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Commercial investment in Northern Ireland

Osbourne King have reported that with over £90 million worth of transacted sales during the last three months, the market is poised to capitalise on the return of some institutional investors into Northern Ireland.

SKB auction this friday

23 lots to be auctioned on Friday 29th October at the Danubius Hotel, St John's Wood, London.  The catalogue comprises residential, commercial, investment property.  Auction commences at midday.

Auction House launches in Manchester

Auction House last week launched a Manchester auction at the Mercure Manchester Norton Grange Hotel.

Ryder & Dutton will operate across Greater Manchester, North Derbyshire and West Yorkshire under the Auction House brand.

Ryder & Dutton director Geoff Maybank said: “Since taking on the Auction House licence we have been overwhelmed by the level of interest.

“We cover a large area in the North West and we’re now discovering a whole range of properties within that patch that are absolutely right for auction.”

October results

Allsop raised £73m from 155 lots at its autumn auction last week. One hundred and eleven lots sold, representing a success rate of 71.5%.

Savills sold 19 lots out of 31 at its autumn commercial auction, a success rate of 62%.

 

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Key points of the Comprehensive Spending Review

Deep cuts to many government departments and up to half a million public sector jobs in jeopardy. Chancellor George Osborne stressed that "we are all in this together" as he unveiled the government's Comprehensive Spending Review.

So what was annnounced? Here are the key points.

Land Registry Privatisation

Union Chiefs have threatened strike action if the government attempts to privatise the Land Registry, a public sector organisation that employs hundreds of people. The Land Registry is responsible for recording land titles and keeping an inventory of UK property deals. Ministers have indicated that they want to carry out a feasibility study to see whether it could be privatised, but unions say previous studies have already shown privatisation is not viable, and warn that if ministers try to pursue a sell-off they "won't hesitate" to ballot members for strike action.

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House prices fall for third month

House prices fell for the third month in a row during September as properties flooded on to the market, research indicates.

The balance of surveyors reporting a rise in new instructions nearly doubled during the month to 22%, according to the Royal Institution of Chartered Surveyors (RICS).

The group attributed the jump to homeowners testing the water ahead of the Government's spending cut announcement, or trying to sell their property before a further deterioration in the economy.

New FSA Call Recording Regulations for all Mortgage Markets

In June 2010 the FSA announced a requirement for compulsory telephone call recording which will affect all organisations working within mortgage markets. The new legislation has been introduced to improve mortgage arrears handling and must be implemented by all mortgage practitioners by December 2011. The legislation stipulates compulsory recording of all telephone calls made to clients in respect of arrears handling, and all call recordings must be kept for a minimum of three years.

King Sturge 85% SOLD

Despite current market uncertainties and apparent difficulties in raising mortgage finance, King Sturge is delighted to report that 85% of the lots they offered in their 6th October auction, have now sold at an average of 10.71% over the reserve.

All the sale results have are now showing on their website.

They are now accepting entries for their 1st December auction.
 

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Energy Price Rise

The cost of "rewiring" Britain's energy network could add an average £6 a year to consumers' dual fuel bills over the next decade, the industry regulator has said.

Ofgem said £32 billion worth of investment in pipes and wires was required across the country, twice that seen in the last 20 years, to secure supplies to households and to move to a low-carbon economy.

The watchdog said a hike in bills would support a revamping of Britain's "ageing networks", which were mostly built in the 1950s and 1960s.

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