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U.K. economy accelerating, CBI says: U.K. economic growth has “cranked up several gears” to its fastest pace for a year, boosting hopes that a slowdown in the first quarter of 2015 will be short-lived, figures suggest.
Hyde Park Barracks: Property guru joins race for a piece of British military history: Property veteran Sir Stuart Lipton has emerged as the latest runner in the race to turn Hyde Park Barracks into luxury flats
Canadian giant set to pay £2.4 billion for Center Parcs: A Canadian property giant will step up its spending spree in the U.K. this week with a £2.4 billion deal for Center Parcs, the holiday park operator first launched to the U.K. public as the “holiday the weather can’t spoil” nearly 30 years ago
Booming buy-to-let puts £112 billion in pockets of British landlords: British landlords earned £112 billion from capital gains and rental income last year, in the latest example of the booming buy-to-let market.
UK consumer confidence declined surprisingly in May The GfK consumer confidence in the UK fell unexpectedly to 1.00, compared to a level of 4.00 in the previous month. Market expectation was for the consumer confidence to record a flat reading.
UK BBA mortgage approvals advanced in April In April, BBA mortgage approvals registered a rise to 42.12 K in the UK, compared to a revised reading of 39.20 K in the prior month. Market expectation was for BBA mortgage approvals to rise to a level of 39.30 K.
UK index of services rose less than expected in March The index of services climbed 0.40% on a MoM basis in March, in the UK, less than market expectations for a rise of 0.50%. In the December-February 2015 period, the index of services had risen 0.70%. UK index of services rose less than expected in March In March, the index of services recorded a rise of 0.10% on a MoM basis in the UK, lower than market expectations for an advance of 0.30%. In the prior month, the index of services had climbed 0.30%. UK government spending rose more than expected in 1Q 2015 The preliminary government spending recorded a rise of 0.60% in the UK on a QoQ basis in 1Q 2015, compared to a drop of 0.20% in the prior quarter. Markets were expecting government spending to rise 0.30%. UK GDP advanced less than expected in 1Q 2015 In 1Q 2015, on a YoY basis, the second estimate of gross domestic product (GDP) registered a rise of 2.40% in the UK, less than market expectations for a rise of 2.50%. GDP had advanced 3.00% in the prior quarter. The preliminary figures had also recorded an advance of 2.40%.
LONDON, May 28 (Reuters) - Mortgage approvals in Britain rose in April to their highest level since June last year and they look set to keep growing, according to data from the British Bankers' Association on Thursday. Approvals for house purchase rose to 42,116 from 39,203 in March, the highest figure since June last year. "There was a significant pre-election jump in mortgage approvals which we would expect to continue in the coming months," said Richard Woolhouse, chief economist at the BBA. The BBA data are generally a good guide to trends in more comprehensive Bank of England lending figures due on Tuesday but do not include lending by mutually owned building societies, which accounts for almost a third of mortgages. The BoE data showed mortgage approvals inched down in March after rising for three straight months. For a table of the BBA lending data, see (Reporting by Andy Bruce; editing by John Stonestreet)
Workspace acquires Amnesty building in Clerkenwell for £17 million: Small business landlord Workspace has bought human rights charity Amnesty International’s offices in Clerkenwell for £16.55 million.
Mortgage lending expected to rebound after pre-election drop: The mortgage market slowed in the run up to General Election, according to figures released by the Council for Mortgage Lenders
Car sales reach half a million in the U.K., according to recent figures: A strong U.K. market has pushed car production past the half-million mark, official figures have shown.
Post-election boom sees British households feeling richer: British household confidence in their personal wealth and the U.K. economy has soared in the wake of the General Election and is almost back to pre-financial crisis levels, a new report has revealed.
Housing market brought to standstill by election nerves: The number of first-time buyers dwindled across Britain at the start of the year as pre-election jitters caused a slump in the housing market
Call for new housing on wedges of green belt: Green belts around cities must be abolished and replaced with “green fingers” flanked by thousands of new homes built in the countryside, according to a former government planning adviser Election certainty builds confidence at Telford Homes: Telford Homes declared that the Conservatives’ unexpected win in the general election had provided “certainty and stability” for Britain’s housing market.
