Carrington on Q3: Groundhog Days
LonRes chairman William Carrington offers his take on the issues of the day – or was that yesterday?
Returning Stamp Duty to 2005 levels would galvanise the property market, suggests influential think tank
“Stamp duty has distorted the market to such an extent that the costs of cutting it are far lower than generally realised,” suggests the Centre for Policy Studies, led by David Cameron’s former housing advisor Alex Morton.
The world’s millionaire population is set to grow by more than third in the next five years
Credit Suisse expects the global millionaire population to reach almost 63 million in 2024, while the number of UHNWIs will jump from 56,000 today to 234,000 in five years’ time
Knight Frank suffers amid high-end sales slump
Estate agency reports an 11% drop in pre-tax profits, blaming ‘still slowing or constrained residential volumes’ in the south east of England
The number of UK property firms in ‘significant financial distress’ has risen by 78% since 2016
Sector has been ‘particularly badly affected’ by deteriorating economic conditions, says insolvency firm Begbies Traynor
Javid confirms Budget date
‘Housing market put on hold’ as Chancellor schedules in ‘the first budget after leaving the EU’ for 6th November
The new Tory administration has finally left the circus and wants to join the housing revolution
At last, concerns over the parlous state of the UK housing market appear to be reaching receptive ears, says Trevor Abrahmsohn
London’s property market moves ‘out of bubble risk territory’ for the first time in four years
Residential properties in Eurozone cities including Munich, Paris and Frankfurt are looking very over-valued, according to the latest UBS Global Real Estate Bubble Index – although analysts warn investors that “real price appreciation can no longer be taken for granted”
Global UHNW wealth falls for the first time in three years
There’s been “muted” growth in the number of Ultra-High Net Worth Individuals over the last year, reports Wealth-X – but London has seen a bigger rise than any other top ten UHNW city
UK’s largest cities see ‘widespread exodus’ as affordability hits home
12 of the UK’s 15 largest cities saw a net outflow of residents last year, according to data sourced from the ONS, as residents up sticks in favour of market towns and ‘affluent amenity-rich communities’
Is now the right time to buy in London?
There’s been “no crash, no fire sales and no mass exodus from London”, despite three years of catastrophising by “so-called ‘experts'”, writes Islay Robinson, CEO of global mortgage firm Enness. Here he talks us through the economic and financial factors that may sway a discretionary property buying decision in the capital…
‘Land & property are under-taxed’: Influential think tank calls for ‘fundamental’ economic reforms
“Fundamental reform has happened twice before in the last century following periods of crisis,” says the IPPR in a major new report “– with the Attlee government’s Keynesian reforms in the 1940s and the Thatcher government’s free market reforms in the 1980s. Ten years after the financial crash, change of this magnitude is needed again.”