Homeowners in property worth over £3 million to be hit with £10k tax: Labour would tax homeowners in properties worth above £3 million over £10,000 on average per year, in some cases much more, according to research by the Institute for Fiscal Studies.
Housing market slowing, surveys show: More evidence that the housing market is slowing has emerged with figures showing a dip in mortgage lending and a Bank of England report pointing to growing caution among potential homebuyers.
Kingston’s Bentall Centre up for grabs with £200 million-plus price tag: Bentall shopping centre in Kingston upon Thames been put up for sale after one of its Owners appointed advisers to sell its 50% stake, with a price-tag of around £200 million.
It's all very well people going into a funk about global growth, geopolitics, effect of QE on equity markets and all the other reasons for the big sell off, but the fact remains that shares like BKG, with a p/e of 9 and a yield of 8%+ are getting hammered. Fact is, there are going to be a lot of houses built and sold over the next ten years. Get a grip lads !
UK house price index rose less than expected in August
In August, on an annual basis, the house price index registered a rise of 11.7% in the UK, less than market expectations for a rise of 12.3%. In the earlier month, the house price index had registered a similar rise of 11.7%.
Agile Property now trails the leader board by some distance, having halved this year. Late on Friday, the company announced that Chairman and Founder Chen Zhou Lin had been detained on the mainland as early as 10 days previously. There is little other information; the arrest may have nothing to do with the business. That the stock closed down 17% shows how jumpy investors are.
Yields on other property bonds rose more than 1% in sympathy. But the cost of debt remains bearable, at between 4% (for China Resources Land) and 11% (China Evergrande). And costs of funds in China may be set to rise. Early this month, Premier Li Keqiang indicated that the central government will no longer guarantee – even implicitly – all loans made by local government finance vehicles (LGFVs). According to Bloomberg data, LGFVs have issued Rmb1.7tn ($278 billion) of debt this year, up nearly one half compared with all of 2013.
Even if listed companies do not take loans from their local governments, the blurry line between government and investment means that tightening liquidity is likely to have knock-on effects. And at the bottom end, the sector’s balance sheets already look extremely shaky. Net debt to equity at China Evergrande, for instance, is 120%.
UK retail sales across all sectors unexpectedly dropped in September
Retail sales across all sectors unexpectedly eased 2.1% on an annual basis in September, in the UK, compared to a rise of 1.3% in the previous month. Markets were anticipating retail sales across all sectors to climb 1.0%.
UK employment confidence index climbed in September
The employment confidence index rose to a level of 10.0 in September, in the UK. The employment confidence index had registered a reading of 6.0 in the preceding month.
Datafeed and UK data supplied by NBTrader and Digital Look.
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