Exclusive: Major Home REIT tenant on the brink of collapse after failing to win benefits backing January 24, 2023 One of the biggest tenants of troubled property investor Home REIT has stopped paying rent and is on the brink of going under as it struggles to secure sign off for government-backed housing benefits, City PM has learned. Lotus Sanctuary, which provides supported housing and accounts for 12.2 per cent of former Home REIT’s rental [...]
Home REIT delays accounts again after rent trouble revelations January 19, 2023 Beleaguered property investor Home REIT has delayed the publication of its full-year accounts until beyond the end of January as it scrambles to get its books in order following revelations about the instability of its rental income and dilapidated property portfolio. Home REIT, which suspended trading on the London Stock Exchange after delaying its full [...]
London still has hottest property prices in the UK, but house inflation in the capital is cooling January 18, 2023 London continues to have the highest house prices in the country, with the average UK house price increasing by more than 10 per cent in the year to November, according to new data released today. The latest figures from the Office for National Statistics (ONS) show that house prices went up across the nation by [...]
PwC steps down from auditing heavily-indebted property developer Evergrande January 17, 2023 PwC has resigned as Evergrande’s auditor following a series of disagreements with the heavily-indebted property developer over its audit of the firm’s 2021 accounts. In a filing to the Hong Kong stock exchange, Evergrande said its board had decided to replace PwC as the company’s auditor after the two parties failed to reach an agreement [...]
LendInvest: Property fintech brings Lloyds funding deal to £300m for mortgage market push January 17, 2023 LendInvest has secured a new £120m funding boost from Lloyds Bank today as it prepares a push into the UK’s £1.2tn homeowner mortgage market for the first time. The London-listed property fintech firm said Lloyds had now offered up a credit facility worth £300m after striking a deal for an initial £180m in October to [...]
London rents ended year 11 per cent higher than start of 2022 amid ‘imbalance’ between supply and demand in crowded capital January 17, 2023 Rents at the top end of the London market ended 2022 10.9 per cent higher than when the year started, according to an estate and lettings agent. Demand from tenants is continuing to significantly outweigh supply, Savills said. Jessica Tomlinson, research analyst at Savills, said: “The ongoing imbalance between demand and supply is expected to [...]
House builder Crest Nicholson reports mixed fortunes with completions up but post-tax profits dented by uncertainty January 17, 2023 British housebuilding firm Crest Nicholson reported an uptick in revenue and completed homes last year despite continued disruption and pressure to supply chains. The firm’s revenue up until October 2022 was up 16 per cent to £913.6m, up from £786m in the pandemic-affected 2021 report. Home completions also increased by 13.6 per cent to 2,734, [...]
House prices back on upward march to race past £667,000 in London January 16, 2023 House prices are back on an upward march, sending the cost of the average home in London to over £667,000, a new survey out today shows. Search site Rightmove said today house prices in the capital jumped 0.2 per cent over the last month and 6.1 per cent annually. On a nationwide basis, prices climbed [...]
Why UK banks are not going to cause another financial crisis January 15, 2023 UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City PM Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
Londoners face unprecedented rent increases in 2023 as mortgage rates for landlords skyrocket January 13, 2023 Tenants are struggling this January. Along with the rest of the nation, they’re dealing with a cost of living crisis, driven by rising energy prices, and adding to this pressure is the rising price of rent. Moreover, landlords face unprecedented increases in mortgage rates, forcing them to up the rent. Tenants in London have endured [...]
