Run on equity release: Cash tied up in properties fund £1 in every £90 spent by retired Brits June 18, 2022 A new analysis published this week showed that equity release finances around £1 in every £90 spent by retired Brits. Total retirement spending funded by equity release could top £4bn this year and £5bn in 2025, according to modelling by the Centre for Economics and Business Research (Cebr), as homeowners increasingly look to property wealth [...]
Government to publish renters reform bill to tackle ‘no-fault’ evictions and rent hikes June 16, 2022 The government is readying to publish its Renters Reform Bill white paper today, in a bid to tackle ‘no-fault’ evictions, rent hikes and make it easier for tenants to keep pets. The Department for Levelling Up Housing and Communities has described the Bill as “the biggest shake-up of the private rented sector in 30 years.” [...]
West End landlords Shaftesbury and Capco push ahead with £3.5bn merger June 16, 2022 West End landlords Shaftesbury and Capital & Counties Properties (Capco) have agreed to push ahead with a £3.5bn merger, which will see much of London’s beloved theatre district fall under one wing. The merger, which had raised the eyebrows of one investor, will see shareholders receive 3.35 new Capco shares for each Shaftesbury share. Combining [...]
Dexters bets on US buyers to ride out UK’s cost of living crisis June 15, 2022 Dexters’ is “highly confident” that London’s property market will remain buoyant amid a cost of living crisis which is expected to weigh on house moving, CEO Andy Shepherd has told Morning Wire today. The London real estate agent revenue has spiked more than a third over the past year, from £108.7m a year prior to [...]
UK mortgage arrears hit highest level in more than 12 years as debts to banks creep past record £2bn June 15, 2022 The value of mortgage arrears in the UK has reached its highest level since 2010, with £2.05bn of mortgage debt delinquent at the end of the first quarter of 2022, according to new data shared with Morning Wire this morning. As interest rate rises and the cost-of-living crisis hit household finances, more families are now [...]
Bellway and Crest Nicholson shares soar as record property prices boost housebuilders June 14, 2022 Shares in Bellway and Crest Nicholson have risen this afternoon, following upbeat trading updates which signal that record house prices are filling the pockets of housebuilders. Developer Bellway has seen its sales reservations continue to climb past their pandemic heights, as demand shows little sign of slowing. The London-listed real estate firm, whose shares rose [...]
Middle class stampede for equity release as Brits use their property as ATM by withdrawing billions via later life mortgages June 14, 2022 UK homeowners have already released equity to the tune of £1.4bn so far this year, with this figure estimated to hit almost £5.6bn by the end of the year. In fact, during the first three months of this year, over 12,500 homeowners opted to utilise the pent up value accumulated within their property via later [...]
36,000 new millionaires created off back of property boom despite cost of living pinch June 14, 2022 While many Brits continue to struggle with the cost of living crisis, there were 36,000 new millionaires in the UK over the last 12 months. A boom in property helped the High Net Worth Individual (HNWI) population of the UK grow by 6.3 per cent in 2021, as wealth increased by almost 7.5 per cent [...]
Property site OnTheMarket revenue leaps a third, but advertisers dwindle June 14, 2022 Revenue has leapt a third at property website OnTheMarket over the past year, topping £30.4m as the UK’s real estate sector swells in value. Property prices have hit new records every month this year, as the pandemic-era race and stamp duty holiday fuelled a frenzy in the market, which has bled into 2022. The market [...]
Grenfell Tower to host memorial service for fifth anniversary tomorrow June 13, 2022 Five years on from the Grenfell Tower fire, a memorial service will be hosted tomorrow at the base of the tower, followed by a silent walk in the evening. 72 people, including 18 children, lost their lives on 14 June 2017, in one of the UK’s worst disasters in modern times. The government has pledged [...]