Foxtons cancels its special divi as profits plummet on Brexit worries July 29, 2016 Foxtons was bearing the brunt of its decision to focus on the London market today, after profits fell 42 per cent. The figures In a statement this morning, the estate agent said pre-tax profits had fallen 42 per cent to £10.5m in the six months to the end of June. Revenues fell 3.1 per cent to £68.8m, net free cash flow almost [...]
This Soho property boss is “on a mission” to make China town less Chinese July 28, 2016 China town is getting a revamp – and it's going to become less Chinese. Speaking to City A.M., the chief executive of Shaftesbury – which owns 3.2 acres of land in Chinatown – said there are too many Cantonese restaurants in China town, and he hopes to attract more varied set of restaurateurs to the heart of London. Read [...]
A sign of things to come? Countrywide shares leap despite pre-Brexit housing market slowdown July 28, 2016 The UK's largest estate agent said it had been hit by a slowdown in housing transactions in the run-up to the EU referendum. Is this a sign of things to come? The figures Countrywide said adjusted pre-tax profits fell 25 per cent to £21.8m in the six months to the end of June, although total income rose nine per cent to [...]
How the Brexit vote will affect house prices over the next five years July 28, 2016 The immediate aftermath of the Brexit vote will briefly slow house price growth in the UK, nevertheless it's set to pick up thereafter. Think tank the Centre for Economics and Business Research predicts that they'll rise 5.7 per cent over 2016, however given the average price increased eight per cent year-on-year in the first quarter, this points [...]
What Brexit? House prices inched up in July July 28, 2016 Brexit, what Brexit? The property market defied the uncertainty of the EU referendum result – for now – new data reveals. The full impact on the housing market has yet to be felt as prices edged up ever so slightly in July, according to Nationwide. Read more: Property shares are sliding after downbeat house price forecasts Property [...]
Till death us do part… or we buy property: One in five millennials would settle for a partner if it got them on the housing ladder July 27, 2016 If romance wasn’t already dead, it might well be now. In some of the most telling news yet about the state of the UK’s property market, one in five millennials have said they would forgo finding “the one” if they could settle for another partner in a less-than-ideal relationship… if that person could help them [...]
Commercial rent edged up in the second quarter, with London outperforming the rest of the nation July 27, 2016 Central London shops have been helping to boost rental growth in the second quarter of 2016, according to CBRE. Rents in UK prime commercial property were up one per cent in the second quarter of 2016; high street shop rents were up 2.8 per cent. Industrial rents grew by 1.4 per cent. Read more: Demand for commercial [...]
Rightmove’s shares just jumped after it reported impressive mobile traffic July 27, 2016 Don't write off the UK's property market quite yet: shares in Rightmove jumped this morning, after it reported a surge in mobile traffic. The figures The property portal said this morning that revenues had jumped 16 per cent to £107.9m in the six months to the end of June, while pre-tax profits rose to £80.6m, from £66.6m last year. It signed [...]
A third of over-45s in London worry they will never pay off their mortgage July 27, 2016 A third of people over 45 in London worry they will never be mortgage-free, according to a report from Aviva released today. Aviva found 32 per cent of over-45s in London are uncertain about whether they will ever be able to pay off their mortgage, compared to 17 per cent of over-45s across the UK. Read [...]
Six steps to housing heaven: How Theresa May can kick-start a house-building revolution July 26, 2016 The new Prime Minister has been in place for two weeks now, and is getting to work to achieve her positive agenda of uniting the country and promoting all parts of it, so no one is left behind. To deliver this, there has been substantial focus on housing delivery. The social case for housing is [...]