The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Countrywide Plc (CWD.L) Announced, in its interim management statement for the three month period to 30 September 2014, that it saw the best ever third quarter financial result on top of the strong performance reported for the first half of 2014 and further validated the strategy of building a broad based business across multiple products lines and geographic spread. The total income came in at £188.4 million, up by 22.0% from the same period in the preceding year.
Battersea fires up: Battersea Power Station Development Company kicks off a global sales push this week just as London’s estate agents are reporting a sales slowdown.
Foxtons Group Plc (FOXT.L) Announced in its interim management statement, that company’s performance in Q3 2014 was negatively impacted by a sharp and recent slowing of volumes in London property sale markets. The company’s turnover was £39.9 million, while its mortgage revenue grew by 13.8%. Additionally, the company remains debt free and generated £13.9 million of adjusted operating cash during Q3 representing an operating cash conversion rate of 98%.
Housebuilding at strongest levels since 2007, despite skills shortage: Housebuilding activity is at its strongest levels since 2007 as the recovery broadens out beyond London to the rest of the U.K., an industry body has reported.
Number of small housebuilders plummets Trade body says banks’ reluctance to lend to smaller companies is the main reason
High-end London house prices drop 20%: Luxury homes in prime central London, worth between £1 million and £2 million, have seen a drop in price of 20% over the past six months, as buyers are deterred by the talk of Mansion Tax and the impending general election.
Cargiant and Queens Park Rangers battle to build thousands of London homes: Two businesses have unveiled rival plans to build thousands of homes on the last big undeveloped site in London – even though neither has ever built a single house.
Homeowners in property worth over £3 million to be hit with £10k tax: Labour would tax homeowners in properties worth above £3 million over £10,000 on average per year, in some cases much more, according to research by the Institute for Fiscal Studies.
Housing market slowing, surveys show: More evidence that the housing market is slowing has emerged with figures showing a dip in mortgage lending and a Bank of England report pointing to growing caution among potential homebuyers.
The South East overtook London as the country's fastest rising market, according to online property tracker Rightmove, as the average UK house price rose by 2.6% month-on-month in October, As a whole, city house prices increased by 9.6% year-on-year but in the South East they increased by 10%. Nevertheless, London did see a massive change of pace, with prices rising 7% on the month thus reversing the declining trend observed over the previous four months. According to Rightmove's director and housing analyst Miles Shipside, "London's boom in property prices has meant areas further out are now looking much more attractive in comparison." "The ripple effect of buyers priced out of London, combined with those cashing in and moving out of the capital, means that the South East has taken London's boom-town crown." Rather than perceiving this as the return of the London boom, Shipside remarked that high-end property owners have simply returned to the market after the summer lull. He added: "The three highest priced boroughs all see substantial October increases for example." "Prices have effectively stood still over the last four months, an indication of the slowing market in some parts of the capital."
UK Rightmove house price index rose in October In the UK, the Rightmove house price index rose 2.6% on a MoM basis, in October. In the preceding month, the Rightmove house price index had advanced 0.9%
Kingston’s Bentall Centre up for grabs with £200 million-plus price tag: Bentall shopping centre in Kingston upon Thames been put up for sale after one of its Owners appointed advisers to sell its 50% stake, with a price-tag of around £200 million.
It's all very well people going into a funk about global growth, geopolitics, effect of QE on equity markets and all the other reasons for the big sell off, but the fact remains that shares like BKG, with a p/e of 9 and a yield of 8%+ are getting hammered. Fact is, there are going to be a lot of houses built and sold over the next ten years. Get a grip lads !
UK house price index rose less than expected in August In August, on an annual basis, the house price index registered a rise of 11.7% in the UK, less than market expectations for a rise of 12.3%. In the earlier month, the house price index had registered a similar rise of 11.7%.
China property: mind the gaps: Agile Property now trails the leader board by some distance, having halved this year. Late on Friday, the company announced that Chairman and Founder Chen Zhou Lin had been detained on the mainland as early as 10 days previously. There is little other information; the arrest may have nothing to do with the business. That the stock closed down 17% shows how jumpy investors are. Yields on other property bonds rose more than 1% in sympathy. But the cost of debt remains bearable, at between 4% (for China Resources Land) and 11% (China Evergrande). And costs of funds in China may be set to rise. Early this month, Premier Li Keqiang indicated that the central government will no longer guarantee – even implicitly – all loans made by local government finance vehicles (LGFVs). According to Bloomberg data, LGFVs have issued Rmb1.7tn ($278 billion) of debt this year, up nearly one half compared with all of 2013. Even if listed companies do not take loans from their local governments, the blurry line between government and investment means that tightening liquidity is likely to have knock-on effects. And at the bottom end, the sector’s balance sheets already look extremely shaky. Net debt to equity at China Evergrande, for instance, is 120%.
UK retail sales across all sectors unexpectedly dropped in September Retail sales across all sectors unexpectedly eased 2.1% on an annual basis in September, in the UK, compared to a rise of 1.3% in the previous month. Markets were anticipating retail sales across all sectors to climb 1.0%. UK employment confidence index climbed in September The employment confidence index rose to a level of 10.0 in September, in the UK. The employment confidence index had registered a reading of 6.0 in the preceding month.
WOW, this really has had the **** knocked out of it this past year. Any possible internal reasons for this my pedigree chums?
UK construction output unexpectedly slid in August In August, construction output unexpectedly eased 0.3% in the UK on a YoY basis, less than market expectations for a rise of 2.9%. Construction output had registered a revised rise of 4.3% in the preceding month.
HOUSE PRICES TO RISE 30pc IN FIVE YEARS This is according to research from Rightmove and Oxford Economics, but if you thought this was going to be just a London phenomenon, think again. Southampton, Luton, Brighton and Swindon are the areas likely to see the biggest increase by 2019, according to the research.
The Royal Institute of Chartered Surveyors says house prices in London fell for the first time in almost four years last month, and will continue to do so in the coming months. House prices in the rest of the UK still growing, but at the slowest rate for over a year.
UK house price balance dropped in September House price balance eased to 30.0 in the UK, in September, compared to market expectations of a drop to a level of 36.0. In the prior month, house price balance had registered a revised reading of 39.0. UK Halifax house price index rose more than expected in September On a monthly basis, the Halifax house price index climbed 0.6% in the UK, in September, more than market expectations for a rise of 0.2%. In the prior month, the Halifax house price index had registered a revised unchanged reading.
There was more data out this morning showing the UK house market is slowing, with prices up 9.6 per cent in the year to September, down from 9.7 per cent in the year to August and 10.2 per cent in the year to July, according to the Halifax
Rise in luxury London homes could trigger construction crunch: A record number of luxury homes worth £60 billion are being built in London, creating a construction crunch that could lead to many of them being delayed or even ditched, a report shows. British economy grew by 0.7% in third quarter, says NIESR: Britain’s economic recovery lost steam in the third quarter with growth of 0.7%, according to the National Institute of Economic and Social Research.
Berkeley brings back finance Chief after boardroom exit: Berkeley’s former financial controller is returning to the house builder as its new finance Director, following the departure of the previous incumbent in a boardroom disagreement.
London house prices could fall next year after booming 2014: The boom in London house prices will not only end next year, but could even fall, according to the Centre for Economics and Business Research (CEBR).