Good morning,
As it looks as though the UK economic picture might not be quite as bad as we feared (but only by a little), let’s focus this morning on some good news.
In one of the biggest deals in proptech, Lessen has raised more than $500m to buy SMS Assist, creating a $2bn property services platform.
Meanwhile… “If people aren’t excited about these problems? Then… wow.” EG meets Sam Hocking, founder of analytics company Vertis, to discuss commuting, city migration and how data is driving a once-in-a-generation change to work.
Home REIT is having a less happy time, saying it is “reviewing all options” after admitting that it faces rent arrears across its portfolio. The Times (£) also takes a look at the REIT’s latest woes.
And Delancey and Qatari Diar, the owners of London’s Olympic Village, are being sued over a £27m bill to upgrade fire safety standards.
Build-to-rent experts have condemned the Scottish government’s plans to extend “emergency” rent caps by 12 months, saying such a move is “anathema”.
As Wales’ first minister Mark Drakeford insists that the council tax hike on second homes is not “nasty” but about affordability.
And well he might. Nationwide figures show that paying mortgages now accounts for 40% of take-home pay, up from 30% just a year ago. In London it is to 67%.
Meanwhile, Taylor Wimpey and MJ Gleeson are the latest housebuilders to reveal forward order books cut in half. But low-cost housebuilder Gleeson thinks it might lure customers put off by more expensive rivals.
Online retailer Asos is to reduce office space and close warehouses as it implements a £300m cost-saving plan.
And the Gym Group will only open 20 sites this year, as it prioritises “prudence over growth”.
