Birmingham is the best place for property buyers to invest in the UK, according to Seven Capital, as British lenders approved the highest number of mortgages last month since September 2007.
Average rents in Birmingham have risen by 30 per cent over the last 10 years, with price growth in five years of 14.2 per cent, according to the UK developer, which also has an office in Dubai, in its ranking of the UK property market’s best places to invest.
While the city of Birmingham, where the average property price is £202,162 ($261,638) with an average rental yield of 5.4 per cent, took the top spot, the northern city of Manchester came second and Liverpool took third position.
“With a raft of key projects upcoming and in the pipeline – notably the Midlands Metro extension, HS2 and the 2022 Commonwealth Games, the only way is up for Birmingham’s appeal, which is already being boosted as one of the top places for relocating Londoners. Its population is expected to hit 1.24 million by 2030,” Seven Capital said.
Mortgage approvals for house purchase jumped to 91,454 in September from August's reading of 85,530, according to Bank of England data on Thursday.
“This marks the fourth consecutive month of increase on the measure and the highest figure witnessed since September 2007,” said Sam Miley, economist at the Centre for Economics and Business Research.
Activity in Britain's housing market has rebounded sharply since the end of lockdown restrictions when it ground to a halt. Further ammunition was added when UK finance minister Rishi Sunak temporarily suspended Stamp Duty Land Tax on property purchase worth up to £500,000 in July.
“The extent to which the housing market is thriving is illustrated by the fact that approvals are now 24 per cent above those witnessed in February, the last pre-crisis month,” said Mr Miley.
Earlier this month, mortgage lender Halifax reported a 7.3 per cent annual rise in house prices for September, the biggest increase since 2016.
However, Mr Miley said the boom in the housing market would not alone be sufficient to sustain the economic recovery over the winter months.
“Much more likely is that broader uncertainty, from both consumers and businesses, will bring about further economic turbulence, thus heightening the risk of a further drop in output in Q4,” he said.
Headwinds to the British economy are mounting with a sharp rise in the number of coronavirus cases through September and October, and the risk of higher unemployment as government job support is scaled back steadily with the furlough scheme finishing at the end of this month.
Also making the top five on the Seven Capital list was the city of Nottingham with an average price of £214,435 and rental yield of 4.66 per cent, and Newcastle in fifth place with £198,307 and 6.5 per cent.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
