Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
U.K. homes overvalued by average £75k: British home sellers overvalue their homes by hundreds of thousands of pounds, suggests research
House prices have hit the bottom and the only way is up: House prices in the first quarter of 2015 were 2.6% higher than the final three months of last year, as consumer confidence grows and interest rate rises still seem a far off reality.
Squeeze on homes as Owners stay put longer: The average homeowner lives in a property for nearly a quarter of a century, almost three times longer than in the Eighties, blocking would-be buyers from stepping on to the property ladder.
UK Halifax house price index rises less than expected in March In the UK, the Halifax house price index registered a rise of 8.10% for the period of January to March on an annual basis, compared to an advance of 8.30% for the previous three months. Market expectations were for the Halifax house price index UK Halifax house price index advanced more than expected in March In March, the Halifax house price index in the UK advanced 0.40% on a MoM basis, more than market expectations for an advance of 0.10%. In the prior month, the Halifax house price index had recorded a revised drop of 0.40%.
The latest Moneyfacts UK Mortgage Trends report has revealed that average mortgage rates fell further this month, fuelling the first rise in remortgage activity since September. The figures show that the average two-year fixed rate fell by 0.09%, down from 3.06% to a new record of 2.97%. Significantly, this is the first time that the rate has fallen below 3% since Moneyfacts began recording this measure in 2007, with competition across the sector remaining robust. Arguably, it's this that's fuelling the rise in remortgage figures, with data from the CML showing a clear uptick: the number of remortgage advances totalled 25,600 in January, up from 22,300 in December 2014 and the first increase in four months. Lower mortgage rates will have been a significant catalyst, but looking closer at the figures offers another level of analysis. A particularly noticeable trend is the difference between standard variable rates (SVRs) and average fixed rates, not only in the present climate, but also taking into account borrowers' previous fixed rate deals. Moneyfacts' figures show that the average two-year fixed rate in April 2013 was 3.80%, while the average SVR currently stands at 4.85%. Therefore, the difference between the average two-year rate (based on a two-year lag) and the current SVR is 1.05%, a differential that will increase further should SVRs remain unchanged. This suggests growing motivation to remortgage, the report noted, an inference already supported by CML data, and if rates remain low, the increase in remortgaging activity could continue.
Federal Reserve officials divided over timing of interest rate hike: U.S. Federal Reserve members clashed during their meeting last month over whether to begin hiking interest rates in June or to wait until the second half of this year, according to the minutes from the meeting released.
BoE’s credit conditions survey showed a decrease in credit demand among households in the UK The BoE’s credit conditions survey revealed that on the supply side, the availability of secured credit to households and total credit to the corporate sector in the UK remained almost unchanged during the first quarter of 2015. On the other side, demand for secured lending for house purchases and credit card lending from households in Britain decreased, while demand for lending from large corporates increased during the quarter.
LONDON, April 8 (Reuters) - British banks expect demand for mortgages to rise in the next three months, a Bank of England survey showed, in another sign the housing market is regaining speed. However, lending to companies was expected to remain flat in the April-June period, extending a year-long stretch of stagnant growth in corporate lending. Stricter controls, and the impact of a run-up in house prices, reduced mortgage lending for much of last year. But mortgage approvals have picked up over the last few months, according to previous BoE data. Demand for credit card lending edged down in the first three months of this year after seeing the biggest increase during the fourth quarter since records began in early 2007. The BoE said lenders expected the availability of mortgages to increase slightly in the second quarter, and demand to increase after falling significantly in the previous two quarters. Lending to businesses remains soft, with banks reporting no change in the availability of credit to businesses for a fourth successive quarter. They expected it to be unchanged between April and June. The BoE has long highlighted the lack of credit for companies as a hindrance to Britain's economic recovery. Despite the flat outlook for corporate lending overall, banks expect demand for credit from small businesses to increase significantly in the second quarter, the survey showed. The rate of interest charged on mortgages and unsecured lending is expect to narrow significantly in the second quarter. Data released by the Bank last week showed net lending to businesses in February rose by 440 million pounds, down sharply from January's 1.8 billion pounds. The BoE survey was conducted between Feb. 13 and March 6. (Reporting by Andy Bruce and William Schomberg)
U.K. regions lift European real estate prices: European commercial property prices grew by a record 7.8% in the fourth quarter of last year, fuelled by the ongoing recovery in the U.K.’s regional property markets
UK BRC shop price index dropped in March The BRC shop price index in the UK slid 2.10% in March on a YoY basis. In the previous month, the BRC shop price index had recorded a drop of 1.70%.
