Middle class stampede for equity release as Brits use their property as ATM by withdrawing billions via later life mortgages June 14, 2022 UK homeowners have already released equity to the tune of £1.4bn so far this year, with this figure estimated to hit almost £5.6bn by the end of the year. In fact, during the first three months of this year, over 12,500 homeowners opted to utilise the pent up value accumulated within their property via later [...]
36,000 new millionaires created off back of property boom despite cost of living pinch June 14, 2022 While many Brits continue to struggle with the cost of living crisis, there were 36,000 new millionaires in the UK over the last 12 months. A boom in property helped the High Net Worth Individual (HNWI) population of the UK grow by 6.3 per cent in 2021, as wealth increased by almost 7.5 per cent [...]
Property site OnTheMarket revenue leaps a third, but advertisers dwindle June 14, 2022 Revenue has leapt a third at property website OnTheMarket over the past year, topping £30.4m as the UK’s real estate sector swells in value. Property prices have hit new records every month this year, as the pandemic-era race and stamp duty holiday fuelled a frenzy in the market, which has bled into 2022. The market [...]
Grenfell Tower to host memorial service for fifth anniversary tomorrow June 13, 2022 Five years on from the Grenfell Tower fire, a memorial service will be hosted tomorrow at the base of the tower, followed by a silent walk in the evening. 72 people, including 18 children, lost their lives on 14 June 2017, in one of the UK’s worst disasters in modern times. The government has pledged [...]
Gove admits Treasury doesn’t know how it will fund Right to Buy scheme June 13, 2022 The government does not know how it will fund its newly announced Right to Buy scheme, housing secretary Michael Gove has admitted. Gove today said the Treasury has “agreed that it will be funded”, but that the government is not in “a position yet to say entirely how” that will happen and that ministers now [...]
Weston Homes sets aside £50m to make London flats more eco friendly June 13, 2022 One of the UK’s largest housebuilders, Weston Homes, has set aside £50m to make all its houses in London and the South East more eco-friendly – in a bid to take advantage of “green premiums”. This will involve the fitting of heat pumps, solar panels and electric vehicle charging points, in and around 7,500 homes, [...]
Housebuilder Countryside Partnerships hunts for buyers after rejecting £1.5bn bid June 13, 2022 UK housebuilder Countryside Partnerships is on the hunt for buyers, according to a regulatory filing this morning, just weeks after it rejected a $1.9bn (£1.5bn) proposal from US firm Inclusive Capital. “A meaningful number of shareholders believe that the Company would be in a better position to capitalise on the opportunities ahead as a privately-owned [...]
Sirius Real Estate more than doubles rent roll in £380m UK push June 13, 2022 Industrial park and flexible workspace provider Sirius Real Estate has more than doubled its rent roll over the past year, as it continues to push into the UK’s hot property market. Rental income has surged over 73 per cent to €167m in the year to 31 March, up from €96.5m a year prior. Sirius put [...]
650k retail jobs lost in the past five years amid fears of unfair high street tax bills ahead June 13, 2022 Some 650,000 retail jobs have been lost in the past five years, as the high street comes under threat once more with consumer spending dropping amid historic inflation. The Centre for Retail Research has found that some 645,204 retail jobs have been lost and 72,580 stores closed across the UK since 2017. High street heavyweights [...]
Morrisons mulls sale of warehouses and fisheries in £600m deal June 12, 2022 Morrisons’ private equity owner is scouting for a buyer for its estate of warehouses, fisheries and food manufacturing hubs in a sale worth more than £600m. The New York private equity titan is mulling a sale-and-leaseback transaction in an endeavour to power returns from its £7bn takeover of the British grocer, according to a report [...]