BSA mortgage lending "strong" Building societies approved 91,489 mortgages in the first quarter of the year, slightly down on the 92,606 approved a year earlier, showed new data released by the Building Societies Association (BSA). It also revealed £12.7 billion of gross new mortgage lending in the first three months of the year, accounting for 29% of all new lending across the market. Mortgage lending by building societies, net of repayments, was £3.5 billion in Q1; across all other lenders net lending was negative at -£0.5 billion. "Lending by building societies has been strong," said Paul Broadhead, head of mortgage policy at the BSA. "Without the contribution of this section of the market the stock of mortgage loans across the UK would have shrunk."
U.K. consumer confidence hits pre-crisis levels of 2006: U.K. consumers are at their most upbeat for nine years on the back of improving job prospects and low inflation, according to the latest report to suggest spending power is recovering.
London asking prices jump 17% after the election: London homes that were put up for sale following the general election are 17% more expensive than properties that were already listed, reviving memories of the heady days of last year’s hot housing market.
UK CBI distributive trade survey's retail sales balance registered a rise in May In the UK, the CBI distributive trade survey's retail sales balance rose to a level of 51.00% in May, higher than market expectations of an advance to a level of 20.00%. In the previous month, the CBI distributive trade survey's retail sales balance had registered a level of 12.00%.
BUZZ-Taylor Wimpey, Barratt: hit near 8-yr highs as DB hikes targets Tue, 26th May 2015 11:07 ** Taylor Wimpey & Barratt Developments both hit near 8-yr highs in decent volume as Deutsche Bank hikes target prices for pair ** Both stocks beneficiaries of MSCI rebalance on May 29; one trader cites this as additional catalyst ** DB hikes TP for Taylor Wimpey to 210p vs 173p, & for Barratt to 659p vs 576p (DB rated at 5 stars for recommendation accuracy on Barratt, according to StarMine) ** Broker sees dividend yield as increasingly important valuation tool; notes avg divi yield of 4% in 2015E & selected cos paying 6%+ & that UK housebuilders feature strongly in the top ranks of yields in the FTSE indexes ** Taylor Wimpey, Barratt & Bovis remain its top sector picks (DB lifts Bovis's TP to 1,266p vs 1,114p, stock up 0.2 pct) ** Upside to broker's TPs for Taylor Wimpey & Barratt now more moderate after strong performance, but sees further upside for those valuing solely on divi; Bovis is its growth stock of choice ** Taylor Wimpey & Barratt 3rd & 4th top FTSE 100 risers, up 1.6 pct & 1.5 pct respectively; also 3rd & 4th most actively traded stocks on the index, respectively (RM: tricia.wright1.thomsonreuters.com@reuters.net)
Nationwide Building Society has reported a 32% rise in underlying profit to £1.216 billion as it was also revealed that its chief executive, Graham Beale, will retire next year. Announcing its 2014/15 full year results, Nationwide said that mortgage balances of £152.8 billion meant it was now the UK's second largest mortgage provider. Overall mortgage lending for the year of £27.1 billion represented an "above par" share of the market of 13.4%, while around 46,000 first-time buyer mortgages were agreed, representing 15% of the market share. Net mortgage lending of £7.1 billion equated to 31.2% of the market share. Around 469,000 new current accounts were opened at the building society during the year, 9% more than in 2014, while 8.4% of those who used the Current Account Switching Service during the year moved to Nationwide. It was also revealed that savings balances increased by £1.9 billion over the year, with Loyalty Saver balances growing by £3.6 billion. A 14.3% share of the market change in ISA balances was said to be "well above natural share". The intention of Graham Beale to retire "at or around the date of the AGM in July 2016" means he will have completed nine years at the helm of the society. Nationwide said that the process to identify a successor will now begin.
Invoice delays top 107 days with construction firms taking the hit: Businesses in construction and real estate were forced to wait over 15 weeks for invoice payments last year, despite the ongoing economic recovery.
Financial hiring rebounds after election result: Hiring in the City dipped in the run-up to the General Election, but has rebounded on the Conservatives’ victory, recruitment firm Venn Group said.
Madame Tussauds building to be sold to Taiwanese insurer: Taiwanese insurer Fubon Life is to buy the home of Madame Tussauds wax museum in Marylebone for £348.8 million.
U.K. referendum on EU membership by 2017, says Cameron: The most surprising thing about the news that the Bank of England is looking at the potential impact that a U.K. exit from the European Union would have on the economy, is that people are surprised.
Britain’s economy grew faster than Germany, revisions to economic figures expected to show: Britain’s economy grew faster than Germany, revisions to economic figures are expected to show this week