Time to move: Prime rents fell in the Home Counties last year as property owners get spooked from selling and turn to rental market January 16, 2017 Prime rents in the Home Counties fell 0.8 per cent last year, as a higher amount of housing available at the top end of the market drove down prices, according to the latest Knight Frank rental index. The increase in stock levels in higher price brackets has been fuelled by greater uncertainty in the sales [...]
Loan write-offs have plummeted in the commercial property sector as banks have tightened their criteria January 16, 2017 The number of commercial property loans being written off has plummeted 63 per cent, falling to its lowest level since the credit crunch, according to Bank of England data. There were £846m worth of write-offs in the sector, down from £2.27bn the previous year, between October 2015 and the end of the third quarter of 2016. [...]
Property interview: Melissa York speaks to CEO Fredrik Korallus of upstart hostel brand Generator about breaking America January 13, 2017 From the way chief executive officer Fredrik Korallus talks about his hostel group Generator, you’d think he was heading up a trendy Shoreditch club night. He speaks about “having the right art, the right music, the right culture” and even aspires to turn the £20-a-night shared accommodation hubs into “living art centres”. But exceeding expectations [...]
Interiors: Laura Ivill tours Beau House, the St James’s scheme promoting British art and design January 13, 2017 As London Fashion Week Men’s drew to a close last week, with its global celebration of Savile Row and Jermyn Street style, all eyes were on St James’s. This historic quarter, based around St James’s Square and bordering Green Park and St James’s Park, is undergoing a £500m redevelopment by The Crown Estate, joined by [...]
Countrywide says slowdown in sales volumes will continue next year January 13, 2017 Countrywide's share price climbed three per cent in morning trading despite a drop in the estate agency group's income in the fourth quarter. The figures In a trading update for its performance in 2016, Countrywide said its revenue edged up to £737m from £734m the year before, but that the estate agency's income fell slightly in the [...]
Number of first-time buyers hits 10-year high January 13, 2017 The number of first-time buyers has reached a 10-year high last year. According to Halifax, there were 335,750 first-time buyers in 2016, up 7.3 per cent on the year before, but still well below the pre-crisis peak of 402,800 in 2006. The average age of a first-time buyer was 30, and they spent an average £205,170 [...]
Now the London party is over, housebuilders must help tidy up January 13, 2017 Barratt Homes said yesterday it is struggling in London – an admission that came as no surprise. The housebuilder is one of several to have jumped on the London bandwagon in the first half of this decade, merrily buying up land all over the capital as house prices whooshed upwards. But its first half results, [...]
Foundations of the housing white paper are still being laid as Prime Minister Theresa May asks for more meat on the bones January 13, 2017 The long-awaited housing white paper is still weeks from publication as the government looks for ways to beef it up so that it passes muster with the Prime Minister Theresa May. The flagship policy document was originally pencilled in for publication late last year. Several key industry figures had expected the white paper to be published [...]
Barratt Developments reports sales struggles in London January 12, 2017 Barratt Developments is feeling the heat in London as it reported today that completions in the capital were down more than 56 per cent. The housebuilder completed on 367 homes in London in the six months to the end of December, down from 842 in the same period the year before. Barratt said it was lowering prices and offering [...]
Hotels continue to be a favourable option for investors looking to the UK January 11, 2017 | City Talk As the UK’s most popular tourist destination after London, Edinburgh plays a vital role in the UK tourism economy. Its preeminent position was underlined recently when Deloitte – for a third year running – named Scotland’s capital the UK’s most attractive location for hotel investment outside London. The figures certainly stack-up. The city achieves some [...]