THESE are confusing times for anyone wondering whether now is a good time to buy property in London. For one thing, there often seems little consistency around selling prices, with analysts noting how the market values of similar properties in the same areas can sometimes appear ‘random’ – with some rising, some falling and others staying flat.
According to Kate Faulkner, founder of the website PropertyChecklists: “There are as many different markets in one city (or area) as there are across the country.”
In many former property hotspots, prices are now stalling – while the number of transactions has fallen. The once booming buy-to-let market has been hit by tax hikes and an increase in regulations. With Brexit looming and climbing interest rates, the uncertain state of the economy is making many owner-occupiers believe that now is a high-risk time to buy or sell.
The uncertainty hovering over the market ratcheted up significantly this autumn after the governor of the Bank of England, Mark Carney, issued a stark warning that house prices could fall by 35 per cent over three years if Britain crashed out of Europe without a deal.
However, despite the uncertainty, many property experts believe the current market to be full of opportunity. Indeed, some believe that the uncertainty itself is the engine of the opportunities, throwing up conditions in which savvy purchasers can find a bargain. Across the country, the number of housing transactions has remained stable since 2014 at around 1.2 million a year. In London, however, transactions have fallen by a fifth during the same period and the slowdown has been especially noticeable in central or “prime” areas.
To a certain extent, the London slowdown has happened because a game of cat and mouse is being played out. Buyers are waiting longer and longer for sellers to drop asking prices, while many sellers are digging in their heels and refusing to budge.
This is evidenced by the fact that asking prices in prime areas of the capital are now around 10 per cent higher than selling prices, compared to a differential of less than three per cent in Birmingham and Manchester.
According to Richard Donnell, of property market analyst Hometrack, the message is gradually getting through to sellers that there are fewer purchasers around, which means buyers should be in a position to make higher demands.
Speaking at a recent Financial Times property conference, Donnell said: “In London we’re on a journey of price discovery. Buying a home is about finding the people who are serious about selling, who are happy to take that haircut on price to get on with their life. It takes a couple of years for sellers to take that on.”
Ed Mead, founder of property services company Viewber, believes both sides of a transaction can win. “I think it’s the best time there’s ever been to buy in London,” he said. “Most people sell because they want to buy something bigger. Say you’ve got a £1m house that’s now worth £850,000.
“You’re trying to buy your dream house, which might have cost you £3m three years ago, and you can probably buy it now for £2.25m. Who’s winning there?” Henry Pryor, an independent buying agent, said: “Uncertainty is bringing with it opportunity because people don’t know how their sale is going to go, or how far their budget will stretch. As a result, (some) people are jumping the wrong way. Sometimes people are selling for less than they might have been able to get and in other cases other people are sitting tight.”
For London buyers, the message from the ground seems clear: If you find a property you like but it seems too expensive, stick to your guns and hold out – as the vendor might come around to your way of thinking in time.
Elephant & Castle:
For anyone feeling that prime central London is still overpriced, it’s definitely worth considering some south of the river alternatives. One such area that has been completely transformed over the last few years is often-overlooked Elephant and Castle.
Once run-down, scruffy, crime-ridden and a traffic nightmare, this Zone 1 hub, situated just south of Waterloo, is developing a new image. Its regeneration has seen some swish new apartments going up, while plans are now in the pipeline to completely transform the old run-down shopping mall.
These factors, along with its bustling street food markets and close proximity to Tower Bridge, Borough, the City and West End (a 10-minute hop on the tube) make it an attractive proposition to those wanting a central location with a slightly lower price tag and an edgy vibe.
Consider the maths: you can expect to pay up to £600,000 per square foot for a luxury apartment in Mayfair or Hyde Park. In other words, unless you’re a multi-millionaire, or even billionaire, forget it. But a short hop across the river, a similar property at the Elephant would cost around £1,200 – hardly a pauper’s price, but as the market currently stands, probably better value for money.
As a long-term investment therefore, the Elephant bodes well. Given its geography, could it, in coming years, compete with the West End, the City and the rest of prime central London?
Given the quality of some of its newbuilds, the answer is probably yes. At Two Fifty One, a stunning 41-storey development in Southwark Bridge Road, luxury apartments with spectacular views and some of the capital’s hippest neighbourhoods nearby are attracting well-heeled buyers looking for the ultimate London experience.
