Sports Direct owner Mike Ashley warns of closures after business rates review delay July 22, 2020 Mike Ashley’s Frasers Group, formerly known as Sports Direct, has warned it could be forced to close stores after the government delayed a business rates review. The government has promised a “fundamental review” into the long-term future of business rates. In March it gave retail, hospitality and leisure businesses a year-long holiday from the tax [...]
Robert Jenrick says decision to save developer £40m was ‘perfectly fair’ July 22, 2020 Housing secretary Robert Jenrick has defended his controversial decision to approve a 1500-home housing development a day before taxes would have cost the developer £40m as “perfectly fair”. The housing secretary has come under fire for alleged links with the developer, and Tory donor, Richard Desmond, with Labour calling the saga an example of “cash [...]
Commercial rent collection ‘exceeds expectations’ in June July 22, 2020 The amount of commercial rent collected in June “exceeded expectations” in the wake of the coronavirus crisis, the latest data showed. Real estate services company Cushman & Wakefield said it collected 69.1 per cent of rent in June on behalf of its clients, compared to 69.5 per cent collected in March just after the UK [...]
House sales begin to recover as lockdown measures ease July 21, 2020 UK property transactions grew almost a third in the month to June as lockdown measures began to lift around the country, but remain 35 per cent down since last year as market uncertainty and the Brexit deadline continue to weigh on buyer sentiment. Around 63,250 residential property transactions took place in June, up 31.7 per [...]
Lockdown blues: Breakups and divorces support UK house prices July 21, 2020 The property market is currently defying gravity, with asking prices hitting an all-time high in July and spirits buoyant after the chancellor slashed the stamp duty homes tax. But estate agents say a less-publicised factor has been helping the property sector ride out economic turbulence better than most had predicted: A surge in lockdown breakups [...]
UK looks to build upward with new planning laws July 21, 2020 The government will today put forward new planning laws that will make it easier for UK homeowners to add two storeys to their properties in a bid to ease the country’s housing crisis. Homeowners will be able to add extra storeys through a “fast track approvals process”, while the new laws will also allow developers [...]
UK housing market enjoys ‘mini-boom’ as asking prices soar in July, says Rightmove July 20, 2020 Residential property asking prices soared in July as coronavirus lockdown restrictions were lifted, sparking a “mini-boom” in the UK housing market. The average asking price of property coming to market in July was up 2.4 per cent compared to March, before the coronavirus lockdown was announced. The 3.7 per cent annual rate of increase recorded [...]
Real estate investment firm Castleforge Partners closes third fund at over £270m July 17, 2020 London-based real estate investment firm Castleforge Partners has today announced the close of its third commercial fund at over £270m. Castleforge Partners III exceeded its predecessor by 15 per cent, even in the face of looming Brexit uncertainty and the global coronavirus pandemic. The investment fund received support from existing investors, with around 60 per [...]
McCarthy & Stone swings to a loss as completed projects halve July 15, 2020 McCarthy & Stone posted a £25m loss for the first half of 2020 this morning, and warned of further difficulties as the pandemic continues. The retirement-home builder said coronavirus had dampened housing transactions, affecting the number of sales it was able to complete in the six months to the end of April. McCarthy & Stone [...]
Derwent London to sell two Soho properties to Travelex founder July 13, 2020 Property developer Derwent London has inked a deal to sell two properties in Soho to Travelex founder Sir Lloyd Dorfman’s family property interests for £40.5m. The sale includes the long leasehold interest on 2 and 4 Soho Place, part of Derwent’s Soho Place development scheme, which is due to be finished in 2022. The deal [...]