This Tuesday marked the celebration of International Women’s Day, and saw communities and individuals all around the world join together in solidarity for the continued fight for a gender-equal world.
Supporting women’s achievements and promoting an awareness against bias will pave the way for a more balanced future, where women and girls everywhere are given equal opportunities and the freedom to reach their potential, without fear of threat or prejudice.
Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you having to click through.
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Property News This Week
- Tenants Outside Capital Have Biggest Rent Hikes Since 2016 – The most recent data released from the Office for National Statistics (ONS) shows that private rent outside the UK capital has risen by an average of 3% from January 20 to January 21. This growth marks the fastest climbing price rise throughout any 12-month period since 2016 when comparable records were first incepted. Millions of renters have already been affected by the exponential cost of living crisis currently sweeping the UK, with prices for food and fuel growing faster than wage increases can keep up with. The significant economical burden on UK households is now being further compounded by uncontrolled rental price increases, with landlords hiking rents. The government is attempting to help protect tenants in this situation, but while house prices are still rising and the government continues to put on financial pressure, private landlords will be looking for any way to keep their business viable, with tenants taking the brunt of the market boom.
- How are Russian Sanctions Impacting London House Prices? – Market analyst Investment Monitor UK has suggested that sanctions on Moscow oligarchs may cause a drop in London property prices, with a ripple effect from this downward trend being felt across the country. Westminister has plans to seize assets, including real estate, of oligarchs linked to the Kremlin links. Part of this plan hinges on removing the secrecy surrounding many offshore property purchases in an attempt to uncover clear trails of money transactions around the world. The sanctions will affect an estimated £8bn of Russian-owned property, businesses and other assets here, including £1.1bn of London property. As another way of reducing ‘dirty money’ flow, the Home Secretary also intends to remove the golden visa scheme, which is a highly unwelcome move for many overseas investors.
- UK House Prices Rising at Fastest Rate Since 2007 – A spokesperson for Halifax has remarked that UK house prices are currently growing at the fastest pace in 15 years, with the average property reaching its highest level of annual cash appreciation seen in just under 40 years, from the first introduction of the lender’s index. This historical growth seems drastically at odds with the current economical climate, where financial constraints are hitting UK residents from nearly every aspect. The supply-demand imbalance of housing, skilled labourers and building materials are all fuelling this crisis, with undersupply being cited as the main reason for off-the-charts house price rises as buyers are forced to compete heavily for very low stock. However, most experts agree the current upward trend will not last forever as property prices threaten to push all but the most wealthy permanently out of the market.
Russian oligarchs’ multi-billion pound assets now sanctioned by UK – In a fresh round of sanctions on wealthy Russian oligarchs known to have connections with the Kremlin, Boris Johnson has described ‘enough of a link’ between them and the Putin regime to justify the freezing of billion pound’s worth of assets, from superyachts and businesses to real estate. This freeze effectively forbids the use of assets affected, and even the sale of those assets, without special permission, obtained from the Treasury and other governmental departments. One of the highest-profile cases is that of Chelsea FC owner Roman Abramovich, who is now unable to benefit from his current ownership of the club or to sell it on without a licence. He has also had millions of pounds of assets frozen, along with 5 other oligarchs known to have connections with the Russian regime and benefited from a close relationship with Vladimir Putin.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.