Opinion: Things are looking up for London renters as price increases slow November 1, 2019 London’s property prices have long been regarded as endemically high, preventing many first-time buyers from purchasing their first home and boosting demand for privately rented properties. The result has been the emergence of Generation Rent: the demographic prepared to live like students in shared accommodation so that they can afford to be close to all [...]
Ex-Wework CEO Adam Neumann accused of pregnancy discrimination October 31, 2019 Ousted Wework chief executive Adam Neumann has been accused of discrimination by his former chief of staff, who has said she was belittled at the company for getting pregnant and then ultimately fired when she raised concerns. Read more: Wework could be worth ‘zero,’ says Bill Ackman Medina Bardhi alleged in a filing to the [...]
London hotel room rates drive revenue growth at PPHE October 31, 2019 FTSE 250 hotel group PPHE, which operates Park Plaza hotels, reported revenue growth in the third quarter driven by a strong performance at its London destinations. The company, which is also developing two London Art’otels in Battersea and Hoxton, said like-for-like revenue increased 5.6 per cent to £120.2m in the three months to the end [...]
Falling London house prices hit Foxtons’ revenue October 31, 2019 London estate agent Foxtons reported falling sales revenue in the third quarter as house prices in the capital took a hit. Sales revenue slumped 15 per cent to £8.4m, down from £9.9m as ongoing political uncertainty led to lower volumes, falling prices and fewer high value sales. Read more: Foxtons chair steps down after turbulent [...]
Crest Nicholson shares slump after profit warning October 31, 2019 Shares in Crest Nicholson slumped this morning after the FTSE 250 housebuilder issued another profit warning as new chief executive Peter Truscott outlined a strategic overhaul of the business. In a trading update this morning the developer said profit before tax, is expected to be between £120m to £130m for the year to 31 October, [...]
Is your house killing you? Why some people think paint, carpets and furniture could be poisonous October 31, 2019 Think back to the last time you redecorated a room. Did you paint a wall? Lay a new carpet? Buy a shelving unit with a Swedish-sounding name? According to some housebuilders, architects and designers, all of these things could be making you ill. They say that many common types of paint, carpets, flooring, kitchen and [...]
London homes take longer to sell than other UK cities October 30, 2019 Property owners seeking to sell their homes in London could be forced two wait an extra two weeks compared to other major UK cities, as the capital suffers from weak market conditions. Residential properties now take 14.5 weeks to sell, more than one month longer than it took to complete a sale in 2016. Read [...]
Mortgage approvals boosted as buyers rush ahead of Brexit October 29, 2019 Mortgage approvals were boosted last month as prospective buyers rushed to complete home purchases ahead of the 31 October Brexit deadline date. The latest figures from the Bank of England (BoE) showed mortgage approvals for house purchases reached 65,919 in September after falling to a three-month low of 65,681 the previous month. Read more: New [...]
Hammerson consults shareholders over executive pay concerns October 28, 2019 Property developer Hammerson is continuing to consult shareholders after two resolutions, including its remuneration report, faced investor backlash at the company’s latest annual meeting. The shopping centre landlord, which owns Birmingham’s Bullring, said that the remuneration report was approved by shareholders, but noted that 29.7 per cent of the votes were against the policy. Read [...]
New rules announced to help UK mortgage prisoners October 28, 2019 The City watchdog has removed barriers to help trapped mortgage customers switch to a better deal. The Financial Conduct Authority (FCA) today confirmed the introduction of new rules to help so-called mortgage prisoners, which are consumers who would benefit from switching but are unable to change to a more affordable mortgage despite being up-to-date with [...]