New architecture tour of the National Theatre celebrates 40 years of Brutalism on the banks of the Thames November 17, 2016 “This is a public building, so you’re welcome to come up whenever you’re passing,” is the repeated refrain of our tour guide for the evening at the National Theatre. And it’s worth repeating as it’s a fact we often forget about many of London’s most famous landmarks. We’re uncommonly lucky to live in a city [...]
The number of new affordable homes in England more than halved last year November 17, 2016 The number of new affordable homes in England fell by more than half last year, new figures have suggested. Figures from the Department for Communities and Local Government showed the number of new affordable homes built in 2015-2016 fell to 32,110, down from 66,600 the year before. The figures, which take in newly-built affordable homes [...]
Mortgage lending falls more than £1bn in October November 17, 2016 Mortgage lending in the UK dipped by £1.2bn in October compared with the previous year, according to data from the Council of Mortgage Lenders (CML). But despite the five per cent year-on-year decline, the figures were slightly above the trend for the last six months, in which mortgage lending averaged £20.1bn. They held on to post [...]
London investment firm buys Paris’ largest hotel November 16, 2016 A London-based property group has bought the largest hotel in Paris. Henderson Park, an investment firm set up by former Goldman Sachs executive Nick Weber, purchased Le Meridien Etoile for €365m (£314m). It was the first purchase for the firm, which was launched in September 2016 and is investing in real estate across Europe. The group bought the hotel [...]
This is how much beer pubs have to sell to combat nexy year’s rise in business rates November 16, 2016 The country will have to drink heavily from 2017 onwards if pubs are to avoid a massive hit when business rates increase next April. Business rates have been re-evaluated for the first time in seven years, and the new rate of tax will come in at the beginning of April next year. Analysis from business rates specialists [...]
British Land posts a loss as Brexit vote hits asset values November 16, 2016 British Land's share price fell in morning trading after the company posted a loss due to the Brexit vote hitting UK commercial property prices. The figures The company behind the "Cheesegrater" announced a loss of £205m in the six months to the end of October as compared to the same period last year, down from £823m [...]
Barratt has taken “pricing action” on high-end homes in London as weak demand begins to bite November 16, 2016 Not long ago, housebuilders were all clamouring to get a slice of London's high-end property market. Not any more: today Barratt said although sales have been strong, demand in the capital has weakened. The figures First, the good news: in a trading update ahead of its shareholder meeting today, the housebuilder said total forward sales [...]
Wembley Park project secures financial backing from three institutional heavy-hitters November 15, 2016 The firm behind the multi-billion pound redevelopment of the land surrounding Wembley Stadium has announced a vital £800m refinancing, which paves the way for its "new masterplan" for the area. Quintain, which was last year taken private in a £745m deal by US private equity firm Lone Star, announced it would replace its £425m loan from Wells Fargo with [...]
UK property prices went up in September as new buyer enquiries rose – but new sales listings went into decline November 15, 2016 Property prices continued to rise in September, as new buyer enquiries increased modestly – but the number of new homes being listed for sale dropped. The average price of a property in the UK was £217,888 in September, with official statistics showing prices went up 7.7 per cent on an annual basis. Property prices rose 0.2 [...]
Land Securities posts £95m pre-tax loss but hikes dividend by almost 10 per cent November 15, 2016 Property developer Land Securities swung to a loss in the first half of 2016 – but the group still hiked its dividend by almost 10 per cent. The figures The company reported a £95m loss in the six months to 30 September, from a pre-tax profit of £707.9m in the first half of last year. [...]