First-time buyers drop off market as mortgage completions sink August 22, 2018 First-time buyer mortgages fell sharply in the second quarter of 2018, signalling a drop in new homeowners coming onto London’s subdued property market. Roughly 10,300 new first-time buyer mortgages were completed in London in the three months to the end of June, marking a 3.7 per cent fall from the same period in the previous year. [...]
Help-to-Buy fuels rise in Persimmon’s profits August 21, 2018 Persimmon reported a 13 per cent rise in pre-tax profits for the first half of 2018 yesterday, as boosts from low interest rates and the government’s Help-to-Buy scheme eased fears that the housebuilder would be hit by a slowdown in the property market. Profits before tax rose to £516.3m in the six months leading up [...]
House transactions slide lower amid ‘stagnant’ property market August 21, 2018 The number of houses being bought and sold edged further down last month, as fears of a stagnant property market continue to loom large. Residential transactions were 3.2 per cent lower in July 2018 compared with the same month last year, according to the latest data from HMRC’s property transaction statistics. Read more: There is [...]
Bull run in student housing market as Allianz opens new chapter August 20, 2018 Allianz has completed a £350m investment into a joint property venture with Greystar and a Canadian pension manager, in a move that signals growing international confidence in London’s student housing market. In a £1.5bn project that aims to complete 10,000 new student beds and the doubling of its portfolio size within five years, German-based Allianz Real Estate [...]
Shareholder anger forces Countrywide to abandon pay plan August 20, 2018 Countrywide has rowed back on plans for an executive pay proposal in the wake of a potential shareholder rebellion. The UK’s largest independent estate agency drew anger from investors last week over a new incentive scheme which would mean cash payouts of over £20m for the beleaguered firm’s top bosses, including a £6m windfall for [...]
Greater London property lull sinks lower as house prices per square metre fall for the first time in eight years August 18, 2018 Property growth per square metre has slowed down in Greater London, providing fresh evidence of a subdued housing market in the capital. Greater London property space suffered the lowest growth out of any region in the last 12 months, with house prices per square metre (psm) falling for the first time in eight years. House [...]
On the Beach posts sunny forecast amid luxury acquisition August 17, 2018 Online holiday retailer On the Beach has bought a luxury high street travel agents in a move into the offline market, as the firm announced yesterday that profits are in line with expectations. The £20m acquisition of Classic Collection came amid stable projections for the year ahead, with shares rising more than 15 per cent [...]
Countrywide of the mark as pay rebellion looms August 16, 2018 Beleaguered estate agent Countrywide could be the victim of its second shareholder rebellion in two months amid a bitter row over executive pay. Under-fire chairman Peter Long is facing the wrath of City institutions who are understood to be planning a revolt over a new incentive scheme, according to reports in Sky News. In a [...]
House prices in the capital sink to lowest level since financial crisis August 15, 2018 London house prices have fallen at their fastest annual rate since the financial crisis, dragging the UK property market down to its lowest levels of growth in five years. House prices in London tumbled 0.7 per cent in the year to June 2018, marking the sharpest decline in annual growth since a 3.2 per cent [...]
Investec fills entire City building in post-Brexit commitment August 13, 2018 Specialist banking giant Investec Asset Management has agreed to occupy the whole of 55 Gresham Street in a move that signals yet another firm commitment to the City of London post-Brexit. More than 121,000 square feet of offices spanning 11 floors will be let out in the grade A building located in the heart of [...]