Purplebricks shares jump as estate agent expects to beat profit forecast November 2, 2020 Shares in Purplebricks jumped this morning as the online estate agent said it expected to post strong profit for the first half of the year following a jump in new instructions after lockdown restrictions eased. The firm’s share price was up more than five per cent this morning after it said new instructions in the [...]
UK house price growth rises to highest rate in five years October 30, 2020 UK house price growth jumped to the highest rate in five years this month, as the market continued to experience a post-lockdown bounce. Annual UK house price growth rose to 5.8 per cent in October, the highest level since January 2015. Property prices were up 0.8 per cent month-on-month compared to growth of 0.9 per [...]
US firm Prologis sells UK logistics assets to Blackstone for record-breaking £473m October 29, 2020 US real estate firm Prologis has sold its UK logistics properties to Blackstone for a record-breaking £473m. It represents the largest sale of logistics real estate assets on record in the UK, Prologis said, and highlights the strength of the sector as an investment asset class. The portfolio comprises about 4.3m sq ft of buildings [...]
Mortgage approvals soar to 13-year high as UK housing market booms October 29, 2020 Mortgage approvals jumped again in September to hit a 13-year high as pent-up demand and the stamp duty holiday fuelled the housing market despite the economy’s fragile state. Approvals of mortgages for house purchase rose sharply to 91,500 in September from 85,500 in August, the Bank of England said today. Analysts had expected the number [...]
Foxtons revenue dips despite pent-up lockdown demand October 29, 2020 London estate agent chain Foxtons said business picked up “significantly” in the third quarter, but admitted that rents had fallen due to weakening demand. Group revenue for the three months to 30 September was £28.5m, down 10 per cent compared to last year. Foxtons’ share price fell more than four per cent this morning as [...]
Rush to beat stamp duty rise sees UK house prices jump again October 28, 2020 The stamp duty holiday and pent-up demand have led to a stampede into the housing market, with 140,000 more buyers currently waiting to complete their property transactions than a year earlier, according to a new report. The high demand saw UK house prices jump again in September by three per cent year on year, the [...]
Covid-19 sparks bleakest UK hotel sector outlook ‘in 50 years’ October 27, 2020 UK hotel trading performance is expected to plummet next year due to the impact of the coronavirus pandemic on travel and tourism, the latest research showed in the bleakest outlook for the sector in 50 years. Research by accountancy giant PwC showed that hotel occupancy rates are forecast to be 55 per cent across the [...]
Commercial rent collections buoyed by September’s short-lived return to offices October 26, 2020 Commercial rent collections started to recover in the third quarter due to the reopening of non-essential retail, offices and schools after lockdown. Real estate services firm Cushman & Wakefield said today that it had collected 77 per cent of rents owed to its clients on the 21st day after the third quarter due date. The [...]
Banks hike mortgage interest rates amid boom in applicants October 24, 2020 Banks are reportedly hiking mortgage interest rates in order to deter prospective buyers as they struggle to meet a spike in demand for home loans amid a buoyant housing market. Lenders are turning away mortgage business as the ability to process applications has been slowed by home-working during the coronavirus pandemic. The housing market has [...]
Investors back London’s recovery with £1bn Kensington hotel redevelopment October 23, 2020 The £1bn redevelopment of the Kensington Forum hotel has been given the green light by planning authorities, with the investment signalling a vote of confidence in London’s recovery from the coronavirus crisis. Queensgate Investments and Rockwell were given the go-ahead for the project, which will boost the number of hotel rooms available and create 62 [...]