The UK lost a net 10,800 millionaires in 2024, the second highest exodus of any country behind China, and it accounts for a 157% increase in the number of millionaires leaving compared to 2023. Most prominent among those choosing to leave are Charlie Mullins, founder of Pimlico Plumbers; Richard Gnodde, senior banker at Goldman Sachs;…
Responding to the ongoing events happening on the global financial scene, many mortgage lenders have slashed a number of buy-to-let mortgage schemes. A consequence of this is a rejuvenated sense of competition among mortgage lenders, each motivated to capitalise on this unique window of opportunity to attract more customers. This direction will benefit many within…
According to the National Residential Landlords Association, 41% of the landlords surveyed are planning on reducing their rental portfolios over the next year. By comparison, only 5% of the landlords surveyed intend on expanding their rental portfolios during the same period. Mounting financial pressures are causing some landlords to contemplate whether to remain in the…
In a historic move that has caused shockwaves throughout the global financial scene – with FTSE 100 falling by 9.88% in a single week, the steepest decline in over five years – President Trump recently announced sweeping import tariffs on nearly all its trading partners. The UK is included on the list of countries now…
In light of the recent decision taken by Brent Council to apply stricter rules against ‘rogue landlords’, the landlord community is concerned about the growing costs required to invest in the property market, let alone maintain current property portfolios. Such concerns have been further magnified as Kamma has recently revealed that over £327 million has…
The whole planning approval process has recently come under scrutiny. The latest report conducted by the Home Builders Federation has highlighted the bureaucratic inefficiencies that have persistently slowed down property construction. Considering demand continues to rise across the UK, these inefficiencies are causing significant disruption in securing the development of well-needed properties. Time is now…
A persistent issue in the property market is the generally slow transaction process. According to the Homeowners Alliance, almost a third of adults surveyed believed that the transaction process should be faster. What is further alarming is the reported 300,000 annual fall throughs in property transactions, which cost sellers around £400 million. As a result,…
Buyer activity is currently surging in light of the 1 April deadline, after which point stamp duty thresholds will be lowered from £425,000 to £300,000 for first-time buyers and £250,000 to £125,000 for second-time buyers. Such activity underlines the trepidation customers and industry experts have towards the post-April property market – a period that property…
In what was widely welcomed as a sign of improving economic circumstances, the Bank of England cut interest rates from 4.75% to 4.5% earlier this month, the lowest it has been in over 18 months. Industry experts have noticed a trend in the mortgage market, namely the increased desirability of mortgage schemes available to a…
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