The Bank of England is monitoring Britain's record current account deficit as it could trigger a "deterioration in market sentiment" towards the UK if the recovery falters. The Financial Policy Committee (FPC) noted that the UK current account deficit widened to £22.8bn in the third quarter of 2014. This was equal to 6% of UK gross domestic product (GDP) and was high by historical standards. While the gap shrank slightly to £22bn in the fourth quarter, the FPC said: "The Committee agreed to keep their assessment of this risk under close review and would monitor the maturity and liquidity of the financing of the deficit." Minutes of the last FPC meeting on 24 March also showed that risks surrounding Greece had increased and that low growth in the wider Eurozone would "exacerbate financing challenges in highly indebted economies". Greece only accounts for less than 2% of Eurozone GDP, and UK banks had already reduced their exposure to other highly indebted Eurozone nations in recent years. However, the FPC said links to these countries were still large, equal to over 60% of UK banks' aggregate common equity tier-one capital. "Given the above material risks, Bank staff had been working closely with HM Treasury and the FCA to ensure contingency plans were in place," the FPC said. It also highlighted the risk of a further slowdown in China and a possible reversal of capital flows to some emerging markets "as the stance of monetary policy began to diverge globally".
UK services purchasing managers’ index for March, which covers businesses from hotels to banks, reached a seven-month high in March. The PMI rose sharply to 58.9 last month from 56.7 in February, according to data firm Markit.
NUMBER CRUNCH 100,000 Labour wants to target somewhere below 0.5 per cent of Britain’s 26.4m homes with the tax, and expects it to hit 100,000 properties. £1.2bn Ed Miliband hopes to raise £1.2bn per year from the tax, with most of that revenue coming from homes worth more than £3m
HOW MUCH WILL IT BRING IN? The next problem is working out exactly how much the tax will raise. Labour wants to bring in £1.2bn from the tax. The party plans to charge those with homes worth £2m to £3m an extra £250 per month, or £3,000 per year. If all the homes were charged £3,000, it would raise £300m – one-quarter of the target. That raises questions as to how much the homes worth above £3m would pay. Labour has not given a firm answer yet, but does say it would be proportionate, so those owners can expect a very large tax charge each year to cover the remaining £900m target. The future of most taxes is certain – they tend to hit more and more people over time. For instance, rising house prices mean the government expects stamp duty revenues to rise from £9.4bn in 2013-14 to £18bn in 2019-20. By contrast, Labour has said it plans to keep the proportion paying the mansion tax steady, by changing the threshold in line with the average price of the homes affected when the charge comes into force. And one glimmer of hope for those who have an expensive house, but not much income, is that Labour will allow them to defer the tax payments until the property is sold, effectively adding it to their newly increased stamp duty bill. DO OTHER OPTIONS EXIST? The Lib Dems also want a mansion tax, targeting the same number of homes and a similar amount of revenue, achieved by adding new council tax bands. A similar alternative has been put forward by the Institute for Fiscal Studies (IFS), but one which would avoid any new valuation troubles. By doubling the charges on those in the top bands, G and H, the government – or local councils – could bring in £2bn per year, from the top 4.2 per cent of households. “Introducing a separate ‘mansion tax’ would be unnecessarily complicated when council tax could be brought up to date and refocused on higher-value properties,” the IFS said in a paper written by Stuart Adam and Barra Roantree. “Increasing council tax on high-value properties would certainly hit wealthy households hardest. It would also be progressive across the income distribution, though the losers would also include some who lived in big houses but with low current income and who, for one reason or another, were not protected by means-tested council tax support.” If Ed Miliband is worried that his mansion tax will come up short, this could be a quick and relatively easy way to raise more cash across more of the country – though it would be a touch harder to dismiss the victims as mansion-owners. Miliband’s mansion Ed Miliband would be the only party leader to pay his mansion tax, thanks to his London property benefitting from the price boom NUMBER CRUNCH 100,000 Labour wants to target somewhere below 0.5 per cent of Britain’s 26.4m homes with the tax, and expects it
