Good morning. Here is your AM bulletin, with the latest news and views from EG as well as a few of the best bits from the morning papers.
Investors are pulling money out of property funds at a rate not seen since last autumn’s mini-Budget. A net £121m was withdrawn from property funds in August, following outflows for the past 13 months.
Meanwhile, investment activity in the UK and wider European markets has yet to show signs of bouncing back after falling in 2022, according to researchers from law firm CMS.
London’s Howard de Walden Estate has reported a a pretax loss of more than £100m. The loss was led by values falling by almost £200m, while revenue profit rose by 16.7%.
And the world’s most powerful financial watchdog – the Financial Stability Board – has warned G20 members to keep a close eye on real estate for “further challenges and shocks” in the months ahead.
As the crumbling concrete crisis continues, fears over schools rise, surveyors are beginning tests on the parliament estate and the NHS is conducting its own survey.
But there is a small silver lining. Modular classroom builders have seen a marked increase in enquiries over the past week.
Birmingham City Council has become the latest, and largest, local authority to declare effective bankruptcy.
And a single local objection can no longer block a wind farm development, after ministers and Tory rebels reached a compromise last night.
British Land’s former head of development, Nigel Webb, has joined the board of Barratt Developments.
Mortgage holders face a £17bn hike in payments from next year, as 90% will have to move to higher rates before the general election.
And BLME has handed a £20m facility to Barwood Capital for the refurbishment of an office block in Richmond, south-west London.
Five out of the six buildings shortlisted for the 2023 RIBA Stirling Prize are in London.
US fitness firm Orangetheory wants to open another 38 UK studios by 2026.
And finally, those dreams of having a blue plaque on the house where you grew up may become a reality after all. The London-focused heritage scheme, which marks the buildings lived in by famous figures, may soon be rolled out across the UK. So now all you need to do is become famous!
