Rents in London grow at fastest rate ever of any UK region hitting record £2,257 per month July 14, 2022 London rents have grown at the fastest ever rate out of any region in the UK, according to new research today, as prices hit a new record. The cost to rent a property in the capital has jumped by 15 per cent in the past year, hitting an average of £2,257 per month. Demand [...]
First Property Group wins nearly half a million in unpaid rent from H. Samuel operator July 14, 2022 London property fund manager First Property Group has won nearly half a million in rent arrears from the operator of H. Samuel and Ernest Jones, after the jewellers withheld payment during pandemic restrictions. First Property recovered £450,000 from retail operator Signet Trading, in the first known arbitration under the Commercial Rent (Coronavirus) Act 2022. Gary [...]
Terrible Thursday for Barratt as energy prices and inflation take their toll on Britain’s biggest housebuilder July 14, 2022 Barratt Developments revealed this a.m. the company is facing a rise in build costs of up to 10 per cent as soaring energy prices and inflation take their toll. Britain’s biggest housebuilder said build cost increases have escalated to between 9 per cent and 10 per cent, up from around 6 per cent over the [...]
Property prices to smash through £300,000 mark by next month, industry expert predicts July 13, 2022 AVERAGE property prices will smash through the £300,000 mark by the end of the Summer, an expert said today. Latest data show that prices hit a record £294,845 – as rates rose at the fastest level in 18 years. Despite claims prices could be set to crash, Jonathan Rolande, from House Buy Fast, believes we [...]
Butlin’s sites snapped up for £300m as Brits turn to home turf instead of flying July 12, 2022 The sites of Blackstone-owned holiday resort chain Butlin’s have been snapped up for £300m, in a ground rent deal signalling the continued momentum behind British holiday parks. Chief market analyst at IG Group, Chris Beauchamp, told City A.M. the investment was “a sensible move given the expectation that Brits will be spending less time on [...]
No Brexit exodus: Foreign homeowners sit on £45bn worth of property in London alone July 12, 2022 It has been revealed this morning which areas of the property market are home to the highest value of homes owned by overseas homeowners, with the total market value of foreign owned homes currently standing at £90.7bn across England and Wales. Just shy of a quarter of a million homes are owned by overseas buyers, [...]
City exclusive: HSBC strikes £605m deal for iconic Cheesegrater skyscraper in the Square Mile July 12, 2022 City A.M. can exclusively reveal this afternoon that property investment giant CC Land Holdings has struck a £605m refinancing deal for one of London’s tallest buildings, the iconic ‘Cheesegrater’, in an agreement co-ordinated by HSBC. Officially named The Leadenhall Building, after its London location, the 225-metre-tall skyscraper was purchased by Hong Kong-headquartered C C Land [...]
Activist investor calls for PurpleBricks chairman to resign July 11, 2022 PurpleBricks could have a shareholder revolt on its hands, after one activist investor called for the estate agent’s chairman to resign today. The online-only agency has struggled to maintain its market share, despite the transition over to virtual spaces during the pandemic. In a letter to the company, Adam Smith’s investment vehicle Lecram Holdings said [...]
Investors strap themselves to real estate debt, pouring £590m into BNP Paribas fund July 11, 2022 Investors have poured more than €700m (£592m) into BNP Paribas’ second senior commercial real estate debt fund. The French asset management giant sailed passed its €500m (£423m) target, with investors keen to strap themselves to sturdy funds with a record of navigating financial crises, such as the pandemic. The second fund has snagged more than [...]
MJ Gleeson doubles home sales as appetite for affordable property offsets inflation July 11, 2022 Low-cost housebuilder MJ Gleeson has doubled its home sales in the past five years, leaving significant material and labour cost increases in the dust. In an upbeat trading update today, the company boasted a more than 10 per cent jump in sales to a total of 2,000 in the year to 30 June. “Notwithstanding the [...]