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.
The government has suffered a humiliating defeat in the House of Lords after Labour blocked its plans to scrap nutrient neutrality laws. Former environment secretary Lord Deben was one of the few Tory rebels. “This is one of the worst pieces of legislation I have ever seen, and I’ve been around a long time,” he said.
Meanwhile, the levelling up agenda has stalled under Rishi Sunak’s leadership, according to think tank the Institute for Government. But it doesn’t think Labour could do much better at the moment.
The Chinese property sector has emerged as the biggest threat to the stability of the global economy, according to a Bank of America poll.
In other news, Better Buildings Partnership boss Sarah Ratcliffe has been named the new chair of the Green Property Alliance as part of a comprehensive relaunch.
And the Commercial Real Estate Finance Council Europe has named Alison Lambert of Martley Capital Group as its chair elect.
Meanwhile, it isn’t often you hear a leader in this industry describe themselves as pathetic, writes EG’s editor. “But sometimes that feeling of being ‘pathetic’ is just what we need to be better.”
LondonMetric has sold a portfolio of four Midlands multi-let industrial estates to Hines for £40.5m.
Senior living developer Advanced Living is selling a £100m scheme on the site of a Kingston upon Thames hospital.
Meanwhile, Rishi Sunak blocked plans to rebuild five hospitals riddled with crumbling concrete when he was chancellor.
And ministers are looking to order nearly 1,000 prefabricated buildings to act as school classrooms.
Knight Frank is seeking offers over £25m for the art deco Angel House in Islington, N1.
And the Almondsbury Business Centre in Bristol has signed two new tenants on long-term leases.
Redrow has warned its profit will halve this year, as rising costs deter potential buyers.
House prices are falling at their fastest rate since 2009 and will keep falling, according to the latest RICS poll.
But a loophole in Scottish rent controls has allowed private landlords to raise rents higher than anywhere else in the UK.
And finally, property tycoon Robert Tchenguiz is counter-suing over losses he made taking spread-betting positions on FirstGroup. He is seeking £40m in damages, but is himself being sued for around £15m, and is probably wishing he’d stuck to real estate.
