Cladding suppliers shares tumble after Gove threat on remediation costs January 24, 2022 Building material manufacturers and property developers’ shares plummet on Monday morning as the government toughens up on firms unwilling to pay to fix unsafe homes. Housing secretary Michael Gove threatened a UK trading ban on manufacturers of combustible cladding and insulation in a letter to the Construction Products Association. In the letter, Gove said more [...]
Grenfell: Gove tells dodgy developers ‘we are coming for you’ as they’re forced to foot the bill for cladding crisis January 10, 2022 Michael Gove has sent a stark warning to property developers that have profited from installing dangerous cladding, like that was used in the Grenfell tower, telling them that “we are coming for you” as he unveils his plan to make them pay for cladding refurbishments across the UK. Gove told MPs today that the burden [...]
Housebuilders’ share prices plunge as government cracks down on cladding crisis January 10, 2022 Homebuilders’ share prices tumbled on Monday as the government said it was prepared to force developers to pay for the removal of dangerous cladding. Housing minister Michael Gove has handed builders a March deadline to agree a plan to protect leaseholders who cannot sell their homes due to their fire defects. Leaseholders have called on [...]
Property developers shares lift after rates held November 4, 2021 Property firms and house builders’ shares have surged following the Bank of England announcing it will hold rates at the same level. The country’s largest commercial property development company Land Sec has seen shares lift by just under four per cent, following the news. What’s more, developer British Land saw shares rise by more than [...]
Bellway’s profits double despite supply chain woes slowing construction activities October 19, 2021 Housebuilder Bellway said this morning that its annual profits more than doubled, but cautioned that supply chain woes are holding back construction activity. The group posted a 102.4 per cent jump in pre-tax profits to £479m for the year to July 31 as revenues leaped 40.3 per cent to £3.12bn thanks to a booming property [...]
Housebuilder Bellway revenue nears pre-pandemic level August 10, 2021 Housebuilder Bellway has reported revenue nearing pre-pandemic level in its latest trading update. Revenue was just 2.5 per cent below the 2019 level thanks to underlying demand, the firm said in an update for the year ended 31 July 2021. Housing revenue rose by 41 per cent to over £3.1bn compared to £2,204.4m in 2020 [...]
Almost all UK housebuilders’ revenues fell as fewer homes built during covid July 13, 2021 Only one of the biggest housebuilders in Britain has seen an increase in its revenue and built more homes in 2020, new research shows. The latest research from Warwick Estates has revealed that Vistry Group was the only major house builder which saw improved performance in terms of the number of houses delivered, and in revenue. The [...]
Barnet, Richmond and Ealing see house price spike as pandemic fuels outer London spree June 21, 2021 House prices are heading upwards right across the country – but some London boroughs are doing better than others. New data suggests outer London properties have benefitted from a spike in pandemic-era purchases, as inner London residents look for more space and existing suburban dwellers tire of the same four walls. Properties in Barnet and [...]
Housebuilder Bellway makes record land investment as house prices rocket June 15, 2021 Bellway has made a record investment in land since last August, a move that could pay off handsomely in the future with the recent rise in house prices. The housebuilder has contracted to acquire some 15,982 plots since 1 August 2020, up from 10,079 plots in its 2020 financial year, and 10,620 in 2019. Bellway [...]
Housebuilder stocks soar as property prices climb another £3,000 to new record high June 7, 2021 House prices in the UK rose again last month by around £3,000, bringing the average property price up to a record high of £261,743. May’s 1.3 per cent price increase means the average home in the UK has increased by more than £22,000 – or 9.5 per cent – in the last 12 months, according [...]