This week: Property millionaires, doubling rents and Bitcoin volatility
This week it has emerged that there are more people with property assets worth in excess of £1m than ever before as house prices continue their ascent, while Generation Rent are forking out double the amount they were 10 years ago. The mortgage market is a hot topic at the moment amid speculation over interest rates, and Bitcoin and cryptocurrency continues to hit the headlines due to its daily fluctuations. Meanwhile, Birmingham is set to receive huge investment as the countdown to the 2022 Commonwealth Games begins.
1. Jump in property millionaires in UK highlights north-south divide
There are now more than 768,000 “property millionaires” in the UK, with the vast majority of them concentrated in London and the south-east…
2. Rents have doubled in the past 10 years as housing market focus shifts
Last year UK tenants stumped up over £50bn in rent, which is more than double the total amount paid 10 years ago, while homeowner mortgage payments have fallen.
3. Could the latest proptech lending platforms reshape the property market?
A new form of ‘private Help to Buy’ could be on the cards to help first-time buyers gather their deposits using innovative technology-based platforms, as proptech advancements continue to transform the sector.
4. Overseas registered companies own £33.9bn of London property
It has emerged that of the 97,000 properties in England and Wales held by firms registered abroad, almost half of these are located in London.
5. Bitcoin or property: Where should you be investing your money?
With news of some investors becoming Bitcoin millionaires and even billionaires, economists are warning that the volatile cryptocurrency amounts to little more than “fool’s gold”. For long-term, secure investments, property is still the market of choice for many…
6. Focus on fixed rate products drives down availability of tracker mortgages
According to the Moneyfacts UK Mortgage Trends Treasury Report, tracker rate products have fallen to their lowest number since September 2009. In July 2017, 296 products were available to borrowers; today that number is only 268.
7. How Birmingham will be transformed for the Commonwealth Games in 2022
Birmingham has been chosen as the host city for the 2022 Commonwealth Games, with plans already underway for a vast new development bringing 3,000 new homes to the area after the event.
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