first direct has committed to extending the mortgage term or switching the rate for customers affected by coronavirus. Similarly, the bank is offering customers with unsecured debt ‘breathing space’, as well as giving them early access to fixed rate savings accounts without closure charges. Anna MacFarlane, commercial director at first direct, said: “We know some […]
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The RICS UK Residential Market Survey found that demand, sales and instructions all rose in February – before the threat of coronavirus likely put the brakes on activity. Some 22% more contributors saw an increase in sales compared to a fall in February, with activity rising in every region barring Scotland. Some 20% more contributors […]
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The Chancellor and Bank of England Governor met with representatives from the banking industry yesterday to discuss helping SMEs affected by coronavirus. The government is offering a Coronavirus Business Interruption Loan Scheme, which provides lenders with a guarantee of 80% on each loan, extending statutory sick pay, business rates relief, and small business grant funding. […]
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The government will introduce a 2% stamp duty surcharge for non-UK buyers from April 2021, the Chancellor confirmed in yesterday’s Budget. While a number of property professionals are disappointed with this change, it’s expected to fuel stronger activity before it comes into force in April next year. Fraser Slater, chief executive of real estate consultant […]
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Guy Gittins, managing director of Chestertons This was no normal Budget. The backdrop of a seemingly unavoidable health pandemic, combined with Brexit and a need to end 12 years of austerity was a complicated setting in which to stage a financial statement. We have seen a healthy resurgence in buyer interest, especially in Prime Central […]
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The government will provide £400m for Mayoral Combined Authorities and local areas to build housing on brownfield land across the country. The Chancellor is expected to follow up that announcement with planning reform measures today. Randeesh Sandhu, chief executive of Urban Exposure, said: “We’re really pleased there’s been a focus on innovating the planning process […]
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Yesterday’s Budget has been praised for focusing on regions of the UK outside London and the South East. The Chancellor of the Exchequer, Rishi Sunak, said there will be £640bn of public investment to help Britain’s infrastructure and public services. James Thornton, chief executive of Mayfair Capital, said: “Regional cities that see improved transport and digital […]
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The Bank of England has made an emergency base rate cut of 0.50% to deal with the economic shock caused by the coronavirus outbreak. This brings the interest rate from 0.75% to 0.25%. The Bank’s Monetary Policy Committee was due to meet on March 26, but met yesterday at a special meeting to unanimously make […]
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The government made multiple housing pledges in the Budget today. There will be £1.1bn allocated from the housing infrastructure fund to build almost 70,000 homes in high-demand areas. The Affordable Homes Programme, which was introduced in 2016 and was due to end next year, is being given a £12.2bn extension and will run until 2025. […]
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The Westbury Hotel owner Cola Holdings has instructed Savills to seek offers for its freehold luxury investment portfolio in Mayfair. The 225-bedroom hotel, the Burberry store on Bond Street and Washington House is a self-contained building occupied by the private members Conduit Club. Anthony Selwyn, co-head global retail at Savills, said: “It is extremely rare […]
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