Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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UK house prices growth slowed to 8.4% in the year to January 2015, down from 9.8% in the year to December, according to new data from the Office for National Statistics. The ONS added that house price growth "is beginning to show signs of slowing across the majority of the UK". The slowdown is worse than economists were expecting, with forecasting pencilled in for growth to remain at December's 9.8% level. On a seasonally adjusted basis, the statistics office said that average house prices fell by 0.2% between December and January. House prices grew 8.5% in England, 4.9% in Wales, 7.8% in Scotland & 7.3% in Northern Ireland in year to January.
Average home set ‘to have £10,000 debt’, says new report: The average U.K. household is set to owe close to £10,000 in debts such as personal loans, credit cards and overdrafts by the end of 2016 - a new high in cash terms, a new report claims.
The pound takes a tumble on fears over economic slowdown as the U.K. heads towards deflation and a general election: Investors have sold off the pound again amid fears that the U.K. economy is slowing ahead of the upcoming General Election in May and on the prospect of deflation taking hold in the world’s sixth largest economy
Purplebricks to put its own house up for sale: The online estate agent Purplebricks – whose high-profile backers include the former Capita Boss Paul Pindar and Wonga’s Founder Errol Damelin – has appointed Canaccord Genuity to oversee a looming float.
Rents rise at fastest pace since 2013 Average rent across England & Wales rose by 3.1% year-on-year in February, the greatest annual increase seen since May 2013, figures from the latest Buy-to-Let Index have revealed. On a monthly basis, rents rose by 0.4%, following a series of monthly drops. In real terms, average rents now stand at £766pm, up from £763 in January and £743 in February last year. The East of England saw the sharpest annual growth rate, with rents rising by 10.2% in the 12-month period, the strongest growth of any region in over five years. Only two regions saw annual falls. The overall increase was largely driven by a lack of supply of affordable homes, which is pushing more people into the rental sector, said Adrian Gill of Reeds Rains and Your Move. "A serious and substantial commitment to new builds is the only way to bring supply in line with demand," he added.
UK public sector net borrowing reported a surplus in February The public sector net borrowing in the UK has posted a surplus of £6.20 billion in February, from a revised deficit of £8.90 billion in the prior month. Market anticipations were for public sector net borrowing to announce a surplus of £7.70 billion. UK public sector net borrowing posted a surplus in February In the UK, the public sector net borrowing (excluding temporary effects of financial interventions) has reported a surplus of £6.90 billion in February, from a revised deficit of £8.30 billion in the prior month. Markets were expecting public sector net borrowing to post a surplus of £8.40 billion.
Souter and upturn put developer AMA back in black: AMA, the high-end Edinburgh property developer backed by Sir Brian Souter as part of a £45 million restructuring three months ago, has seen a dramatic improvement in its fortunes on the back of the improving economy and greater availability of mortgages
Inflation to hit zero as Bank mulls rate cut: Britain’s inflation rate is close to zero, official figures will reveal this week, intensifying the debate on interest rates and putting the economy on track for its first spell of deflation in more than 50 years.
Rental yields fall in H2 Research from BM Solutions reveals that average gross rental yields fell slightly in H2 2014, despite average rents increasing over the same period. The figures show that average yields fell from 5.5% in the first half of 2014 to 5.3% in H2, with average rent rising from £707pm to £718pm in the same period (up 1.5%). A distinct north/south divide remains, with the highest rental yields found in the North (6.8%), while the lowest rental yields were found in London (4.7%). Conversely, average rents in London are the highest in the UK at £1,422pm, almost double the national average, and an increase of £57pm over the year. "Demand for private rental accommodation remains strong, which continues to push rental prices up," said Phil Rickards, head of BM Solutions. "However our figures show that even with increasing rental prices, the average yield investors receive has eased, driven by the increase in prices for buy-to-let properties
British Land Co Plc (BLND.L) Announced that it has completed a £733 million property exchange transaction with Tesco. Under the terms of the transaction, British Land has sold its 50% interest in a joint venture portfolio of 21 stand-alone foodstores to Tesco and acquired Tesco's 50% interest in two joint venture portfolios predominately comprising Tesco-anchored shopping centres and retail parks. British Land would make a net cash payment of £96 million to Tesco reflecting the difference in net asset value (including mark to market on debt) for Aqua (£81 million) and the combined TBLH and TBLPP joint ventures (£177 million).
