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London rents now consume 40% of income.

The dynamics of London’s rental market paint a complex picture of affordability challenges and regional disparities. While the average rent in the capital remains significantly higher than in other parts of the country, it’s important to delve deeper into the factors driving these discrepancies. London’s status as a global financial hub and cultural epicenter contributes to its allure, attracting a diverse population seeking opportunities and experiences. However, this influx of residents also intensifies competition for housing, driving up prices in an already constrained market. Historically, the supply of housing in London has struggled to keep pace with demand, leading to

March 28, 2024 No Comments

New Zealand News

Rents continue at $580 a week despite the home price drop.

Despite a decrease in home prices, November saw New Zealand rents remain at record highs, as reported by Trade Me. In November, the statistics indicated that the median weekly rent throughout the country was $580. A 4% increase compared to the same month in 2021 “leaves it matching the all-time high initially recorded in April this year,” said Gavin Lloyd, sales director at Trade Me Property. But if we look at the figures more closely, there was a lot of variation throughout the nation, with most areas seeing rents increase, but Auckland and Wellington are experiencing no year-on-year gain, as

March 27, 2024 No Comments

Australia News

Australia’s housing problem is getting out of sight.

(Reuters) – CAMPBELLTOWN, Australia, December 19 Over the last 12 months, Belinda has submitted applications for over a hundred different rental properties, all of which have been declined. Campbelltown, southwest of Sydney, is now housing the 39-year-old Australian single mother of four. She has six months to find a place to live that costs less than A$500 ($340) a week, or she will be forced to sleep on the streets. “Next steps? I have no idea. I have a lot of furniture that I’m reluctant to get rid of. Neither my cat nor my dog is a member of my

March 25, 2024 No Comments

Australia News

Australia housing crisis: “We worry a wave of homelessness will strike.”

Already one of the least affordable rental markets in the world has seen rent increases, eight interest rate rises, rising expenses of living, and natural calamities compound the problem. Belinda has been turned down for rentals more than a hundred times in the last year. A temporary shelter in Campbell town, southwest of Sydney, is now home to the 39-year-old Australian single mother of four. She has six months to find a place to live that costs less than 500 Australian dollars (€310) a week, or she will be forced to sleep on the streets. After that, I have no

March 7, 2024 No Comments

Australia News

Where should you put your money in 2023?

For investors, 2022 was a turbulent year. Investors saw a decline in the value of their shares, homeowners saw their home values fall by the most significant margin in decades, and savers were disadvantaged since interest rates increased but failed to keep up with inflation. In that case, where can we expect to find promising investment prospects in the next year? To find out, we consulted the professionals. In an interview with CNBC, Mark Lister, investment director at Craigs Investment Partners, predicted that the real economy will be hit worse than the financial markets. Although the financial markets struggled in

March 7, 2024 No Comments

Australia News

How the Australian real estate market has progressed over the past year.

The housing market is among the most susceptible to changes in interest rates. Eight consecutive rate hikes in 2022 to combat rising inflation sent shockwaves across the market and are still at the heart of the decline in Australian property prices. When comparing national home prices from November 2017 to November 2018, we see a yearly decline of 3.2 percent. However, Eliza Owen, chief of research at CoreLogic, says the decline’s speed has slowed “broadly since September.” Although some might consider this good news, she warned that next year could see a resumption of the slide. CoreLogic data reveals that

March 6, 2024 No Comments

Australia News

Indicators show that Australian property prices will decline in 2023.

There is one way to gain a sense of what will happen to Australian property values in 2023, notwithstanding the impossibility of predicting the future: look over the ditch. Since the Reserve Bank of New Zealand (RBNZ) began the current interest rate increase cycle in October 2021, New Zealand has served as a leading indicator for property markets and economies across the developed world. While some central banks, such as the RBA, were slow to join the campaign to combat inflation, other central banks worldwide followed the RBNZ in rapidly increasing interest rates. Since they were high in November last

March 3, 2024 No Comments

News

Boris Johnson, Boy George, and Kate Moss relocate in 2022

Then the removal trucks and the hot tub installers showed up after a period of speculation and clandestine negotiations. This year was no different for the capital’s A-listers when buying or selling luxury real estate. Many celebrities purchased new houses in the city’s most desirable neighborhoods or sold their vast mansions. The most notable celebrity house swaps of 2022 are listed here. The Highgate home Kate Moss purchased for $11.5 million. All eyes were on the remarkably featureless room the supermodel was dialing in from as she took the (virtual) witness stand during the Moss-Depp trial. It has been said

March 2, 2024 No Comments

Investments

Is 2023 The Ideal Time to Buy A Property?

Even though the following OCR review is scheduled on February 22, Century 21 New Zealand owner Tim Kearins anticipates more excellent interest rate stability this summer. However, he cautions that this “won’t make it any simpler for many young Kiwis to acquire loans in the first place.” Kearins believes that the next six months might be an excellent time to purchase a house since the number of listings is increasing and sellers are becoming more realistic about pricing expectations. Even while getting a loan from a conventional bank in New Zealand still has its challenges, he advised not discounting the

March 1, 2024 No Comments

Australia Property

What do experts in Australia’s real estate sector anticipate will happen in 2023?

Indeed, 2022 has been a remarkable year full of unexpected developments. As recently as a year ago, the Australian property market was experiencing a nationwide boom, with remarkable increases seen most noticeably in Sydney and Queensland. Interest rates are hovering around 2% since the Reserve Bank of Australia (RBA) retained the cash rate at a record low level of 0.1% despite some mild headwinds. The RBA boosted the cash rate in May almost two years earlier than they had predicted. This routine continued for the following eight months. Price drops were seen across the board in the real estate market

March 1, 2024 No Comments