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London house prices fall as UK homes grow in value

17 January 2019

Homes in the capital also experienced the greatest annual fall as they dove 0.7 per cent year on year in November, according to HM Land Registry figures.

The drop left the average London home priced at £472,901.

That contrasted with UK house prices, which dropped 0.1 per cent in value compared to October but rose 2.8 per cent compared to 2017, with the average property price hitting £230,630.

In England, house prices grew year on year by 2.6 per cent with the average home costing £247,430.

Property experts warned that further falls are likely after yesterday’s Brexit drama, in which parliament handed Theresa May’s...

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The clock ticks down: Fees ban will apply to all tenancies signed after June 1

16 January 2019

Fees charged to tenants are to be outlawed on all new tenancies signed after June 1.

The long-awaited announcement of a date for introduction of the ban was made by Lord Bourne of Aberystwyth, the Government’s housing spokesperson in the House of Lords, during the Tenant Fees Bill’s Third Reading yesterday.

He said: “Implementation is subject to the parliamentary timetables and amendments need to be considered in the other place [the House of Commons].

“We need to enable agents and landlords following Royal Assent to become compliant but we intend for the provisions to come into force on June 1, 2019.

“This would mean...

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'Uncertainty reigns' for UK workers in EU

15 January 2019

Despite a lack of official statistics, research suggests significant numbers of mobile young British expats working across Europe with no clarity as to their long term status.

With Brexit little more than two months away, nobody still really knows how many British expats live and work in the European Union, according to a London-based academic.

No clear statistics on how many UK citizens live in other EU countries

Dr Michaela Benson, research leader for the BrExpats project at Goldsmiths, University of London, says that the official Whitehall estimate of 784,900 UK citizens living in other EU countries (excluding Ireland) might be only about...

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EuRA Global Quality Seal

09 January 2019

On the 27th December, we passed our 6th EGQS audit. This makes us the longest continual holders of the seal in the UK.

The EuRA Global Quality Seal is the world’s first accreditation programme for relocation providers and is open to all Full, Associate and Worldwide EuRA Members.

In 1998, an association was born with the founding principle of raising the standards in the relocation industry; that association was EuRA. Over the past 20 years, EuRA has worked with its 500+ members, the HR community and the EU to develop strategies that would set the delivery of destination services by its members...

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Immigration update: Switzerland negotiate terms with the U.K. to safeguard citizens’ rights

07 January 2019

On December 19, 2018, the Federal Council of Switzerland approved an agreement with the U.K. on the rights of citizens after Brexit. This contract benefits Swiss and British nationals who have acquired rights in Switzerland or the U.K., based on the Free Movement of Persons Agreement (e.g. residence rights).

Following the withdrawal of the U.K. from the EU, the bilateral agreements between Switzerland and the EU with the U.K will cease to apply. Therefore, the Federal Council wants to ensure the existing mutual rights and obligations between Switzerland and the U.K. after leaving the EU (Mind the Gap strategy). Until the...

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UNITED KINGDOM: IMMIGRATION HEALTH SURCHARGE TO DOUBLE FROM 8 JANUARY 2019

04 January 2019

An Order of 18 December 2018 authorises the doubling of the immigration health surcharge (IHS) to £400 per annum, effective 8 January 2019.

The discounted charge, payable by Tier 4 students and those on the Youth Mobility Scheme (Tier 5), will rise from £150 to £300 per year.

Introduced in 2015, the IHS is payable by those from outside the European Economic Area coming to the UK to work, study or join family for six months or longer.

Source

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Overseas investors spent £144.3bn on London offices over two decades

03 January 2019

Foreign buyers have invested £144.3 billion in London commercial property over the past two decades and are still buying despite Brexit, new research showed on Wednesday.

Agent CBRE revealed its office property data as industry experts insisted Brexit will not have a “material impact” on future appetite to spend here.

The firm said overseas investment into central London has increased steadily since 1999 (see data below). Buyers from Germany and the US were dominant in the Noughties, followed by Middle Eastern companies between 2009 and 2013. Between 2014 and Q3 2018, international buyers spent £56.5 billion, with Asian companies featuring heavily.

There have...

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London loses out in cost of living rankings thanks to falling pound in the years after Brexit referendum

19 December 2018

London has become one of the cheapest major European cities for overseas workers since the Brexit referendum, according to global mobility research firm ECA International.

As a result, of of the weakened pound since the leave vote, London has slipped from inside the top 50 global cities to 127th place, the company said in its latest cost of living report.

The report, which compares a basket of like-for-like consumer goods such as groceries, meats and vegetables, and essential household goods, said workers coming to London from the US would find the cost of living especially cheap. This is thanks to the strength...

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US bank to switch FX trading from Moscow to London

18 December 2018

The sanctions placed on Russia in 2014 continue to reduce business causing intenational banks and financial services to move to the UK and the EU for a more business friendly environment.

Morgan Stanley is to close its equities and foreign exchange trading desks in Moscow and relocate to London.

Western banks continue to leave Moscow following sanctions on Russia

The Financial Times said that Morgan Stanley had taken the decision because a stagnant Russian economy and sanctions were continuing “to chip away at western investment banks’ business there”.

The report added, “The US bank will relocate its Russian trading businesses to London, eventually resulting...

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Ever-growing UK investment in India, report finds

12 December 2018

Britain is single largest Western investor into India as President Modi’s business reforms make it easier to do business in a country with a huge domestic market, growing middle class and skilled workforce.

An increase in investments in India has made the UK the largest single Western investor in the country, according to a report compiled by Confederation of British Industry (CBI) and Grant Thornton.

The report, ‘India’s Sterling Assets: Britain Meets India’, published on Tuesday, showed that between 2000-18, total foreign direct investment (FDI) flowing into India from all UK sources stood at an estimated $50.57 billion.

Britain is largest Western investor... Read More