Housing-obsessed Britons have something new to fixate on: property prices may have increased more than previously thought. A new official house-price index, designed by the Office for National Statistics, shows values rose an annual average of 6.1 per cent between 2003 and 2011. That's substantially more than the Land Registry's estimate of 4.6 per cent. The updated methodology seeks to clarify the...
UK Property Market
Home prices in the United Kingdom declined last month and may fall "modestly" this year because of a weak economic recovery, Nationwide Building Society said yesterday, but the London market that is popular with Singaporean and other Asian investors stayed resilient. The average cost of a home slipped 0.1 per cent to £162,262 (S$ 321,900) in December from the previous month, the UK lender said. From a...
British house prices fell at their fastest annual pace in nearly three years last month, data from mortgage lender Nationwide showed on Wednesday, as the effects of nine months of recession spread further across the economy. Nationwide reported a 0.7 per cent decline in house prices in July. Prices are now 2.6 per cent lower than a year ago - their biggest annual fall since August 2009. Britain's economy...
The falling British pound has made London and other properties in the United Kingdom a bargain for Asian buyers, and its little wonder then that property agents are beating a path here to sell real estate. International property consultants Savills yesterday offered 52 units of one of London's most iconic apartment buildings, Strata SE1, to potential buyers here for an average of £781 ($1,580) per sq ft,...
BRITISH PROPERTY INVESTORS who managed to hang on to their assets during the worst credit crunch and economic slump in a generation are about to be dealt another blow by the country’s new government. As part of urgent efforts to address the UK’s huge budget deficit, the new Cameron-Clegg coalition administration is proposing to increase capital gains tax on all non-business assets from the current 18%,...