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Property
Banks reject plans for 99pc mortgages
Jeremy Hunt has cancelled plans for a scheme which would have allowed first-time home buyers to enter the housing market with a 1pc down payment, only days after it was revealed that the Treasury had considered the move.
Treasury…
Skipton’s No-Deposit Mortgage attracts 500 borrowers
Skipton Building Society said that a pioneering mortgage product, which does not require borrowers to make a deposit, attracted applications totalling £62 million during its first nine-month period.
Stuart Haire, 49 years old, a former…
The collusion of housebuilders to keep the price high
The competition regulator will be launching a new investigation into eight of Britain's largest housebuilders amid fears that they may have been working together to limit supply and keep prices high.
The Competition and Markets Authority…
The merger of Barratt with Redrow creates a “resilient” powerhouse
Barratt Developments agreed to a £2.5 billion deal with Redrow. This will allow it to cement its position as one of the largest housebuilders in the country while also reducing costs by approximately £90 million.
The tie-up, if approved…
Canary Wharf office suffers 60% loss in distressed sale
Canary Wharf's office building, which fell into receivership in 2013, will be sold for 60 percent less than its previous sale price. This is a clear indication of the sharp decline in value of commercial property in London.
Five…
The spring is the time when household energy bills are set to fall.
As wholesale gas prices continue their decline despite the new global political turmoil, it is expected that household energy bills will fall by 16 percent or just under £300 per year starting in April.
Since the Ukraine War, Europe has…
Blackstone Mortgage Trust is at risk of “liquidity crisis”, says hedge fund manager
Muddy Waters, a hedge fund, is warning that Blackstone's New York-listed Mortgage Trust could run out of cash.
Carson Block, , chief executive officer of Muddy Waters, revealed on Wednesday the company had started shorting its stock. He…
Signa, a European luxury property group, files for bankruptcy
Signa Holding filed for bankruptcy on Wednesday. It is the central company of the vast property group, which owns the Chrysler Building in New York, most of the German department stores, and a part of Selfridges London.
Due to the rapid…
The shortfall for landlords is 1,700 pounds per annum on social tenants
Jeremy Hunt's Autumn Statement aimed to increase benefits, but landlords still face a £1,700 shortfall in new rentals to social tenants.
Economists warn that the increase announced in housing benefit payments last week only covers a…
British Land loses £200m in property due to rising interest rates
The property company British Land has seen its profits soar as a result of the rising rental rates, and the demand for retail and office space. However, the increasing interest rates have reduced the value of the portfolio by almost £200m.…
Chestertons, a UK estate agent, sold Emeria to Emeria
Chestertons, the UK's oldest real estate agent, was sold to an European group that provides technology and services in real estate. This is the latest consolidation in the British Property Sector.
Emeria, owned by Swiss private equity…
St James’s Place stops trading in Property Fund
St James's Place suspended trading of its property fund due to a spike in redemption requests from investors.
On Monday, the UK's largest wealth manager said that it has prevented withdrawals of £829.5mn from the property unit trust…
Rightmove is under pressure after OnTheMarket takes over Rightmove for £99m
Rightmove’s dominance in online property search has been challenged by a US-based company that bought OnTheMarket's rival for £99m.
Rightmove shares fell by over 12pc Thursday following the sale of OnTheMarket, which was sold to CoStar…
Evergrande’s founder is under investigation for ‘crimes’, adding to the pressure…
Evergrande's announcement on Thursday was both ominous and short. Hui Ka Yan was placed under " compulsory measures " for suspicions of "illegal crime".
The company's one-page press release, which was usually short on information from a…
Meta pays £149mn for breaking London office lease
Meta paid £149mn for the right to terminate its lease at a major London project near Regent's Park. The move comes as big tech companies reduce their office space due to hybrid working.
British Land which owns 1 Triton Square on Tuesday…
Chinese shadow banks exposed to distressed property developers
According to legal and company filings, the Chinese shadow bank that is at the center of concern over missed payments has loaned money to several of the struggling property developers in the country.
Zhongrong is a shadow finance giant…
Barratt warns that it will take at least two years for the recovery of new homes
Barratt Developments' chief executive has warned that it will take at least two more years for the new home market to recover. The UK's largest housebuilder is cutting back on land purchases and pausing share buybacks in order to conserve…
A large UK private sector landlord has ordered checks for dangerous concrete
The UK's largest private landlord will inspect its older buildings to check for dangerous concrete, which has caused the closure of hundreds school buildings in the last week.
Mark Allan is the chief executive officer of Landsec. He said…