London property: First-time buyers make a comeback September 20, 2021 Nearly three in every ten home sales went to first-time buyers last month, the highest proportion in over a year, according to new data from various large estate agents. It marks the highest percentage since June 2020, when 29 per cent sales went to people getting on the property ladder, according to estate agents’ body [...]
Buyers face hot competition as average house price hits all-time high September 20, 2021 The national average price of property coming to market has hit an all-time high after rising 0.3 per cent this month, to £338,462. This new record high is only £15 higher than the previous record set in July, suggesting a stabilising prices, according to Rightmove’s house price index. Buyers are facing fierce competition to buy [...]
Exclusive: King’s Cross development strikes £126m green finance deal with HSBC September 20, 2021 Property developer Argent has secured a £126m loan facility on behalf of the King’s Cross Central Limited Partnership (KCCLP) from HSBC UK and Helaba to support the development of a mixed-use scheme combining commercial and residential space, the company has told City A.M. The funding will be used to deliver an office and professional community [...]
China’s Evergrande should not bet on a government bailout, says state-backed editor-in-chief September 17, 2021 China’s Evergrande, which is battling $300bn in liabilities, should not bet on a government bailout on the basis that it is ‘too big to fail’, the editor-in-chief of a local newspaper has said. The comments from Hu Xijin, from state-backed Global Times, come as Evergrande’s shares nosedive for a fifth consecutive day amid fears of [...]
Redrow touts ‘record’ order book as revenue climbs towards pre-Covid levels September 15, 2021 Revenue at housebuilder Redrow has begun climbing towards pre-pandemic levels, as it touts a “record” order book after reinstating a dividend for loyal shareholders. Revenue hit £1.94bn in the year to 27 June, just eight per cent behind 2019, after it soared 45 per cent from 2020’s supressed figure. Profit before tax surged 124 per [...]
London house prices increase 2.2 per cent September 15, 2021 London has marked the lowest annual house prices growth across the UK while UK average prices returned to levels seen earlier this year. Figures from the Office for National Statistics show that average prices in the capital increased by 2.2 per cent over the year to July 2021, down from 5.1 per cent in June. [...]
Leaseholder victory: Countryside to remove ground rent doubling terms after CMA action September 15, 2021 Developer Countryside Properties has struck out terms meaning ground rents double every 10 to 15 years, after a watchdog’s instruction Leaseholders’ ground rents will stay at the amount charged when they first bought their home, following action by the Competition and Markets Authority (CMA). The Big Four developer has voluntarily given formal commitment to removing [...]
Top 10 cheapest London postcodes revealed September 15, 2021 A postcode district in Thamesmead has been found to be the cheapest postcode district in London for property at an average cost of £387 per square foot. The cheapest postcode was SE28, in the local authority of Greenwich, Brexley, where properties are x0.58 the London average, according to data from Churchill Home Insurance. The nearby [...]
CEOs plot acquisition spree as UK recaptures global attention September 14, 2021 With AA motoring group, Asda, Morrisons and Stock Spirits taken over by private equity firms such as CVC, the UK market has recaptured the globe’s attention, having seen an unprecedented wave of deals. Stemming from initial undervaluations due to Covid-19 and Brexit, on average, UK companies were being undervalued by around 30 per cent, according to recent data from Schroders. [...]
Cash strapped Chinese property giant Evergrande battles $300bn in liabilities September 14, 2021 Chinese property giant Evergrande has admitted it is under “tremendous pressure” not even a year after its $1.8bn Hong Kong stock exchange float. The beleaguered firm is battling more than $300bn in liabilities, following years of borrowing to fund its rapid expansion. The property group achieved the lower end of expectations, raising $1.8bn from the [...]