Just under £1.4bn has been invested in commercial property in the City’s square mile from January to July this year which was practically the total invested in the area last year. Significant deals in the range of £250m have been completed amid a general air of confidence. Much of this purchasing activity has been carried out by UK fund managers.
Growth, in flexible working space is continuing apace and also in warehouse facilities; the latter being the conduit of distribution for the burgeoning internet market. These storage edifices are reported to be best sellers especially in the home counties including London. Space being at a premium, may well see these commercial facilities appearing adjoining residential homes.
Current currency rates ensure commercial property in London retains its appeal to investors especially to those of Asian decent.
So called due to the significant number of people seeking to terminate their relationship as we enter a new year.
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Conveyancing solicitors are looking forward to an upturn in work volumes due to the recent Budget announcement by the Chancellor that stamp duty is abolished for first-time buyers of homes up to the value of £300,000. For properties that are up to £500,000 first-time buyers will not pay stamp duty on the first £300,000 and 5% from £300,000 – £500,000.
A report entitled Domestic Abuse in London has recommended that those charged with domestic violence offences should be registered in an attempt to rein in the ever fast rise in this crime.
Between 2014 and 2016 an increase of 9380 incidents, 15%, has been recorded; in the latter year just under 72000 which is 10% of all crimes in London.
This make sense as the victims of domestic violence are usually the victims of re-offenders.
Commercial solicitors in London have reported an increase in contract instructions. Many feel that this is due to the fact that post the Brexit vote American deals with the United Kingdom have increased recently compared to last year. This upturn however is not reversible i.e. it is not reflected with transactions between the United Kingdom and America.
Prosecutions for commercial fraud are expected to rise this year due to a stronger commitment to bring proceedings under the Bribery Act 2010. It will be interesting to see how the offence of failing to prevent bribery is handled by both the prosecuting authorities such as the Serious Fraud Office and defendants alike.
The Criminal Finances Act currently forging its passage through Parliament, as a Bill, should bring some tantalising developments.