Bridget O’Connell

The London property market has slumped near to “historic lows”, Foxtons claimed yesterday as it announced a 65% fall in annual profits.

Underlying profits and revenue rose strongly at Taylor Wimpey last year after it sold more houses at higher prices, despite the impact of a leasehold scandal.

The company was bought by private equity house TPG Capital in 2014 for £300m, which fuelled a massive expansion in sites but is now looking at having to overhaul the…

The leasehold hotels would be converted to the Premier Inn brand at a cost of about £30m to £40m over the next two years.

Despite some opposition and boardroom divisions, investors on both sides supported the deal yesterday.

Collapse of two retail chains put 5,300 jobs at risk.

The Credit Suisse jobs being moved include traders as well as corporate finance staff. The transfer comes after thousands of job cuts that have hit the bank’s London operations.

The US bank is due to move into a giant new office building next year, but has appointed agents at CBRE to explore a sale of the site.

Homeowners took advantage of a spate of mortgage deals released by banks at the end of last year, to increase borrowing or secure mortgages.