UK housing market is ‘on fire’ and will widen wealth gap, says BoE’s Haldane June 8, 2021 The UK housing market is “on fire”, and as a result is likely to hit those without property especially hard, Andy Haldane, chief economist at the Bank of England, has said. The housing market has been fuelled by a combination of government incentives for buyers, like the stamp duty holiday, more demand from households with [...]
London property developer slapped with 14-year ban for £13m ‘ponzi’ scheme June 8, 2021 A fraudster property developer who promised investors comfy returns but instead used a £13m ‘ponzi’ property scheme has been slapped with a 14-year ban. While transferring funds abroad, Chelmsford-based Mitchell Mallin targeted investors with the promise to do up dilapidated properties in the capital and Essex before selling them for a profit. “As the period [...]
Inflation might be the only cure for our bubbly housing market June 8, 2021 | Sponsored House prices in the UK (and many other parts of the world) are soaring, squeezing affordability yet further. Rising inflation looks like the most obvious candidate to prick this bubble. House prices in the UK rose by 10.9% in the year to May. That’s the most rapid growth seen in almost seven years, according to [...]
Luxury development for super-rich under construction in Central London featuring £60m property June 8, 2021 A £500m luxury development that offers views of Hyde Park and Kensington Palace Gardens is under construction in central London, featuring 57 residencies prices from £2m to £60m. The development, called Park Modern, will offer the super-rich a chance to nab prime location luxury properties with views over London’s Royal Parks. Developer Fenton Whelan [...]
London won’t see exodus – but property growth rates may slow, says Onthemarket June 8, 2021 Property growth rates in the capital could slow in the medium-term, as pandemic-led lifestyle changes like wanting a garden or office space are likely to continue. House prices in the UK have on average grown by £22,000 in the last 12 months, according to the latest figures from Halifax, however prices in London have lagged [...]
First-time buyers: London’s most affordable and up and coming areas June 7, 2021 The property market has boomed over the past year, thanks to the stamp duty holiday which has given a lot of first-time buyers the opportunity to get their foot on the property ladder. Coupled with the introduction of the new government backed 5 per cent deposit scheme, designed to help home buyers, the market is [...]
Foxtons faces yet another investor revolt over executive pay and share price June 7, 2021 Hosking Partners, which owns 11.2 per cent of Foxtons, has called for “board-level change” at the estate agent over concerns about its share price and its bosses pay. Jeremy Hosking, the boss of Foxtons’ biggest investor, wrote to chairman Ian Barlow to outline his dissatisfaction, the Times first reported. Hosking expressed frustration about the [...]
London house prices: Asian homebuyers cash in on pandemic decline and weak pound June 7, 2021 Foreign buyers from primarily East Asian nations are cashing in across London’s new build market as a result of a pandemic decline in property prices, coupled with a weaker pound. According to new research by the defect management firm BuildScan, fluctuating exchange rates during the pandemic added to the appeal of the London property market [...]
Housebuilder stocks soar as property prices climb another £3,000 to new record high June 7, 2021 House prices in the UK rose again last month by around £3,000, bringing the average property price up to a record high of £261,743. May’s 1.3 per cent price increase means the average home in the UK has increased by more than £22,000 – or 9.5 per cent – in the last 12 months, according [...]
Travelodge opens seven new hotels ahead of domestic summer travel boom June 7, 2021 Travelodge, what is thought to be the UK’s first budget hotel chain, have opened the doors to seven new hotels today following a £70m injection. The seven properties, which form part of 17 hotels that are expected to open later this year, are set to create around 150 jobs. Dotted across St Albans, Boston, Faringdon, [...]