London house prices are falling at the fastest pace since the depths of the recession almost a decade ago, with the capital’s most expensive areas seeing the biggest declines.
According to Acadata, average prices fell to £593,396 in January. An annual decline of 2.6 percent, that’s the most since August 2009.
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”.
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.
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.
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.
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.
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.
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%.
Eviction specialist Landlord Action claims the number of landlords using section 21 notices to evict tenants is on the increase.
The Government has issued guidance for landlords affected by the introduction of right-to-rent immigration checks.