Prices of one-bedroom apartments begin at £685,000, rising to £1,865,000 for the most spacious two-bedroom Select Ten 34th floor apartments overlooking iconic landmarks such as the Houses of Parliament, the London Eye, the Post Office Tower and Battersea Power Station.
These boast open-plan living-dining rooms, together with large enclosed winter gardens which are the perfect space for relaxing. Communal areas for residents within the block include a state-of-the-art gym, a cinema, and meeting and workspace areas.
Local cool and happening places include Mercato Metropolitano, an open plan urban market where you can enjoy food from around the world and on-site brewed craft beer, hear live music, and even be shown how to create miniature landscapes. For culture vultures, the acclaimed Southwark Playhouse is across the road from the market, while the South Bank complex is within walking distance.
Walworth:
Brave purchasers who are prepared to take an informed punt on the capital’s emerging new frontiers can reap good returns despite the fact that the overall market has stalled.
The key to a winning purchase is to focus on areas where the seeds of regeneration are being sown. Urban renewal and new housing developments are frequently sparked by new transport connections or new commercial or cultural ventures.
South of the river, the launch of the Tate Modern gallery had a dramatic effect on the surrounding Bankside area. And across the whole of south London, the long-needed major upgrade to the Overground completely re-energised the housing market. Such factors should be noted by anyone looking to buy “undervalued” property in the capital.
One rapidly improving and relatively affordable area to consider is Walworth, fewer than than two miles south of Charing Cross. It’s a Zone 2 area on the border of London’s main employment hubs of the West End, City and Canary Wharf.
For the past few decades, the area has had a decidedly unkept feel and a downat-heel reputation, partly based on its surfeit of post-war council estates.
This is a shame because Walworth, whose major streets are Old Kent Road, New Kent Road and Walworth Road, contains many hidden gems such as the bustling East Street Market and stunning St Peter’s Church, a Victorian masterpiece designed by Sir John Soane. And venture further off its main thoroughfares and you will find period gems like Sutherland Square and some splendid terraces of period houses.
There is no doubt Walworth’s star is in the ascendant. The neighbourhood is being spruced up. One new apartment block is The Levers in Walworth Road developed by housing charity Peabody. Prices start from around £440,000 and shared ownership is available.
Another new development, Walworth’s Manor Place Depot site, acquired by Notting Hill Genesis in November 2013, will include 270 residential homes with a mix of market, intermediate and affordable homes. Of these, 166 will be for private sale, 60 for shared ownership and 44 for social rent.
Alongside the new homes, there are plans to develop a commercial space within under-utilised existing buildings and the railway arches that cut through the site.
Kennington:
A new transport hub is about the biggest spur there is to home building. One ongoing transport project creating property waves is the Northern line extension from Kennington to Battersea, due to open in 2020.
The two-mile extension will run from Kennington to Battersea, terminating at the redeveloped Battersea Power Station. Two new underground stations will be built at Battersea Power Station and Nine Elms and serve a new embassy district including, among others, the United States embassy and the Dutch embassy.
Anticipating huge demand, developers have been constructing a sparkling new residential neighbourhood along the length of the extension. Between Vauxhall and Nine Elms, Barratt is creating 647 flats at Nine Elms Point, with prices beginning at £620,000.
Located just a mile from the Houses of Parliament, Kennington has long been home to a significant number of MPs as an affordable alternative to Westminster. The neighbourhood’s fine Victorian terraces and elegant Georgian squares have presented architectural barriers to large scale modern developments, but estate agents believe that the transformation of surrounding areas along with the new tube link could drive up property values.
Kennington is close to the Thames and roughly equidistant between two bridges, Vauxhall and Lambeth. Given the huge demand for riverside apartments, developers have not been slow to capitalise and one of the latest such developments, by Taylor Wimpey, is Palace View which has sprung up on the site of a former unsightly office block by Lambeth Bridge with apartments priced from £880,000.
Camberwell:
With south-east London’s Brixton and Peckham now regarded as among London’s hippest areas, it should come as no surprise that Camberwell, sandwiched between the two, is now seen by developers as a hot property frontier.
