Only 10 per cent of office space in use during lockdown, says Landsec May 12, 2020 Property landlord Landsec said only 10 per cent of its office space is currently being used as most employees are working from home during the coronavirus crisis. The property company, which this morning revealed a £1.2bn hit to the value of its portfolio, said the office sector had seen a “less pronounced immediate impact” compared [...]
Landsec shares dive after £1.2bn wiped off property value during coronavirus crisis May 12, 2020 Landsec’s share price plunged this morning after the property giant revealed it had taken a £1.2bn hit to its portfolio value. Landsec, one of the UK’s largest property companies, also warned that it does not expect the economy to recover until at least 2022. The value of the company’s portfolio slumped 8.8 per cent to [...]
London house market set for £52bn post-lockdown splurge as transactions stall May 11, 2020 London property buyers could be set to splurge £52bn once the lockdown is lifted due to huge pent-up demand as coronavirus brings the market to standstill. The figure represents the potential spend for residential buyers and marks a 20 per cent increase on the same time last year. It comes as the number of lost [...]
Debenhams to close five stores after dispute with landlord Hammerson May 7, 2020 Debenhams has announced it will permanently close five stores in Hammerson shopping centres after it was unable to reach an agreement with the landlord, with Next swooping in to rent some of the vacant space. The department store chain will shut its stores at Hammerson’s Birmingham Bullring, Leicester, Reading, Croydon and Glasgow Silverburn sites, affecting [...]
UK house prices dip in April as coronavirus lockdown brings market to standstill May 7, 2020 UK house prices dipped in April as property market was brought to a standstill by the coronavirus lockdown, however property expects expected buyers and sellers to return “in droves” when restrictions are lifted. UK house prices fell 0.6 per cent in April compared to the previous month, dropping to an average price of £238,511. On [...]
Coronavirus: UK construction sector grinds to a halt in worst month on record May 6, 2020 UK construction sector activity juddered to a halt in April, survey data has shown, as coronavirus lockdown measures pushed the industry to its worst month on record. The IHS Markit/Cips construction purchasing managers’ index (PMI), a gauge of the health of the sector, plunged to an all-time low of 8.2 in April from 39.3 in [...]
Hammerson’s £400m retail parks sale collapses as private equity firm backs out amid coronavirus May 6, 2020 Retail landlord Hammerson announced this morning that private equity firm Orion has pulled out of a deal to buy seven shopping parks for £400m. Hammerson said it had access to a £21m deposit that had been held in escrow by its solicitors after Orion European Real Estate Fund V held firm in its decision not [...]
Coronavirus: Grosvenor Group ‘very cautious’ on new property deals May 5, 2020 Property group Grosvenor today said it was “very cautious” on new commitments due to the “severe” economic shock caused by the coronavirus crisis. Despite the cautious outlook the company, which is owned by the Duke of Westminster, said it was positive about its planned projects, including a 1,500 home development in Bermondsey and a joint [...]
Real Estate: COVID-19 may permanently quarantine inflexible leases May 5, 2020 | City Talk Real estate leases have long represented a point of disagreement between accountants and financial analysts. This disagreement was the primary reason why the London-headquartered International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) went separate ways in finalising lease accounting standards. Figure 1. Lease Accounting Survey Report (October 2013) For a [...]
Coronavirus lockdown: More Londoners consider moving out of capital May 2, 2020 Estate agents have seen an uptick in Londoners considering moving out of the capital as city-dwellers seek more green space and enjoy working from home during the coronavirus lockdown. The latest research by Rightmove showed there has been an increase in Londoners searching for properties outside of the city during the coronavirus lockdown. In total [...]