Blame restrictions on the supply of land for new homes for rising wealth inequality February 22, 2017 Official data released last week on house price increases in 2016, which among other things showed the Shetland Isles as the part of the UK which posted the biggest jump in prices last year (at 26 per cent), generated a lot of interest. Given that housing represents by far the most important component of wealth [...]
“Skills gulf” means Britain will need to recruit one worker every 77 seconds to meet construction needs February 22, 2017 The UK needs to recruit 400,000 people each year until 2021, or one worker every 77 seconds, if it's to meet house building and construction needs. And London and the South East will need to employ 110,000 people, more than any other part of the UK, making up nearly 30 per cent of the total. A [...]
Property groups warn £20bn of development finance at risk from government’s finance bill February 21, 2017 The property industry is calling on the government to change its finance bill, warning that measures to clampdown on multinational tax avoidance will also put £20bn of finance for UK developments at risk. The UK government is cracking down on tax avoidance in its annual finance bill by limiting companies claiming interest as a tax-deductable [...]
The MoD has issued a clarion call to developers as it mulls the future of Hyde Park Barracks February 21, 2017 The fate of Hyde Park Barracks, the central London barracks which plays host to the Household Cavalry, may be about to become clearer after the Ministry of Defence (MoD) issued a clarion call to the property industry. A notice issued by the Defence Infrastructure Organisation (DIO), the organisation in charge of managing the army's estates, has [...]
Clarks looks to revamp its property portfolio February 21, 2017 Clarks is looking to revamp its presence on the high street with a review of its property portfolio, conducted by consultancy Harper Dennis Hobbs. As part of the review, Harper Dennis Hobbs will be examining Clarks' 550 outlets to see if the company is in the right locations, and has the right type of stores. [...]
Sadiq Khan “shocked” at business rate rises that threaten small firms February 21, 2017 London mayor Sadiq Khan has said he is "shocked" by the business rate rises set to hit the capital, and has told chancellor Philip Hammond the tax changes could wipe out firms across the city. He has warned that the changes to commercial property taxes, which will come into effect on 1 April, could force the closure [...]
Galliford Try commits to building more homes February 21, 2017 Galliford Try's share price edged upwards this morning after the housebuilder's profit jumped, and it said it had a confident outlook on the year ahead. The figures For the six months to the end of 2016, group revenue grew four per cent, up from £1.18bn to £1.24bn. Galliford's profit jumped 19 per cent, from £52.9m to [...]
The “cheapest home in Mayfair” has gone on sale for just £500,000 (but there’s a catch) February 21, 2017 If you have ambitions of being a small fish in a very expensive pond, look no further than a two-bedroom apartment which has just gone on sale in London's most exclusive borough, Mayfair, at the bargain price of just £500,000. Admittedly, though, there's a catch… The apartment, next to Claridges on Davies Street, has been [...]
Business rates fight intensifies as government accused of misleading MPs February 20, 2017 The row over business rates is heating up with businesses hitting back at the government's claim that they will receive a tax cut. The government has retaliated at the business groups that are demanding reform to business rates, saying that three in four businesses will receive a rates cut, or won't be affected. Read more: The business rates backlash [...]
West End property hit despite surge in interest from Chinese buyers February 20, 2017 The value of commercial property transactions fell in January despite a surge in interest from Chinese buyers. According to numbers from real estate agents Savills, £841m worth of commercial properties were transacted in January this year, down from £895m in the same month last year, representing a fall of around six per cent. However, Chinese buyers are [...]