Why is the mortgage market strangely resistant to technological change? May 16, 2019 Technology is so pervasive that it is easy to forget just how fundamentally it has impacted our lives. In fact, it is hard to think of an area of life that hasn’t been made more accessible, faster or cheaper. Personal finance is no exception. Price comparison websites, mobile banking, and other innovations have all transformed the [...]
UK remortgaging rate jumps as owners cash in on low interest rates May 16, 2019 The number of people remortgaging their homes with additional borrowing spiked in March, according to data released today, as people took advantage of favourable interest rates. Read more: Experts warn of 'bumpy ride' for UK house prices Meanwhile the number of new loans to both movers and first time buyers fell in March year-on-year, figures from [...]
Wework reports $264m loss ahead of stock market debut May 15, 2019 The We Company, the parent company of office space provider Wework, reported losses of $264m (£205m) in the first quarter of this year ahead of its highly anticipated stock market debut later this year. Net losses fell by $10m from $274m last year as revenue continues to double annually and the number of large customers [...]
The big fixer-upper: How to solve the problems in the mortgage market May 15, 2019 We've sent people into space, built driverless cars, and engineered robots that can think like us. And yet, fixing the mortgage approval process still seems out of humanity’s reach. The market is riddled with inefficiencies. Consumers are forced to fill out documents detailing every corner of their lives, while clunky underwriting processes mean that it [...]
Landsec: A tale of two portfolios May 14, 2019 Investors trying to work out what the future holds for property giant LandSec, which delivered a dismal set of results to the City this morning, could do worse than take a stroll through its Square Mile development. The complex, aptly named One New Change, is a fitting example of how the FTSE 100 real estate [...]
Japanese property giant strikes £90m deal with Urban Splash to build thousands of new homes across the UK May 14, 2019 Japan’s largest housebuilder is entering the UK property market after signing a £90m deal with developers to deliver thousands of new homes across the country. In a joint venture with Homes England and Urban Splash, leading modular builder Sekisui House is planning to deliver 2,000 new residential homes a year for the next decade. Read [...]
Bluewater owner Land Securities sees losses almost triple amid retail closures May 14, 2019 Land Securities, the owner of Kent’s Bluewater shopping centre, saw losses almost triple in its latest financial year as it blamed a “challenging year” full of retail closures, but still managed to bump up its dividend. Read more: JP Morgan downgrades shopping centre landlord Intu The figures The retail property giant saw losses before tax [...]
Rent rises: Edinburgh jumps while London edges up May 13, 2019 London rents grew at a slower pace than the rest of the UK in April, dragging down the average despite large rises in areas such as Edinburgh and Nottingham. While London areas such as Islington, Wandsworth and Southwark all witnessed a rise in rent by more than one per cent in April, across the capital [...]
Liz Truss wants to build on Green Belt land to fight of ‘tsunami’ of Farage and Corbyn, as Cabinet minister drops leadership hint May 12, 2019 Senior Cabinet Minister Liz Truss has called for 1m homes to be built on Green Belt land to protect against the Tories being “annihilated by the tsunami of Corbyn and Farage”. The Treasury chief secretary took aim at the policy of protecting the land – a favourite among Conservative grassroots activists – saying: “We need [...]
Millennium & Copthorne profits plunge after major refurbs at luxury hotels May 10, 2019 Upmarket hotel chain Millennium & Copthorne has posted a steep drop in first-quarter profits and revenues due to major refurbishment projects. The company, which is chaired by Singaporean billionaire Kwek Leng Beng, reported pre-tax profit of £11m for the quarter, down almost 60 per cent from £26m the year before. Read more: Millennium & Copthorne [...]