#RealEstate: Surrey's East Road, part of St George's Hill estate, claims the UK's most expensive street outside London, averaging £9 million. Exclusive and historical, it boasts celeb residents like John Lennon. Shift in market preferences towards turnkey properties due to rising renovation costs and supply chain issues post-Brexit. Fixer-uppers lagging on portals; opportunities exist in locations like West Sussex with 20% discounts.
#GlobalWealth: UBS & Credit Suisse's Global Wealth Report 2023 reveals a global millionaire count nearing 60 million, with 42% in North America. The US leads with nearly 23 million, followed by China, France, Japan, Germany, and the UK. Predicted surge to over 85 million millionaires by 2027 highlights changing wealth dynamics.
#HousingRevolution: Labour's housing proposal led by Rachel Reeves suggests 25-year fixed-rate mortgages to support first-time buyers. Aimed at providing stability and reducing financial strain, this proposal aligns with international practices in Canada, the US, and Japan.
#ForeignOwnershipLevy: Michael Gove advocates for a "foreign ownership levy" in the UK, aiming to deter international investors. Potential to generate £1 billion annually raises questions about revenue and aligning with the Conservative government's tax-cut narrative.
#GenerationRentRetirement: Trends show an increasing number of individuals in their mid-30s to mid-40s opting to rent, leading to a potential surge in older people in the private rental sector. Challenges include financial insecurity and potential strain on the welfare system, emphasising the need for policies promoting home ownership.
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Farnaz Fazaipour:
The prophecy bulletin by London property the home of super prime Labour's housing proposal
Outro:
led by Rachel Reeves aims to revolutionise homeownership by suggesting the introduction of 25 year fixed rate mortgages, a move designed to provide significant support for first time buyers. Reeves envisions millions of people experiencing a transformative shift in the housing market, emphasising the potential benefits of these extended fixed rate deals. In an interview with the times, Reeves highlighted that opting for longer fixed rate mortgages, would enable individuals to enter the housing market with smaller deposits and enjoy lower monthly repayment commitments. She envisions a departure from the current systems financial strain on first time buyers, particularly due to the vulnerability of the British housing market to fluctuations in interest rates. The Shadow chancellor has called upon a labour review of financial services to collaborate with the mortgage industry. Their joint objective is to identify and eliminate regulatory barriers, while fostering a broader cultural shift toward embracing these extended fixed rate mortgage options. Reeves pointed out that such long term fixed rate mortgages already common in other parts of the world, including Canada, the UK and Japan. The proposal aims to provide stability and reduce uncertainty in the housing market, particularly for those entering it for the first time. Under the Envision revolution, a 10 to 25 year mortgage term will potentially ease the financial burden on first time buyers, making them less susceptible to the current systems instability. Reeves argued that longer mortgage terms would render traditional stress tests redundant, allowing for the possibility of borrowing more while putting down a smaller deposit. Addressing concerns about taxpayer support for lenders. Reuse expressed reluctance for such a scenario, advocating instead for the industry to spearhead a transition away from the prevalent two and five year fixed mortgages. She emphasised that the shift towards longer term mortgage deals particularly for families could bring about positive change, providing individuals with greater financial security and reducing stress and instability in the housing market. Michael Gove that levelling up secretary is actively advocating for the implementation of a foreign ownership levy on residential properties in the United Kingdom. His primary objective is to discourage international investors from acquiring homes in the country. This initiative supported by key figures in Downing Street has the potential to generate up to 1 billion pounds annually. Go was reportedly urging Jeremy Hunt to incorporate this levy into the upcoming budget, emphasising its relevance and addressing what he perceived as a distortion of the property market by foreign investors. The proposal targets properties owned by individuals for whom the UK is not their principal residence estimate suggests a significant rise in the number of properties in the UK with foreign domiciled owners exceeding 180,000, a figure that has more than doubled in the past 12 years. Notably, a substantial majority of these properties are situated in London, historically considered a secure haven for wealthy individuals to invest their capital. Growth contends that the influx of foreign buyers is contributing to the escalation of property prices across the board, creating challenges for domestic buyers trying to step onto the housing ladder. With housing expected to be a central issue in the next election. Gove believes that implementing such a policy would resonate well with voters while also contributing to the Treasury's revenue. Despite the proposal gaining traction, there are reservations within the Treasury about the actual revenue the levy might generate. Additionally, concerns have been raised about the potential contradiction with the