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Ability to buy deteriorates The ability to buy a home deteriorated further in 2014, the latest Ability to Buy Index from Hamptons International has revealed. The Index, which tracks households' ability to service a mortgage by taking into account income tax, essential spending and mortgage costs, shows that typical ability to buy deteriorated by 2% in 2014. Rising costs of utilities, higher house prices and slow earnings growth were cited as key drivers behind this drop in affordability: earnings growth reached 1.4% in Q4 2014, but this was dwarfed by house price growth of 7% and utility bills rising by 2.2%. However, the report noted that underlying conditions are improving: the cost of food fell by 1.7% and transport by 0.4%, while mortgage rates are at record lows. The improvement was further evident given the fact that ability to buy in Q4 fell less than it did in Q3, while all areas bar London find it easier to buy that at the peak of the market in 2007.
Qataris pledge to expand Canary Wharf: The £2.6 billion takeover of Canary Wharf formally went through, with its new Owners, the U.S. property giant Brookfield and Qatar’s sovereign wealth fund, promising it a bright future.
Supply remains key concern Supply remains the biggest concern for the housing market, according to views at the CML's latest Annual Lunch. Dame Kate Barker, the author of two influential reports on housing supply and planning, argued that local opposition to development was a key factor behind this lack of supply, which needed to be rectified to ensure targets were met. Meanwhile, to mortgage lenders, she observed that over the next five years the housing market ought to be supported by increased demand to renewed income growth, and continuation of housing undersupply relative to unconstrained household formation. However, she also noted that there were additional factors at work, including potential higher base rate levels of 2-3%: "The issue will be whether the income growth prices more people back into the market than are priced out by the higher bank rate. If we get productivity growth back, this would be unexpected good news."
Deutsche Bank prepares to spin off Postbank Strategic review set to unwind €6bn deal done during financial crisis
April house price average at all-time high of more than £286,000: A lack of sellers and a huge surge in the number of people looking to buy a home has pushed the average asking price of homes coming on to the market in April up to an all-time high of just over £286,000, according to the country’s biggest property website.
Mike Ashley backs £200 million London property deal: Mike Ashley has moved into London’s luxury property market by backing a deal to redevelop a storage depot in west London.
$5.9 billion deal fuels hot property M&A market: Prologis, one of the world’s largest industrial property landlords, has agreed to buy KTR Capital, a real estate focused private equity company, for $5.9 billion, including about $700 million in mortgage debt.
Fewer can afford to buy homes despite lowest mortgage rates: Buying a home became more difficult last year, despite some of the lowest mortgage rates on record and government attempts to help more would-be buyers on to the property ladder.
UK average earnings excluding bonus advanced more than expected in the December-February 2015 period The average earnings excluding bonus in the UK rose 1.80% in the December-February 2015 period on an annual basis, compared to an advance of 1.60% in the September-November 2014 period. Market anticipation was for the average earnings excluding bonus to climb 1.70%.
UK Rightmove house price index rose in April On a monthly basis, the Rightmove house price index rose 1.60% in the UK, in April. In the previous month, the Rightmove house price index had registered a rise of 1.00
Number of unemployment benefits claimants in the UK declined in March Number of unemployment benefits claimants in the UK dropped by 20.70 K in March, compared to a revised decline of 29.10 K in the prior month. Markets were expecting number of unemployment benefits claimants to decline 29.50 K.
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The latest RICS Residential Market Survey has revealed a slight pick up in price momentum in March, putting the headline price net balance at 21 (up from a revised balance of 15 in February). This was despite demand remaining broadly unchanged over the month, with the upwards pressure created by a further tightening of supply, as most areas saw a decrease in the number of new instructions received (the net balance of new instructions read -9, worsening from the reading of -8 in February). This combination has kept sales levels muted, with largely unchanged activity levels reported (the agreed sales net balance gave a reading of -1 from a revised 0 the previous month). However, expectations have risen on both a sales and price level: a net balance of 15% of respondents expect activity levels to increase in the next quarter, and a similar balance (16%) predict price rises
Moody’s warns of threat to U.K. economy from house price drop: Ratings agency Moody’s warned that the U.K.’s housing market posed a significant risk to the economy.
