CBRE completes property fund merger creating new £1.47bn fund December 1, 2016 The CBRE UK Property Fund (UKPF) is merging with the Electricity Supply Pension Scheme (ESPS) UK property portfolio to create a new £1.47bn fund. The new fund, which has been authorised by the Financial Conduct Authority, will be operated as a Property Authorised Investment Fund (PAIF). Read more: The City of London is getting taller [...]
UK house price growth slowed again in November December 1, 2016 House prices grew by 0.1 per cent in November, with the rate of growth slowing to 4.4 per cent from 4.6 per cent in October, and analysts pointed to market uncertainty and cautious buyers and sellers having a cooling effect on the sector. The Nationwide House Prices Index showed the average price of a house [...]
The super prime rental market in the Home Counties is booming on the back of stamp duty changes November 30, 2016 London's luxury property market has been suffering after the government increased stamp duty on high-end homes – but the rental market is booming in the Home Counties on the back of the decision. According to research by Knight Frank, the number of tenant viewings for super prime properties – homes worth over £15,000 per month – has doubled year-on-year [...]
The City watchdog might be about to relax rules on mortgage lending that are tripping up smaller lenders November 30, 2016 The City watchdog has today launched a consultation to further pick over the rules on how it checks firms are not allowing people to borrow too much on a mortgage compared to their income. The Financial Conduct Authority (FCA) is asking for feedback on proposed amendments to its previous 2014 guidance based on recommendations from the Bank of [...]
UK construction industry fears hard Brexit will turn skills gap into a gulf November 30, 2016 Construction could be buffeted big-time if there's a "hard Brexit" and lose more than 200,000 workers. According to a report by design and consultancy firm Arcadis, the industry could suffer from a "skills gulf" once the UK leaves the European Union and the loss of nearly 215,000 workers from house building and infrastructure if there's [...]
Zoopla boss Alex Chesterman: “It’s not acceptable to simply say Brexit means Brexit” November 30, 2016 The founder of Zoopla Property Group and one of the original names behind the legal challenge to Brexit, has said the government's handling of Brexit "highly disappointing" so far and lacks transparency. "I'm in favour of a good Brexit, I think the result in June is not in question," Alex Chesterman said. "A good Brexit could be a very good outcome." But [...]
Zoopla snaps up Technicweb and moves into connected home market as it unveils soaring profits November 30, 2016 FTSE 250-listed Zoopla Property Group announced buoyant full-year results today as well as the acquisition of Technicweb and a move into connected homes with a partnership with Neos. The figures Revenue was up 84 per cent to £197.7m, while adjusted Ebitda soared 58 per cent to £77.1m. Profit for the year was up 44 per cent from [...]
The reality of starting out as a landlord: Four months of no tenants and £2,000 set-up costs November 29, 2016 It may be regarded as a money-spinning idea by some, but a new study has laid bare the challenges of being a landlord. A fifth of new property owners said they had endured four months without tenants after they bought their first properties, according to a study by the Nottingham Building Society – while 53 per cent [...]
Countryside shrugs off Brexit concerns with soaring revenue and profits November 29, 2016 Housebuilder Countryside has laid solid foundations for 2017 after making a return to the London Stock Exchange earlier this year. The figures Adjusted revenue was up 26 per cent from £615.8m in 2015 to £777m, while adjusted operating profit rose 34 per cent to £122.5m from £91.2m. Basic earnings per share were up 209 per cent from [...]
Ikea scores fifth year of sales growth in the UK November 29, 2016 Ikea has announced its fifth year of sales growth in the UK, and has broadened its market share. The furnishings retailer's UK sales hit £1.72bn in the 2016 financial year, increasing 8.9 per cent on last year. Its market share jumped by 0.5 percentage points to 8.2 per cent. Read more: Flatpack-loving foodies push Ikea sales to [...]