Private Rented Sector investment to hit £75bn by 2025 February 5, 2019 Investment in the UK’s private rented sector (PRS) is expected to nearly double in size over the next six years, as home-ownership rates wane in the wake of affordability pressures. The level of capital being invested or committed into the UK’s professionally-managed institutional PRS is forecasted to hit £75bn by 2025, marking a sharp rise [...]
High end hostel operator Safestay’s expects revenue to surge amid demand from ‘digital generation’ February 5, 2019 One of Europe’s leading hostel operators saw its share price jump this morning after saying that it expected full-year revenue to soar in the wake of demand from young backpackers. Safestay, a high-end hostel owner listed on London’s Alternative Investment Market (Aim), is forecasting a 39 per cent rise in total revenues to £14.6m in the 12 months [...]
St Modwen cashes in on fast-growing logistics sector as asset values rise February 5, 2019 Property group St Modwen posted a full-year rise in the value of its assets this morning, amid efforts to dispose of struggling retail sites and focus instead on Britain’s fast-growing logistics sector. The Birmingham-based developer said that it sold over half of its retail portfolio for £177m in the 12 months to 30 November last [...]
Investor groups back Shaftesbury board ahead of shareholder showdown February 3, 2019 West End landlord Shaftesbury has secured the support of two major investor groups as it braces for a showdown with shareholder Sammy Tak Lee at its annual general meeting this week. Hong Kong billionaire Lee, who owns 26 per cent of the property group, last week called on investors to vote against three resolutions allowing [...]
House prices drastically outpacing wage growth in UK cities as Oxford named least affordable place to live February 2, 2019 House prices in UK cities are outpacing wage growth by 11 per cent, meaning home affordability is at its lowest level since 2007, according to new data from Lloyds Bank. The report reveals that the average price of a house in a city in Britain has risen from £180,548 in 2013 to its highest ever level of £248,233 [...]
Opinion: Sadiq Khan should be careful what he wishes for when it comes to rent controls in London February 1, 2019 The recent news that Mayor of London Sadiq Khan is moving ahead with plans to impose rent controls on London’s housing market comes as no surprise. Khan’s been contemplating regulation for some time and it featured in his 2016 pre-election manifesto, but nearly three years later, we still haven’t actually seen a concrete policy. Khan [...]
Proportion of home owners in UK rises slightly but average first-time buyer age remains high February 1, 2019 The number of people in England that own a home has increased slightly in the last financial year, according to the annual English Housing Survey. The report, published by the government, shows that 64 per cent of people owned a house in 2017-18, one per cent up on the data from the year before. However [...]
Property of the Week: Leinster Gardens, the HQ of Andreas Papadakis’ publishing house Academy Editions goes on sale February 1, 2019 Faithful followers of fashion in interior design and architecture will have heard of Academy Editions. Leinster Gardens, Bayswater, £7.95m Back in the 1970s, it published over a thousand influential books and magazines dedicated to architecture and the decorative arts, drawing artists like Roy Lichtenstein, David Hockney and Charles Jencks to the Bayswater headquarters of the [...]
New homes: Our pick of the new builds going on sale in London this weekend February 1, 2019 New developments on the market this week South Quay Plaza, Docklands From £685,000 The last penthouse goes on sale this week atop the third tallest residential tower in London. Filled with British manufactured custom interiors by Design Haus Liberty with Asian influences, this £2.875m three bedroom lateral apartment sits on the 65th floor of a [...]
MPs launch inquiry into impact of business rates on high street retailers February 1, 2019 An influential committee of MPs is launching an inquiry into the government's policy towards business rates, amid mounting pleas for tax relief from embattled retailers on the high street. Parliament’s Treasury committee has revealed today that it is set to scrutinise the impact of Downing Street’s business rates tax, which has been at the centre [...]