Growth, in flexible working space is continuing apace and also in warehouse facilities; the latter being the conduit of distribution for the burgeoning internet market. These storage edifices are reported to be best sellers especially in the home counties including London. Space being at a premium, may well see these commercial facilities appearing adjoining residential homes.
Current currency rates ensure commercial property in London retains its appeal to investors especially to those of Asian decent.
Conveyancing solicitors are looking forward to an upturn in work volumes due to the recent Budget announcement by the Chancellor that stamp duty is abolished for first-time buyers of homes up to the value of £300,000. For properties that are up to £500,000 first-time buyers will not pay stamp duty on the first £300,000 and 5% from £300,000 – £500,000.
Commercial property solicitors in London have ‘inboxed’ their employment departments to brace themselves for a substantial increase in contract work.
Purchasers have spent £1billion on retail space in central London in the first six months of this year originating particularly from Singapore and Hong Kong. The City unfortunately is not faring as well due to the Brexit vote and the uncertainty of its position with the European Union.
Conveyancing solicitors in London are anticipating a surge in clients from the Middle East due to the fall in sterling; who enjoy shopping where English is spoken. Other new instructions are expected from dollar investors and those from Commonwealth countries especially Australia, New Zealand and India who view this as a buyer’s market.
The combination of low mortgage rates and the housing shortage should keep prices up.
Conveyancing solicitors in Camden, along with those in other London boroughs, enjoyed an increase in instructions last month as nearly 71,000 mortgage approvals were recorded. The Bank of England has confirmed that the rate of mortgage lending growth is at its peak since 2008 and various sources suggest that this trend is continuing.Share This:-
Nearly 1500 car drivers who had received a driving ban after being convicted of serious motoring offences were found still driving last year in London. The figure comprises 23% of the national total meaning that more people were caught in the capital than in any other part of the United Kingdom. Almost 500 were apprehended in Manchester which came in, in second place.
With a significant number of people being injured in hit-and-run accidents these figures are a cause for concern.
Conveyancing solicitors in London are reporting a gradual increase in new instructions due to the slowest pace in annual growth of house prices in two years. This should delay further any rise is interest rates currently being contemplated by the Bank of England.
There was less than a 0.5% rise in residential property prices this month with the annual growth rate just below 3.5% , the lowest since mid 2013. It would appear price growth is becoming proportionate to earnings.
However house building has faltered and needs to be stepped up dramatically if this market upturn is to be sustained over the long term.Share This:-
Suburban house prices are still increasing dramatically as buyers seek homes that match their budgets. This contrasts currently with prices in central London which have levelled off mainly due to the increase in stamp duty rates on houses that are sold for more than £1,000,000.Share This:-