Rush to beat stamp duty rise sees UK house prices jump again October 28, 2020 The stamp duty holiday and pent-up demand have led to a stampede into the housing market, with 140,000 more buyers currently waiting to complete their property transactions than a year earlier, according to a new report. The high demand saw UK house prices jump again in September by three per cent year on year, the [...]
Covid-19 sparks bleakest UK hotel sector outlook ‘in 50 years’ October 27, 2020 UK hotel trading performance is expected to plummet next year due to the impact of the coronavirus pandemic on travel and tourism, the latest research showed in the bleakest outlook for the sector in 50 years. Research by accountancy giant PwC showed that hotel occupancy rates are forecast to be 55 per cent across the [...]
Commercial rent collections buoyed by September’s short-lived return to offices October 26, 2020 Commercial rent collections started to recover in the third quarter due to the reopening of non-essential retail, offices and schools after lockdown. Real estate services firm Cushman & Wakefield said today that it had collected 77 per cent of rents owed to its clients on the 21st day after the third quarter due date. The [...]
Banks hike mortgage interest rates amid boom in applicants October 24, 2020 Banks are reportedly hiking mortgage interest rates in order to deter prospective buyers as they struggle to meet a spike in demand for home loans amid a buoyant housing market. Lenders are turning away mortgage business as the ability to process applications has been slowed by home-working during the coronavirus pandemic. The housing market has [...]
Investors back London’s recovery with £1bn Kensington hotel redevelopment October 23, 2020 The £1bn redevelopment of the Kensington Forum hotel has been given the green light by planning authorities, with the investment signalling a vote of confidence in London’s recovery from the coronavirus crisis. Queensgate Investments and Rockwell were given the go-ahead for the project, which will boost the number of hotel rooms available and create 62 [...]
Open finance: exploring open banking’s natural evolution October 23, 2020 | City Talk Laziness. Lack of time. The all-too-frequent challenge of speaking to a helpful person by phone. There are many reasons why consumers and businesses don’t shop around and switch products and suppliers. Failing to keep abreast of the best mortgage rates? Rolling onto the same insurance every year without looking for better deals? If so, open finance – a development coming [...]
US private equity firm Lone Star to buy developer McCarthy & Stone for £630m October 23, 2020 US private equity firm Lone Star has made an offer to buy UK retirement property developer McCarthy & Stone for £630m. McCarthy & Stone has recommended that shareholders approve the deal, which represents a premium of 38.6 per cent to yesterday’s closing share price of 83p. The board said the offer represents “fair value” for [...]
The future of buildings in the age of Covid-19 October 23, 2020 Pandemics shape cities. Cholera, for example, led to the creation of London’s sewage systems in the 1830s. Of course, it is a brave person who is prepared to make predictions at a time like this. In fact, it has become almost a truism to say that we live in “uncertain times”. None of us, after [...]
A third of Brits worried about paying their rent or mortgage October 23, 2020 Nearly a third of Brits are worried about paying their rent or mortgage at the moment, a new survey has found. Polling conducted by Ipsos Mori showed that 30 per cent of people in the UK have such concerns at the moment, while 31 per cent are worried about making payments in a year’s time. [...]
Countrywide shareholder to oppose £90m lifeline from private equity investor October 22, 2020 Estate agent chain Countrywide (LON: CWD) has secured a £90m lifeline from private equity firm Alchemy in an “urgent” bid to reduce debt, however a significant shareholder is planning to oppose the deal. The firm, which owns Bairstow Eves and Hamptons International, said it is at a “critical inflection point” and is in “urgent need [...]