Office Space: Take a look behind the scenes of Amazon’s sprawling, 15-storey London headquarters at Principal Place March 2, 2020 There’s always money in the banana stand. Or at least there would be, were the bananas not being handed out for free. Each morning outside Amazon’s HQ in Shoreditch a fruitmonger dispenses complimentary bananas to Amazon staff, peckish commuters and anybody who cares to take one. The tradition was started by Jeff Bezos himself on [...]
City workers snap up central London homes as Brexit uncertainty fades March 2, 2020 The number of City workers snapping up property in prime central London areas surged last year as the uncertainty surrounding Brexit began to clear, according to the latest research. The percentage of buyers from the financial services sector buying properties worth more than £2m jumped to 34.6 per cent of total sales in 2019, the [...]
Teddy Sagi’s Labtech sells Holborn Links Estate for £245m March 2, 2020 Labtech, the property investment firm owned by billionaire businessman Teddy Sagi, has completed the sale of Holborn Links Estate, which includes the historic Sicilian Avenue, for £245m. Investors Tristan Capital Partners and Cording Real Estate Group have bought the West End office and retail portfolio to capitalise on the opening of Crossrail stations at Tottenham [...]
UK mortgage approvals hit highest in four years March 2, 2020 UK banks approved the highest number of mortgages for four years in January, official statistics have shown, in a sign the housing market is recovering after a rocky 2019. Mortgage approvals for house purchase rose to 70,900 in January, up 4.4 per cent from December’s 67,930 figure, the Bank of England said today. The jump [...]
CMA considers enforcement action against developers over ‘troubling’ leasehold mis-selling claims February 28, 2020 The Competition and Markets Authority (CMA) is set to launch enforcement action against developers after finding “troubling evidence of potential mis-selling and unfair contract terms”. The watchdog launched a probe into the industry last year and confirmed today that it had found evidence of “serious issues” within the housing sector. The issues revolve around the [...]
Foxtons shares slip after profit takes Brexit blow February 28, 2020 Estate agent Foxtons has posted a 30 per cent drop in annual profit against the backdrop of last year’s Brexit uncertainty. Earnings before interest, tax, depreciation and amortisation (Ebitda) fell to £2.5m during 2019, a year-on-year decrease of 30 per cent from 2018’s £3.6m. The estate agent narrowed its loss before tax from £17.2m last [...]
UK house prices grow at fastest rate for 18 months in February February 28, 2020 UK house prices grew at their fastest rate since July 2018 in February, according to Nationwide figures released today. February’s annual rise of 2.3 per cent, up from 1.9 per cent in January, was UK house prices’ strongest rate of growth in 18 months. That left the average UK house price at £216,092, up from [...]
Focus on Isle of Dogs: Dog days are over for once-neglected peninsula as new development abounds February 28, 2020 There are two questions that residents of the Isle of Dogs are often asked. First, why is it called the Isle of Dogs? The boring explanation is that it’s a corruption of a more sensible water-related name like the Isle of Ducks. The grim one is that it was so called because of the sheer [...]
Mipim doubles down on event despite exodus of big names on coronavirus fears February 27, 2020 Property jamboree Mipim today said it would still go ahead in Cannes next month, despite big names such as Lloyds Banking Group, Knight Frank and PGIM dropping out because of the spread of coronavirus. A spokesperson for the real estate event said: “Mipim will open for business on 10 March. “We understand and respect the [...]
Persimmon CEO to depart after just 15 months in role February 27, 2020 Persimmon’s CEO signalled his intention to step down today just over a year after replacing the housebuilder’s former boss Jeff Fairburn, who left in 2018 amid outrage over a huge £75m bonus. Group chief executive Dave Jenkinson will depart “in due course”, he said today as Persimmon revealed a drop in 2019 profit as it [...]