Thursday 10th October

UK Economic News

The wobbly recovery takes a double hit from flat figures as disappointing trade and manufacturing figures are revealed. British factory output has its biggest monthly fall for a year in August sending industrial production down 1.1 per cent say ONS stats. Although the figures raise doubts on the strength of the recovery, the Bank of England quarterly credit conditions poll indicates that banks increased their lending to businesses in the three months to September.

Property News

Manchester has been rated the most “vibrant” city centre outstripping London according to research from Experian, showing a surge of young professionals and students moving to the former industrial cities of the north and Midlands. Districts of London, including Kensington, Chelsea and Richmond still account for six of the top 10 but there are signs than cheaper regional cities are gaining ground.

Help to Buy still creating headlines with Paul Smith from Haart the UK’s largest independent estate saying that the interest is so great that he predicts lenders will need to put a cap on the amount they lend under the scheme.

RBS’s ‘bad bank’ is to offload 1,300 homes ranging in price from £4m to £40,000 in an attempt to sell off its £3.2bn distressed property portfolio. Held in a subsidiary called West Register  around 80 per cent of the properties are worth less than the UK average home price of £242,415 according to analysis from Zoopla. The portfolio includes vast quantities of land and commercial property assets including top London office blocks, 100 hotels and pubs, a Norfolk pig farm and care homes.

 

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