Britain’s PM Theresa May wants to hit foreign homebuyers with a higher tax
Britain’s high-end and luxury home builders face a squeeze as Prime Minister Theresa May prepares to impose higher taxes on foreigners looking to buy properties in the UK.
Plus a possible interest hike (following USA FED 3rd rate hike )
Overseas buyers account for roughly half of all residential transactions in central London, according to Faisal Durrani, head of research at property consultants Cluttons LLP.
UK developers are already grappling with sluggish demand amid the nation’s messy divorce from Europe, a cooling property market and prospects of higher interest rates.
The capital’s stock of unsold homes under construction is at a record, and shares of home builders such as Crest Nicholson Holdings Plc and Berkeley Group Holdings Plc have slumped this year.
don't over react , stamp duty surcharge of 1% to 3% only
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'Let's fix the housing market' May pledges to charge foreign companies more stamp duty
By ALISON LITTLE PUBLISHED: 15:50, Sun, Sep 30, 2018 | UPDATED: 16:01, Sun, Sep 30, 2018
Earlier, Mrs May stressed: "Britain will always be open to people who want to live, work and build a life here.
"However it cannot be right that it is as easy for individuals who don't live in the UK, as well as foreign-based companies, to buy homes as hard working British residents."
The Government will consult on the merits of a stamp duty surcharge of between 1 and 3 per cent, expected to raise between £40million and £120million a year.
What is the business model for build-to-rent? Is EWINT going to built and sell to owners and manage, but does not own the property?
“EcoWorld London has designed its BTR business model centred around a golden brick arrangement where land and costs incurred are paid upfront, and the remaining costs funded through a progressive payment structure. It enables us to effectively leverage a relatively small amount of upfront equity to fund the entire BTR development and generate positive project cash flows earlier,” said Cheong.
On our part, we have designed our Build to Rent business model centred around a golden brick arrangement where land and costs incurred are paid upfront, and the remaining costs funded through a progressive payment structure. This is an ideal structure for us to anchor our UK growth ambitions – it enables us to effectively leverage on a relatively small amount of upfront equity to fund the entire Build to Rent development and generates positive project cash flows earlier. As a result of this our Build to Rent business can be scaled up very quickly and we will be able to work on multiple projects concurrently. Kew and Barking are great locations for renters in terms of affordability, connectivity and local amenities, and we have identified many more of such sites within EcoWorld London’s existing portfolio where we can deliver our Build to Rent projects. This will stabilise and enhance EcoWorld International’s income generating capacity going forward to include steady cashflows from institutional investors buying Build to Rent properties to complement retail sales made to local homeowners and international investors on the Open Market Sale side of the business."
BREXIT BREAKTHROUGH: Brexit deal '90 percent' done says Irish leader in HUGE boost to May
A BREXIT deal is “90 percent” completed “in terms of text” and should be finalised in the next few weeks, according to Ireland’s deputy prime minister.
By ALAHNA KINDRED PUBLISHED: 11:14, Sun, Oct 7, 2018 | UPDATED: 17:26, Sun, Oct 7, 2018
Simon Coveney said the chances of agreeing to a withdrawal treaty between Britain and the European Union were good.
He told Sky News: “I think the chances are good, because I think the consequences of not getting a withdrawal treaty agreed are very very negative indeed for the UK, also for Ireland and indeed for many countries in the EU.”
Mr Coveney added that talks are now entering an intensive phase.
LONDON: London’s house price slump left Britain values stagnating for a fifth month in September as Brexit concerns and interest rate rises discouraged buyers.
The Britain’s negotiations over leaving the EU dominated the concerns of London agents in the monthly survey from the Royal Institution of Chartered Surveyors. They said there hasn’t been much of a pickup after the traditional summer lull, with buyers more cautious and sellers forced to cut prices to secure an offer.
Nationwide, prices weakened slightly last month, the Royal Institution of Chartered Surveyors said in a report yesterday. Brokers in the capital reported the steepest slide in home values, with the southeast and East Anglia deteriorating. That was offset by increases across much of the rest of the country.
New buyer demand declined for the second successive report, with RICS’s forward-looking sales expectation indicators turning more pessimistic.
The British housing market also has lost its momentum after a three-decade boom that was fanned by a shortage of supply across the country. London, which led the explosive gains, is now bearing the brunt of concerns over the economic and political outlook ahead of Britain’s divorce from the European Union.
Allan Fuller of Allan Fuller Estate Agents said: “Market generally slow, vendors have to accept that values have dropped. The future of the market depends almost entirely on Brexit negotiations.”
Allison Steele, Regent Property also said that uncertainty over Brexit is having a massive impact combined with CGT implications.
“Main focus of concern with buyers and sellers is the stability of current government and Brexit. Plenty of mortgage deals available, as lenders chasing very few buyers,” said B. K. Bhalla of Acrewoods.”
James Cooper, Knight Frank added: “It appears to be a long summer with the quiet holiday months extending in to the autumn. The constant negative rhetoric surrounding Brexit, and now the potentialadditional SDLT for overseas buyers is further causing uncertainty.”
Another real estate specialist, James Gubbins said there are many enquires but buying is poor.
“Enquiries are on the rise but many are expressing caution in committing to purchase unless they are getting a real deal,” he said. — Bloomberg
LCI and EG delayed and delayed, now the mgmt go n tell the whole world Wardian on track to handover in 2020, WTF with the stupid EWINT management, better shut up n fxxx off !
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
CrapTree
4,356 posts
Posted by CrapTree > 2018-09-28 11:22 | Report Abuse
die liao lor..... no hope.....