Barratt: Profit halves at housebuilder but firm optimistic after Redrow deal September 4, 2024 Housebuilder Barratt reported a halving in profit and drop in completions amid a challenging housing market, but has said it is optimistic about the future. Barratt said its total home completions in the year ended 30 June reached 14,004, down 18.6 per cent from 17,206 in 2023 but at the upper end of the company’s [...]
Mortgage borrowing hits highest level in nearly two years August 30, 2024 The amount of mortgage debt Brits took on in July reached its highest level since November 2022 in another sign that consumer confidence is returning. Brits borrowed £2.8bn of mortgage debt in July, the highest since £.2bn in November 2022 and up from £2.6bn in June, according to the latest Money and Credit data from [...]
Savills: Bank of Mum and Dad to pay out almost £30bn over the next three years August 16, 2024 First-time buyers will receive almost £30bn in financial support from their parents over the next three years as the housing ladder slips increasingly out of reach for independent young buyers. Gifts and loans from the Bank of Mum and Dad totalled £9.4bn in 2023, according to the latest analysis from property firm Savills. This figure [...]
One in three delay buying new home as high costs and interest rates bite August 14, 2024 The saga of first-time buyers trying to get on the UK housing ladder is long and well documented. High interest rates, rising costs and rents which swallow up more than a third of wages – in some parts of the country – have meant that around one in three people have delayed their purchase of [...]
UK’s largest pension fund agrees £405m homes deal with Blackstone August 13, 2024 The UK’s largest pension fund has acquired 3,000 homes from Blackstone for more than £400m. The Universities Superannuation Scheme (USS) has snapped up the portfolio of shared ownership homes from affordable housing company, Sage. Sage is majority-owned by Blackstone alongside real estate investor Regis and was formed in 2017. The £405m deal is the first [...]
Marshalls: Revenue at building supplier drops but group ‘cautiously optimistic’ about the future August 12, 2024 Housing industry supplier Marshalls has reported a mixed set of results for the first half of the year due to what management called “weak end markets.” However, despite weakness in the construction market over the past year, the company said it was “cautiously optimistic” about the future. Marshalls announced revenue of £306.7m in the half-year [...]
Has the UK housing market turned a corner as the Bank of England cut interest rates? August 9, 2024 Quiet optimism is the mood of the day in the housing market, as house prices firmly ticked up in July. Both the Nationwide and Halifax house price indices posted accelerating house price growth. Nationwide reported a 0.3 per cent month on month increase and Halifax pointed to a stronger 0.8 per cent month on month [...]
Housing operator Mears ups guidance as Ministry of Defence extends contracts August 8, 2024 Affordable housing operator Mears has reported an “excellent” set of results driven by government social housing contract wins and high demand from immigration-related services. Mears, which manages 17,000 houses for local and central government, reported a 10 per cent rise in revenue for the six months ended June 30, to £580m up from £525.6m. Profit [...]
Persimmon: Builder ups guidance amid ‘positive momentum’ on planning reform August 8, 2024 Housebuilder Persimmon has said it would build 10,500 homes this year—at the top end of its guidance— and has outlined plans to boost construction next year as Labour’s planning reforms start to take shape. In its half year results for the six months ended 30 June 2024, Persimmon said it completed 4,445 new, up by [...]