Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Sales of £1 million homes slump after stamp duty increase: The high-end property market is declining sharply as higher stamp duty rates deter wealthy buyers.
Buy-to-let market booming despite tax clampdown: Buy-to-let borrowing has surged since the budget as George Osborne’s tax crackdown on landlords has failed to cool demand
FTB transactions at 8-year high The number of first-time buyer (FTB) sales during August leapt by 27.4% compared with May and by 11.9% on an annual basis, making it the strongest summer for this demographic in eight years. The figures, from Your Move and Reeds Rains' latest First-Time Buyer Tracker, show that 30,200 FTB transactions took place during the month, up from 23,700 in May, and matching the 30,200 figure of July. This not only means that FTBs continue to be buoyed from the result of the general election, but that the number of completed transactions remains at its post-recession high for a second month running. The figures also reveal that the average purchase price continues to rise - up by 1.4% on a monthly basis and 2.9% quarterly - and now stands at £153,999, which has led to a subsequent increase in average deposit (up 2% month-on-month to £26,741). However, affordability doesn't appear to have been negatively impacted, with the proportion of income spent on mortgage repayments being 0.2% lower than in May and 1.6% lower year-on-year, arguably helped by the average mortgage rate falling considerably over the same period. Now standing at 3.35%, this is down 0.08% on July, and a notable reduction of 0.85% from this time last year. "An end-of-summer surge in first-time buyer activity is in full swing," commented Adrian Gill, director of Your Move and Reeds Rains. "Rising deposit costs and average house prices are encouraging economic signs, [as] they point to rising real-terms pay and overall consumer confidence."
Property lending showing signs of rebound as banks resume financing: Lending to the property sector is showing signs of recovery as the long-term decline in bank finance begins to slow, says commercial law firm EMW.
Hike in stamp duty is bad for Britain’s booming luxury markets, says Harrods Boss: A stamp duty tax raid on the London property market by Chancellor George Osborne could damage Britain’s booming luxury markets by putting off wealthy visitors, the managing Director of Harrods has warned. Michael Ward has complained that the decision to hike stamp duty on properties worth upwards of £2 million has sent a ‘worrying signal’ abroad
U.K. interest rate rise unlikely until May 2016, CEBR forecasts: The Bank of England is likely to keep interest rates on hold until the middle of next year rather than raising them sooner, following a gloomier outlook for the global economy, according to the economic forecaster CEBR.
Scramble for cheap deals on mortgages: Banks and building societies have granted mortgages at the fastest pace in seven years as buyers and homeowners lock in cheap deals before a possible rate increase. Figures from the British Bankers’ Association (BBA) showed that gross mortgage lending hit £12.2 billion in August, 14% higher than a year ago and the largest annual increase since 2008.
Britain's buy-to-let £200 billion mortgage boom now equivalent to economy of Hong Kong: Britain’s outstanding buy-to-let loans have now topped £200 billion - equivalent to the entire GDP of Hong Kong - according to the Council of Mortgage Lenders (CML).
Starbucks to help staff by paying rent deposits: Starbucks is to start providing interest-free loans to its employees to help them afford the cost of a deposit on a rental property. The coffee chain has also said that it will pay all of its U.K. staff the living wage from spring next year, meaning a pay-rise for around 4,500 employees.
Bank of England warns buy-to-let is the next big threat to U.K. financial stability: The Bank of England has warned that Britain’s buy-to-let market poses an increasing threat to financial stability because rising property prices expose vulnerabilities that could magnify a housing market crash.
Builder roars back to City with £1 billion float: One of Britain’s biggest housebuilders has hired a roster of heavyweight advisers as it prepares to launch a £1 billion stock market float. Countryside Properties, which was bought out of Lloyds bank by the American private equity firm Oaktree Capital two years ago, has drafted in investment bankers from HSBC, JP Morgan, Numis and Barclays to plan a listing early next year.
U.K. housebuilders muscle into top tier of construction sector: Three U.K. housebuilders have muscled their way to the top tier of Britain’s construction sector as they thrive in an era of booming property prices, low interest rates and government support for home buyers. Barratt Developments, Taylor Wimpey and Persimmon are now simultaneously included in the top 10 construction companies in the U.K. by revenue for the first time since 2008. If ranked by pretax profits, housebuilders occupy eight out of the top 10 slots, according to Barbour ABI, which compiles the rankings.
Mortgage lending hits record high as buyers lap up cheap loans: House buyers borrowed more in August than at any time since the credit crunch struck in 2008, industry figures showed, as the threat of an interest rate hike encouraged mortgage customers to get cheap loans while they still can.
Eleven buyers chasing each property: There are 11 buyers chasing each property for sale in the U.K. as supply falls to an 11-year low, exacerbated by half of buyers in the first six months of the year having no properties to sell.
UK BBA mortgage approvals rose in August BBA mortgage approvals rose to a level of 46.74 K in August, in the UK, compared to market expectations of a rise to 47.00 K. BBA mortgage approvals had recorded a revised level of 46.31 K in the previous month.
The price of good quality English farmland has doubled over the past five years, making it the most expensive in the world and offering a better return than prime London property, the FTSE 100 or gold. According to agents Knight Frank demand from wealthy private individuals as well as pension funds, has driven up the average price for an acre of "investment grade" English farmland (large plots with economies of scale) to £12,500, up 100% since 2010. -
London flats cost 67% more than in 2005 and are set to keep climbing: London flat prices have outstripped every other property type in every other region of the U.K. over the last decade, according to research published by a major mortgage provider this morning.
10,000 new ‘Northern Powerhouse’ homes funded by £1.2 billion China deal, says Osborne: Thousands of new homes are to be built in Manchester, Leeds and Sheffield - and paid for by China - as part of a £1.2billion deal announced by the Chancellor
First-time buyers head straight for a semi: First-time buyers used to work their way up the property ladder by starting with a small apartment before moving to somewhere bigger, but now many are bypassing flats because of their soaring prices.
Telford Homes in £23 million acquisition: Telford Homes has extended its reach in north and east London with its £22.97 million purchase of United House Developments’ (UHD) regeneration business
Minister eyes 1 million new homes over 5 years: The government wants 1 million new homes to be built during the next five years to tackle the U.K.’s mounting housing shortage
L&G pours £400 million into Cardiff project: One of Britain’s biggest investors has given its backing to a regeneration project as the government seeks more private money to fund the development of housing and infrastructure.
Shop floors shrink by 1million sq ft as desperate supermarket chains cut space for first time in a decade: The total floorspace owned by Britain’s supermarkets has shrunk by over a million square feet in the past year - the equivalent of 13 football pitches - the first reduction in more than a decade.
Market bets on another year of low rates: Investors are betting that the Bank of England will hold interest rates at their record low for another year - a blow to the millions of homeowners who have rushed to fix mortgages. America’s Federal Reserve surprised the markets last week by keeping rates on hold. Traders have now pushed back their expectations for a U.K. rise from May to September next year, according to bets placed in the futures markets.
Birmingham New Street station opens with all the bells and whistles: The railway station once dubbed the worst in Britain will reopen after a five-year, £750 million upgrade in a boost to a beleaguered Network Rail.