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from Breakingviews:

London real estate at an inflection point

By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Most real estate valuers in London think property prices in the UK capital are about to fall. That prediction has been easy to make and easier to get wrong in the last five years. This time, the evidence that global investors’ favourite housing market has peaked is looking credible.

House prices in London as a whole are still rising on a monthly and annual basis, and are 20 percent more expensive than a year ago, according to the Office for National Statistics. But there is stasis in the process upstream. The Royal Institution of Chartered Surveyors’ latest monthly survey shows a sharp dip in those wanting to buy in London, and an even sharper jump in those keen to sell.

Monthly sales volumes are off 17 percent in Greater London since December, says the Land Registry. A small majority of RICS’ members now expect values in the city to fall in sympathy.

from The Great Debate UK:

Is it safe to make cuts in the current economic climate?

BRITAIN-ELECTION/

-Ian Ellis is executive chairman of Telereal Trillium. The opinions expressed are his own. Join Reuters for a live discussion with guests as Chancellor George Osborne makes  an emergency budget statement at 12:30 p.m. British time on Tuesday, June 22, 2010.-

The government is clear that reducing the public sector budget deficit is top priority and Tuesday’s budget will give us our first real indication of how and where public spending cuts are going to occur.

MPs and the property market: an uneasy pairing

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BRITAIN-ELECTION/Would you have an MP for a tenant? Not so long ago, those two letters placed after a person’s name were seen as a mark of respectability, but the unending drama of the expenses scandal has blown all that away.

New rules, brought in after revelations last year about MPs “flipping” their main and second homes to maximise allowances, stipulate that MPs can no longer buy second homes and claim mortgage payments on expenses. If they wish to claim expenses related to a second home, they will have to be content with renting one.

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