Britain’s luxury sector surges in value to £48bn, driven by cars
Walpole suggests that the luxury industry contributed 2.4% of the UK’s total GDP in 2017
After its longest property market downturn, Prime London ‘is beginning to find its level’
Property prices in Prime Central London have fallen for the last 19 quarters, but the Savills research team is now spying a return to positive growth -although we’re still five years away from a ‘normal’ market
Mapped: Searching for value in Prime London
Savills: ‘As the prime London market shows signs of stabilising, new areas of value are emerging while traditional enclaves retain their premiums’
Brexit & Beyond: Where next for prime property prices?
Savills’ Head of Residential Research Lucian Cook considers how the Brexit pendulum will swing, and takes comfort in the longer-term view
The world’s billionaires have seen a ‘significant decrease’ in wealth & numbers
UK billionaires’ combined net worth fell by 17% in 2018, reports Wealth-X
Criminal gangs have been laundering billions through Vancouver’s runaway property market
Government of British Columbia faces calls to tighten up its laws as experts warn that at least £3bn was laundered via its real estate market last year, by some of the world’s biggest underworld organisations
New instructions are still falling, but vendors are pricing more realistically
‘Although there are signs of greater realism on pricing from vendors, there is little conviction … that activity in the housing market will pick-up anytime soon’, warns RICS Chief Economist Simon Rubinsohn
Carrington on Q1: Sliding stamp duty receipts and a Brexit fiasco
SDLT was brought in to cool the market, but this one size-fits-all approach has neither worked for the London market nor the Treasury, says LonRes Chairman William Carrington
SDLT receipts plummeted by 26% in Q1
The Treasury’s Stamp Duty tax take fell dramatically from Q4 2018 to Q1 2019, reports LCP, as Brexit amplified the seasonal transaction dip
‘We suspect house prices will rise only 1% over the year and would not be at all surprised if they stagnate’ – EY
EY’s Spring ITEM Club predicts muted property price growth ahead, with a ‘limited’ upside even if a Brexit deal is agreed. A no deal exit could see house prices fall by 5% in 2020
Stamp duty receipts tumble by £1 billion
Latest statistics from HMRC confirm a massive fall from £12.9bn in 2017/18 to £11.9bn in 2018/19, the biggest decline seen since the financial crisis
£1m+ deals rocket despite a ‘lacklustre’ wider market
Twenty Ci reports a 66% year-on-year jump in £5m+ property transactions, while the overall number of new instructions has dwindled and property prices have fallen in most regions