Sellers not taking offers The proportion of UK properties on the market for sale with a reduced asking price has dropped to its lowest level in four years, according to Zoopla. Its latest research reveals that of all properties now available for sale, only 27% have had their asking price reduced from their original level, down from 31% three months ago and 40% in 2011. The size of the average price reduction has also fallen slightly over the last three months with sellers now offering average discounts of 6.25% off the original asking price (£20,782), down from 6.45% (£21,451) in November. The Times, Page: 37 The Independent (Web) Daily Mail (Web) The Scotsman, Page: 12 Arrears down New figures from the Bank of England and the Financial Conduct Authority reveal that the number of households facing mortgage arrears has fallen to a six-year low in the final three months of last year. The total number of homes behind on repayments was at 264,862 in the quarter, down by 5.3% on a year before. The data also showed there were 29,208 new arrears cases, a six year low and 3% fewer than a year before. The number of repossessions also fell by 21% to 6,137. The Banks figures also showed the gross mortgage amounts advanced were at their highest level since 2008. The Daily Telegraph (Web) Interest rates to rise Interest rates will rise six-fold by 2017 as Britains economy becomes one of the fastest growing in the developed world, Mark Carney the Governor of the Bank of England said yesterday. The increase to more normal levels is likely to put many borrowers into financial difficulty. Brokers are expecting a rush of borrowers wanting to fix their mortgages. Separately, Mr Carney admitted he has no direct control over soaring house prices in prime central London. He told MPs that the Bank did not have the “tools” to dampen the market in the capital’s affluent central boroughs, which was driven by cash buyers, many of them from abroad. The Daily Telegraph, Page: 1 Evening Standard, Page: 2, 4 Estate agent regulation shifts to Wales Powys County Council is to take over the regulation of estate agents from the Office of Fair Trading (OFT) from April 1. The UK government will pay Powys £170,000 a year for three years for providing the National Trading Standards Estate Agency Team, with the local authority creating three new jobs. Trading standards officers around the UK will still investigate suspected breaches of the Estate Agents Act but some breaches will be referred to the Powys team. BBC News Mayor wants Londoners to have first choice London mayor Boris Johnson has called on major property developers to sell new homes to Londoners first, as he admitted many local buyers felt a “sense of rage” they were marketed overseas first. Mr Johnson, speaking to the MIPIM property conference in Cannes, said that Londoners had a “growing sense of frustration” over soaring house prices which were partly due to the extra pressure on the domestic housing market. The Times, Page: 39 Evening Standard, Page: 2 Warning over Scottish land reform New land reform legislation is threatening to have a devastating impact on Scottish estates, according to CKD Galbraith. The property consultant has warned of deep concern over right-to-buy proposals aimed at promoting community ownership. The firm said it is not in Scotlands interests - and especially those communities in fragile rural economies - to create an impression for political purposes where people willing to invest are somehow considered undesirable. The Herald, Page: 11, 14 Property Alert service The FT looks at the latest in UK property law including a new fraud protection service, the Land Registrys Property Alert service. Separately, the paper gives advice on how to deal with noisy neighbours and also on rights concerning laying utility services on right of way land. Financial Times: FIRMS Foxtons profits on London’s rising house prices Foxtons has reported a 57% rise in pre-tax profit in the 2013 calendar year to £38.9m. The firm has opened 20 new branches in London since the beginning of 2010, and now plans to add ten outlets each year, aiming to capitalise further on the capital’s rising house prices. The firm announced a special dividend of 3.74p, alongside a final dividend of 1.7p. Michael Brown, chief executive of Foxtons, said: We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year. Financial Times, Page: 16 The Times, Page: 40 The Daily Telegraph, Business, Page: 6 The Independent, Page: 54 Independent I, Page: 40 The Guardian, Page: 25 Daily Mail, Page: 65 Daily Express, Page: 62 The Sun, Page: 42 Evening Standard, Page: 38 Yorkshire Post, Page: 16 The Herald, Page: 24 Barratt appoint chairman Barratt Developments has appointed Dixons Retail chairman John Allan to fill the