‘You can’t catch a break’: Leaseholders face high insurance fees amid cost of living crisis May 12, 2022 Leaseholders have said soaring building insurance fees amount to “daylight robbery,” amid the City watchdog’s probe of the market. The Financial Conduct Authority (FCA) was asked to review the insurance market for blocks of flats earlier this year, after housing minister Micheal Gove said he was “extremely concerned” by accelerating costs faced by leaseholders. In [...]
House price inflation surge shows ‘little’ signs of slowing May 12, 2022 There is “little evidence” to show house price inflation will slow down as prices continue to be driven by historically low stock levels. Despite warnings of a recession on the horizon, current property activity continues to be buoyant, according to the latest RICS Residential Market Survey. Its April survey found that supply of homes on [...]
Michael Gove appears to ditch government pledge to build 300k homes per year May 11, 2022 Downing Street has sought to shrug off comments from the housing minister seeming to suggest the government had scrapped its home-building targets. Michael Gove suggested the government is no longer committed to building 300,000 homes a year by the mid 2020s, tearing up a Conservative party manifesto pledge. In an interview with Mishal Husain on [...]
Property heavyweight slams housing reforms in Queen’s Speech: ‘Nothing new – simply old policies re-hashed’ May 11, 2022 The Queen’s Speech will do little to solve Britain’s housing crisis, a leading property association shared with City PM this morning. There were three main commitments linked to housing in the Government’s announcement; the Renters’ Reform Bill which will end unfair evictions; the Social Housing Regulation Bill which will give tenants more rights and vital [...]
Insurance brokers could face caps on commissions as FCA reviews high rise insurance market May 10, 2022 Insurance brokers could face rules limiting commissions amid the City watchdog’s review into tower block insurance coverage. The Financial Conduct Authority (FCA) was asked to review the insurance market for blocks of flats earlier this year, after housing minister Micheal Gove said he was “extremely concerned” by accelerating costs faced by leaseholders. In an update, [...]
Government slammed as ‘for NIMBYs, by NIMBYs’ as planning reform watered down May 10, 2022 The government has been criticised after references to planning reform focused on “minor and trivial issues” in the Queen’s Speech. Property bosses and campaigners have urged ministers to go further with planning reforms. The Institute of Economic Affairs (IEA) accused the government of having “unconditionally surrendered to the NIMBYs.” “The fact that the references to [...]
Legal & General sells all properties under Bishopsgate Property Fund to £500m tune May 9, 2022 Legal & General’s asset management arm has sold all properties held by Bishopsgate Property Fund for just under half a billion pounds. Legal & General Investment Management Real Assets (LGIM Real Assets) revealed it had sold all sites for £474m, on behalf of the joint venture partnership with PGGM and Legal & General Capital (LGC). [...]
Rightmove chief Peter Brooks-Johnson to step down after more than 16 years May 9, 2022 Property firm Rightmove has said chief executive Peter Brooks-Johnson plans to step down after more than 16 years with the firm. Brooks-Johnson will leave the group over the next year, but will remain in the role until its full-year figures are unveiled in February 2023 and will help with finding a replacement and ensure a [...]
Lack of properties in London’s poshest postcodes sees rental prices soar May 9, 2022 The cost of renting a property located in one of London’s most prestigious postcodes has jumped 28.3 per cent over the previous year, due to a shortage of rental properties and booming demand. There are now 50 per cent fewer rental properties hitting the market than before the pandemic, new figures from LonRes show. The [...]
West End landlords Shaftesbury and Capco eye £3.5bn merger May 7, 2022 Two major London property firms are in talks about a £3.5bn merger to create an extensive real estate empire in London's West End.
