Rat and Mouse
Fri
01
Jul

You might be feeling nervous, but don’t try to use the result of the referendum to run from a property deal or try to renegotiate terms if you’ve already exchanged contracts, warns City AM

However, the date of the referendum had been known for many months and an attempt to cite the result as an unforeseen or extraordinary event freeing the parties from their contractual obligations will fail. Essentially, if a purchaser, having exchanged contracts, chooses to withdraw, the deposit will be forfeited and the purchaser could be liable for other costs and expenses, including the shortfall if the property sells for less on a later sale, and may even be the subject of an injunction for specific performance.

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Thu
30
Jun

United Overseas Bank Ltd has halted all loans for London property purchases, following the referendum result. 

“As the aftermath of the U.K. referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments,” a UOB spokesperson said in an e-mail.

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Wed
29
Jun

There’s a new house price report from Hometrack, but it relates to May, so - despite the impression given in some newspapers - doesn’t strictly represent post-referendum sentiment. (If you want to see it, though, it’s here.) More interesting is the sense of stasis cause by the result. Here, research by Plentific/Opinium shows percentages of homeowners in the cities less likely to hold onto a property rather than sell it in the next three years. The figure for London is 18%. On the other side of the transaction, a story - here - about super-landlord Fergus Wilson, who was planning a major sell-off of properties, but now finds transactions in limbo as foreign buyers reconsider their investments. Nobody buying, nobody selling. You’d think the market would be concerned for agents and builders. And you’d be right. With Foxtons shares down almost 40% since the results and trading temporarily suspended in all the major building groups. 

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Tue
28
Jun

Or “second master suite”, which is apparently a code for the room where you go when your partner’s playing the tuba through their nose, according to The Buying Solution’s Nick Mead. According to this, larders are making comeback, too. As well as dog showers.

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Mon
27
Jun

A damp and derelict, pebble-dashed, lime-green, single garage. £360,000. But it’s in gated and sought-after Foulden Terrace, and planning permission is likely. More here

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As a result, the challenging conditions we referred to in our April 2016 trading update, which have impacted recent property sales volumes, are now likely to continue for at least the remainder of the year. We therefore expect full year 2016 Group revenues and Adjusted EBITDA¹ to be significantly lower than prior year.

[via Property Industry Eye]

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Fri
24
Jun

The bubble’s burst. That’s the view of analysts and agents following the morning’s news, that the UK can’t even get along well enough with its geographically and culturally closest allies to do collective business. Housebuilders’ shares are tumbling, 20% down already, and transactions are expected to halt while anybody with money to spend wonders exactly what’s in store for their jobs, investment, security. Quoted in the FT, JLL’s head of residential research expects annual falls between 3% and 5% in 2017 and 2018 "based on the best case scenario of a relatively orderly adjustment to our new political realities”. Presumably he said that before Cameron’s speech this morning, in which the rudder fell off the ship. Read more here.

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Thu
23
Jun

Property leaders among 1,280 business signatories backing Remain [Independent]
Five effects of a Leave vote on London property [Homes & Property]
Middle Eastern investors fear referendum results [CNN]
Foreign investors holding onto their money in run-up to result [Wall Street Journal]
London’s largest builder predicts 15% hike in construction costs in case of Leave [Business Insider]

The Rat and Mouse - it really is about your house 

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Wed
22
Jun

In March, the final month before the surcharges were implemented, there were 171, 220 sales. In April? 74,590. And - new figures - in May? 84,300. Poor sales figures in April and May can - to a degree - be balanced by the March rush-to-buy, but continuing low levels will point to lasting damage to the market.

[via Estate Agent Today]

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Tue
21
Jun

£12.4 billion, according to new research by property investment vehicle Property Partner. They’ve used DCLG data to identify almost 21,000 empty homes in the capital, with Newham leading the way at 1,318 properties. More here

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Mon
20
Jun

Miles Shipside names referendum uncertainty as one reason why asking prices in the capital have been hit in the last month, dropping 0.2% (or almost £1,000 for the average London property) compared to a national rise of 0.8%. But it’s only one factor slowing a market that has been running way beyond any conventional measure of affordability. More here.

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Fri
17
Jun

20160617drabdarkbrown

Dip in new rental listings as market slows following March rush [Property Industry Eye]
London Reimagined… Rightmove’s map of how things could be [Estate Agent Today] 
Landlords support name and shame [24dash]
The world’s ugliest colour? [Curbed] 

The Rat and Mouse - London’s property blog

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Thu
16
Jun

… of 4% according to the latest LSL Property Services tracker, with just 1% of UK tenants in serious arrears. Eviction orders were down 3%. Rent arrears are most directly inked to the health of the job market. More here.

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They’ve cut supply in response to a 20% fall in reservations, and fear things could get much worse in the case of a vote to leave, with a shortage of workers hitting supply costs and financial upheaval damaging demand. More here.

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Wed
15
Jun

20160615sitcom

Some fun, via Curbed.

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This replaces previous indices published by the Land Registry and ONS, includes the entire UK (including Northern Ireland) and deals with cash sales data as well as mortgages. Interestingly, it opens with a caution that the index is still being treated as “experimental” and so isn’t officially a “UK national statistic”. What does it say? UK average house prices rose 8.2% April-to-April, with London leading the way at 14.5%, and the City of London local authority topping every region at 27.3%. Get your own copy here.

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