same role at the housebuilder. Mr Allan will join Barratts board on August 1, and succeed Bob Lawson as chairman on November 12. The Daily Telegraph, Business, Page: 5 RENTAL Evictions after tenant complaints More than 210,000 people were served eviction notices after they reported a problem to private landlords last year, according to a new survey. Four in 10 tenants polled said they had mould, a quarter have lived with a leaking roof or windows, and a sixth have had electrical hazards, the YouGov survey for Shelter found. Shelter wants to restrict landlords who use a Section 21 notice to evict renters without giving a reason. Daily Mirror, Page: 2 The Sun, Page: 2 TAX Call for stamp duty change Menzies has called on the Chancellor to scrap stamp duty on homes sold for less than £500,000 in next Wednesdays Budget. It has also asked for an end to the bizarre cliff-threshold way in which stamp duty rates apply.” Philip Alfandary of Menzies said: All it does is attract aggressive tax planning schemes. Independent i, Page: 42 COMMERCIAL PROPERTY Caltongate scheme criticised The Scottish literary establishment, backed by architects including Dr James Simpson, vice-president of the International Council on Monuments and Sites UK, have attacked the £150m Caltongate project development in Edinburgh. They have called the project, which received planning permission earlier this year, a massive stale, sterile modernist confection of concrete. The Independent (Web) The Scotsman, Page: 3 INTERNATIONAL Emirates Reit set to float The FT reports that the sharia-compliant Emirates Reit hopes to launch Dubais first IPO in five years. It aims to raise at least $136m. The Reit, which is part-owned by Dubai government-related companies and private investors, will use the proceeds to fund more acquisitions as it builds it $323m portfolio of commercial, retail and educational properties in Dubai. Separately, the FT reports on the property market in Dubai, and comments that Expo 2020 is expected to boost the emirates recovery, however prices are booming and there have been calls for moves to prevent a property price bubble. Financial Times, Page: 28 Financial Times (Web) Frustration for Indian developers The FT reports on the frustrations faced by property developers in India. One developer says that there is political patronage everywhere with a political system that is designed to extract. It is noted that the situation may improve if the more business friendly BJP wins a decisive majority at the polls in May. Financial Times, Page: 18 Chamonix in the spotlight The Telegraph reports on the property market in Chamonix in France and says that with low mortgage rates in France and the single currency showing no signs of strengthening, the appeal of purchasing with a French euro loan is strong. The Daily Telegraph (Web) INFRASTRUCTURE £63m spent on HS2 blighted homes The government has spent £63m buying 106 homes blighted by the HS2 high speed rail link. More than 500 homeowners have applied to have their property bought under the governments exceptional hardship scheme, despite the future of the £50bn north-south rail link still being uncertain. Of these claims, 340 have been rejected, but 106 homes have been purchased at an average price of just under £600,000. Estate agents suggest that prices of homes within 500 metres of the route have fallen an average 6.9% in the past 12 months. Financial Times, Page: 4 Rail links could ease Londons housing crisis Rail chief Sir David Higgins will next week say in a report that High Speed rail could ease the housing crisis in London. Better rail links with the Midlands and the North would boost regional economies and reduce pressure on people to live and work in the capital, the report will say. Evening Standard, Page: 2 ECONOMY OECD: UK growth fastest in G7 The latest forecast from the Organisation of Economic Co–operation and Development (OECD) has revealed that Britain will have the fastest rate of economic growth of any G7 major nation by the middle of the year, with an annualised growth rate forecast at 3.3%. Separate data indicates the UKs gross domestic product growing by up to 0.8% in the three months ending February, according to the National Institute of Economic and Social Research, while figures from the Office for National Statistics show industrial output slowed to 0.1% in January, from the previous month and production was below expectations of 0.2% and down from a 0.5% growth rate recorded in the previous month. Howard Archer, chief UK economist at IHS Global Insight, said: “The key takeaway is that the manufacturing sector looks alive and well early on in 2014 with output was healthy in January.” The Daily Telegraph, Business, Page: 1
Posted on: Wed, 12 Mar 2014 06:53:25 +0000