Khan approves plans for 1.4bn Croydon regeneration

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Mayor of London Sadiq Khan has given the go ahead on the final plans for a new £1.4 billion Westfield shopping centre in Croydon.

Croydon Council approved the plans back in November, but because of the scale of the scheme Mr Khan was given the final say.

Mr Khan said the shopping centre, which is a joint venture by Westfield and Hammerson, will “unlock Croydon’s potential”.

Taxman’s £700m stamp duty windfall as buy-to-let bounces back

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One in four properties bought in the third quarter of this year was a second home or buy-to-let, according to Government statistics released today.

For the first time, official data revealing the precise proportion of homes sold to investors or second home-buyers is available thanks to the stamp duty surcharge applying from April.

95% of banks still lending in UK post-Brexit vote

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The willingness to lend against UK commercial property will not be impacted by the result of the UK’s decision to leave the European Union, according to the latest instalment of the Cushman & Wakefield European Lending Trends report.

The fourth edition of the Cushman & Wakefield report released today is based on survey responses of 50 major, active lenders from across Europe and considers views on recent activity as well as trends expected over the next six months.

How Will The UK Interest Rate Cut Affect You

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The Bank of England has cut interest rates, taking the base rate to a new low of 0.25%. This is the first cut since March 2009, and how welcome it is will depend on your financial situation. The Bank also announced a new round of quantitative easing (QE) – pumping money into the economy to buy government bonds.

Housing market facing decline after Brexit

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The UK housing market is set for a decline in sales as buyers “wait and see” what will happen after the Brexit referendum vote, according to property experts.

It has been suggested mortgages could be more expensive and harder to obtain as lenders plan to tighten controls on lending during the period of uncertainty.

The London property market is expected to be the hardest hit after demand outstripped supply forcing prices to skyrocket.

Transaction Slump Across Majority of UK says Agency Express

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There is a slowdown in homes coming to the market and in those selling according to data from Agency Express based on its board activity.

National ‘Sold’ figures declined for a third consecutive month, down 4.4 per cent, with new ‘For Sale’ listings down 3.7 per cent.

Agency Express says that while a slowdown during May is not unusual the decline is greater than years previous, although figures may still be somewhat distorted by the stamp duty changes.

House prices to rise 30%

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Average house prices in England and Wales are set to increase by 30% in the next five years, with the national forecast reinforcing the north/south divide.

While prices in London are set to rise by almost 33%, the real beneficiary of the recent London boom will be the South East, forecast to increase by 37% by 2019.  The North West will be the slowest riser according to the forecast, but will still go up by 24%.