central narrative of the Conservative government as one that focuses on tax cuts. However, Gove asserts that considering significant restrictions on overseas property owners does not go against the principles of a free market. He points to other open trading economies such as Canada, which have successfully introduced restrictions or impose tax penalties on overseas property owners. One government source claims the levy adds fundamental fairness, arguing that British buyers are being squeezed out of the system. While acknowledging that revenue generation is not the primary goal. The source emphasised the necessity of holding the trend when new flats are acquired in bulk by individuals who have no intention of resigning in them. Research indicates that nearly half of all UK properties owned by overseas structures are concentrated in London. Although foreign buyers currently pay a 2% stamp duty surcharge. Property taxes in London remain considerably lower than those in comparable international cities, making the capital an attractive destination for foreign capital. As the proposal undergoes scrutiny, its potential implications on the property market and broader economic policies remain subjects of debate and consideration. The allure of fixer uppers is waning in the current property market, influenced by a surge in renovation costs, unpredictable price fluctuations, and supply chain issues post Brexit buyers are increasingly favouring turnkey properties due to the uncertainty surrounding project timescales and costs. refurbishment costs have risen by approximately 30% Compared to the previous year, and builders are unable to offer fixed prices for large projects. The change in sentiment is evidence in a two tier property market with fixer uppers languishing on portals while turnkey property has command premiums of 32% in prime central London and 9.2% and outer primaries, material costs and labour shortage since Brexit and have contributed to the challenges faced by those considering renovation projects. However, there are opportunities for daring buyers willing to take on fixer uppers. Some locations such as the Golden Triangle in West Sussex, have a discounted prices of 20% or more on properties in need of renovation. Buyers with flexible timeframes no need to rent during renovations, and a desire to live in a desirable location might find fixer uppers worth considering. While fixer uppers have become less popular, there are still instances where the potential for substantial savings exists. Some buyers have opted for properties needing work to afford homes and sought after locations. Despite the challenges of double renovation costs. Since covered, buyers can find deals on fixer uppers and create their dream homes. Taking on a fixer upper may still be a viable option, especially as material costs are stabilising and prices are forecast to rise only 3% in the coming year. The potential for long term gains and the opportunity to customise a property to personal preferences may outweigh the challenges for those willing to take the risk. Here's an overview of the world's millionaire population, based on the comprehensive Global Wealth Report 2023 from UBS and Credit Suisse. As of 2022, the global millionaire count is approaching 60 million with a significant 42% residing in North America. UBS defines millionaires as individuals with total wealth exceeding $1 million, considering both financial and non financial assets minus household debt. Breaking down the millionaire landscape, the United States leaves the chart with nearly 23 million millionaires. constituting 40% of the global millionaire population, notably in New York City stands out as the home to 340,000 millionaires. China holds the second position with 6.2 million millionaires, showcasing its rapid growth and wealthy individuals since 2012. Particularly in economic hubs like Hangzhou and Shenzhen. Following closely off France and Japan, each has 2.8 million millionaires, while Germany and the UK round out the top six, both boasting 2.6 million millionaires. Interestingly, the top 10 countries with the most millionaires aligned with the world's largest economies, except for India and Brazil. Despite being outside the top ranks, Brazil has witnessed substantial growth and its millionaire population. The wealth distribution among millionaires reveals that the majority fall within the one to$5 million range accounted for 87%. The next bracket five to$10 million, comprises 8.6%, while those with wealth exceeding $10 million make up 4.6% with 2.7 3 million individuals. Looking ahead UBS predicts a significant rise in the global millionaire count projecting over 85 million millionaires by 2027. This anticipated growth underscores the dynamic nature of wealth distribution globally. saris East Road located on the St. George's Hill estate, has claimed the title of the UK is most expensive street outside of London, with homes averaging 9 million pounds. The exclusivity of this street is such that even Google Maps cannot venture inside. The ranking is based on data from the land registry and Royal Mail covering transactions between January 2018 And September 2023. St. George's Hill dating back to 1910 is described as one of the most exclusive private residential addresses outside London with rich historical ties to celebrity residents such as Elton John, John Lennon, Jenson Button and John Terry. The estate boasts its own leisure facilities, including a lawn tennis club and a golf club, making it an affluent oasis in the heart of
Farnaz Fazaipour:
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