Mortgage approvals fall following interest rate rises May 31, 2022 Mortgage approvals have fallen to the lowest level seen since the peak of the UK’s house-buying frenzy in June 2020, according to official data today. Brits were approved 66,000 mortgages in April, down from 69,500 in March, data from the Bank of England has revealed. This is slightly below the pre-pandemic average of 66,700, [...]
Tony Blair: Ditch the expensive ‘raincoats’ and just cut energy bills in half with mandatory green homes May 31, 2022 Free energy plans should be offered to every home in the UK to lower emissions while reducing energy bills before making them mandatory in the mid-2030s, according to a report by the Tony Blair Institute, shared with City A.M. this morning. The recommendation is one of a number of measures the report says could halve [...]
The City View: Sainsbury’s to cut prices, and the importance of UK private equity May 30, 2022 Today Andy Silvester talks to Michael Moore, Director General at BVCA. They discuss the scale of private equity and venture capital in the UK, their importance in the UK’s employment market, and how vital they are for companies looking to scale up. And in the headlines: Sainsbury’s CEO Simon Roberts has said that the supermarket [...]
It’s finally Appian! Court case begins over fallout from collapsed $1.2bn deal May 30, 2022 Court proceedings for Appian Capital Advisory's $1.2bn compensation claim against South Africa's Sibanye-Stillwater after a deal between them collapsed.
Foxtons nabs Chestertons boss for CEO job as estate agent eyes larger London presence May 30, 2022 Foxtons has appointed Guy Gittins to head the London estate agent from this autumn. Gittins, who currently holds the title of chief executive at rival estate agent Chestertons, will take on the job of Group CEO at Foxtons on 5 September. He will be replacing Nic Budden, who has been CEO of the London-listed company [...]
Meta madness: Virtual clothing trade marks surge as brands look to monetise on NFT potential May 30, 2022 Virtual clothing trade marks jump by a third to 2,146 in past year, as more and more brands look to capitalise on meta fashion. According to a new study by intellectual property law firm Mathys & Squire, trade marks were up 35 per cent to 2,146 this year, as fashion powerhouse like Dolce & Gabbana [...]
Homes sit on the market for longer as prices hit yet another record high, says Zoopla May 30, 2022 The time between listing a property and a sale is growing increasingly longer, according to property platform Zoopla, as house prices hit yet another record high. In London, the average time it takes for a three-bed house to be whisked off the market has jumped from 17 days in March to 21 days in April. [...]
‘Just in case’ logistics mindset boosts LondonMetric as portfolio value grows by £1bn May 26, 2022 LondonMetric’s property portfolio value has grown by £1bn over the past year, as the UK’s hot property market boosts the firm. The FTSE 250 real estate investment trust’s profit has also rocketed in the year to 31 March, increasing an eyewatering £477.2m, in comparison with the same period last year, to a total of £734.5m. [...]
Foxtons throws £10.5m at growing London property market share with two takeovers May 26, 2022 Estate agents Foxtons has thrown £10.5m at two takeovers, in a bid to snap up an even larger share of London’s property market. The London-listed group has bought IMM Properties, which trades under the name Gordon & Co in South London, as well as Stones Residential in North London. The deals are expected to improve [...]
City Moves: Who’s switching jobs in the Square Mile? May 26, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Vue International Cinema operator Vue International has poached its new chief operating officer (COO) from fashion retailer Urban Outfitters. Claire Arksey, who has previously held senior operational roles at Superdry, Reiss and Ted Baker, oversaw nearly 270 stores [...]