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The REIT old mess we’re in
So that was a bit of a kick in the nuts. As we all knew, public borrowing in the UK has reached record heights, the economy just isn’t growing anywhere, anytime soon… and then we hear that the listless Treasury is doing nothing of note about it.
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Steps to recovery
It wasn’t everything we’d hoped for but yesterday’s UK Budget by the Chancellor featured a number of important announcements for the housing market that will be essential to the UK’s economic recovery.
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BPF’s residential influence grows
Places for People, one of the largest property management and development companies in the UK, and Orchard & Shipman, the biggest private initiative in private sector leasing, have joined the British Property Federation (BPF).
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EPR exacerbates financial difficulties
The Government’s motives for reducing Empty Property Rates (EPR) relief were well intentioned when initially introduced, but it has now become clear that the recession has led to these rates having the opposite effect – and causing more damage to a sector that is already suffering.
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A cracking new HQ for Wallace & Gromit
A new £8m headquarters has just been completed for Aardman Animations, the creators of the famous animated characters Wallace & Gromit.
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Capital idea for Abu Dhabi
A massive governmental and economic centre for the United Arab Emirates (UAE) has been announced.
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Metal price fall shows signs of slowing
The decline in the price of metals eased off in the first quarter of 2009, according to BDO Stoy Hayward’s Construction Commodities Index, bringing welcome relief to the construction industry.
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A greener shade of red?
With a gloomy financial year of increased public debt and unemployment, diminished manufacturing output, and flatlining interest rates, unless UK Chancellor Alistair Darling has some big surprises for the property market in that red briefcase, there will be little to get excited about in next Wednesday’s 2009 budget.
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Royal court appearance
This month sees the 500th anniversary of Henry VIII’s accession to the English throne.
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Nearing the finish line
Company Voluntary Arrangements (CVAs) will become a popular corporate lifeline if struggling sportswear retailer JJB Sports can secure a ground-breaking agreement with its landlords.
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UK house prices start to fall
House prices in the UK fell for the first time in more than a year
According to Land Registry data, the average residential property dropped 0.2% in value during May, sparking concerns of a second downturn in the housing market.
The South East and London gained 0.9% and 0.7% respectively, however, industrial areas such as North Tyneside and Sheffield suffered declines of up to 1.5%.
Howard Archer of IHS Global Insight said: “Housing market activity remains well below long-term norms despite edging up recently.
“The economic fundamentals of high unemployment, still falling full-time employment and low earnings growth are hardly ideal, a major fiscal squeeze is starting, credit conditions remain tight and house price-to-earnings ratios have moved back up.”
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