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 [...]
Generations Rent? Young and old expect to be long-term renters February 20, 2017 Up to a decade of rent is stretching out before the UK’s renters, according to the property and construction consultants McBains Cooper. Of the London-based respondents to a survey conducted by McBains, one-in-three renters said they expect to continue renting for the next five to ten years. Within the 45-59 year old bracket, 52 per [...]
Hammerson shares climb on stronger profits despite £122m valuation hit February 20, 2017 Shares in commercial property giant Hammerson climbed today after it said its adjusted profit had risen – but added it had been hit as its properties' capital values deteriorated. The figures When adjusted for the revaluation of its commercial properties, Hammerson profits fell 56 per cent from £727.8m for 2015 to £317.3m last year. But adjusted profits rose [...]
Dubai’s International Finance Centre grew by 14 per cent last year February 20, 2017 Bosses at the state-owned financial free zone, known as the DIFC, say there has been a 10 per cent increase in financial firms registered in the DIFC, and a 17 per cent rise in non-financial companies. Profits at Dubai’s financial district grew by seven per cent in 2016, totaling Dh421m (£92m). Dubai is among a [...]
Hey London renters: Stop complaining – it could be a lot worse February 20, 2017 Tenants in London may be saddled with eye-wateringly expensive rental prices – but it could be a lot worse. Analysis of data for City A.M. by Statista suggests London is only the 11th most expensive place to rent in the world – with renters in San Francisco paying almost twice as much as those in the [...]
UK house prices grow at their slowest in four years – as Rightmove warns “overpriced properties won’t sell” February 20, 2017 UK house prices grew at their slowest four years in February, new data from Rightmove has shown – as it warned agents against setting properties' prices too high. Asking prices rose just 2.3 per cent in the year to February, according to the figures – down from 3.2 per cent in the year to January, [...]
Bovis Homes takes £7m customer service hit as shares slump on falling profits February 20, 2017 Shares in Bovis Homes slumped around eight per cent this morning after the house builder counted the cost of customer service problems. Shares were down 7.86 per cent to 774.89p at the time of writing, after opening around 10 per cent lower, following the housebuilder saying this will be the year "when we reset the business" after a "difficult" [...]
The business rates backlash continues… this time Sainsbury’s speaks out February 19, 2017 Sainsbury's is the latest company to raise its voice amid growing concern over the impending rise in business rates which will see thousands of businesses with a bigger bill. The supermarket's chief executive Mike Coupe slammed the levy as "archaic" and called for reforms to "level the playing field with firms such as Amazon which [...]