Housebuilder firm Persimmon sees 6% jump in sales as election triggers planning permission delays: Housebuilder Persimmon has reported a jump in sales, but said the General Election is causing delays in securing planning permission for new homes, it says.
Labour to burst luxury London property bubble just as 8,000 s****y pads go on sale: Rich property owners in the most exclusive parts of central London will struggle to sell their homes if Labour wins the general election in May, new research has revealed.
Households’ heavy debts could hurt the U.K.’s economic recovery: Britons are still carrying heavy private debts, the International Monetary Fund (IMF) warned yesterday, which could hamper the burgeoning economic recovery.
Abu Dhabi Investment pockets €750 million for Deutsche Annington: The Abu Dhabi Investment Authority sold off its remaining 14% stake, or 23.5 million shares, in Deutsche Annington for close to €750 million
Prices rise as fewer houses go on market: A chronic lack of houses coming on to the market is causing prices to creep up across the country once again.
UK CB leading economic index climbed in February In the UK, the CB leading economic index advanced 0.60% on a MoM basis, in February. In the prior month, the CB leading economic index had recorded a rise of 0.20
Drop in house purchase lending CML figures have revealed that house purchase lending declined in February, as seasonal factors and political uncertainty took their toll. The number of loans advanced (40,600) fell by 1% monthly and by 16% compared with February 2014, while the value of those loans (£6.8bn) fell by 3% and 13% respectively. Remortgage lending also decreased, following a slight uptick at the beginning of the year - the number of loans advanced (21,500) posted a drop of 16% monthly and 14% over the year, while the value (£3.3bn) decreased by 20% and 11% respectively. The buy-to-let sector was the only area to display positive annual growth, up 11% by number and 16% by value (15,900 loans were advanced at a total of £2.2bn). However, despite the slowdown in house purchase lending, Paul Smee of the CML said that they "still expect to see an upturn in the spring and summer months".
The latest official inflation figures show that CPI remained at its record low of 0.0% in March, unchanged from February and marking the 16th consecutive month of remaining at or below the Bank's 2.00% target. There's still a strong possibility of inflation turning negative in the coming months, particularly in light of the ONS revealing that, were inflation measured to two decimal places, it would have posted a decline of 0.01%. In the meantime, the record low level means that all savings accounts on the market will beat inflation and preserve the value of savers' money: Moneyfacts figures show that there are 874 accounts available, all of which beat inflation, with 681 being restriction-free. This figure is made up of 149 no notice accounts, 79 notice versions, 243 fixed rate bonds and 210 cash ISAs. However, while it's easier for savers to secure real returns, rates are still disappointing, as Rachel Springall, finance expert at Moneyfacts, comments: "The low rate of inflation means that it is the everyday consumer who will find their cash going further than before, which will make a big difference to those who carefully budget their day-to-day spending. Savings rates, on the other hand, are still at appalling lows, [which] will hit those reliant on monthly interest to supplement their income. With inflation at its current level there will be no desire for the Bank of England to raise interest rates any time soon, so it is likely that savers will need to wait it out for at least another year."
Billionaire backer cuts Virgin stake: Billionaire investors Wilbur Ross and Stanhope Investments cut their stake in high street bank Virgin Money by selling $354 million (£240 million) of shares in the Richard Branson-backed venture.
Mortgage lending dips 16% in February: The number of mortgages handed out to first-time buyers and people moving house fell by 16% year on year in February, banks and building societies have reported.
House prices starting to cool, report shows: House prices increased by 0.6% month on month in February, but the annual pace of growth in property values is showing signs of slowing across the majority of the U.K., according to an official report.