Borrowers ‘needn’t panic just yet’ after interest rates hike February 3, 2022 Real estate experts have said a rise in interest rates is “unlikely to dampen motivation to move” despite warnings that the news signals higher mortgage costs down the line. The Bank of England has hiked rates at successive meetings for the first time since 2004, with a majority of the Bank’s rate setters voting to [...]
Forced sale for £1: Govt attempt to unwind £8bn privatisation deal by forcibly buying back 57,400 properties is turning ugly February 3, 2022 The Ministry of Defence has been given “two weeks” to avoid legal action by Annington Homes as the government seeks to unwind one of the Government’s biggest ever privatisation deals. Annington, a portfolio of 57,400 military properties, valued at more than £8bn this year, was sold off by the MoD in 1996 in a move [...]
Real estate chiefs react to rental reforms as government eyes landlord register for England February 2, 2022 England has edged one step closer to a national landlords’ register after the government’s levelling up white paper confirmed a consultation on the matter yesterday. All homes in the private rented sector will have to meet a new minimum ‘decent homes’ standard while section 21 ‘no fault’ evictions will be abolished. David Reed, operations director [...]
Exclusive: Building suppliers issued the most petitions during the pandemic February 2, 2022 Building suppliers dished out the most winding-up petitions to companies owing them cash during Covid, exclusive data has revealed. Audit, tax and advisory firm Mazars said building suppliers made up 28 per cent of all winding-up petitions filed since February 2020. During the pandemic, troubled construction firms often failed to pay owed cash to merchants. [...]
Yours for £16.5k a week: Inside the luxurious Knightsbridge townhouse to let February 2, 2022 Real estate firm Dexters is letting a Knightsbridge townhouse for a dear £16,500 a week – it’s most expensive rental property currently. The seven-bedroom terraced house on Herbert Crescent, a stones’ throw away from Sloane Street, Brompton Road, Pont Street and department store Harrods, covers 5,961 square feet. Built in the Victorian era in a [...]
Owner of Christian Dior perfume to move from Oxford St to Kensington February 2, 2022 The perfume giant behind brands including Christian Dior and Givenchy is to shut shop at its flagship Oxford St and head to a new site in Kensington. The Lancer Square development in W8 is set to welcome LVMH Perfumes & Cosmetics, which produces Dior, Givenchy and Guerlain fragrances. The perfume retailer is under offer on [...]
Londoners spend up to 72 per cent of their entire income on simply getting by in the capital February 2, 2022 London renters are forking out up to 72 per cent of their monthly household income simply to get by in the capital’s rental market. Nationwide, that figure is even higher, up to 77 per cent. The average UK rental household pays £808 per month in rent, accounting for 26 per cent of total monthly household [...]
Strongest year-start since 2005: Brits fork out average of £255,556 on houses as prices soar February 1, 2022 Buyers are paying more than ever before for their homes with the average UK house costing 11.2 per cent more than it did last year.
Builders warn of ‘wasted opportunity’ with government brownfield funding January 31, 2022 Builders have warned that government plans to fund brownfield projects run the risk of being “more grandstanding and another wasted opportunity”. Under the government’s Levelling Up agenda, derelict sites in towns and city centres are to be used for new homes. Some 20 areas, including Wolverhampton and Sheffield, will be prioritised within a new £1.5bn [...]
Even at seven times their income, single homebuyers are priced out of the market by £24,000 January 31, 2022 Despite many lenders relaxing their loan to income criteria, the average UK homebuyer is still priced out of the market unless purchasing with a partner. The current average loan to value, or the multiple of salary that a lender will loan to a buyer, has increased from 3.87 to 4.12 in the last ten years [...]