Even at seven times their income, single homebuyers are priced out of the market by £24,000 January 31, 2022 Despite many lenders relaxing their loan to income criteria, the average UK homebuyer is still priced out of the market unless purchasing with a partner. The current average loan to value, or the multiple of salary that a lender will loan to a buyer, has increased from 3.87 to 4.12 in the last ten years [...]
Workspace giant IWG expands global presence as hybrid working momentum continues January 31, 2022 Flexible workspace provider IWG more than doubled the number of new franchise location commitments around the world in 2021. IWG made a total of 150 new centre commitments, compared to 67 commitments in the previous year. It comes as there has been a trend towards hybrid working models, with workers looking for different spaces to [...]
Construction giant Midas confirms intentions to appoint administrator after tumultuous year January 31, 2022 Construction titan Midas has confirmed it is planning to appoint an administrator after the firm experienced financial woes in the past year. The Devon-based firm filed a £2m loss last year, marking its first deficit in 40 years of trading. Rival firms have reportedly approached Midas about a possible rescue deal, according to trade publication [...]
Nine out of ten Londoners can no longer afford the rent as demand for rooms goes through the roof January 31, 2022 Insurance giant Admiral has warned that nearly nine out of ten Londoners can no longer afford the average cost of rent in the capital. The demand for rooms to rent is much higher than the available supply, thereby leading to such increases that most Londoners cannot keep up with, the company cited as the main [...]
Households braced for mortgage shock ahead of rates hike as cost of living crisis deepens January 31, 2022 Fresh warnings over the cost of living have been issued as millions of households could face a huge mortgage shock. Trade body UK Finance has said one in four mortgage borrowers on variable rate deals will be affected by an anticipated rates rise, The Telegraph first reported. The Bank of England is anticipated to hike [...]
First-time buyer hell: The London areas where you pay more than £20k per square meter January 31, 2022 New research has revealed the most expensive areas for homebuyers in the UK. The area where your money will get you the least floor space is Kensington & Chelsea, with an average cost of £28,509 per square metre, while another affluent area ranks second, with the average house in Westminster costing just over £1m, with [...]
City comeback: Broadgate Quarter almost fully occupied as office workers return to Square Mile January 31, 2022 City office block Broadgate Quarter has edged closer to full occupation, in another sign of the Square Mile’s revival. There is now less than one per cent of office space available at the 456,000 sq ft development, which is situated on the corner of Snowden Street and Worship Street. Office workers have flooded back into [...]
Landlords call on government to clarify cladding cash plans ‘as a matter of urgency’ January 31, 2022 Landlords have called on ministers to clarify if plans to force businesses to cover the costs of fixing unsafe cladding will apply to certain types of landlords too. Housing secretary Michael Gove has outlined plans to force builders to cough up billions for remediations on dangerous buildings. The government has said those who sublet properties [...]
Brookfield Property Partners to launch £4bn auction for Center Parcs UK January 29, 2022 Property giant Brookfield Property Partners is reportedly launching a £4bn auction to sell its subsidiary Center Parks UK, Britain’s largest chain of holiday villages. Brookfield’s decision comes after Center Parks UK reported £120m in EBITDA earnings in the half year ended 7 October as a result of Covid restrictions and the consequent surge in staycations. [...]
Weekend Read: What are London’s property hotspots? January 29, 2022 Which London boroughs have been the busiest housing markets in the past 12 months when it comes to the number of homes sold as a percentage of all private dwellings within each borough? On an individual borough-by-borough level, the busiest area n 2021 in London was Havering, according to data shared with City A.M. this [...]