Where nightlife goes, development generally follows, and Camberwell is now being boosted by substantial regeneration. Its central hub Camberwell Green has been smartened up with new developments such as Camberwell Fields and Camberwell on the Green breaking local price records.
Artisan businesses, bicycle cafes and gastropubs have all been springing up in the area, which, it must be admitted, has traditionally enjoyed something of a mixed reputation due to its close proximity to some tough council estates.
According to the website Rightmove, you can expect to pay around £440,000 for an apartment in Camberwell. This may be beyond the budget of many firsttime buyers, but there are alternative ways of getting onto the housing ladder.
Housing association Peabody is offering shared ownership schemes specifically aimed at young professional first-time buyers looking to purchase a property in a well-connected, prime Zone 2 location.
One of its newest developments, The Elmington, offers shared ownership of one-bedroom apartments from £114,750 for a 30 per cent share. Purchasers need to have a combined household income of between £42,710 and £47,290 and put down a minimum deposit of £17,438. The cost of a 30 per cent share of a two-bedroom flat is £143,250, and purchasers’ combined income must be around £54,000.
Three-bedroom flats at The Elmington begin at £164,250 for a 30 per cent share. Exceptionally for shared ownership schemes in the capital, there are even three-bedroom townhouses available. These start at £200,250 for a 30 per cent share and are aimed at couples with children who have been priced off the housing ladder.
The Elmington is close to some high performing schools and within a fiveminute cycle of the nightlife of both Brixton and Peckham. Denmark Hill is the closest station, within a 15-minute walk.
Camberwell is also served by an exceptionally large number of bus routes, making it possible to get to Waterloo, Victoria or Blackfriars within 20 minutes. Camberwell’s SE5 postcode includes a particularly wide array of housing.
Within this postcode, roughly bounded by Burgess Park and Denmark Hill on its north and south fringes, you will find modern apartments, former council flats now owned by leaseholders, Victorian artisan cottages, large period conversions and some striking Georgian houses.
Given Camberwell’s proximity to central London, there is little available for under around £350,000. However, if you search carefully there are lower-priced properties available, particularly among the former council flat category, while two-bedroom flats above shops can go for under £400,000.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, is expected to meet US President Donald Trump and the Emir of Qatar in Doha on Wednesday, according to sources familiar with the matter.
The meeting is seen as part of Reliance’s continued efforts to engage with influential global leaders. Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), has previously invested in multiple Reliance ventures, while Ambani also maintains key partnerships with major US tech companies such as Google and Meta.
Ambani is likely to attend a formal state dinner hosted at Lusail Palace in Trump’s honour, sources said. However, no official business or investment discussions are expected to take place during the dinner.
A second source confirmed that a London-based, Indian-origin business figure with strong ties to both the Trump and Qatari leaderships will also attend the event. The individual has not been publicly identified.
Ambani’s detailed itinerary in Doha remains undisclosed, and Reliance Industries has not commented on the reports.
The visit comes shortly after Qatari Emir Sheikh Tamim bin Hamad Al-Thani’s trip to India in February, during which Qatar announced plans to invest $10 billion in various Indian sectors.
Following his visit to Qatar, Trump is expected to travel to the United Arab Emirates on Thursday. According to reports, his UAE trip will focus primarily on investment discussions, rather than regional security matters.
Ambani, Asia’s richest individual, continues to expand Reliance’s global presence through high-profile engagements and strategic partnerships, reinforcing the company’s global ambitions.
INDIA’s cabinet has approved a new semiconductor plant by HCL Group and Taiwan’s Foxconn, information minister Ashwini Vaishnaw said on Wednesday. The joint venture project is worth approximately £326.3 million.
The plant will be set up near the upcoming Jewar airport in Uttar Pradesh and is designed to have a capacity of 20,000 wafers per month. It will be able to produce 36 million display driver chips, Vaishnaw said at a cabinet briefing in New Delhi.
He said the plant is the sixth to be approved under the India Semiconductor Mission and that commercial production is expected to begin in 2027.
Prime minister Narendra Modi has made chip manufacturing a key part of India’s strategy to increase its role in global electronics production. India currently does not have an operational chipmaking facility.
