Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
Exclusive: ‘Draconian’ Net Zero rules will hit landlords to tune of £6,000 – but only save £36 a year July 11, 2023 Government rules which ensure housing meets net zero targets have been branded “draconian” by a landlords group, who say costs massively outweigh benefits. Under new proposals, landlords will be blocked from letting properties unless they upgrade them to meet net zero energy efficiency targets as soon as 2028. Homes will be required to have an [...]
British Land overcomes uncertain landscape with leasing spree across London July 11, 2023 British Land provided investors with a cheery update on the outlook for the commercial property sector, as the firm was boosted by leasing activity across London and strength of retail parks. In an update ahead of its AGM later today, the property developer secured 552,000 sq ft of leasing across its portfolio in the first [...]
House prices: Buyers playing ‘wait and see’ on purchases rattles confidence July 10, 2023 Property portal On The Market has warned of a challenging outlook for the year ahead as aggressive rate rises have led buyers to “wait and see” on house purchases whilst the market remains unsettled. The estate agent, which operates similar to Rightmove and Zoopla, told investors this morning that stubborn inflation and the high cost [...]
Barratt Developments share price in focus following Bank of England rate rise July 10, 2023 The market will turn its focus to Barratt Developments’ trading update next Thursday to see how soaring mortgage rates and a tumultuous period for the property sector is impacting UK house building companies. The housebuilder’s shares have fallen by around a tenth over the past 12 months and more than half from their pre-pandemic levels, [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand July 7, 2023 UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
House building craters to weakest level in 14 years amid Bank of England interest rate rises July 6, 2023 The Bank of England’s series of aggressive interest rate hikes to pull back raging inflation is wreaking havoc on house building, dealing a blow to first time buyers hoping to get on the property ladder any time soon, a closely watched survey out today shows. According to S&P Global and the Chartered Institute of Procurement [...]
Value of London homes sinks as red hot mortgage rates continue to rattle market July 6, 2023 Some 68 per cent of west London homeowners have seen the value of their property decrease since last November, new data shows, as soaring mortgage rates and a difficult buyer market rattle the capital’s housing sector. As buyer confidence falls due to red hot mortgage rates 7,000 homes across west central London decreased in value [...]
London gets new West End flexible work space as Elizabeth Line brings in hybrid commuters July 4, 2023 A new 45,000 sq ft site flexible work space will open in the heart of the West End in a signal that London’s hybrid work trend is showing no signs of cooling. Runway East, (RWE) already has five spaces across London, including sites in Borough Market and Shoreditch – and will open a new one [...]
