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 [...]
Coronavirus: Mipim organisers insist event will go ahead February 26, 2020 Organisers of the international property conference Mipim have insisted the event will go ahead in Cannes next month despite a spike in coronavirus cases in Europe. In a statement yesterday event organisers said that Mipim 2020 “will be open for business” from 10 March, saying “all clients who are not affected by national or local [...]
Capital & Counties net asset value slides on Covent Garden revaluation February 26, 2020 Capital & Counties has reported a decline in net asset value (NAV) after the property group was hit by a decline in value of its Covent Garden holdings. The figures The real estate investment trust, which is listed in London and Johannesburg, said its EPRA NAV per share declined 10 per cent in 2019 to [...]
Blackstone to buy UK student housing group IQ from Goldman Sachs for £4.7bn February 26, 2020 Blackstone has agreed to buy the British student housing company IQ from Goldman Sachs in a £4.7bn deal. IQ Student Accommodations owns and operates 67 sites in 27 towns and cities in the UK. It is one of the leading providers of private purpose-built student accommodation, with 84 per cent of its portfolio value in [...]
Taylor Wimpey warns of squeezed profit margin for 2020 February 26, 2020 Flat house prices amid 2019’s prolonged Brexit uncertainty hurt Taylor Wimpey’s profit margin last year, with no recovery expected in 2020, it revealed today. The figures Taylor Wimpey’s profit before tax climbed 3.1 per cent year on year to £835.9m in 2019. But weak house price growth and building costs knocked the firm’s operating profit [...]
House prices return to pre-financial crisis levels February 26, 2020 House prices across English cities have risen above pre-Financial Crisis peaks for the first time since 2007, the latest research has found. Property in Central London recovered to pre-crisis levels in just 2.3 years, the fastest of all UK cities, as overseas buyers entered the market attracted by a weaker pound. Oxford and Cambridge followed [...]