Government slammed as ‘for NIMBYs, by NIMBYs’ as planning reform watered down May 10, 2022 The government has been criticised after references to planning reform focused on “minor and trivial issues” in the Queen’s Speech. Property bosses and campaigners have urged ministers to go further with planning reforms. The Institute of Economic Affairs (IEA) accused the government of having “unconditionally surrendered to the NIMBYs.” “The fact that the references to [...]
Legal & General sells all properties under Bishopsgate Property Fund to £500m tune May 9, 2022 Legal & General’s asset management arm has sold all properties held by Bishopsgate Property Fund for just under half a billion pounds. Legal & General Investment Management Real Assets (LGIM Real Assets) revealed it had sold all sites for £474m, on behalf of the joint venture partnership with PGGM and Legal & General Capital (LGC). [...]
Rightmove chief Peter Brooks-Johnson to step down after more than 16 years May 9, 2022 Property firm Rightmove has said chief executive Peter Brooks-Johnson plans to step down after more than 16 years with the firm. Brooks-Johnson will leave the group over the next year, but will remain in the role until its full-year figures are unveiled in February 2023 and will help with finding a replacement and ensure a [...]
Lack of properties in London’s poshest postcodes sees rental prices soar May 9, 2022 The cost of renting a property located in one of London’s most prestigious postcodes has jumped 28.3 per cent over the previous year, due to a shortage of rental properties and booming demand. There are now 50 per cent fewer rental properties hitting the market than before the pandemic, new figures from LonRes show. The [...]
West End landlords Shaftesbury and Capco eye £3.5bn merger May 7, 2022 Two major London property firms are in talks about a £3.5bn merger to create an extensive real estate empire in London's West End.
Post-pandemic rental yields climbing with SE17, NW3 and E7 leading: ‘Naive to think renters would reject London’ May 7, 2022 London rental yields are still on the rise after a temporary pandemic slump, with southern areas providing particularly strong opportunities for buy-to-let landlords. While much of the nation’s property market enjoyed a boom during the pandemic, London’s market was hit by a dip in demand as people prioritised green, open space over urban living. This, [...]
Thanks, Bank of England: Households will pay £858m more in interest after yesterday’s rate rise May 6, 2022 With the Bank of England Monetary Policy Committee confirming yesterday that its base rate will rise by 0.25 per cent to 1 per cent, UK households face an immediate increase in interest payments of around £858m. Analysis of Bank of England data shows UK households are currently paying £18.3bn annually in interest payments on floating rate [...]
House prices inch higher to £286,079 as steamroll slows May 6, 2022 House prices have inched higher to an average of £286,079, another new record high – though spiralling prices are beginning to slow. The average price of a home climbed 1.1 per cent since April, but has risen 10.8 per cent year-on-year. While prices appear to have slowed in their steamroll, costs have grown for the [...]
Barratt boss hits out at government’s ‘deeply unfair’ levy to fix cladding crisis May 5, 2022 The boss of one of the UK’s largest property developers has today hit out against the government for its “deeply unfair” levy on housebuilders to solve the cladding crisis. London-listed Barratt Developments has set aside £480m to fix the cladding on buildings it built above 11 metres, however it is expecting to pay another £400m [...]
Canadian investment group bets on London for sparkly European HQ May 5, 2022 Canadian investment group CDPQ has bet on London for its European headquarters, in a decade-long vote of confidence in the capital. CDPQ, also known as Caisse de dépôt et placement du Québec, passed up on a Parisian HQ – unlike those at crypto platform Binance. The glittering lights of Carnaby and Soho have caught the [...]