Hong Kong’s Covid-19 battle has ‘brain drained’ economy as house prices are forecast to fall March 30, 2022 While some restrictions are due to be eased next month, Hong Kong’s battle with Covid-19 will fuel a shrinking economy and plunging house prices, according to Goldman Sachs economists. House prices are forecast to fall around 20 per cent over the next four years, falling five per cent every year, while mortgage rates are expected [...]
GPE snaps up London’s Fashion Retail Academy building for over £36m March 30, 2022 GPE, formerly known as Great Portland Estates, has snapped up the government and Philip Green-backed Fashion Retail Academy building for £36.5m. While the property development and investment firm has bought the building, in the heart of Fitzrovia, it will remain home to the fashion school until it relocates to a larger building. The building, a [...]
Average mortgage hits £235k as cost of living crunch threatens home ownership plans for many March 29, 2022 The total value of mortgages lent rocketed last month as buyers face more affordability roadblocks to home ownership. Some 70,933 mortgages were given the green light in February, compared to 73,841 in January, according to the Bank of England’s monthly money and credit figures. However, the total value lent rose (from £16.6bn to £16.7bn), meaning [...]
Government readies to name and shame rogue landlords on social media March 29, 2022 The government is preparing to name and shame landlords on social media for breaching housing regulations. Under draft legislation published on Tuesday, social housing landlords who do not offer adequate homes will be made examples of on the gov.uk website and its social media channels. Dodgy landlords will be identified if they fail to meet [...]
Bellway forecasts average selling price will top £305k in hiked guidance March 29, 2022 Property developer Bellway has said it expects its average selling price to be more than £305,000, up on previous guidance. In half-year results, revenue rose 3.5 per cent to £1,780m, up slightly on 2021’s figure of £1,720m. The housing developer said the forward visibility provided by the order book meant that the average selling price [...]
Prices in prestigious London areas could dip as Russians rush to sell homes March 28, 2022 Real estate experts have said the impact of sanctions on Russians could lead to a saturated market in some of London’s priciest neighbourhoods. “While the sanctions against Russia only impact a relatively small pocket of the market, the prime market is one that very much operates on quality over quantity,” according to director of Benham [...]
Car dealership Lookers sells Battersea site for £28m March 28, 2022 Car dealership chain Lookers has sold a freehold dealership property in Battersea, south London for £28m. The 95,000 sq ft property was sold with Urban Logistics REIT, with a 20-year lease agreed at an initial rent of £1.25m per year. Lookers CEO Mark Raban said: “We’re pleased to have agreed the selective sale and leaseback [...]
Exclusive: Top property platforms launch trade body to combat misleading investor information March 28, 2022 A group of top property investment platforms have launched a trade body today to combat the spread of misleading investment information, ahead of a predicted flood of funding from retail investors into the space.
Renters hunt for pet friendly landlords as millions of Brits took a dog during lockdown March 26, 2022 London renters are increasingly eager to find pet friendly landlords, after millions of Brits bought animals during lockdowns. Estate agency Chestertons said some 25-35 per cent of renters hunting for properties in the capital at the moment are pet owners. Demand for London rental homes is increasingly high as office workers look to return to [...]
Bermondsey Reach: Wittington Investments to snap up Southwark development with 300 flats March 25, 2022 Some 300 apartments are being planned for a site in Southwark that reportedly has a £135m development value. The 1.3 acre site has received planning consent for 312 residential flats and more than 20,000 sq ft of retail and commercial floorspace. Centerbridge and Argon Capital have appointed advisors from CBRE and KALMARS on the sale [...]