UK house prices surge to record high in September November 18, 2020 UK house price growth accelerated in September, driving average property prices in London and across the UK to a record high. House prices across the UK increased by 4.7 per cent to £245,000 in the year to September, up from three per cent growth in August. London’s average house prices hit a record high of [...]
Pandemic wipes £1bn off British Land’s portfolio as retailers take a hit November 18, 2020 The pandemic has wiped almost £1bn off commercial landlord British Land’s (BLND) portfolio after retailers were forced to close and offices lay empty. The FTSE 100 firm said the value of its portfolio of offices and shops had fallen from £11.2bn in March to £10.3bn by the end of September. The structural challenges in retail [...]
Exclusive: UK investors turn to property as they brace for a recession November 17, 2020 UK investors worried about the government’s handling of the pandemic and Brexit are turning to property as they brace for a recession. A survey of over 1,000 investors by FJP Investment reveals nearly two thirds – 62 per cent – are concerned that the government’s mishandling of the pandemic will result in a long-term recession. [...]
Unused office space ‘to cost London firms £13bn’, survey shows November 16, 2020 The shift to homeworking, accelerated by the coronavirus pandemic, could cost London businesses almost £13bn in unused office space, according to the latest research. London office workers want to spend an average of 2.7 days per week back in the office once all coronavirus restrictions are lifted, as long as they have the resources to [...]
Boris Johnson prepares to U-turn on planning reforms in face of Tory revolt November 15, 2020 Boris Johnson’s planning reforms will be overhauled to quell a bubbling rebellion among Tory backbenchers in another government U-turn. The change will see the planning reforms prioritise new housing in urban areas in the Midlands and the North, instead of in rural South Eastern regions. Many Tory MPs have been railing against the reforms proposed [...]
2.5m UK households face rent worries as 350,000 are at risk of eviction November 15, 2020 Around 2.5m households across Britain will struggle to pay their rent this winter, while 350,000 are at risk of being evicted. According to the Joseph Rowntree Foundation, around 1.3m households in the private sector and roughly 1.2m households in the social sector are worried about paying their rent in the next three months. This includes [...]
Councils pile pressure on firms over unpaid business rates during pandemic November 12, 2020 Local authorities have begun to turn up the heat on businesses that have been unable to pay rates bills during the pandemic, with some pursuing claims through the courts. According to property consultancy Colliers International, an increasing number of clients are receiving letters demanding payment or court summons. Office occupiers were not granted a business [...]
Housebuilder Vistry to reinstate dividend due to strong sales November 12, 2020 Vistry Group is planning to resume shareholder payouts next year as the housebuilder said demand for new homes had remained strong despite the second England-wide lockdown. Vistry, which was previously known as Bovis Homes, said it is on track to report full-year profit before tax at the top end of its expected range of £130m [...]
London’s housing market activity expected to slow next year, survey finds November 12, 2020 London’s housing market activity is expected to slow down next year as the withdrawal of government support measures and a difficult economic backdrop dampens the post-lockdown surge in demand. The latest research showed that both demand for properties and new homes being listed for sales remained strong last month. However a survey by the Royal [...]
Could ditching the office make us all poorer? November 12, 2020 While we have in many ways adjusted to life in a pandemic, the profoundly disorientating changes we’ve seen since the initial nationwide lockdown are stark. The “death of the office” narrative has persisted through the easing and then reimposing of lockdown restrictions, and while no one can predict exactly how this will play out, it [...]