’ affordability, as property costs outpace annual wage packets. “It’s likely [...]
Assetz Capital snags £200m to bolster small business support in mortgage lending August 15, 2022 Assetz Capital has snagged £200m in investment to help support smaller businesses through the UK’s economic turbulence, Morning Wire can reveal today. The funding, from London-based Aeon Investments, will be injected over the next three years, and will see Assetz further diversify its mortgage lending and bolster its capacity to lend to the UK’s SMEs. The British [...]
Property buyers invest in full portfolios over single purchases August 12, 2022 Property buyers are seeking value for money as they spend an average of £1.2m to buy property in bulk rather than as a single investment. Such property packages come with an average of 6.4 bedrooms, at £196,000 per bedroom. This offers an average yield of 2.9% on these ready-made portfolios, research by specialist property lender Octane Capital, [...]
Exclusive: Bank of England is ‘taking money from homeowners to curb inflation’ August 11, 2022 HOUSE prices will soon start to “flatline” following years of double digit rises, a leading property association claims this morning. Property values have continued to soar over the past two years in most regions of the UK – often defying predictions by economists who are convinced a crash is on the horizon. The National Association [...]
Savills revenue spills into the £1bn mark as boss warns of risk to booming activity August 11, 2022 Estate agency giant Savills has continued to make hay while the sun shines, with revenue spilling over into the £1bn mark. Revenue up over 10 per cent to £1.03bn in the six months to 30 June, up from £932.6m in the same period last year. Like housebuilders, estate agencies have also been reaping the scaling [...]
Office giant Derwent London’s rental income swells with demand August 11, 2022 Derwent London has seen its rental income inch closer to £100m in the past six months, as demand for office space in the capital swells. Rental income rose over four per cent to £93.9m in the six months to 30 June up from £90.1m in the same period last year. As the so-called “flight to [...]
Shelter warns that Londoners are faced with ‘increasingly unaffordable’ rents August 9, 2022 Campaigners at Shelter have warned that Londoners are faced with “increasingly unaffordable” rents. “We are hearing from people every day who are battling increasingly unaffordable private rents, who are struggling to find somewhere to live,” the charity’s policy manager Ruth Ehrlich told the Financial Times’ personal finance podcast, Money Clinic, today. “And when they do, [...]
London’s Right to Buy-back scheme unlocks over 1,500 council homes August 9, 2022 More than 1,500 London homes have been brought back into public ownership over the past year, under London mayor Sadiq Khan’s Right to Buy-back scheme. The scheme, announced last July, aims to boost the capital’s supply of council homes, giving 14 boroughs access to £15m to buy back properties which have been – or will [...]
Housebuilder Bellway boasts record £3.5bn revenue as UK property prices soar August 9, 2022 Bellway, one of Britain’s largest housebuilders, has boasted a record annual housing revenue of £3.5bn, bosses announced today. The figure has grown by more than £1bn since 2020, and some £400m since last year. Despite raw material and labour cost inflation, Bellway’s housing completions jumped by 10.5 per cent in the year to 31 July, [...]
Newcastle and Manchester building societies launch exclusive talks for £5bn merger August 8, 2022 Newcastle Building Society said it is in exclusive talks with Manchester Building Society over potentially merging the two. The pair plan to “explore the possibility” of transferring Manchester’s business to Newcastle, but discussions are at an early stage, they said. “There can be no certainty that any merger will occur, nor as to the terms [...]