Brexit threat: Property financiers must keep calm and carry on lending July 8, 2016 Before and since the result of the UK’s referendum on European Union membership, uncertainty has pervaded – not least in property markets. Weak construction PMI data, a spate of flagship property funds halting redemptions and downgrades from City analysts has further shaken confidence. Forecasts for companies in the sector have been reduced on the basis [...]
Axa says so long to Serbia with sale to Vienna Insurance Group July 7, 2016 Axa will be saying farewell to Serbia shortly, after the insurer announced today that it had agreed to sell its operations in the country. The Paris-headquartered company said in a statement that it had entered an agreement to sell both its life and savings and its property and casualty operations in Serbia to Vienna Insurance Group (VIG). The move [...]
London generates over a quarter of the UK’s so-called economy taxes, and that could be a problem post-Brexit July 7, 2016 London is stumping up a substantial amount of the UK's taxes, and that could create issues for the country after Brexit, a report out today has found. According to the figures from the Centre for Cities, in 2014-15, London shelled out 28.6 per cent of the UK's economy taxes, which the think tank defines as those [...]
Luxury hotels are engaged in a race to the top to treat their wealthy customers to ever more extravagant perks, from designer wardrobes to private jets July 7, 2016 Back in the late 1800s, the Savoy famously became the first hotel in London to run on electricity, a sign of true luxury at the time. It also had lifts, “speaking tubes” so that guests could call for a maid and, later, en suite bathrooms with showers. Over the decades, it has continuously evolved to [...]
Great Portland Estates chief exec in Brexit warning to London property market July 7, 2016 The head of one of London’s biggest landlords, Great Portland Estates, has issued a warning about the effect Brexit uncertainty will have on the capital’s property market. GPE chief executive Toby Courtauld said he expects London’s commercial property markets to “weaken during this period of uncertainty”. Read more: Great Portland Estates boosted new lettings despite [...]
Barclays, Clydesdale, HSBC, Lloyds, Santander and Nationwide Building Society all downgraded by Standard & Poor’s over Brexit fears July 7, 2016 Six UK banks have been downgraded by Standard & Poor's (S&P) over concerns about risks arising out of the recent vote to leave the EU. Barclays, Clydesdale, HSBC, Lloyds, Santander UK and Nationwide Building Society have all seen their outlooks revised to negative by the ratings agency. S&P also revised its outlook on the Royal Bank of Scotland [...]
Property companies’ share prices climb again after a difficult three days July 7, 2016 After a difficult three days of trading for companies in the property market, things are looking slightly sunnier this morning. The increases today follow the news that house prices rose in June – but analysts are predicting house prices will fall in the second half of this year. Housebuilders Persimmon's share price climbed 6.9 per cent, Berkeley [...]
This is no new financial crisis – but Britain needs to show the world that it’s open for business July 6, 2016 The UK economy was on a reasonably firm footing going into the referendum, though growth had lost some of its momentum from last year. While uncertainty was already affecting business confidence, household spending was supported by stable job creation in a low inflation environment. Since then, the falls in financial markets partly reflect expectations of [...]
Property Entrepreneurs: We caught up with the founders of YOPA after Savills’ significant cash injection into the hybrid estate agency July 6, 2016 Selling your home online just got a whole lot more interesting. In just one week in June, two newcomers into the estate agency market received major injections of cash, to help grow their businesses. Established estate agent Savills has backed upstart YOPA, while Carphone Warehouse founder Charles Dunstone has put his substantial bet on HouseSimple. [...]
At the close: Markets enter reverse as Brexit strains stack up July 6, 2016 Sterling has been savaged today, the FTSE 100 has crashed and half of all assets in UK property funds have been frozen in a difficult day on the financial markets. The pound dropped down below $1.28 overnight, recovered briefly, but is now on the slide after a number of analysts published decidedly bearish forecasts. A [...]