London rents hit eyewatering average of £2,675 as homeownership falls further out of reach July 18, 2022 Rents in London have grown faster than anywhere else in the country for the second month running, with the average hitting £2,675. Londoners were found in February to already be dishing out more than 70 per cent of their monthly paycheck on their rent by city estate agent Benham and Reeves. Though the figure has [...]
City bombshell: Hundreds of angry Northern Rock clients sue TSB Bank for £800m after being trapped in high-interest mortgages July 18, 2022 Morning Wire was told this morning that TSB Bank is facing a legal action worth up to £800m, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates. Today, six years to the day since TSB bought £3.3bn mortgages from Northern Rock, approximately 200 homeowners whose mortgages have been administered [...]
Chelsea Creek is a rare opportunity to buy a designer new build near King’s Road July 17, 2022 Designed by Goddard Littlefair, this show-home at Chelsea Creek is a slice of country life Home to one of the only new canals built in London in the last 100 years, Chelsea Creek is the waterfront living quarter that’s a stone’s throw away from the King’s Road in Chelsea. The apartments are relatively affordably priced [...]
Overvalue your house at your peril July 17, 2022 Getting the price right is key to a successful sale, says Marlon Lloyd Malcolm head of sales at Lurot Brand One of the main reasons ven- dors are left with a bad taste when selling their home stems from incorrect valuations. This often results in the home sitting on the market and ultimately selling for less than [...]
UK landlords urge new prime minister to strengthen supply amid record rent costs July 15, 2022 The UK’s new prime minister must address the trickling supply in the rental market, an industry body has urged, as average costs spiral northward. The heated rental market, which has seen tenants often offering over the asking price in order to secure a tenancy, is weighing on Brits’ aspirations for homeownership, according to the National [...]
Construction giant Galliford snags £3.4bn in new contracts since start of the year July 14, 2022 British construction giant Galliford Try has snagged £3.4bn worth of new contracts since the beginning of the year, as it steams ahead with building despite economic hurdles. Bosses at the London-listed company said it expect full year pre-exceptional profit before tax to be at the upper end of current analyst forecasts, of between £16.4m and [...]
Rents in London grow at fastest rate ever of any UK region hitting record £2,257 per month July 14, 2022 London rents have grown at the fastest ever rate out of any region in the UK, according to new research today, as prices hit a new record. The cost to rent a property in the capital has jumped by 15 per cent in the past year, hitting an average of £2,257 per month. Demand [...]
First Property Group wins nearly half a million in unpaid rent from H. Samuel operator July 14, 2022 London property fund manager First Property Group has won nearly half a million in rent arrears from the operator of H. Samuel and Ernest Jones, after the jewellers withheld payment during pandemic restrictions. First Property recovered £450,000 from retail operator Signet Trading, in the first known arbitration under the Commercial Rent (Coronavirus) Act 2022. Gary [...]
Terrible Thursday for Barratt as energy prices and inflation take their toll on Britain’s biggest housebuilder July 14, 2022 Barratt Developments revealed this a.m. the company is facing a rise in build costs of up to 10 per cent as soaring energy prices and inflation take their toll. Britain’s biggest housebuilder said build cost increases have escalated to between 9 per cent and 10 per cent, up from around 6 per cent over the [...]
Property prices to smash through £300,000 mark by next month, industry expert predicts July 13, 2022 AVERAGE property prices will smash through the £300,000 mark by the end of the Summer, an expert said today. Latest data show that prices hit a record £294,845 – as rates rose at the fastest level in 18 years. Despite claims prices could be set to crash, Jonathan Rolande, from House Buy Fast, believes we [...]