Good morning, and welcome to your round-up of what’s making the headlines on Thursday.
More than £16bn of rental income could be at risk if landlords in England do not start taking action now to upgrade the environmental credentials of their properties.
That’s the finding of an EG investigation into the effect of changing rules around EPCs. In the near-term alone, the equivalent of the combined annual income of the top 10 London-listed REITs could be wiped out by changes coming in next April. More on that here.
Most of the papers lead on Liz Truss’s efforts to stem the energy crisis and the reaction of markets. Little of the latter looks good – the pound has plunged and credit default swaps have risen.
Here’s what EG editor Samantha McClary has to say in this week’s magazine about her hopes for the message that real estate will bring to Truss and her new team.
More signs of a struggling corporate world. Cineworld has confirmed its long-expected filing for bankruptcy protection in the US, as the London-listed company attempts to restructure its borrowings.
And WHSmith said it will try to cut rents across its high street store portfolio as it grapples with falling sales in that part of its business (its travel division, covering shops in airports and train stations, is performing much more resiliently).
Recruiters say hiring is slowing, possibly driven by candidates choosing to “play it safe” in the face of a looming recession rather than jump ship from their existing roles.
UK property prices appear to be holding up despite the downbeat economic outlook, rising by 0.4% in August, according to Halifax, even if the RICS notes that the upturn was driven by a record low number of houses for sale.
Finally, if you need a lift after some of that bad news, look no further than EG’s Rising Stars of 2022. We guarantee these 10 individuals from across the built environment will bring some inspiration to your day.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
