The price of central London’s most expensive homes fell again in October, while those in the rest of the United Kingdom rose, new reports said on Monday.
In the latest sign that the capital’s high-end property market is cooling since Britons voted to leave the European Union, Knight Frank said prices fell by an annual 2.3 per cent last month in London’s most desirable postcodes, the biggest drop in seven years.
A decline of 1.8 per cent in August and 2.1 per cent in September had been the biggest falls since October 2009, when prices fell 3.2 per cent as Britain began recovering from the effects of the financial crisis.
Prime central London stretches from Kensington and Notting Hill in the west to the City of London in the east. The biggest drop was recorded in Chelsea, where prices fell 9.9 per cent.
“Uncertainty generated by the decision to leave the EU has made vendors more realistic on asking prices,” aid Knight Frank’s head of London residential research Tom Bill.
Stamp duty – paid on purchases of new homes – was increased from April on second homes and buy-to-let purchases, particularly hitting central London where many buyers are foreign investors.
The timing, which brought forward many purchases and resulted in a slump afterwards, makes it difficult to disentangle the effect from the uncertainty created by the run-up to the June 23 referendum and the decision to leave the EU.
The upmarket estate agents Savills said in September that prices in London’s prime locations will fall by 9 per cent this year and not grow again until 2019.
There are also signs that foreign investors are bargaining down prices and using the fall in the value of the pound, which has declined by around 15 per cent against the euro and the dollar since the referendum, as a way to snap up London property with large discounts.
“While sales have been weaker, a combination of lower asking prices and a weaker pound has begun to push demand indicators higher,” said Bill.
Across the whole of the United Kingdom, however, home prices rose for a second month in October, helped in part by an ongoing lack of supply of properties for sale.
The mortgage lender Halifax said values rose 1.4 per cent compared with a month earlier as the stock of homes available remained around a record low. From a year earlier, values in the three months to October were 5.2 per cent higher. That is far below a peak of 10 per cent annual growth in March this year, but still “robust”, the Halifax said.
The monthly increase lifted average values to £217,411 (Dh992,313).
The housing market has been stronger than many expected following the vote to quit the European Union. After the first interest-rate cut in seven years in August, mortgage approvals rose in September after slipping for most of this year, according to the Bank of England. The central bank said activity is being buoyed by positive consumer sentiment alongside record-low borrowing costs.
“Very low mortgage rates and a shortage of properties available for sale should help support price levels,” said Martin Ellis, an economist at the Halifax.
The lender also said that activity levels “have softened compared with a year ago”, although sales have stabilised after distortions earlier in the year due a tax change.
* Agencies
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COMPANY%20PROFILE%20
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About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Four%20scenarios%20for%20Ukraine%20war
%3Cp%3E1.%20Protracted%20but%20less%20intense%20war%20(60%25%20likelihood)%3C%2Fp%3E%0A%3Cp%3E2.%20Negotiated%20end%20to%20the%20conflict%20(30%25)%3C%2Fp%3E%0A%3Cp%3E3.%20Russia%20seizes%20more%20territory%20(20%25)%3C%2Fp%3E%0A%3Cp%3E4.%20Ukraine%20pushes%20Russia%20back%20(10%25)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EForecast%20by%20Economist%20Intelligence%20Unit%3C%2Fem%3E%3C%2Fp%3E%0A
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Top%2010%20most%20competitive%20economies
%3Cp%3E1.%20Singapore%0D%3Cbr%3E2.%20Switzerland%0D%3Cbr%3E3.%20Denmark%0D%3Cbr%3E4.%20Ireland%0D%3Cbr%3E5.%20Hong%20Kong%0D%3Cbr%3E6.%20Sweden%0D%3Cbr%3E7.%20UAE%0D%3Cbr%3E8.%20Taiwan%0D%3Cbr%3E9.%20Netherlands%0D%3Cbr%3E10.%20Norway%0D%3Cbr%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Fixtures
Sunday, December 8, Sharjah Cricket Stadium – UAE v USA
Monday, December 9, Sharjah Cricket Stadium – USA v Scotland
Wednesday, December 11, Sharjah Cricket Stadium – UAE v Scotland
Thursday, December 12, ICC Academy, Dubai – UAE v USA
Saturday, December 14, ICC Academy, Dubai – USA v Scotland
Sunday, December 15, ICC Academy, Dubai – UAE v Scotland
Note: All matches start at 10am, admission is free
Confirmed%20bouts%20(more%20to%20be%20added)
%3Cp%3ECory%20Sandhagen%20v%20Umar%20Nurmagomedov%0D%3Cbr%3ENick%20Diaz%20v%20Vicente%20Luque%0D%3Cbr%3EMichael%20Chiesa%20v%20Tony%20Ferguson%0D%3Cbr%3EDeiveson%20Figueiredo%20v%20Marlon%20Vera%0D%3Cbr%3EMackenzie%20Dern%20v%20Loopy%20Godinez%0D%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3ETickets%20for%20the%20August%203%20Fight%20Night%2C%20held%20in%20partnership%20with%20the%20Department%20of%20Culture%20and%20Tourism%20Abu%20Dhabi%2C%20went%20on%20sale%20earlier%20this%20month%2C%20through%20www.etihadarena.ae%20and%20www.ticketmaster.ae.%0D%3Cbr%3E%3C%2Fp%3E%0A
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
SPECS%3A%20Polestar%203
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Results
%3Cp%3E%3Cstrong%3EStage%202%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Soudal%E2%80%93Quick-Step%20-%2018%E2%80%9911%E2%80%9D%3Cbr%3E2.%20EF%20Education%20%E2%80%93%20EasyPost%20-%201%22%3Cbr%3E3.%20Ineos%20Grenadiers%20-%203%22%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenadiers%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%E2%80%93Quick-Step%20-%20ST%3Cbr%3E3.%20Nikias%20Arndt%20(GER)%20Bahrain%20Victorious%20-%203%22%3C%2Fp%3E%0A
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
MATCH INFO
Maratha Arabians 107-8 (10 ovs)
Lyth 21, Lynn 20, McClenaghan 20 no
Qalandars 60-4 (10 ovs)
Malan 32 no, McClenaghan 2-9
Maratha Arabians win by 47 runs
Abu Dhabi racecard
5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m
Company%20Profile
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
SPECS
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.4-litre%20twin-turbo%20V8%20with%2048V%20mild%20hybrid%20system%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E544hp%20at%205%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%20at%201%2C800-5%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh700%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Elate%20November%3C%2Fp%3E%0A
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
EA%20Sports%20FC%2024
%3Cp%3EDeveloper%3A%20EA%20Vancouver%2C%20EA%20Romania%3Cbr%3EPublisher%3A%20EA%20Sports%3Cbr%3EConsoles%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A