House prices increase at fastest annual pace since 2007 as property values jump by almost 11 per cent March 7, 2022 House prices increased at the fastest annual pace since 2007 in February to reach a new record high, according to an index. At 10.8 per cent, the annual rate of house price growth was the strongest since June 2007, Halifax said. The increase took the average house price across the UK to a new record [...]
South Kensington’s The Exhibitionist Hotel sold for £10.6m March 7, 2022 BNP Paribas Real Estate has sold the iconic The Exhibitionist hotel in South Kensington for £10.6m to an undisclosed buyer. Following a competitive bidding process on behalf of its unnamed client, the 37-bed freehold boutique hotel on Queensberry Place was snapped up for 15 per cent over its quoting price; it is the first time [...]
House price growth not set to slow down this spring March 7, 2022 The rate of house price growth has been underpinned by a frenzy of house-hunters while stock levels for properties remain low. According to estate agent Knight Frank, there is no indication that annual house price growth will return to single digits this spring. Annual UK house price growth accelerated to 12.6 per cent in February [...]
Sadiq Khan: Sell Russian oligarchs’ property and luxury goods to fund Ukraine aid March 6, 2022 The Mayor of London has urged ministers to immediately seize the assets of Russian oligarchs and sell them to fund support to Ukraine. Sadiq Khan has said property and possessions belonging to Putin allies should be seized before these Russians can have a ‘fire sale’ to dodge sanctions. The Mayor has called for possessions such [...]
As first time buyers save for an average of four years, half of them give up on ownership dream March 5, 2022 First-time buyers are saving for an average of four years in order to raise the deposit to get on the property ladder, new research showed today. The number of first-time buyers rose to nearly 410,000 last year with average deposits estimated at around £53,935 but affordability is still being squeezed with house prices estimated to [...]
London faces logistics space crunch as e-commerce firms take over city March 4, 2022 London would run out of available industrial space within five months, should the current take-up rate continue, amid an e-commerce boom. The capital and the South East are facing running out of industrial and logistics spaces, according to a report published today by London First, in partnership with CBRE. It comes as the pandemic has [...]
Retail property firm Hammerson closes losses as it heads towards recovery March 4, 2022 Retail property firm Hammerson posted smaller losses today and reported a 122 per cent rise in earnings for 2021, as it recovers from a collapse in retail rent during the pandemic
Council says it wants to rid central London of ‘candy and tat shops’ March 3, 2022 Westminster City Council has outlined its intention to rid central London’s Oxford Street of “questionable candy and tat shops” as a part of a £150m rejuvenation. Rachael Robathan, leader of the council, tonight said “Oxford Street is Europe’s hardest hit street” by Covid and that the decline will continue without a serious intervention. Footfall on [...]
London renters compete for homes with Powerpoint presentations and pet CVs as stock levels sink March 3, 2022 Prospective renters are going above and beyond to win landlords’ affections as stock levels for homes have diminished. The disappearance of Covid restrictions has sparked a revival for the capital’s rental market, while estate agents report historically low levels of stock. High demand has seen rents surge past pre-pandemic levels and London landlords are once [...]
Galliford Try swings into red after snapping up water firm as it hails ‘good progress’ March 3, 2022 Construction firm Galliford Try has dropped into the red during the first half of the year, following its acquisition of a water firm. Shares in the Uxbridge-based company were down slightly in Thursday morning trading after it reported a pre-tax loss of £2.6m. This was compared to a £3.9m profit last year. However, revenue soared [...]