Steady growth of 4.5 per cent in December but Brexit uncertainty likely to hit market. UK house prices rose faster than expected in December, but are likely to grow more slowly next year as economic uncertainty increases, Nationwide warned on Thursday.
New Bank of England affordability rules will penalise larger landlords, say experts. Landlords with four or more buy-to-let properties will see their borrowing costs climb next year as new affordability tests come into force for lenders, say property market experts.
Apple is to establish a new UK headquarters at Battersea Power Station, in a coup for the Malaysian developers of the London landmark. The US tech giant will lease 500,000 square feet of the building from 2021, moving 1,400 employees there from eight offices around the capital, reports Judith Evans in London.
Tens of thousands of London rate-paying businesses are braced for sharply bigger bills with the release of new property valuations on Friday, in a change that heralds the most significant redistribution of the business rates burden in recent years.
UK house prices edged up 0.1 per cent in September compared to the previous month, recovering from two months of falls in the wake of the Brexit vote, according to the latest monitor from mortgage lender Halifax.
Investors have been barred from cashing in their assets in two more big commercial property funds amid widespread disposals of UK assets on fears that the economic fallout from last month’s vote to leave the EU was gathering pace.
Britain’s housing market is faltering, as the spurt of activity caused by stamp duty changes fades away and is replaced by the uncertainties of Brexit.
The market distortion induced by new stamp duty rates for buy-to-let properties and second homes in the month before it was introduced has been underlined by new figures.