Mark Kleinman: What’s next for BT and the City’s ugliest row of 2023 July 13, 2023 Mark Kleinman, City editor of Sky News, writes fortnightly for City A.M. Germans could be on the line at Jansen-less BT Hanging-up time is fast-approaching for Philip Jansen, whose plan to step down as CEO of BT Group next year – revealed by me last weekend – was confirmed on Monday. Sources have told me [...]
Five Rightmove ads that show how screwed the London rental market is July 12, 2023 London’s rental market is hellish, with landlords selling up to avoid hefty mortgage payments and its supply pool dwindling daily, renters in the capital have their work cut out for them trying to find a place to call home. City A.M. has trawled the pages of Rightmove to showcase some of the ‘premium’ pads on [...]
Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Hunt is right to rest his hopes for growth on the City, but it will still need a helping hand July 12, 2023 Jeremy Hunt is banking on the City bailing out the UK economy - and it can if he gives it the reforms it needs, writes Michael Moore.
Exclusive: ‘Draconian’ Net Zero rules will hit landlords to tune of £6,000 – but only save £36 a year July 11, 2023 Government rules which ensure housing meets net zero targets have been branded “draconian” by a landlords group, who say costs massively outweigh benefits. Under new proposals, landlords will be blocked from letting properties unless they upgrade them to meet net zero energy efficiency targets as soon as 2028. Homes will be required to have an [...]
British Land overcomes uncertain landscape with leasing spree across London July 11, 2023 British Land provided investors with a cheery update on the outlook for the commercial property sector, as the firm was boosted by leasing activity across London and strength of retail parks. In an update ahead of its AGM later today, the property developer secured 552,000 sq ft of leasing across its portfolio in the first [...]
Stumbling economy allows insolvency specialists Begbies Traynor to cash in after acquisition spree July 11, 2023 Insolvency specialists Begbies Traynor upped its dividend after it saw its pretax profit increase by half in 2023. Pretax profit climbed to £6m from £4m the year before, ahead of market expectations, leading the firm to up its dividend by nine per cent on last year to 3.8p. On an adjusted basis, which excluded the [...]
England Cricket refuses to cash in on Bazball brand (and Australians could benefit) July 10, 2023 Rarely can a sports team have become as synonymous with a slogan or philosophy as the England men’s Test cricket side and Bazball. It has proliferated every discussion of their successes and failures during the current Ashes series and since head coach Brendon McCullum, from whom the term derives, brought his buccaneering style to the [...]
House prices: Buyers playing ‘wait and see’ on purchases rattles confidence July 10, 2023 Property portal On The Market has warned of a challenging outlook for the year ahead as aggressive rate rises have led buyers to “wait and see” on house purchases whilst the market remains unsettled. The estate agent, which operates similar to Rightmove and Zoopla, told investors this morning that stubborn inflation and the high cost [...]
Barratt Developments share price in focus following Bank of England rate rise July 10, 2023 The market will turn its focus to Barratt Developments’ trading update next Thursday to see how soaring mortgage rates and a tumultuous period for the property sector is impacting UK house building companies. The housebuilder’s shares have fallen by around a tenth over the past 12 months and more than half from their pre-pandemic levels, [...]