Here’s a quick overview of what is happening in the market:
- London’s share of the nation’s £5 trillion property wealth has increased to £1.35 trillion or 27% in the past decade according to Knight Frank.
- Homes in London valued at under £2m increased by around 1% in August and are up by 8.7% over the year to date.
- Homes in the £5 million to £10 million and the £10 million plus price brackets increased in value by 0% and 0.2% month on month and are up by 2.6% and 1.6% respectively so far in 2013.
- London was the destination for almost 50 percent of Middle East investment in European commercial property in the first half as political stability and growth prospects attracted buyers – CBRE
- Banks and building societies advanced home loans worth £16.6 billion in July, up 29 per cent on last year and the biggest rise for seven years – this increase is almost solely driven by the Help-To-Buy scheme – an economically idiotic but politically astute policy (in the short term anyway). One of the main reasons the western world is in such disarray.
- The 40,000 buy-to-let mortgages advanced in the three months to the end of June marked an increase of just under a fifth from the first three months of the year, according to figures from the Council of Mortgage Lenders (CML). This was worth £5.1 billion.
- The owners of Foxtons are planning to float the company on the stock market for c. £500m.
So all in all everything appears to be looking good.
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