Good morning. The horse has bolted, time to close the gates.
Kames Capital and Janus Henderson have become the first to gate their property funds(£) as the coronavirus plays havoc with valuations.(£)
Meanwhile chancellor Rishi Sunak has unveiled £330bn of measures to prop up the virus struck economy. All retailers will see business rates frozen(£), while guaranteed business loans will be available for any business that needs access to cash to pay rents, salaries or suppliers. A new lending facility will be set up to help larger firms. Lenders will also offer a three-month mortgage holiday(£). Struggling retailers and pubs will be offered grants of up to £25,000(£).
The measures will be dwarfed by Donald Trump’s $1trn stimulus package(£), including a plan to send $1,000 to nearly every American(£).
The fightback has led to a rally in global stock markets(£)…
… In Asia(£) as well as across the Atlantic …
But leisure stocks have plummeted even further as the government’s lockdown measures kick in. Cineworld lost more than 43% of its value, with share prices down 80% from the start of the week, but rival Everyman only fell 2.5%. Hollywood Bowl dropped 42%.
Dixons Carphone Warehouse, however, saw its share price rise(£) by 10% after it announced the closure of 530 standalone stores(£).
Countrywide’s share price saw another tumble, plunging by a further 30% after yesterday’s 51% fall. The drop came as former Tesco finance director Bruce Marsh said he would no longer take the role as Countrywide COO.
Leeds City Council has cancelled upcoming planning committee meetings and will assess “time-critical decisions” over the next three months…
…While Homes England has also closed its doors.
And Laura Ashley(£) has blamed the coronavirus as it calls in the administrator(£), claiming it thwarted rescue efforts.
The Boris Bounce in house sales looks well and truly over as social-distancing leads to estate agents reporting a dearth of viewings(£).
The Times (£) has a haunting piece on how city centres now feel like ghost towns.
On the continent, café-culture(£) could become a thing of the past.
While in Ireland, a muted St Patrick’s Day(£) may have ended up costing pubs and bars money.
Meanwhile the Guardian has this piece about the season’s must-have real estate asset – the survival bunker.
In other news, the Telegraph (£) has this thrilling piece about Gerald Cotton, the entrepreneur who may have faked his own death.
Manchester-based Ellis & Co Surveyors will be placed in liquidation after misleading clients over launching a business rates appeal.
Adam Neumann’s $1bn payday(£) could evaporate as Softbank talks of walking away(£) from its $3bn bailout of WeWork.(£)
And housing secretary Robert Jenrick is looking to take on the nimbys(£) with his planning white paper.
And finally, do you fancy a free house? Yes, that’s right. An 1846, four-bedroom period farmhouse, complete with sash windows, a walnut staircase and polished wooden floors is being given away to anyone who wants it(£). There is one snag. It’s in Hudson, Ohio. Oh, and it can’t stay there. The owners want to keep the land (and build two new houses) but get rid of the 2,000 sq ft heritage property that currently sits there. Might be a bit tricky to get it out of the country, what with the travel ban and all…
