New US Home Sales Jump to Highest Level Since September
Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
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Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project.
Germany’s financial regulator BaFin is taking a closer look at the real estate used by lenders to secure covered bonds known as Pfandbriefe, a €400 billion market traditionally considered among the safest in credit.
Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.
Chinese mainland investors increased their portion of total turnover of Hong Kong stocks to a record daily average in April, with the latest measures to bolster the city’s position potentially boosting their purchases.
Nov 18, 2018
Bloomberg News
,(Bloomberg) -- U.K. asking prices fell from a year earlier for the first time since 2011, led by declines in London and among the most expensive properties.
Asking prices slipped 0.2 percent to 302,023 pounds ($387,000), according to Rightmove. Prices were 1.7 percent lower compared with October, the biggest drop for the month since 2012, the property website said on Monday.
The property market in Britain is weakening after a three-decade boom in which price growth vastly outstripped wage gains. The uncertainty around the outlook for the U.K.’s divorce from the European Union is also making buyers more cautious and prompting sellers to be less ambitious with asking prices.
“New sellers and their agents are reacting to market forces and lowering their pricing aspirations by more and sooner than usual,” said Miles Shipside, a director and housing market analyst at Rightmove. “Stretched buyer affordability and the cooling markets in the south and in upper price brackets have combined with the ongoing political uncertainty to change pricing optimism into pricing realism.”
In Greater London, asking prices fell 2.4 percent annually to 614,271 pounds. Homes located within Transport for London’s Zone 1, the center of the city, fell the most with a 6.9 percent retreat on the year to an average of 1.3 million pounds. The declines aren’t as dramatic further from the center, where average prices are lower. Values in the outer-most Zone 6 actually rose 3.1 percent from a year ago.
Rightmove’s data is compiled from 123,536 asking prices of properties put on sale by agents across the country from Oct. 7 to Nov. 10.
To contact the reporter on this story: Anurag Kotoky in London at akotoky@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint, David Goodman
©2018 Bloomberg L.P.