Earlier in the month, Reuters reported that the Adani Group paused its discussions with Israel’s Tower Semiconductor for a proposed chip project worth around £75.2 billion, following an internal review over concerns related to commercial demand.
The Maharashtra state government had earlier announced approval for the Adani-Tower project in September. That project was expected to produce 80,000 wafers per month and create 5,000 jobs.
In 2023, Foxconn’s planned joint venture with Vedanta, valued at about £14.7 billion, was cancelled. The government had raised concerns over rising project costs and delays in approving incentives.
Other semiconductor projects are still progressing. These include a chip manufacturing and testing plant by the Tata Group worth about £8.3 billion, and a chip packaging facility by US-based Micron valued at approximately £2 billion.
(With inputs from Reuters)
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The job reductions will take place over the next two years
Luxury fashion brand Burberry has announced plans to cut around 1,700 jobs globally—equivalent to nearly one-fifth of its workforce—as part of a major cost-saving initiative aimed at improving profitability and streamlining operations.
The job reductions will take place over the next two years, with the majority of the affected roles based in offices around the world. Burberry’s UK headquarters is expected to see the greatest impact due to its larger number of employees. Some retail staff will also be affected, with changes to shift patterns being introduced to better align staffing levels with periods of peak consumer demand.
As part of the restructuring, Burberry will also eliminate the night shift at its Castleford factory in West Yorkshire, which specialises in manufacturing the brand’s iconic trench coats. The move is expected to result in the loss of around 150 jobs—roughly 25 per cent of the workforce at that facility. Trench coats produced at the site typically retail for between £1,000 and £10,000.
Chief executive Joshua Schulman said the decision followed a long-standing issue of overcapacity at the Castleford site. “For a long time we have had overcapacity at that facility, and that is simply not sustainable,” he said. However, Schulman insisted that the changes were being made to preserve the company’s UK manufacturing base.
“I want to be very clear that we are making this change to safeguard our UK manufacturing, and in fact we will be making a significant investment to renovate this factory in the second half,” he added. “Our intention is that we make our British heritage raincoats in the UK for many generations to come.”
The Castleford factory makes Burberry’s trench coatsGetty
Burberry, which employed approximately 9,170 people globally last year, said the workforce reduction represents around 18.5 per cent of its total employees. The cuts come in the wake of the company’s £40 million cost-cutting programme announced in November, following a slump that led to a full-year pre-tax loss.
On Wednesday, Burberry announced its intention to generate an additional £60 million in savings by the end of the 2027 financial year, bringing the overall target to £100 million. A portion of these savings will come from reducing “people-related costs,” especially in the UK, where teams including design and creative staff are based.
The company’s financial performance has been adversely affected by a decline in global demand for luxury goods, particularly in Asia. In addition, concerns have grown over the impact of higher tariffs in the United States, one of Burberry’s key markets.
For the financial year ending 29 March, Burberry reported a pre-tax loss of £66 million, a sharp contrast to the £383 million profit it posted the previous year. Comparable retail sales dropped by 12 per cent year-on-year, with a 16 per cent decline in Asia significantly contributing to the overall downturn.
Despite the losses, Burberry noted that trading improved in the second half of the financial year compared to the first, a sign the company believes indicates its long-term strategy is beginning to take effect.
Burberry’s outerwear segment—featuring staple products such as trench coats and scarves—continued to perform better than other categories, including leather goods and accessories. The brand has pledged to ramp up its marketing efforts to support core product lines. Recent campaigns have included well-known actors such as Olivia Colman and Barry Keoghan in a bid to reinvigorate consumer interest.
Burberry has unveiled plans to axe nearly a fifth of its global workforceGetty
Investor sentiment appeared to rally following the announcement of the cost-saving plans. Shares in Burberry rose nearly 10 per cent on Wednesday, with investors optimistic that the restructuring will help the company return to profitability.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the brand was facing tough conditions in the mid-range luxury segment. “Burberry is dealing with difficult conditions in the mid-market luxury sector. It doesn’t have the same pull of its ultra-luxe rivals, and aspirational shoppers are more cautious without the deep pockets of wealth to keep them insulated,” she said.
