UK property equity surges to new record as house prices recover with falling rates September 4, 2024 The value of the UK’s property equity is higher than ever before having surged to almost £6 trillion, new research has revealed. The study by the Equity Release Council calculated that recovering house prices helped to increase the figure to an “unprecedented” £5.7 trillion in the three months ending June 30, 2024. This was up [...]
John Lewis: £80m plans create new homes at site in Elizabeth Line-linked Reading September 4, 2024 The John Lewis Partnership has submitted plans to transform one of its disused warehouses in Reading into an £80m residential complex featuring more than 200 rental units. The plans, which were submitted to Reading Borough Council this week, lay out the company’s vision to demolish the current structure and replace it with 215 homes, plus 6,000 [...]
CMA clears Microsoft and Inflection AI partnership after merger ruling September 4, 2024 Britain’s competition regulator has today cleared Microsoft’s arrangements with Inflection AI, which included a licensing deal and the hiring of former Inflection employees. The Competition and Markets Authority (CMA) announced in April it was looking at three separate deals that potentially fall under UK merger law and, if so, whether they could have a harmful [...]
Columbia Threadneedle property trust bought out for £673m despite management complaints September 4, 2024 Columbia Threadneedle-run Balanced Commercial Property Trust has reached a deal to be sold for £673.5m, despite objections from its investment manager. The trust has been managed by Columbia Threadneedle since it was created in 2005, and began a strategic review this April after shareholders told it there was “need for change from the status quo”. [...]
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 [...]
How Rightmove became London’s (and the FTSE 100’s) most profitable company September 3, 2024 From an unknown tech start-up to the undisputed king of the UK’s online property sector, Rightmove is a shining example of how to turn a simple idea into a whole lot of profit. In its most recent full-year results, the London-listed property portal astounded investors by revealing it had achieved a record 71 per cent operating profit margin – [...]
Rightmove speaking to UBS and Morgan Stanley after REA takeover interest September 3, 2024 Rightmove is reportedly speaking to UBS and Morgan Stanley on its response to the unsolicited takeover bid from Rupert Murdoch’s REA Group, according to Bloomberg. REA announced its intention to explore a possible cash and share offer for the UK’s biggest property portal in a statement yesterday to the Australian Stock Exchange. It has said [...]
Tory leadership race gets underway as Badenoch and Cleverly launch small state campaigns September 2, 2024 The Conservative leadership race was set alight today as frontrunner Kemi Badenoch and rival James Cleverly launched their campaigns, both calling for a “state that does less”. Former business and trade secretary Badenoch argued: “Government should do fewer things but better – and what it does, it should do with brilliance.” While former foreign and [...]
Citypoint tower up for sale as owner seeks cut-price deal September 2, 2024 Canadian asset manager Brookfield has put Citypoint tower up for sale in what could be the biggest commercial office sale in the capital all year. Brookfield has reportedly started the sale in the hope of avoiding a default on a £460m loan secured on the building, according to the FT, which it previously extended in [...]
The best and worst performing funds in August 2024 September 2, 2024 Funds focusing on North American smaller companies were the worst performing in the UK last month, as a weakening dollar and fears over a US recession shook the market. North American Smaller Companies funds fell by 3.3 per cent in August, followed by funds focusing on China (-2.9 per cent), commodities (-2.3 per cent) and [...]