In the news this morning, hope for homeowners trapped by onerous ground rent clauses as Countryside Properties reveals it will buy back some freeholds it sold to E&J Estates and E&J promises not to buy any more leasehold houses. Annual house price growth hit a four-year low according to figures for July, but a 0.4% increase on the month was the largest this year and beat forecasts. The property sector contributed almost half of last year’s £892bn increase in the country’s total household wealth which exceeded £10trn.
Countryside Properties to buy back some freeholds (The Guardian/FREE)
Developer Countryside Properties has said it will buy back some of the freeholds it sold to E&J Estates, offering hope to homeowners who are subject to onerous ground rent clauses.
Annual house price growth lowest in four years (The Telegraph/FREE)
A 2.1% on-year rise in house prices in the three months to July was the lowest since April 2013, figures from lender Halifax show.
UK household wealth exceeds £10trn (The Guardian/FREE)
Total household wealth exceeded £10trn in 2016 following a £892bn increase during the year, according to figures from Lloyds Bank.
Higher food prices drive retail sales rise (The Times/£)
Higher food prices were behind a 1.4% on-year rise in retail sales in July, figures from the British Retail Consortium and KPMG show.
Zhonghong Zhuoye’s acquisition of Brookdale on hold over funding (FT/£)
The possible acquisition of US care facility operator Brookdale by China’s Zhonghong Zhuoye Group is on hold due to problems securing finance, according to people with knowledge of the matter.
