Mortgage approvals rise to nine-month high while consumer borrowing growth slows, says Bank of England November 29, 2018 Mortgage approvals rose to a surprising nine-month high last month, while consumer borrowing increased at its slowest pace since May 2015, the Bank of England said today. While the Bank said mortgage market activity was “broadly stable” in October, households borrowed an extra £4.1bn against their homes and the number of mortgages approved rose to [...]
John Whittaker-led consortium abandons £2.9bn offer for Intu, sending shares crashing November 29, 2018 Intu’s share price nosedived by 36 per cent this morning after a consortium ditched plans to pay £2.9bn for the shopping centre empire, blaming market uncertainty. Intu had repeatedly extended the deadline for the offer from a consortium led by billionaire shareholder John Whittaker, but today the consortium said it would abandon the takeover attempt. “Given the [...]
Tulip tower may interfere with radar systems, warns London City Airport November 28, 2018 Plans to build the City’s Tulip had just begun to blossom last week after developers submitted proposals for the new 1,000 ft tower, but now concerns over whether the building might interfere with air traffic radar systems have threatened to stall the project. London City Airport has insisted that construction cannot be given the green [...]
Housebuilder Telford Homes boosts profit as it focuses on London November 28, 2018 Developer Telford Homes announced a jump in profits today for the first half of the year as its strategy of building homes in London paid off. Total revenue in the first half of 2019 increased 31 per cent to £129.6m, while profit before tax rose 16.1 per cent to £10.1m. The company increased its interim [...]
Spain’s ‘Airbnb for long-term rentals’ taps King’s Cross as its new global headquarters November 26, 2018 Spanish property tech startup Spotahome has picked out London’s King’s Cross as its new global headquarters, thanks to the UK’s reputation as a great source of highly-skilled digital talent. Spotahome’s chief executive Alejandro Artacho told City PM that he believes the capital to be the best place to channel growth and take the business global. [...]
Pensioner paradise: London investor plans to open £600m luxury retirement home November 26, 2018 Here comes the world’s most expensive old folks’ home. Leading property investor Johnny Sandelson says he is planning to develop an ultra-luxury retirement complex in one of the priciest enclaves of west London at a cost of £600m, if it is approved by planners later this week. Speaking to City PM, Sandelson said he was [...]
Sellers experience a house price ‘reality check’ despite a climb in mortgage approvals November 26, 2018 New home mortgage approvals inched higher in October, the latest data shows. High street bank lending for house purchases grew by 3.6 per cent compared to the same month in 2017, UK Finance figures released today demonstrate. However, remortgaging approvals fell by a huge 13.5 per cent, with total mortgage approvals down 4.1 per cent. [...]
Creative sector drives growth in October office space take-up as pre-let activity jumps November 25, 2018 Take-up of Central London office space surged last month, with demand from the UK’s creative sector helping to drive growth in the capital’s commercial property market. Roughly 1.3m square feet (sq ft) of office space was let in October, marking a 30 per cent rise on the same month last year, according to new data [...]
Poll: Millennials split on Help to Buy November 25, 2018 Fresh fears that the government’s Help-to-Buy programme has failed to help its target millennial market have been underlined today, with a new poll suggesting that young adults were the most likely group to oppose the scheme. According to a survey by property investment platform British Pearl, more than 40 per cent of people between the [...]
Yours for £4m: A piece of literary history goes up for sale as writer’s London home hits market November 25, 2018 THE HOUSE where William Makepeace Thackeray wrote Vanity Fair could be yours for around £4.5m as the iconic late-17th century building goes up for sale. Grade II-listed 16 Young Street, in the heart of Kensington, is currently home to both offices and Richmond University’s Kensington campus. It was once inhabited by 19th-century author William Makepeace [...]
