News

MORNING NEWS: Lords defeat looms

News

Piers Wehner

13 September 2023

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.

Labour has said it will back Tory rebels in the Lords to vote down a government plan to scrap nutrient neutrality rules. The party has said it will vote against an amendment to the Levelling Up Bill, which the government says will unlock 100,000 homes. Shadow levelling up secretary Angela Rayner said: “There are far better ways to build the new homes we desperately need than green-lighting water pollution.”

Councils in England and Wales are sitting on a £2.8bn hoard of unspent section 106 money. The Home Builders Federation has said the cash needs to be spent, and reasons given for why councils haven’t done so yet.

RICS president and governing council chair Ann Gray has been urged to explain her actions regarding the mass resignation of its standards and regulation board. Senior RICS and former governing council members have signed a letter to its president, asking if she sought approval from, or even informed, the council.

UBS has started moving Credit Suisse out of the bank’s Canary Wharf skyscraper, in a fresh blow to the London financial district.

Ringley Group has launched a new resi platform. Una Living wants to be the “go-to” business for investors looking to access UK living real estate, and has a target to operate more than 10,000 homes.

Quintain has refinanced £780m of debt against its Wembley Park scheme, with JP Morgan and Cheyne Capital replacing Lonestar.

Unite Students has entered an option to buy a £95m, 800-bed development scheme in central Glasgow.

The value of mortgage balances in arrears has jumped by 28.8% to £16.9bn – the highest level in seven years.

Fears that China’s real estate crisis could spread has sent a tremor of panic through Malaysia, where Country Garden is developing the $100bn Forest City project.

And finally, it turns out that the Barclay family didn’t get to enjoy a big windfall after selling the Ritz hotel for about £750m. Turns out it all went to creditors.

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. Labour has said it will back Tory rebels in the Lords to vote down a government plan to scrap nutrient neutrality rules. The party has said it will vote against an amendment to the Levelling Up Bill, which the government says will unlock 100,000 homes. Shadow levelling up secretary Angela Rayner said: “There are far better ways to build the new homes we desperately need than green-lighting water pollution.” Councils in England and Wales are sitting on a £2.8bn hoard of unspent section 106 money. The Home Builders Federation has said the cash needs to be spent, and reasons given for why councils haven’t done so yet. RICS president and governing council chair Ann Gray has been urged to explain her actions regarding the mass resignation of its standards and regulation board. Senior RICS and former governing council members have signed a letter to its president, asking if she sought approval from, or even informed, the council. UBS has started moving Credit Suisse out of the bank’s Canary Wharf skyscraper, in a fresh blow to the London financial district. Ringley Group has launched a new resi platform. Una Living wants to be the “go-to” business for investors looking to access UK living real estate, and has a target to operate more than 10,000 homes. Quintain has refinanced £780m of debt against its Wembley Park scheme, with JP Morgan and Cheyne Capital replacing Lonestar. Unite Students has entered an option to buy a £95m, 800-bed development scheme in central Glasgow. The value of mortgage balances in arrears has jumped by 28.8% to £16.9bn – the highest level in seven years. Fears that China’s real estate crisis could spread has sent a tremor of panic through Malaysia, where Country Garden is developing the $100bn Forest City project. And finally, it turns out that the Barclay family didn’t get to enjoy a big windfall after selling the Ritz hotel for about £750m. Turns out it all went to creditors.