London ‘to grow twice as fast as north despite Conservative policies’: The economic gap between London and other major cities will widen significantly in the next 10 years, undermining the Chancellor’s push to create a “northern powerhouse”, according to a report.
Selling to uber-rich is a home banker: Knight Frank’s 65 equity partners will share a bonus pot of about £80 million this year after the property consultancy notched up a record set of results, despite signs of a slowdown at the top end of London’s housing market.
Chinese fund poised to enter bidding war for City airport: A secretive Chinese investment fund is understood to be poised to enter the £2 billion bidding war for London City Airport. Gingko Tree, a division of the Chinese state’s foreign exchange regulator, is believed to be in talks with Australia’s Macquarie about teaming up to make an offer for the East London airport.
Stamp duty rise hits top London house prices: Prices for the most expensive London properties have gone into reverse after a big rise in stamp duty, with concern mounting that the hangover in the market will last longer than expected.
Construction cements its post-election bounce back: The sustained recovery of the British construction industry accelerated in September as growth hit its fastest rate in six months. The construction purchasing managers’ index, produced by Markit and the Chartered Institute of Procurement and Supply, rose to 59.9 last month, its strongest number since February. The index had been expected to come in at about 57.5 but the strength of the new housebuilding market and better hiring levels pushed it above expectations.
Cost of flatsharing in U.K.’s priciest towns rises by 30% in three years: The cost of flatsharing in some of the U.K.’s most expensive towns and cities has soared by nearly 30% in the past three years, with tenants in five cities now paying more than £500 a month to rent a room in a shared house
The 95% LTV mortgage market has changed dramatically since the Help to Buy Mortgage Guarantee scheme was introduced two years ago, with product numbers rising and rates falling significantly since its October 2013 launch. Our figures show that the number of 95% products available has risen by almost 600% in the last two years - up from 42 in October 2013 to 241 today - and at the same time, the average two-year 95% LTV mortgage rate has fallen by 0.65% (down from 5.05% to 4.40%). The average five-year rate has also fallen, albeit not quite to the same extent, down from 5.20% to 4.89% over the same two-year period. Charlotte Nelson, finance expert at Moneyfacts, said that Help to Buy acted as a "crucial catalyst" for this sector of the market, by "promoting the acceptability of lending at this level again". She added that the scheme, which was initially designed to boost lending at 95% LTV, has been an undoubted success, with official Treasury figures showing that the number of homes sold as a result of the scheme has hit 56,401. However, despite the scheme fuelling the high level of competition in the sector - both from participating lenders and those outside of the scheme - there are concerns that this may not be the case for much longer. "The scheme is due to end next year, and only time will tell whether its removal will extinguish the competitive flame in the 95% mortgage market," concluded Charlotte, while the ongoing speculation over a rise to base rate has the potential to raise mortgage rates in the sector even sooner.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.