London office market battles red hot construction costs October 23, 2023 Glimmers of light are beginning to emerge for property developers in the City and the West End as demand for office leases climbs to its highest quarterly take-up so far this year, but rising construction costs are expected to hold back recovery. Figures from property consultancy Savills, showed that the number of leases secured in [...]
St James’s Place suspends property fund as investors pull cash and demand falls October 23, 2023 Wealth manager St James’s Place has suspended one of its property funds amid a flurry of withdrawals from clients and a “fall in demand” for commercial property in the UK.
London’s soaring rents now swallow up 35 per cent of tenants’ salaries October 23, 2023 More than a third of Londoners’ average pay went towards paying rent last year, according to the latest government figures, as tenants face a crisis in the capital. Data released by the Office for National Statistics on Monday showed that London was the least affordable region in the UK in which to rent, with an [...]
Vistry to cut 200 jobs amid affordable housing shake-up October 23, 2023 Housebuilder Vistry said it will cut 200 jobs and make £40m less profit than expected as part of its shift into being a solely affordable housebuilder. Last month the London-listed firm it would focus solely on building affordable homes via its partnerships business after a volatile housing market eroded demand for building in the private [...]
Parliament urged to back renters reform bill amid fears landlord MPs could rebel October 22, 2023 Parliament has been urged to support the Renters Reform Bill which would end no-fault evictions despite fears landlord MPs could rebel against the legislation. Some MPs who own rental properties say they will be among landlords leaving the market due to what they call an “unconservative” policy on Section 21, according to the Telegraph. But [...]
Design for confidence: the write-down of AT1 bonds in the last days of Credit Suisse October 20, 2023 The reputation of Swiss regulator, Finma is on the line as the holders of Credit Suisse’s AT1 bonds take legal action, seeking compensation after securities they owned were written down, as part of the bank’s forced marriage to UBS.
US banks flag concerns over commercial real estate as debt distress reaches highest level in a decade October 19, 2023 The largest lenders in the US have been building their loss provisions in case loans to the commercial real estate sector turn sour over the coming months.
Onthemarket shares leap 53 per cent after £99m takeover deal as rival Rightmove falls October 19, 2023 Onthemarket shares made their biggest one-day jump on record after the UK property portal was snapped up by American commercial property giant Costar in a £99m deal, while rival Rightmove slumped. The London-listed stock rose as much as 53 per cent on Thursday morning to 108p. The takeover is the latest in a series of [...]
China’s Country Garden bondholders seek talks after missed bond payments October 19, 2023 Country Garden bondholders are seeking urgent talks with the troubled property developer after it missed a $15m
Onthemarket to be snapped up by Nasdaq-listed Costar in £99m deal October 19, 2023 The deal represents a significant premium of 56 per cent to Onthemarket's 70.5p share price at close on Wednesday, according to a statement on the London Stock Exchange this morning.