Berkeley Group Holdings (The) Plc (BKG.L) Announced, in its interim management statement covering the period from 1 November 2014 to 28 February 2015, that with the return to normal trading conditions over the course of this financial year from a high point in 2013, the group continues to see good demand for new homes in London and the South of England. Berkeley has also continued to make good progress on its land holdings in the period. The Group is currently ungeared, with some £400 million of net cash following the payment of £122 million of dividends in January 2015. Berkeley reiterates its current intention to meet a proportion of the next milestone of £4.33 per share by September 2018 through regular dividends. On the outlook front, the board reiterates its previous guidance on full year earnings for the next three years to 30 April 2015, 2016 and 2017.
Savills warns of housing market ‘hiatus’ ahead of the election: International property group Savills has reported record results following a wave of recovery that has boosted some of the world’s major and emerging real estate markets, but warned of a “hiatus” in the U.K. housing sector ahead of May’s election.
Savills unveils German purchase as revenue tops £1 billion: Savills boosted profits by a fifth while raising revenues by almost the same percentage to more than £1 billion for the first time.
Mortgage lending drops 9% as buyers wait for election result: Mortgage lending fell by almost 10% in February as would-be buyers postponed making a decision before the general election and new rules made it more difficult to get on the property ladder.
West End landlord Shaftesbury goes shopping for £130 million loan: West End property developer Shaftesbury secured a £130 million loan with Aviva, wiping out a £100 million debt that was due to expire next September.
Biggest public sector jobs slump since end of last century - while private sector peaks at record high: The number working in the public sector has hit its lowest level since the end of the last century, official figures showed .
House prices surge near Crossrail stations by up to 82%: Property values around some Crossrail stations have surged since the east-west London line got the green light in 2008, with the fastest-rising jumping 82%, according to a new report.
Latest figures from the CML show that house purchase lending remains subdued, with lending to first-time buyers (FTBs) and homemovers seeing a significant downturn in January. Just 41,400 house purchase loans were advanced in the month, down 26% on a monthly basis and a drop of 16% year-on-year. Lending to FTBs experienced the sharpest dip - the number of loans advanced (19,000) fell by 27% from December and was 14% lower than January 2014, while the value of those loans (£2.8bn) posted a drop of 26% on a monthly basis and 10% year-on-year. Homemovers were advanced 22,400 loans (down 24% from December and 17% from January 2014) at a value of £4.2bn, a drop of 24% monthly and 14% down on an annual basis. Despite January traditionally seeing a lull in lending activity, such a dramatic drop wasn't anticipated, suggesting that affordability constraints as well as seasonal factors are having an impact. However, "we are still projecting lending to pick up over the next few months", said Paul Smee of the CML. Despite house purchase lending experiencing a significant dip, the figures revealed that other sectors of the market saw improvements: remortgage lending activity increased on a monthly basis, totalling 25,600 loans at £4.1bn (up 15% and 21% respectively), while advances of buy-to-let mortgages (18,200) increased by 6% from December and were 12% higher than January 2014. This has arguably been driven by a reduction in rates, which could have motivated homeowners to reconsider their options.
Rents rise in February but fewer tenants fall behind on payments: The number of rents in arrears decreased in February despite a hike in rents, according to new figures out, in a sign that households are slightly better off.
The U.K. homes earning more money than their owners: Homes have “earned” more money than their owners in almost a fifth of the U.K., as the housing market recovery has taken off.
First-time buyers shy away before general election: Lending to first-time buyers slumped in January, despite the introduction of reduced stamp duty for cheaper homes. House prices leave wages eating dust: Halifax building society studied 384 local authority districts and found that in nearly 20% of them, house price rises have outstripped wages over the past two years, with the vast majority of these in London, the southeast and the east.
Global house prices suffer first quarterly decline in two years: Global house prices have suffered their first quarterly decline in more than two years, figures out yesterday show, as tensions between Greece and the Eurozone and weaker growth prospects in China weighed on consumer sentiment
Pension freedom could push house prices even higher: House sellers’ average asking prices are just £30 below their all-time high levels, as a lack of choice for buyers adds to the upward pressure on values, Rightmove has reported.
U.K. brickmakers revived by surge in housebuilding: Dormant brick plants are reopening across the U.K. as manufacturers respond to a surge in demand from housebuilders, though there are questions about how long the revival may last.