Home REIT rent troubles deepen as two major tenants go bankrupt March 6, 2023 Beleaguered social housing investor Home REIT revealed that two of its tenants had gone into administration this morning, effectively shutting off another 18 per cent of its annual rent roll.
Exclusive: Home REIT and property vendor urged tenants to ‘corroborate’ sustainability claims as part of ESG ‘box ticking’ March 6, 2023 Home REIT and a property dealmaker urged the firm’s tenants to “corroborate” dubious sustainability claims as part of an environmental, social and governance (ESG) “box ticking exercise”, City PM can reveal. Gareth Jones, a partner at the beleaguered social housing firm’s former investment adviser Alvarium, told property vendor Christopher Downing in August to ensure that [...]
Why housebuilders’ share prices are sinking – despite healthy industry profits March 5, 2023 If you quickly skim over the financial results of any major residential home builder you would presume that business, for the most part, is doing quite well. Just last week a flurry of housebuilding companies revealed their earnings for 2022 with major players in the market such as Persimmon and Taylor Wimpey seeing profits of [...]
Nottingham Building Society says soaring lending ‘aided by higher interest income’ boosted profits March 3, 2023 The historic Nottingham Building Society reported strong pre-tax profits driven by a surge in mortgage lending last year. Founded in 1849, the building society this morning announced group pre-tax profits of £18.9m, with underlying pre-tax profit of £15.2m. Despite the downturn in the housing market in wake of the disastrous mini budget, it said in [...]
‘Google of the property market’ Rightmove shrugs off housing fears to post £241m profit March 3, 2023 Rightmove, the UK’s largest property portal, saw its operating profits rise seven per cent to £241m as the group revealed it was “not materially affected” by the difficult property market. The London-listed company, which lists homes for rent and sale, also saw revenues increase 9 per cent to £332.6m up from £304.9m the prior year. [...]
Taylor Wimpey profits up nearly 22 per cent at £827m as builder notes signs of housing market ‘improvement’ March 2, 2023 Taylor Wimpey said it “acted quickly” to address rapidly changing market conditions, as the London-listed construction group reported 3.2 per cent year-on-year growth in revenue to £4.4bn during the year ending 2022. The group reported pre-tax profits of £827m, a rise of 21.8 per cent from £678m in the same period last year. As inflation [...]
Housing market: Shares in FTSE 100 house builders tumble as outlook weakens March 1, 2023 Investors are shying away from pumping their funds into the residential market after figures from the Bank of England show that mortgage approvals for house purchases plummeted to the lowest level since the 2008 financial crash.
Beleaguered estate agent Purplebricks has ‘several credible expressions’ to buy firm March 1, 2023 Bosses at struggling online estate agent Purplebricks launched a formal process to sell the business after several potential buyers expressed an interest in recent weeks. The company said it had received the approaches after saying in mid-February that it would review its future. Then, the business said “the potential of the group may be better [...]
Persimmon warns of housing market uncertainty despite £200m revenue hike March 1, 2023 Persimmon Homes reported a an increase in revenues during the full year ending December 2022, but admitted the UK housing market “remains uncertain”. The London-listed house-building company saw its revenues increase by £.3.8bn, from £3.6bn the previous year. Underlying operating profit jumped four per cent year on year to over £1bn, from £973m in 2021. [...]
Renters’ protection on the cards as competition watchdog launches probe into housing malpractice and land ‘banking’ February 28, 2023 Housing tenants could be given extra protections and housebuilders forced to change their practices, the competition watchdog has warned. The Competition and Markets Authority (CMA) has announced a probe into the building and rental sectors, saying it would “need to find” any competition issues that might be holding back house building in the UK. “The [...]
