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Real Estate

Is it Time to Pick Up Investment Properties as Sellers Cut Prices?

realestate

Property website Rightmove last week published data that showed over a third of property sellers have recently reduced asking prices. Of those that did slash the price they want for their property, the average they did so was by £2400. Rightmove also commented that while the UK’s property market typically slows at this time of year as buyers decide to hold off until after Christmas, this year the slowdown has been considerably more significant.

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Real Estate

You Can Now Turn Your Bitcoin into Investment Properties

Bitcoin

Bitcoin futures contracts starting to be offered by the Chicago Mercantile Exchange (CME) last week propelled the cryptocurrency to new highs, a trend that has continued this week with a close north of $7000 yesterday. Over the past few years, cryptocurrency mania has burst to life from time to time before dropping off the news radar again for periods. However, despite heightened wider public interest coming in fits and starts, cryptocurrency markets, investment and infrastructure have been gradually maturing.

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Real Estate

What Does Yesterday’s Interest Rate Rise Mean for the UK’s Property Market?

UK Property Market

Yesterday’s anticipated decision by the Bank of England to raise the UK’s base interest rate from 0.25% to 0.5%, accompanied by a cautious tone, cooling expectations for further quick rises led to a mixed response. The pound recorded its sharpest drop against the euro in a year immediately after BoE Governor Mark Carney’s press conference, despite having risen on the initial announcement.

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Real Estate

Investment in New Build London Property Scaled Back to Lowest in 20 Years

London Property

Despite the fact that London is in the grip of what is considered to be its worse housing shortage in decades, data from the third quarter has shown that housebuilder activity has dropped to its lowest level in 20 years. The figures, released by The National House Building Council, show that between July and September the number of registrations for new homes to be built in the capital dropped to 2494. That represents a 35% drop on the registrations over the same quarter last year and is another indication that property investment in London has hit a lull.

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Real Estate

Saudi Arabia to Make the Ultimate Property Investment in New $5 Billion ‘Mega-City’

Saudi Arabia Property Investment

Saudi Arabia’s modernising Crown Prince Mohammed bin Salman yesterday announced plans for the biggest property investment the world has ever seen. The spectacularly ambitious vision for ‘Neom’, a 26,500 square kilometre mega-city envisioned to straddle Saudi Arabia, Egypt and Jordan along the Red Sea coastline, was yesterday unveiled at the Future Investment Initiative conference in Riyadh.

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Real Estate

Camden Bucking Downward Trend in London Property Investments

London Property Investment

The eventual cooling of the prime London property market after several years of gravity-defying boom has been well documented over the past few weeks. In August, London prices fell 1% from the July levels, while the rest of the UK, with the exceptions of Wales and Scotland, saw price rises. Changes to stamp duty, Brexit uncertainty and prices simply having moved out of reach of buyers have seen London prices cool to a crawl over recent months and a couple of years of modest declines are now predicted before the market returns to healthy growth, forecast for some point between 2019 and 2020.

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Real Estate

Where to Look for Investment Properties that Follow the London Exodus?

Investment Properties

A recent research report by estate agents Countrywide suggests that renters are abandoning London at the greatest rate since 2007. However, unlike the exodus of 10 years ago they are not moving outside of the capital to buy their own property. House price inflation across the South-East means that this time around most of those opting for the commuter lifestyle in a bid to reduce living expenses, London rents have risen more than anywhere else since 2012, will still be renting in their new locations. While 51% of renters leaving the capital in 2007 did so to move into their own home, that has dropped to only 21% ten years later.

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Real Estate

Residential Property Market Sees Decline in Activity as Buyers Stall

Residential Property Market

The Royal Institute of Chartered Surveyors have reported a dip in activity from home buyers over the past month, based on enquiries received by members, with the trend most noticeable in London and the South East. The ‘waiting’ position being struck has been attributed in large part to economic uncertainty resulting from stalling Brexit negotiations, though in and around London prices having crept beyond what buyers can afford within the framework of current mortgage restrictions is also thought to be a factor.

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Real Estate

Prime real estate markets yet to recover from foreign-buyer tax

real estate

Real estate market yet to recover

The three most popular markets for foreign buyers have failed to recover a year after Canada’s first foreign-homebuyer tax was introduced. The introduction of the tax has brought Metro Vancouver sales down 44%. These three include West Vancouver, Richmond and Vancouver’s west side where sales have dropped steeply. These areas had the highest number of foreign real estate buyers but sales were down significantly since the 15% tax came into effect last year.

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Real Estate

Estate agents under scrutiny after UK authorities unveil another cartel

Estate agents

A group of six real estate agents have been fined for illegal activities

A real estate cartel has been uncovered by UK authority that has been colluding to drive in more profits. The cartel included six real estate agents who were involved in a plan to push up local fees in southwest England. All of them are based on Burnham-on-Sea who agreed to manipulate the charges in a meeting. They had fixed their minimum commission rates at 1.5 per cent to avoid negotiations on property deals in the region. Action has been taken against them by the national competition authorities. The group of real estate agents has been fined a sum of £370,084 by the authorities.

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