London Mayor Calls for Mortgage Support for Homeowners

Looking to implement measures similar to those seen in the wake of the 2008 financial crash and at the outset of the Covid-19 pandemic, London mayor Sadiq Khan is calling for governmental support for lower-income homeowners, who may be at the risk of losing their homes due to escalating mortgage rates. According to a recent YouGov poll, roughly one in four (26%) of homeowners in the city expressed concern about meeting higher mortgage payments. Furthermore, Bank of England data has suggested that more than half of Londoners with fixed-term mortgages could see those mortgage deals end at the end of 2023, meaning around 400,000 homeowners could see dramatically higher mortgage payments when it is time to sign a new deal, with some estimates pegging the additional cost to around £8,000 (US$9,105) a year by late 2024. PropertyWire

Listings Rise All Over Australia—Except Adelaide

Inventory is seeing a resurgence across Australia, according to the latest PropTrack Listings Report. Nationally, total listings rose 2.4% in October on the month and were up 6.1% year over year. The same story played out across the nation’s capital cities in October, with Sydney seeing 8.9% inventory growth year over year; Melbourne logging a 3.9% month-on-month gain, Perth experiencing 4.1% on the month and 1.2% on the year; and Canberra hitting a 2.8% month gain and an astronomical 26% year-over-year gain. The one exception to this home-stock boost appears to be Adelaide, which did log a 6.2% month-over-month gain in October, but is still down 5.3% compared to this time last year. As such, Australia’s fifth most populous city saw a price gain of 0.12% in October to reach another record high.

Asia-Pacific Property Investors Are Positive on Japan, Pass on China

Institutional investors are enamored with Japan, but are giving China the cold shoulder, according to analysts and attendees at an online real estate conference by MSCI Real Assets. Interest rates remain relatively low in both Japan and China and both countries are experiencing weaker currency against the U.S. dollar, with the yen reaching a 30-year low and the yuan hitting a two-year low. Uncertainty in China’s real estate market, where prices are slumping amid a worsening residential property crisis, is giving investors pause, to the benefit of Japan. South China Morning Post

L.A. Home of Actors Barbara Stanwyck and Robert Taylor Lists for $50 Million

A home in Los Angeles’s Holmby Hills neighborhood that was built by actors Barbara Stanwyck and Robert Taylor in the 1930s, has gone on the market for $50 million. The 11,000-square-foot home comes with eight bedrooms, 10 bathrooms, full-size tennis court, a pool, two guest houses, a maze garden, a gym and a six-car garage. The property has not been on the market since 1992, when it sold for $5 million. The Real Deal


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