Read this morning’s papers: Office vacancy rate up/ British Land cuts speculative development

News

Helen Ozolins

18 May 2017

Office vacancy rate rises to 5.8% (Bloomberg/FREE)
The office vacancy rate hit 5.8% at the end of the first quarter, figures from Deloitte Real Estate showed.

British Land reduces speculative development (The Telegraph/FREE)
Market uncertainty means British Land will reduce the amount of space it develops without tenants in place to 4% from 5% some six months ago.

Foxtons reports 25% drop in revenue (The Independent/FREE)
Foxtons reported a 25% drop in revenue in the first quarter mid weakening demand for properties in London.

Countryside Properties upgrades forecasts (FT/£)
Countryside Properties upgraded its forecasts after reporting a 39% rise in revenues and operating profit in the six months to the end of March.

Kirsty Allsopp attacks new build quality after social media post (The Times/£)
TV presenter Kirsty Allsopp has criticised the build quality of new homes since the 1980s, saying she has seen some really shoddy examples.

EHRC seeks injunction against buy-to-let landlord Fergus Wilson (The Guardian/FREE)
Buy-to-let landlord Fergus Wilson is facing legal action over his lettings policy after it emerged earlier this year that he had emailed a letting agency saying no coloured tenants because of the curry smell.

Mitchells & Butlers reports earnings fall (The Telegraph/FREE)
Mitchells & Butlers reported a near 10% fall in earnings to £75m in the six months ended 28 April.

Reforms will see elderly means-tested for care in own home (The Times/£)
Reforms to social care planned by the Conservatives will see means-testing for those receiving care in their own homes.

In the news this morning, the London office vacancy rate jumped to 5.8%, while the amount of new office space that was completed was the highest since 2004. British Land is cutting the amount of space it develops speculatively amid continuing market uncertainty. NAV was more robust than expected, dipping just 0.4%. Revenue drooped at Foxtons and sales commissions nearly halved from a year earlier as London’s slowing housing market took its toll on the estate agent. Office vacancy rate rises to 5.8% (Bloomberg/FREE) The office vacancy rate hit 5.8% at the end of the first quarter, figures from Deloitte Real Estate showed. British Land reduces speculative development (The Telegraph/FREE) Market uncertainty means British Land will reduce the amount of space it develops without tenants in place to 4% from 5% some six months ago. Foxtons reports 25% drop in revenue (The Independent/FREE) Foxtons reported a 25% drop in revenue in the first quarter mid weakening demand for properties in London. Countryside Properties upgrades forecasts (FT/£) Countryside Properties upgraded its forecasts after reporting a 39% rise in revenues and operating profit in the six months to the end of March. Kirsty Allsopp attacks new build quality after social media post (The Times/£) TV presenter Kirsty Allsopp has criticised the build quality of new homes since the 1980s, saying she has seen some really shoddy examples. EHRC seeks injunction against buy-to-let landlord Fergus Wilson (The Guardian/FREE) Buy-to-let landlord Fergus Wilson is facing legal action over his lettings policy after it emerged earlier this year that he had emailed a letting agency saying no coloured tenants because of the curry smell. Mitchells & Butlers reports earnings fall (The Telegraph/FREE) Mitchells & Butlers reported a near 10% fall in earnings to £75m in the six months ended 28 April. Reforms will see elderly means-tested for care in own home (The Times/£) Reforms to social care planned by the Conservatives will see means-testing for those receiving care in their own homes.