UK house prices hit new highs with typical home topping £250k November 3, 2021 House prices have hit record highs, with the average property hiking more than £30k since the pandemic struck. Nationwide’s House Price Index was published against a backdrop of the Bank of England being anticipated to raise interest rates in response to rising inflation. The typical UK home has topped a quarter of a million pounds [...]
LandSec buys up stake in home of BBC Breakfast for £425m November 3, 2021 UK commercial landlord Land Securities said this morning it had bought a 75 per cent stake in MediaCity, a media and tech hub at Salford in Greater Manchester, for £425.6m. MediaCity was a 50:50 joint venture between Legal & General and Peel L&P, and the latter will now retain a 25 per cent stake and [...]
Construction firm Morgan Sindall expects better than expected full year performance November 3, 2021 Construction group Morgan Sindall has said it anticipates a full year performance above its initial expectations, despite rising inflation. The London-based group forecast an average daily net cash of around £290m for the full year, in a trading update on Wednesday. It said its average daily net cash from July 1 to October 29 was [...]
Build to rent developer Watkin Jones forecasts £430m revenue November 2, 2021 Rental developer Watkin Jones has reported an optimistic trading update, forecasting £430m revenue. Its forecast revenue is slightly below expectations but with a stronger gross margin that reflected the timing of land sales either side of the year end, it said. In the trading update for the year ended September 30 2021, the property manager [...]
IWG revenue hit as Covid concerns drive hesitancy over office return November 2, 2021 Workspace provider IWG has taken a hit to revenue as rising Covid infections deterred some clients from ditching remote working. In its third quarter trading statement, IWG reported group revenue at £550.8m ($752.1m) in the three months ended September 30, down 0.3 per cent from the same period last year. Occupancy at its pre-2020 operations [...]
Thousands in London issued with ‘no fault’ eviction notices despite proposed ban November 1, 2021 Thousands of Londoners have been issued “no fault” eviction notices, despite the government pledging to ban them in 2019. Section 21 of the 1988 Housing Act has allowed private landlords to evict tenants with two months’ notice without having to prove any fault or wrongdoing – with 5,700 city folk receiving them over the last [...]
Faith restored: Gothic-style converted church goes on sale for £2m in Brighton November 1, 2021 City workers hoping to escape the capital can look to Brighton for a ubiquitous converted church. The two bedroom property on Queensbury Mews, in the city’s desirable BN1 postcode, is on sale on RightMove, with a guide price of £2m. Its listing says it combines “the most wonderful mix of both contemporary interior design,” while [...]
Landsec to buy property rival U+I for £190m November 1, 2021 Property giant Landsec has announced it will buy the property regeneration firm U+I for £190m. Mark Allan, chief executive officer of Landsec, said the acquisition would mean a bolstered focus on developing “world-class mixed-use communities that inspire and create opportunity.” The 149-pence-per-share offer for U+I represented a premium of 73.3 per cent to the stock’s [...]
Return to high street aids leasing boost for Capital & Regional November 1, 2021 London-based mall owner Capital & Regional said it has seen strong momentum driving its leasing activity as shoppers flock back to high streets. September was also its best month on month comparison versus 2019, after lockdown rules were gradually eased earlier this year. In the three months to the end of September, the firm completed [...]
Post-pandemic exodus may achieve what levelling up agenda has not as City’s wealthy retreat October 29, 2021 Canada is today unrecognisable from the form it took just two years ago, as the impact of the pandemic has left it relatively quiet and lacking the commuter traffic that has long characterised the Square Mile. In fact, a recent report showed that footfall in London stands at just 35 per cent of pre-pandemic [...]