New Homes: Our pick of the new builds and conversions going on sale in London this weekend November 30, 2018 New developments on the market this week Fitzroy Gate, Old Isleworth From £1.4m Why shouldn’t Christmas shopping include browsing for a new home? There’s a festive-themed open day tomorrow from 10am to 4pm at this seven acre development in south west London. There are three show homes to peruse and 39 Victorian and neo-Georgian style [...]
Grenfell-style combustible cladding ban to cost high-rise developers and owners £337m over next decade November 30, 2018 The government’s ban on the use of Grenfell-style combustible materials on new high-rise buildings will cost the industry up to £337m, it has emerged. In an impact assessment of the legislation, Whitehall revealed the direct cost to developers and owners is expected to be between £249m and £337m over 10 years. The Ministry for Housing, [...]
DEBATE: After one lender launched a six-times-salary deal, are we headed towards a mortgage timebomb? November 30, 2018 After one lender launched a six-times-salary deal, are we headed towards a mortgage timebomb? Andrew Hagger, personal finance expert at MoneyComms, says YES. A shortage in UK housing supply means that property prices continue to increase, albeit at a slower rate in recent months. This means that lenders must stretch their lending criteria in order to [...]
UK house price growth recovers from five-year low in November, Nationwide figures show November 30, 2018 UK house prices grew by an average of 1.9 per cent in November, up 0.3 per cent month on month to recover from a five-year low in October, Nationwide announced this morning. The figure is expected to improve if economic and political uncertainty surrounding Brexit lifts over the coming months and employment continues to rise, the [...]
Mortgage approvals rise to nine-month high while consumer borrowing growth slows, says Bank of England November 29, 2018 Mortgage approvals rose to a surprising nine-month high last month, while consumer borrowing increased at its slowest pace since May 2015, the Bank of England said today. While the Bank said mortgage market activity was “broadly stable” in October, households borrowed an extra £4.1bn against their homes and the number of mortgages approved rose to [...]
John Whittaker-led consortium abandons £2.9bn offer for Intu, sending shares crashing November 29, 2018 Intu’s share price nosedived by 36 per cent this morning after a consortium ditched plans to pay £2.9bn for the shopping centre empire, blaming market uncertainty. Intu had repeatedly extended the deadline for the offer from a consortium led by billionaire shareholder John Whittaker, but today the consortium said it would abandon the takeover attempt. “Given the [...]
Tulip tower may interfere with radar systems, warns London City Airport November 28, 2018 Plans to build the City’s Tulip had just begun to blossom last week after developers submitted proposals for the new 1,000 ft tower, but now concerns over whether the building might interfere with air traffic radar systems have threatened to stall the project. London City Airport has insisted that construction cannot be given the green [...]
Housebuilder Telford Homes boosts profit as it focuses on London November 28, 2018 Developer Telford Homes announced a jump in profits today for the first half of the year as its strategy of building homes in London paid off. Total revenue in the first half of 2019 increased 31 per cent to £129.6m, while profit before tax rose 16.1 per cent to £10.1m. The company increased its interim [...]
Spain’s ‘Airbnb for long-term rentals’ taps King’s Cross as its new global headquarters November 26, 2018 Spanish property tech startup Spotahome has picked out London’s King’s Cross as its new global headquarters, thanks to the UK’s reputation as a great source of highly-skilled digital talent. Spotahome’s chief executive Alejandro Artacho told City A.M. that he believes the capital to be the best place to channel growth and take the business global. [...]
Pensioner paradise: London investor plans to open £600m luxury retirement home November 26, 2018 Here comes the world’s most expensive old folks’ home. Leading property investor Johnny Sandelson says he is planning to develop an ultra-luxury retirement complex in one of the priciest enclaves of west London at a cost of £600m, if it is approved by planners later this week. Speaking to City A.M., Sandelson said he was [...]