Legal Q&A: How can a group of leaseholders buy the freehold of their properties if some of them are sublet? November 19, 2018 We are a group of leaseholders considering buying the freehold of our block of flats. Many of the owners sublet their flats and the rest of us are worried about potential delays and in particular, receiving funds on time. Can you advise? Many blocks, particularly in London, experience reduced owner occupancy, which does make coordinating [...]
Mears shares fall as it confirms purchase of Mitie’s social housing business November 19, 2018 Social housing provider Mears today said it has bought industry-related assets from outsourcing firm Mitie's property management division, in a transaction valued a £35m. Mears said it would finance an initial cash consideration of £22.5m for the deal via a placing of new ordinary shares on the London Stock Exchange. A deferred consideration of the remaining [...]
Buyers eye up Christmas offers as prices slip in November November 19, 2018 Homeowners hoping to sell their house are slashing prices and expectations, in a move that signals a boon for buyers in the run-up to the festive season. Property prices tumbled 1.7 per cent this month, marking the largest November drop since 2012, with London’s stagnant housing market continuing to see a sharper decline than any [...]
Persimmon boss picked pub for first big purchase after £40m bonus November 18, 2018 Persimmon’s new boss spent almost £800,000 on a pub in his hometown as his first big personal purchase after receiving a £40m bonus this year. Dave Jenkinson became the housebuilder’s interim chief executive last week after former boss Jeff Fairburn was forced out amid a furore over his £75m bumper bonus. Jenkinson bought Shambles in Morpeth, [...]
England housing stock increases but housebuilders still fall short of target November 15, 2018 The number of new homes completed in England in the last year reached its highest level in a decade, but growth has plummeted as Brexit uncertainties take hold. Just over 222,000 more homes were added to England’s housing stock in 2017-2018, according to figures released today by the minister of housing, communities and local government (MHCLG). [...]
Property firm Crosstree buys Edmonton Green shopping centre for £72m November 15, 2018 Real estate firm Crosstree has bought Edmonton Green Shopping Centre in north London for £72m, the company said today. The property firm, which co-owns retail space in the O2 arena, said it has exchanged contracts with owners St. Modwen for the 495,000 square feet (sq ft) shopping centre in Edmonton. The shopping centre, which sits on [...]
Fix the housing crisis and save the high street at the same time November 15, 2018 Two "crises" have dominated the headlines in the last year. The first is the pressure on housing, the challenges of the rental market, and the soaring cost of living, especially in big cities. The second is the so-called “death of the high street”, as shopping habits change and the retail sector struggles to keep up. [...]
Great Portland Estates launches £200m share buyback, but warns it could be stopped by Brexit November 15, 2018 Great Portland Estates has launched a share buyback to return £200m to its shareholders, it said today. The property developer is set to repurchase 42m of its own shares over the next 12 months, in a deal backed by Merrill Lynch and JP Morgan Securities. The company said it had decided to re-invest £200m of [...]
Mortgage approvals up for first-time buyers as market moves away from large deposits November 15, 2018 The market share of first-time buyers and small deposit borrowers increased in October as young buyers take advantage of low rates and slowing house price growth. A total of 67,011 mortgages were approved last month, an increase of 2.7 per cent since September and 3.5 per cent above levels in the same month last year. [...]
Flexible offer provider Workspace hit by London property market slowdown November 14, 2018 Flexible office provider Workspace announced a nearly 20 per cent drop in profit before tax as a weakening London property market took its toll. The London-based firm said its profit before tax was £101.6m in the six months ended 30 September, down 18 per cent from £123.7m in the same period last year. The company [...]