Mansion Global Daily: UK house prices soared before the stamp duty ended, rents from New South Wales to Australia are skyrocketing, and more.

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UK home prices rose 10.6% in August as buyers rushed to close deals before the stamp duty holiday ended

But looming mortgage rate hikes and a lack of supply could dampen future growth. Read more

BY THE NUMBERS


TREND TODAY


LIST OF THE DAY


The Central London Duplex comes with the keys to a private garden

The three bedroom unit is located on the lower floors of a large Victorian townhouse. Read more

TALK TAX


How could Canadian property taxes change under Trudeau?

The Prime Minister’s victory last month paves the way for the entry into force of a tax on non-resident owners. Read more

NEW BITES

International investment slows in Turkey as government clamps down on inflated passport prices

Foreign real estate investment in Turkey is starting to slow down due to a new government rule introduced to fight price inflation. Foreign home purchases in the country had reached record levels, due to the currency decline and the promise of citizenship, with some homes being grossed up and sold to international buyers for at least US $ 250,000, the minimum threshold to get a Turkish passport. Under the new regulations, prices for some properties have fallen by as much as 45%, prompting some potential international buyers to pull out. Reuters

UK home sales jumped in September

UK home sales jumped in September, according to the latest government data. There were 160,950 residential transactions last month, a jump of 68.4% from September 2020 and a jump of 67.5% from August 2021. Buyers have moved to take advantage of the easing of the market. stamp duty on home purchases which expired at the end of September. “On the ground, we are already seeing how far sales have advanced as activity has declined but certainly not about to stop,” said Jeremy Leaf, a London-based real estate agent. “Buyers continue to be motivated by record mortgage rates, a shortage of suitable inventory, government support programs and unexpected savings.” City AM

New South Wales rents in Australia skyrocket

Rising rents in the Australian state of New South Wales are pushing local tenants out of their communities, as they struggle to compete with incoming tenants in Sydney on city wages, according to Domain data. In parts of New South Wales, rents have jumped over 20% and in much of the state they have climbed at least twice as fast as those in Greater Sydney, where rents have increased by 5.5% during the year until September. Domain

Spending on real estate in the Balearic Islands has doubled since 2019

According to Engel & Völkers, the Spanish Balearic Islands real estate market experienced a record first half with huge sums spent on real estate and a record number of foreign buyers. International buyers were predominantly European, hailing from countries such as Germany, UK, France, the Netherlands and Sweden, and the top priorities for investors were contemporary and sustainable homes with Mediterranean details. In the Balearic Islands, 390 million euros (454.2 million US dollars) were spent on real estate in the first half of the year, compared to 190 million euros in the first half of 2019 and 212 million euros in the first half of 2020. Majorca Daily Bulletin

AROUND NEWS CORP

The Pittsburgh home by renowned architects remains virtually unchanged inside and out since its completion in 1940 [The Wall Street Journal]

Why this New Hampshire town is the hottest real estate market in the country, September 2021 [realtor.com]

Dick Cavett’s famous Montauk spread sells for $ 23.6 million, a discount of $ 38 million [New York Post]

Home sold for $ 12.2 million, doubling in value in two years [news.com.au]


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