FINANCE
Local law firm’s success in Dubai
A team of lawyers from law firm Gateley, which has an office in Nottingham, has successfully advised Belgium- based Bocimar International in a dispute against Dubai-based ship-owner, Emirates Trading Agency (ETA). Bocimar is an Antwerp-
Bye-bye buy-to-let boom
The impact of Stamp Duty changes, along with the EU Referendum and devolution are causing uncertainty in the regional housing markets, according to a survey by the Royal Institution of Chartered Surveyors (RICS). House price inflation across the
UK is expected to slow over the coming months. However, the East Midlands is not expected to be impacted as heavily as as other regions. A net balance 21% of respondents
said they expected to see prices rise throughout the region. Demand for the region’s
property continues to outpace new supply coming to market, continuing to drive up prices.
The number of new buyer enquiries remained steady with a net balance of 14% more chartered surveyors reporting an increase in demand. For the second time this year,
East Midlands’ chartered surveyors reported a decline in new instructions coming on to their books. Peter Buckingham, of Market
Harborough-based estate agent Andrew Granger & Co, said: “The Stamp Duty deadline caused the market to explode, with excellent levels of instructions and sales. There is also a lot of pent up demand, so hopefully activity levels will continue. The EU Referendum might cause procrastination.”
Despite the increased rates of
Stamp Duty now, rent inflation – while expected to increase – is not predicted to rise any faster than it has in previous months. RICS Chief Economist Simon
Rubinsohn said: “As expected, the buy-to-let rush has now run its course. But there are other significant factors that are currently weakening short-term confidence in the UK property market. “Elections inevitably bring with
them periods of uncertainty and our figures would suggest that next May’s elections are no exception. “Likewise, the EU Referendum is
likely to be an influencer in terms of the damper outlook for London in particular.”
based company that specialises in dry bulk shipping. In 2007 it concluded two
charter parties, with ETA as the charterer. The initial dispute, in relation
to unpaid hire charges by ETA, had originally gone to arbitration and, in 2013, awards in the UK were made in Bocimar’s favour. Following non-payment of
the debt, Bocimar sought to enforce the awards through two Commercial Court judgments, intending to use the Dubai International Financial Centre Court (DIFC). The hearing was meant to
begin in the DIFC in January but just days before ETA conceded a Consent Order, permitting enforcement of the Commercial Court judgments.
business network May 2016 45
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