UK real estate sector confident it can thrive post-Brexit and more

  • Posted by: Digital Marketing Tactic Team

UK real estate sector confident it can thrive post-Brexit, research shows

 

The property sector in the UK can thrive post-Brexit with the vast majority of business leaders confident about the future when the country leaves the European Union in March 2019. Some 70% of real estate sector leaders believe the UK is strong enough to be independent, 84% have experienced […]

 

 

NBK highlights changes in UK taxations, London’s residential property outlook

KUWAIT: National Bank of Kuwait organized a seminar for its customers titled “London Residential Property: Important Taxation Changes and Outlook.” It dealt with UK taxation changes and the latest developments in the London residential property with participation by two world experts from two leading European companies in this field.

Robert Blower, partner in the law firm Charles Russel, and Lucian Cook, head of the real estate research department in the international firm Savills, made a detailed presentation on the London residential property market outlook and the impact of the recent taxation changes on investors.

House prices are on the slide – where will they go now?

House prices are on the slide – where will they go now?We are slap bang in the middle of the spring househunting season, but this week’s news that the average price of a UK home dropped by more than £7,000 in April will have left many wondering: is this the start of a prolonged period of falling property values? If so, should would-be buyers hold fire on the basis that they could pay less in a few months’ time? Or do falling prices mean now is actually a good time to buy? According to the Halifax, UK house prices fell by 3.1% last month, which means a typical property ended April being worth £220,900. The equivalent figure at the end of March was £228,100. The average price is now back to what it was a year ago: £220,400 in April 2017.

Meanwhile, recent Land Registry data confirms that parts of London and other areas have seen some big price falls this year. For example, the official average cost of a home in Islington in north London was £672,300 last August, but by January it had slipped back to £656,800, and then in February it tumbled by £30,000 to £626,700 – a fall of nearly 7% in just six months. We asked a range of property market watchers what’s really going on, and whether it’s bad news – or actually good news for young people who have so far been unable to buy.

U.K. Property Values Expected to Rise 18% by 2022

U.K. Property Values Expected to Rise 18% by 2022U.K. property prices are expected to increase by 18% in the next five years, according to a recent report by Strutt & Parker. As of the first quarter of 2018, the overall market grew 2.5% in a year-over-year comparison. The best performing regions were Northern Ireland, Wales and the West Midlands.

“People have come to terms with Brexit, and sellers should be preparing to act on plans put back from last year,” Guy Robinson, Strutt & Parker’s head of residential agency said in the report, which was published last week.

However, in London, where Brexit could take the largest economic toll, things look a little grimmer. Prices fell by 1.1% in a year-over-year comparison for the first quarter, making it the worst performing region in the country. In prime central London, Strutt & Parker’s best-case scenario projection for 2018 property values is that they will remain flat. The downside is a 5% decrease. From then on, it is unclear how the market will pivot.

Silver Lake Agrees to Buy Property Portal ZPG for $3 BillionSilver Lake Agrees to Buy Property Portal ZPG for $3 Billion

Silver Lake agreed to buy property platform ZPG Plc for almost 2.2 billion pounds ($3 billion) as the U.S. private-equity investor seeks to grow further in U.K. real-estate.

ZPG shareholders will receive 490 pence in cash per share, and Silver Lake already secured support for the bid from newspaper group Daily Mail & General Trust Plc, the property portal’s largest shareholder, the companies said in a statement Friday. In total, more than 30 percent of ZPG shareholders have agreed to back the deal.

Taking an interest: What does the Bank of England UK interest rate rise mean for my mortgage?

Taking an interest: What does the Bank of England UK interest rate rise mean for my mortgage?The Bank of England has frozen interest rates at 0.5 per cent, giving homeowners and buyers a few more months to consider switching to a fixed-rate mortgage, if they haven’t done so already. UK interest rates rose in November last year for the first time in a decade, from a historic low of 0.25 per cent to 0.5 per cent.

Another interest rate rise of 0.25 per cent was widely expected to take interest rates to 0.75 per cent this month. However, disruption caused by the “Beast from the East” that hit this March led to the economy growing by just 0.1 per cent in the first three months of the year. Experts predict that this slowdown will be temporary, so an interest rate rise is expected towards the end of this year, followed by two more increases in 2019 and 2020.

 

Author: Digital Marketing Tactic Team

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