“If you think the market is going to fall by 10-15% you’re going to wait, why wouldn’t you?” Via ⁦George Hammond⁩ London’s prime property market still reeling from mini-Budget via Financial Times
on.ft.com/3FqfHvF

FT (£) “What has disappeared is the desire to [buy a home] overnight. It doesn’t matter if you’re spending £500,000 or £15mn, if you think the market is going to come off 10-15 per cent then you will wait.” Unless you can’t wait.
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In which Stephen Bush describes Farage as 'chirpsing onto British politics.'

At last, a winner from London's soaring rents.

Foxtons shares up as much as 15% this morning.

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The Rt Hon Michael Gove MP @MichaelGove has been appointed Secretary of State for Levelling Up, Housing and Communities, Minister for Intergovernmental Relations @LUHC.

#Reshuffle

It has been a great privilege to serve as Secretary of State Department for Levelling Up, Housing & Communities, working alongside some terrific people to #LevelUp our communities, just as it was before that as Chief Secretary HM Treasury.

BREAKING:

Boris Johnson pulls out of the Tory leadership contest

He says he hoped he, Sunak and Mordaunt could come together and unite but they have been unable to do so

FT (£) MSCI report 2.6% fall in values in Sept. “The notion of the UK as a safe haven is coming under severe pressure because of our politics….there is a sense that the ship is slightly adrift at the moment”.
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Jim, the lettuce hadn't even declared its candidacy 7 days ago

'we are concerned Dorries appears to have taken an opportunity under the protection of privilege to traduce the reputation of Channel 4'

'had Dorries remained Secretary of State, driving a policy of selling the channel, we may have sought a referral to the Privileges Committee'

🏆 Our #PropertyPressAwards finalists for
Consumer Staff Journalist of the Year...

Ann Murphy
CarolLewis
George Hammond
Martina Lees
Melissa Lawford

Congratulations to you all - we can not wait to celebrate with you on 14 November!

propertypressawards.com

🏆 Our #PropertyPressAwards finalists for
Business Journalist of the Year...

Francis Shennan
George Hammond
Hugh Graham
Peter Bill

Congratulations to you all!

propertypressawards.com/index.html

TOFU Right Back

FT (£) “….at current rates, affordability calculations suggest house prices could easily fall by about 20 per cent, a similar rate as the previous two crashes.” ft.com/content/be11c7…

'The market is semi-frozen. Investors’ costs are going up and they have to push on price. Sellers can either show you the door or show you their blood'

A cheery dispatch from the sharp end of the property fund squeeze, w/Joshua Oliver and Adrienne Klasa

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can’t believe the chancellor did all those tax cuts behind the prime minister’s back

EXCLUSIVE:

I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget

Not clear who will be replacing him

Events moving very, very quickly this morning

No 10 not commenting

thetimes.co.uk/article/politi…

“[The government] talks about ‘growth, growth, growth’, but borrowing costs are up massively. It’s madness . . . we will just have to battle through it'

Goldman warns that UK commercial property values could slide 20% in 18 months.

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