Streeter also noted that although some of the more severe US tariffs have been eased, a broader recovery in China’s consumer confidence—a key market for luxury brands—will take time. “Consumer confidence in China, which has been the powerhouse for luxury brands, will take time to be restored, which could also slow down Burberry’s progress,” she added.
With its workforce restructuring, targeted marketing, and strategic investment in UK manufacturing, Burberry is hoping to stabilise its operations and better position itself amid a challenging global economic landscape.
THE International Monetary Fund (IMF) has transferred the second payment of $1.023 billion (about £804 million) to Pakistan under its Extended Fund Facility programme, Pakistan's central bank announced on Wednesday (14).
This payment coincides with the start of virtual discussions between the IMF and Pakistani officials about the country's upcoming budget on June 2. The IMF delegation postponed their visit to Islamabad due to regional security concerns but is now expected to arrive this weekend if conditions permit.
The talks, which began virtually on Wednesday, will continue until Friday (16). The IMF has appointed Iva Petrova, a Bulgarian economist with a PhD from Michigan State University, as the new Mission Chief to Pakistan. She will work alongside outgoing chief Nathan Porter during this transition period.
The IMF board approved the funds last week after expressing satisfaction with Pakistan's economic reform progress. The package includes an additional arrangement for the $1.4bn (about £1.1bn) Resilience and Sustainability Facility.
"Pakistan's policy efforts under the Extended Fund Facility have already delivered significant progress in stabilising the economy and rebuilding confidence, despite a challenging global environment," the IMF noted in its assessment.
The IMF highlighted Pakistan's strong fiscal performance, with a primary surplus of two per cent of gross domestic product achieved in the first half of the 2025 financial year. This keeps the country on track to meet its target of 2.1 per cent by the end of the financial year.
Pakistan's foreign reserves stood at $10.3bn (£8.1bn) at the end of April, up from $9.4bn (£7.4bn) in August 2024.
These reserves are projected to reach $13.9bn (£10.9bn) by the end of June 2025 and continue growing over the medium term.
For the upcoming budget, the IMF has asked Pakistan to maintain tight fiscal policy, targeting a primary budget surplus of 1.6 per cent of GDP. This will require generating approximately £5.6bn beyond non-interest expenses.
The tax target for Pakistan's Federal Board of Revenue is proposed at 11 per cent of GDP, or £40.5bn. The overall budget deficit target is projected at 5.1 per cent of GDP or £19bn.
(PTI)
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The Blue Light Card scheme currently has over four million members in the UK
Asda has confirmed it will end its partnership with the Blue Light Card scheme later this month, bringing an end to a five-year discount initiative for emergency workers, NHS staff, social care employees, and members of the armed forces.
The supermarket, which joined the scheme during the Covid-19 pandemic to support frontline workers, is currently the only major UK grocery retailer participating in the programme. The partnership will officially conclude on 27 May 2025.
According to a statement published on Asda’s website, Blue Light Card members will no longer be able to link their membership to their Asda Rewards account from 11am on 13 May 2025. For those who had already linked their cards, the discounts will remain valid until 11.59pm on 27 May 2025.
“Asda’s partnership with Blue Light Card is coming to an end on 27 May 2025,” the retailer stated. “From 13 May 2025 11am, Blue Light Card members will no longer be able to link their Blue Light Card Membership to their Asda Rewards Account. Any accounts linked before this date will continue to receive the exclusive member offer as detailed in the terms and conditions until 27 May 2025 11.59pm, at which point the offer will be removed.”
The discount scheme had offered reduced prices on a range of grocery items including fresh meat, cooked meat, fresh fish, fruit and vegetables, dairy products, bakery items, and fresh fruit juices and smoothies.
In a statement to The Independent, an Asda spokesperson said: “We launched our partnership with Blue Light Card during the pandemic to provide additional support for emergency workers and would like to thank them for the opportunity to work with them during the last five years.
“Our focus now is on providing all our customers with outstanding value every time they visit our stores or shop with us online.”
It is understood that the supermarket contacted affected customers on Tuesday to inform them of the decision. Those who had previously linked their Blue Light Card to their Asda Rewards account were notified of the scheme’s upcoming conclusion.
The Blue Light Card scheme currently has over four million members in the UK. It offers access to around 13,000 discounts across a variety of sectors, including travel, retail, and hospitality.