Exclusive: Staggering £130bn worth of homes left empty in London alone with record 87,731 vacant properties May 30, 2022 It has emerged that the value of vacant homes in London equates to over £130bn. London has a total of 87,731 vacant homes, making it the top city in the UK for the prevalence of empty houses. With house prices averaging £1.49m in the capital, the cost of vacant homes is approximately £130.8bn. A recent study [...]
Foxtons nabs Chestertons boss for CEO job as estate agent eyes larger London presence May 30, 2022 Foxtons has appointed Guy Gittins to head the London estate agent from this autumn. Gittins, who currently holds the title of chief executive at rival estate agent Chestertons, will take on the job of Group CEO at Foxtons on 5 September. He will be replacing Nic Budden, who has been CEO of the London-listed company [...]
No deal agreed by Capco and Shaftesbury yet as West End landlords ask for more time May 30, 2022 Shaftesbury has asked for an extension to a deadline for rival Capco to make an offer for the West End landlord. The two property titans have been in advanced discussions for an all-share merger, it was announced on 7 May. The £3.5bn merger would create a sprawling real estate empire across central London destinations including [...]
Homes sit on the market for longer as prices hit yet another record high, says Zoopla May 30, 2022 The time between listing a property and a sale is growing increasingly longer, according to property platform Zoopla, as house prices hit yet another record high. In London, the average time it takes for a three-bed house to be whisked off the market has jumped from 17 days in March to 21 days in April. [...]
Exclusive: M&G snags two major tenants in 40 Leadenhall – before it’s even built May 30, 2022 Investment firm M&G Real Estate has snagged two major tenants in the new development at 40 Leadenhall, City A.M. can reveal today – despite it still being under construction. The firm invested £875m to buy and develop the site – nicknamed Gotham City – in 2019. “It is the largest single transaction we’ve ever [...]
Govt warned cost of living crisis will lead to ‘tsunami of fraud’ as criminals prey on struggling Brits May 26, 2022 THE cost of living crisis is likely to fuel a surge in fraud and online scams, a property group warned this morning. The National Association of Property Buyers fear criminals will aim to “cash in” on vulnerable Britons looking to save or make money over coming months. The property sector will be a prime target [...]
‘Just in case’ logistics mindset boosts LondonMetric as portfolio value grows by £1bn May 26, 2022 LondonMetric’s property portfolio value has grown by £1bn over the past year, as the UK’s hot property market boosts the firm. The FTSE 250 real estate investment trust’s profit has also rocketed in the year to 31 March, increasing an eyewatering £477.2m, in comparison with the same period last year, to a total of £734.5m. [...]
Foxtons throws £10.5m at growing London property market share with two takeovers May 26, 2022 Estate agents Foxtons has thrown £10.5m at two takeovers, in a bid to snap up an even larger share of London’s property market. The London-listed group has bought IMM Properties, which trades under the name Gordon & Co in South London, as well as Stones Residential in North London. The deals are expected to improve [...]
Exclusive: It’s all here – Crossrail will be a ‘game changer’ for Canary Wharf’s evolution, says property boss May 25, 2022 The Elizabeth line will be a “game changer” for the evolution of Canary Wharf from mere financial centre to a place where people can live, shop and enjoy themselves. According to Shobi Khan – chief executive of real estate giant Canary Wharf Group – since yesterday’s opening of the Elizabeth Line, passenger numbers at the [...]
Reforms to stamp duty holiday could pin down runaway house prices, say industry chiefs May 25, 2022 A cocktail of record house prices, HM Revenue and Customs HMRC’s record stamp duty earnings and plunging property transactions have left property chiefs calling for reforms. Reworking the stamp duty, the tax put on residential properties over £125,000, could help rebalance the hot property market and runaway valuations, according to onlookers. “Stamp duty has an [...]