U.K. Asking Prices Hit Record in the Face of Raging Demand
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U.K. Asking Prices Hit Record in the Face of Raging Demand

Double-digit annual increases left the average asking price at £242,832 in May.

By Liz Lucking
Wed, Jun 2, 2021 12:09pmGrey Clock < 1 min

Good news for home sellers across the U.K. in May spelled bad news for buyers as property price gains reached double digits, according to a report Tuesday from Nationwide.

Asking prices swelled 10.9% last month compared to May 2020, the highest level recorded since August 2014. The gains pushed up the average asking price in the country to a record £242,832 (A$442,819), which is £23,930 higher than the same time last year, the bank and mortgage provider said.

The U.K.’s property market spent half of last May shuttered following the arrival of the coronavirus pandemic. In England—Scotland, Wales and Northern Ireland reopened on separate timetables—restrictions on the industry were eased in mid-May, and allowed activity to resume in accordance with government-mandated guidelines.

On a monthly basis, prices rose by 1.8% in May from April, slightly less than the 2.3% jump recorded between March and April, according to Nationwide.

“In the same way as other sectors of the economy, house prices have been driven higher by a supply squeeze as the U.K. comes out of the pandemic,” Tom Bill, head of U.K. residential research at Knight Frank, said in a statement on the report’s findings.

“Add in a stamp duty holiday and the fact pent-up demand has been building for years against the backdrop of Brexit, and the result is a burst of house price inflation,” he continued. “More supply is starting to come online, which will redress the balance. We therefore expect U.K. house price growth will slow down after the summer, declining to 5% by the end of 2021.”



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Judge Blocks Effort to Auction Graceland

Family of Elvis Presley was fighting the attempted sale, alleging fraud

By TALI ARBEL
Sun, May 26, 2024 2 min

A Tennessee judge on Wednesday blocked an allegedly fraudulent attempt to auction off Graceland, the former Memphis home of music legend Elvis Presley and a major tourist destination in the state.

Elvis’s granddaughter, actress Riley Keough , says a company that had planned a Thursday sale was fake and trying to defraud the trust that owns Graceland.

Judge JoeDae Jenkins in Chancery Court in Shelby County, Tenn., granted the injunction to stop the auction, according to a court clerk. The court had granted Keough a temporary restraining order on the sale last week.

The auction was initiated by an entity called Naussany Investments & Private Lending. It had filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley , Elvis’s only child, defaulted on a $3.8 million loan it made to her. The group said it now owns Graceland because Presley defaulted on the loan.

Presley, Keough’s mother, controlled the Graceland trust until her death in January 2023 . Keough then took over as trustee.

Lawyers for Keough said Naussany’s loan documents are forgeries, and the firm “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, Presley’s heirs or any purchaser of Graceland.

Elvis Presley Enterprises, which manages Graceland, has also said Naussany’s claims were fraudulent. “There will be no foreclosure,” said Elvis Presley Enterprises spokeswoman Alicia Dean . “Graceland will continue to operate as it has for the past 42 years.”

Keough’s lawyer declined to comment.

Naussany Investments and Kurt Naussany, named in the complaint as acting on behalf of the entity, couldn’t be reached for comment. A phone number listed in the complaint didn’t work, and emails sent to associated addresses weren’t answered. The Wall Street Journal couldn’t separately find contact information for a Kurt Naussany. A lawyer for the entity couldn’t be identified.

The Graceland complex in Memphis, which includes an exhibition center and a 450-room hotel, attracts hundreds of thousands of visitors annually.

Elvis bought the property in 1957, when he was 22 and an ascendant star. He died in 1977 at the age of 42 and is buried on the Graceland property. Graceland opened to the public in 1982.

Lisa Marie Presley’s mother, Priscilla Presley , reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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