Aviva and M&G become the latest property funds to suspend trading as investors flee the Brexit-battered industry July 5, 2016 Two more property funds have suspended trading today as investors pull their money out of UK commercial property. M&G announced this afternoon that it was temporarily suspending trading in the shares of the M&G Property Portfolio. And earlier today Aviva suspended trading in its property fund, just after the Bank of England said this morning that it was [...]
Can they fix it? MPs have launched an inquiry into the housebuilding industry and the UK’s housing crisis July 5, 2016 MPs have started an inquiry into the UK's embattled housebuilding sector, seeking answers on why supply cannot keep up with demand to produce the homes the country needs. The Communities and Local Government (CLG) committee will be calling the chief executives of major developers to give evidence on the industry's capacity to build after figures released [...]
Retail property boss warns against panic selling in commercial real estate stocks July 5, 2016 As the sell-off in commercial real estate stocks and housebuilders continues, a retail property boss has defended the commercial property industry. Speaking to Morning Wire, Edward Cooke, chief executive of the British Council of Shopping Centres (BCSC) said: "People are panicking and thinking of their short-term interest. "But the fundamentals in the occupier market are [...]
Housebuilders suffer second day of share price falls in a row July 5, 2016 Housebuilders are off to a bad start again today as share prices in the UK's biggest property companies are falling for a second day in a row. Despite announcing a six per cent rise in sales, Persimmon's share price slipped by 3.9 per cent in early morning trading. Read more: UK property funds could be in [...]
Commercial real estate share prices suffer as future of the City hangs in the balance after the Brexit vote July 4, 2016 The share prices of commercial real estate share prices have suffered today after the Brexit vote put the future of London's financial district in peril. Liberum analysts said today that the risks surrounding commercial real estate have increased as the future of offices in the City is likely to remain uncertain for a long time. Read more: Nearly a [...]
Boss of property website Zoopla revealed to be behind Brexit legal action bid July 4, 2016 Alex Chesterman, chief executive of online property group Zoopla, has been revealed as one of the names behind a legal challenge to Brexit. London law firm Mishcon de Reya announced over the weekend that it was putting together a team who could mount a legal challenge if the government kicked off the Article 50 process – [...]
Housebuilders’ share prices drop after “dire” construction data released July 4, 2016 UK housebuilders' share prices fell this morning after the publication of data showing construction activity fell ahead of the Brexit vote. In afternoon trading Barratt Developments' share price was down 4.19 per cent, Persimmon's fell 4.94 per cent, Berkeley Group's share price fell 4.41 per cent and Taylor Wimpey's share price was down 4.59 per cent. Commercial real estate [...]
Kier Group boss says Brexit has not hit business but has created uncertainty July 4, 2016 Construction and property firm Kier Group today said trading is continuing in line with expectations – and the UK's vote to leave the EU has not had any adverse effect on business to day. Shares in the group were up by 1.52 per cent in early trading, to 1066p. The company said that, while the [...]
Uniting the suits and the beards: Co-working’s rise July 4, 2016 Co-working the latest trend in ultra-hip working practices, has now hit the mainstream. The word conjures up images of bearded, flannel-shirted hipsters working on iMacs in Scandinavian inspired “spaces”. Yet more and more corporates are now adopting it, with the likes of Microsoft, Philips and several mainstream retail and investment banks creating specialised working environments. [...]
London’s poshest properties may be past their peak due to UK’s referendum vote July 1, 2016 Prime property in London has been losing some of its shine this year. The political and economic uncertainty in the UK has been weighing on London's high-end homes, as research shows prices fell in the second quarter of 2016. The average value of a prime property in central London fell 1.4 per cent in the quarter, [...]