Simpson’s saved? Historic City chophouse granted status as asset of value Asset of value The City of London’s has decided to designate Simpson’s Tavern – the historic City bar and restaurant threatened with closure – as an asset of community value at a meeting this afternoon. The historic eatery was designated an Asset of Community Value by the City of London Corporation’s Policy and Resources Committee unanimously – taking [...]
House prices shoot up 12.6 per cent but London has lowest growth across UK Hot property The price of a property in the UK has shot up by 12.6 per cent over the last year with the average now sitting at just below £300,000. The latest House Price Index figures from the Office for National Statistics show the monthly increase was minimal however, at just 0.3 per cent. London however had [...]
Londoners face unprecedented rent increases as mortgage rates for landlords skyrocket rental market under pressure Tenants are struggling this Christmas. Along with the rest of the nation, they’re dealing with a cost of living crisis, driven by rising energy prices, and adding to this pressure is the rising price of rent. Moreover, landlords face unprecedented increases in mortgage rates, forcing them to up the rent. Tenants in London have endured [...]
Nervous buyers see house prices fall in largest monthly dip in four years December 12, 2022 House prices have fallen in the largest monthly dip in four years due to buyer nerves in the wake of economic and political turmoil. The average price of a house coming to the market is down £7,862 this month, a drop of 2.1 per cent, according to Rightmove’s latest house price index. The average price [...]
Exclusive: Change in capital gains allowance causes mass exodus of landlords looking for quick sale December 11, 2022 THE reduction in Capital Gains Allowance is an “unwelcome blow” and has seen the number of landlords looking to sell up hit a 13-year high. Jeremy Hunt announced that the amount you can make from the sale of certain assets before paying tax will fall from £12,300 to £6,000 in April and then to £3,000 in [...]
Berkeley profits dip as housebuilding hey-day slips away December 9, 2022 Berkeley, one of the biggest housebuilders in the country, has been hit hard by the housing market dip and scaling inflation, as its pre-tax profit sinks. It is the latest sign the hey-day for housebuilders is over, with rising mortgage rates combined with inflation squashing demand for house buying in recent months – as well [...]
Purplebricks’ shareholder seeks to oust chairman yet again as losses widen December 8, 2022 Online-only estate agency Purplebricks’ losses have widened in the past six months, despite the CEO’s turnaround plans. Revenue dropped 16 per cent to £34.5m in the six months to the end of October, while gross profit plunged more than a third to £16.2m. Operating losses also grew by five per cent to £11.7m. But CEO [...]
‘Profiteering’ Home REIT to be sued over misleading investor information December 7, 2022 Beleaguered property investor Home REIT has been hit by a lawsuit from investors today amid claims it is “profiteering from the housing crisis” and used misleading information to raise cash. The social housing-focused firm has been hammered by a slew of claims from short sellers in the past two weeks over the quality of charity [...]
UK house prices fall in sharpest drop since 2008 crash December 7, 2022 House price growth has continued to cool in the UK, with last month representing the sharpest decline in value since 2008. The average cost of a home now stands at £285,579, after falling by 2.3 per cent in November, according to Halifax today – which began tracking house prices in 1983. Growth rates have slowed [...]
Buy-to-let landlords in shock as mortgages skyrocket by record 286 per cent December 6, 2022 Buy-to-let landlords are facing a tougher time securing finance due to a significant reduction in product choice and rising mortgage rates, it has emerged. The debate around rising mortgage rates has so far been centred around the strife facing homeowners and families, but it’s also had an impact on buy-to-let landlords, to the detriment of [...]