Good morning. Here’s your daily round up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals.
The national newspapers went heavy on housing this morning following two bumper announcements from the Conservatives yesterday. Writing in The Times, prime minister Rishi Sunak promises that only the Tories can deliver on housing while Labour will “concrete over” our countryside.
He writes: “While the Conservatives continue with our plan to deliver homes for families to own and ensure brownfield sites are prioritised for development, Labour has no plan. Their only pledge is uncontrolled development in the countryside threatening to concrete over our precious green spaces, while their mayors, councils and top team have campaigned vociferously against new homes in their own patch.”
EG featured all the news and reaction from Sunak’s promise of delivering 1m homes this parliament and Gove’s wide ranging planning promises yesterday, of course.
Industry reaction was relatively cool, with most calling for government to take further action and accusing Gove of merely “papering over the cracks”.
For those looking for a little positive news on their morning commute, the latest set of figures on the UK commercial real estate investment market aren’t going to deliver. Exclusive figures from Carter Jonas reveal that the quarterly rolling average is currently at a 10-year low.
Investment volumes totalled just £6.2bn in Q2, 25% below an already quiet Q1 and 51% down on the five-year average. While London suffered – no deals over £500m and just four over £100m in Q2 – the regions were the star performer with close to three-quarters of all investment taking place outside of the capital – well above the five-year average of 64%.
But while markets might be a little depressed right now, Unite is hoping to take advantage of opportunities and the continuing supply and demand imbalance in student housing. It is seeking to raise £300m to expand its portfolio.
All of this morning’s headlines:
Rolling quarterly investment volume falls to 10-year low
Unite raises £300m for “compelling” expansion plans
Ashley makes £50m bid for Leeds retail park
World’s biggest battery park powers up
Virgin Media makes 2,000 redundant
Blackstone sells storage business for $2.2bn
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