FACT-FILTER: Separating the spin from the facts Tim Wallace compares the parties’ housing taxes Money is tight in Whitehall. Both Labour and the Conservatives are promising to cut the deficit to varying degrees if they win the General Election. And Westminster is surrounded by some of the most valuable real estate in the world. House prices in London have boomed since 2013, so an obvious solution presents itself – confiscate some of that wealth. But how best to do it? STAMP DUTY George Osborne hiked stamp duty on expensive homes in his Autumn Statement, while reducing the levy on the cheaper 98 per cent of sales. Under those new rules, a house selling for £275,000 saw its stamp duty bill cut by £4,500 to £3,750, while a property worth £2m saw its bill rise £53,750 to £153,750. Overall, the stamp duty changes represent an annual tax cut of around £800m. TAX HOMES WORTH OVER £2M Labour wants to add an annual levy to the most valuable homes, its mansion tax, rather than changing the transaction tax. There is certainly room to quibble about the definition of a mansion. Dictionaries tend to stick with “a large, impressive house”, while Ed Miliband has set it at homes worth more than £2m. It will result in awkward comparisons. Pokey, one-bedroom flats in Kensington routinely sell for more than £2m, while a sprawling seven-bed pile in an upmarket corner of Northumberland will fit comfortably below the threshold. But it targets the asset-rich, and those in London in particular. WHO IS AFFECTED? One clear problem is how to value those houses. The last nation-wide valuation of homes took place in 1991 when council tax bands were set, and no government has dared touch them since. Labour is set to ask owners to submit their own valuations, a process which will be tricky to evaluate or police. Properties in a corporate envelope are taxed based on self-valuations currently, and the party wants to extend the system. But it might be harder to work out the value of a house which has not been sold for 30 years than it is to put a number on a corporate asset. Labour estimates the tax will apply to below 0.5 per cent of all homes, amounting to around 100,000 properties. Surveyors’ and estate agents’ figures range from E.surv’s estimate of 60,000 homes to Knight Frank’s 110,000. HOW MUCH WILL IT BRING IN? The next problem is working out exactly how much the tax will raise. Labour wants to bring in £1.2bn from the tax. The party plans to charge those with homes worth £2m to £3m an extra £250 per month, or £3,000 per year. If all the homes were charged £3,000, it would raise £300m – one-quarter of the target. That raises questions as to how much the homes worth above £3m would pay. Labour has not given a firm answer yet, but does say it would be proportionate,
Home scheme off to a flier More than 50,000 people have expressed interest in buying cut-price homes under a Government scheme. Some 52,225 have signed an online register launched by the House Builders' Federation last month for taking advantage of the Starter Homes initiative. The policy, launched by the Coalition at the end of last year, offers first-time buyers aged under 40 a brand new home at 20 per cent off the normal asking price. The discount will be funded by waiving the fees home-builders have to pay to local authorities under so-called Section 106 agreements, which can amount to £45,000 per dwelling.
HIGH STREET AVOIDED OVER EASTER Not a great weekend for Britain's high street retailers, with wet weather driving a significant fall in shoppers against last year, according to data from Springboard. Footfall was down 4.7pc between Easter Friday and Easter Monday, despite some retailers anticipating a bumper Easter period
Slight pick-up in growth forecast: U.K. economic growth is likely to have picked up marginally in the first quarter in spite of weaker manufacturing expansion, the Confederation of British Industry has declared.
CBI says soaring pound has battered U.K. export drive: The soaring value of the pound has battered Britain’s manufacturing exports, leaving the economy reliant on the consumer-driven services sector for growth, the CBI has warned.
Britain’s new property hotspots will see house price hikes: The number of homes sold in the Bristol postcode encompassing Avonmouth nearly doubled in 2014 from the previous year, fuelling fears that Britain’s latest property hotspots could develop into regional house-price bubbles.
Small housebuilders struggle to fill balance sheet holes: Britain’s biggest housebuilders have constructed record profits on the back of rising property prices and government incentive schemes — but their rise has left smaller rivals having to fill widening cracks in their balance sheets.
More young renters give up on ever buying a home: A growing number of young people have given up on the idea of buying their own home, reinforcing signs that property ownership could cease to be the norm for the next generation.
Taylor Wimpey faces £12 million repair bill for award-winning estate: It seemed like such a good idea at the time, building an award-winning housing estate with a bargain price-tag, but eight years on Taylor Wimpey’s dreams of prestige and prizes have turned into a £12 million headache
UK construction PMI slid in March In the UK, the construction PMI recorded a drop to 57.80 in March, lower than market expectations of a fall to a level of 59.80. In the prior month, the construction PMI had recorded a level of 60.10.
U.S. jolted by slowdown in rate of jobs growth: The rate of jobs growth in the U.S. has slowed sharply, providing fresh evidence that the Stateside economy may be weakening.