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UK manufacturing production dropped more than expected in August Manufacturing production in the UK dropped 0.80% in August on a YoY basis, higher than market expectations for a fall of 0.20%. In the previous month, manufacturing production had recorded a revised drop of 1.20%. UK industrial production rose more than expected in August In August, industrial production advanced 1.90% on a YoY basis in the UK, compared to a revised advance of 0.70% in the previous month. Market anticipation was for industrial production to rise 1.20%. UK industrial production rose more than expected in August In the UK, industrial production climbed 1.00% in August on a MoM basis, more than market expectations for a rise of 0.30%. Industrial production had fallen by a revised 0.30% in the prior month. UK NIESR estimated GDP recorded a rise in the July-September 2015 period On a monthly basis, NIESR estimated GDP climbed 0.50% in the UK, in the July-September 2015 period. NIESR estimated GDP had registered a similar rise in the June-August 2015 period
London leads the way as a wealth maker: London’s economy is outstripping the rest of the country, growing 3.3% year on year, compared with a national average of 2.5%, according to RBS’ regional growth figures out
Home sales jump to 19-month high as mortgage approvals rise: Home sales have surged to an 18-month high as a combination of economic growth, low interest rates and a rise in mortgage approvals bolstered the property market over the summer.
UK Halifax house price index advanced less than expected in the July-September 2015 period On a YoY basis, the Halifax house price index recorded a rise of 8.60% in the July-September 2015 period, in the UK, lower than market expectations for an advance of 9.10%. In the June-August 2015 period, the Halifax house price index had registered a rise of 9.00%.
Universal Music to move U.K. headquarters from Kensington to King’s Cross: Universal Music is moving its U.K. headquarters to King’s Cross, in a major coup for Argent, the developers behind the regeneration of the 67-acre scheme.
Canadian pensions giant Omers moving into the Cheesegrater: Omers, one of Canada’s largest pension funds, is moving into the City’s Cheesegrater skyscraper, which is owned by the company’s real estate arm Oxford Property and British Land.
U.K. house prices expected to rise again over next 12 months - Halifax: A looming interest rate hike has failed to dent the outlook for house price growth in the U.K.
Property firm expands in Scotland: Lambert Smith Hampton, the commercial property consultancy, has appointed Craig Maguire as head of its Scotland operations as the firm gears up to double its size North of the Border.
Scotland’s construction sector confidence crumbles: Scotland’s construction sector has yet to get fully back on its feet, with confidence taking a tumble over the summer, according to a report out
Brits back to sunny Spain for overseas property: Britons are falling in love with the idea of buying a foreign property again, with Spain the dream destination.
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.
UK construction PMI climbed in September The construction PMI climbed to 59.90 in the UK, in September, compared to a reading of 57.30 in the previous month. Market expectation was for the construction PMI to climb to 57.50.
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
Green belt shrinking as 5,000 acres lost to housing: Green belt land is being sacrificed to build housing at the fastest rate for two decades despite repeated government promises to protect it.
Help to Buy continues to fuel 95% market 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.
London house price leap set to lift regional gloom: Property prices are set to increase this autumn after a surge in London was forecast to ripple out across the country on the back of a worsening imbalance between supply and demand.
UK GDP rose less than expected in 2Q 2015 The final gross domestic product (GDP) in the UK advanced 2.40% on an annual basis in 2Q 2015, lower than market expectations for an advance of 2.60%. The preliminary figures had recorded an advance of 2.60%. GDP had registered a rise of 2.90% in the prior quarter
UK house prices rose more than expected in September On a monthly basis, the seasonally adjusted house prices in the UK climbed 0.50% in September, compared to a revised advance of 0.40% in the prior month. Market anticipation was for house prices to climb 0.40%. UK house prices advanced as expected in September The non-seasonally adjusted house prices in the UK recorded a rise of 3.80% in September on an annual basis, meeting market expectations. House prices had advanced 3.20% in the previous month.
Buy a house for just £56 per week say MJ Gleeson: MJ Gleeson, the Northern-based builder of affordable homes, has reported a 42% jump in profits. Jolyon Harrison, its Chief Executive, said the mission for the company was simple: “To build low-cost homes for people on low salaries in socially deprived areas that we believe will benefit from regeneration.” The company increased the number of homes it built during the year by 190 to 751, and the average price across all its homes was £123,750, just 2% up from £121,500 last year. For comparison, Barratt, one of the U.K.’s largest housebuilders, has an average selling price of £235,000. Gleeson reported revenue up 44% to £118 million and pretax profit up 42% at £17.3 million for the year ended June. The majority of the performance came from the Gleeson housing division, which reported operating profit up from £9.4 million to £17.4 million. This was largely due to selling those 190 more homes. The company suffered in 2008 when its southern-focused housebuilding was hit, sending shares down from about 400p, to 52p. Gleeson has now completed its recovery, and it moved to the main market at the end of last year, where its shares have gained more than 30% so far this year. Given the lack of affordable housing, the shares look good over the long term, and we retain our “hold” recommendation. MJ Gleeson at 466p-0.625p. Questor says “Hold”.
Loan surge raises housing bubble fear: Mortgage lending rose last month by the greatest amount since the 2008 financial crisis, fuelling concerns that the housing market is heating up fast
UK number of mortgage approvals for house purchases rose in August Number of mortgage approvals for house purchases in the UK rose to a level of 71.00 K in August, higher than market expectations of a rise to 69.80 K. Number of mortgage approvals for house purchases had recorded a revised reading of 69.00 K in the previous month. UK net lending secured on dwellings rose more than expected in August Net lending secured on dwellings recorded a rise of £3.40 billion in the UK in August, compared to a revised advance of £2.80 billion in the prior month. Market anticipation was for net lending secured on dwellings to climb £2.90 billion.