London's property market has turned the corner after a downturn sparked by the UK's mini-budget last year, with sales transactions rising in March, according to real estate company Foxtons.
Property transactions rose for the first time in March after falling for five consecutive months since the mini budget in September, the latest data shows.
Total transactions for March stood at 5,060, up 11 per cent compared to the market low recorded in February.
London recorded 8,311 property deals in September. This fell to 7,713 in October, 7,619 in November, 6,509 in December, 4,941 in January and 4,531 in February.
Harrow recorded the highest transaction volumes in March, up 43.4 per cent compared with the previous month, the latest data shows. It was followed by Kensington and Chelsea and Redbridge.
The UK economy was thrown into turmoil by former chancellor Kwasi Kwarteng's mini budget in September last year, which included the country’s biggest tax cuts in 50 years.
The move led to a run on the pound, pushing the currency to its lowest point against the US dollar in history, while the cost of government borrowing soared.
“There’s no doubt that the government’s mini budget caused an almost immediate decline in property market health and this impact reverberated across the entire country,” said Foxtons chief executive Guy Gittins.
“This was no different across the London market, where months of otherwise steady momentum in stock levels and buyer activity were slowed by the uncertainty and market nervousness the mini-budget brought.”
The data also shows that the average London house price had been climbing steadily in the run-up to the mini budget, increasing by 1 per cent between July and September 2022. However, in the months that followed, it fell by 4.2 per cent to a low of £520,961 ($632,505) in March of this year.
The biggest declines were seen across the boroughs of Kensington and Chelsea, down 11.2 per cent, while Brent and Islington recorded 8.7 per cent and 6.9 per cent decline in prices, respectively.
The analysis by Foxtons shows that the drop in prices was also driven by a reduction in available stock and buyer appetite.
In September last year, there were about 100,000 homes listed for sale across the London market. This fell to a low of 86,291 homes by January 2023 and at 89,279 by March.
Buyer interest also declined during the period, hitting property sales.
"The good news is that we certainly seem to have turned a corner and across the capital, stock levels have returned to pre-mini budget norms," Mr Gittins said.
Sellers are also returning to the market, with the number of homes listed for sale hitting 101,457 in September this year, marking a full return to pre-mini budget market conditions, with every borough seeing an increase in stock for sale versus the previous low seen in March of this year.
"The market is largely expected to finish on a positive note by the end of the year and this growing market sentiment should only be strengthened by the Bank of England’s decision to freeze interest rates in September," he said.
Last month, the Bank of England left interest rates unchanged at 5.25 per cent, bringing to an end a cycle of 14 straight increases in the cost of borrowing.
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
UAE currency: the story behind the money in your pockets
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
Company%C2%A0profile
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Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Price: From Dh650,000
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The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Top 10 most polluted cities
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AWARDS
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The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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