UK construction sector decline slows but industry remains gloomy June 4, 2020 The rapid decline in the UK construction sector slowed somewhat in May, but firms remained deeply pessimistic as the industry was battered by coronavirus. The IHS Markit/Cips construction purchasing managers’ index (PMI) rose to 28.9 in May from a record low of 8.2 in April. Yet a score of 50 indicates that the sector contracted [...]
The key to fixing the housing and social care sectors — with one policy June 3, 2020 Few would deny we have a housing crisis in this country — and even fewer that the social care system, which has suffered so much in recent weeks, needs urgent reform. These two facts may seem to have little correlation, but a report out today from Cass Business School and ARCO — entitled Too Little, [...]
UK mortgage approvals plunge to record low during lockdown June 2, 2020 UK household borrowing dried up at a record rate in April and mortgage approvals plunged to their lowest since 1993 as consumers drew in their horns while the economy was ravaged by coronavirus. Instead of borrowing, households repaid their debts at a record pace. They returned £7.4bn to banks in the largest net repayment since [...]
UK house prices tumble at fastest rate since 2009 amid coronavirus June 2, 2020 UK house prices dropped at the fastest rate since the financial crisis in February 2009 last month, figures have shown, as the coronavirus pandemic brought the property market to a standstill. House prices tumbled by 1.7 per cent in May compared to growth of 0.9 per cent a month earlier, according to the closely watched [...]
Property giant Capco snaps up 26 per cent stake in rival Shaftesbury in £436m deal June 1, 2020 UK property manager Capco has acquired a 26 per cent stake in London-focused property firm Shaftesbury for £436m. Capco has bought the stake from a trust set up by Hong Kong tycoon Samuel Tak Lee for 540p per share, representing a discount of 13.9 per cent to the closing Shaftesbury share price on 29 May. [...]
Property firm Capco in talks to buy major stake in rival Shaftesbury May 29, 2020 Property development firm Capital & Counties (Capco) today confirmed it is in discussions to snap up a 23.6 per cent stake in rival Shaftesbury. The two firms own swathes of neighbouring property in the West End and the talks have sparked further speculation of a merger. The discussions, first reported by React News, are centred [...]
Regus owner IWG targets £315m fundraise to drive expansion after coronavirus May 27, 2020 Office space giant IWG is aiming to raise £315m through a share offering as it eyes expansion opportunities as rival firms struggle during the coronavirus pandemic. IWG, which owns Regus, said “the current environment is presenting an increased number of attractive…opportunities to accelerate the growth and development of the business”. The office provider said sales [...]
London’s first skyscraper 55 Broadway to be converted into luxury hotel May 27, 2020 The former London Underground headquarters in St James’ Park will be converted into a luxury hotel after the development was given the green light by planning authorities. Westminster City Council has granted planning permission for Blue Orchid Hotels, part of the Integrity International Group, to transform the 55 Broadway complex into a new hotel. Transport [...]
British Land falls to £1.1bn loss as coronavirus pandemic hits rent payments May 27, 2020 British Land today said its full year results were hit by a slowdown in rent payments in March due to coronavirus and a subsequent fall in the value of its office and retail portfolio. The retail giant posted a loss of £1.1bn in the year to 31 March, with underlying profit for the year falling [...]
Hammerson boss David Atkins to step down after a decade May 27, 2020 Hammerson chief executive David Atkins will step down after 10 years at the helm, the retail landlord said today. The property giant, which owns Birmingham’s Bullring, said Atkins will remain in position until spring 2021 while it searches for his successor. Atkins, who took the reins in 2009, said it had been a “privilege” to [...]