Banks set to ramp up lending as UK economy dodges recession May 15, 2023 Banks are expected to ramp up their lending this year as the UK economy dodges the gloomiest recession predictions and the housing markets shows signs of some revival, according to a panel of top economists. Total UK bank loans are now expected to rise 1.2 per cent this year, a net increase of £29bn, upgraded [...]
Homebuilders and contractors condemn Gove’s U-turn on scrapping leasehold May 11, 2023 Homebuilders and contractors have come out against Michael Gove’s decision to U-turn on scrapping leasehold. Despite previously promising to abolish what he defined as a “feudal” system of property ownership, the plans have now been dropped by the levelling up secretary. Through leasehold, people buy the right to live in their flat, but not the [...]
Mortgages: How the BoE’s twelfth consecutive rate rise will affect homeowners May 11, 2023 Homeowners on tracker mortgages could see their annual bills increase by £5,008 a year following the Bank of England’s twelfth consecutive rate rise on Thursday, though analysts have said the latest rise will not have a substantial impact on the housing market. The monetary policy committee (MPC) voted 7-2 in favour of raising borrowing costs [...]
Olympia London owners to inject £5.4m into Shepherds Bush Market May 11, 2023 The private real estate firm behind Olympia London has submitted plans to inject £5.4m into Shepherds Bush Market and the Old Laundry Yard as it looks to create a life science incubator as well as affordable homes within the region. Yoo Capital, which has invested £2.5bn into central London over the past decade, said a [...]
Wealthy splurge £3.1bn on luxury London homes as demand recovers after pandemic May 11, 2023 London’s mega wealthy splurged £3.1bn on 161 luxury homes across the capital’s most affluent boroughs in the year to 23 March – the strongest year for London’s luxury property market since the Brexit vote. The highest number of £10 million-plus deals in London took place in Kensington, Belgravia and Mayfair, where the rich bought 73 [...]
Major legislation on renters’ rights due this week delayed again May 10, 2023 A package of reforms on renters’ rights that was due to be published this week has been delayed again, according to reports. Levelling up secretary Michael Gove previously promised that the Renters Reform Bill, which has been in the works for four years, would finally be tabled in parliament this week, but reports from both [...]
Scandal-stricken Home REIT set to appoint property giant as new investment manager May 10, 2023 Embattled social housing investor Home REIT is set to appoint property giant AEW as its new investment manager as it looks to move on from a string of scandals over the past seven months, City A.M. has learned.
London life: Why even the wealthy are paying more, as cost of renting in hot spots soars May 9, 2023 The wealthy are not immune to the capital’s strained housing market with rent in prime London locations including Chelsea and Mayfair rising 50 per cent in just two years due to a lack of supply. The average rent of premier London pads grew by 50 per cent in the 24 months to April, according to [...]
Civitas agrees to ‘undervalued’ £485m takeover following wave of criticism from press and shortseller May 9, 2023 London-listed social housing investor Civitas revealed it had struck an “undervalued” deal to sell itself to a Hong Kong property giant today as it looks to escape a barrage of criticism from short sellers and the media.
Purplebricks shares tank as estate agent warns of long road to profitability May 9, 2023 Purplebricks has warned investors that a return to profitability early next year was unlikely, as the online-only estate agency continues to mull a sale in efforts to take in some cash. Purplebricks’ share price was last trading down over 60 per cent after it revealed instruction levels in remained below last years levels, forecasted at [...]