In the news this morning, wealthy areas need to accept the construction of homes near to them, says Sajid Javid. In particularly unaffordable areas, councils need to look long and hard to see if the right number of homes are being planned. Empiric Student Property plans to raise £150m through an issue of new shares, taking advantage of the sector’s attractiveness for investors, and will put the funds towards adding 3,500 beds. Construction PMI headed lower in June, as the election result caused renewed caution. Still, the index remains well in expansion territory and the previous month’s figure was a 17-month high.
Tackling housing crisis means more homes in wealthy areas (The Telegraph/FREE)
Homeowners in areas that have benefited from rising prices need to play a part in solving the housing crisis, communities secretary Sajid Javid said.
Empiric Student Property aims to raise £150m (FT/£)
Empiric Student Property is looking to raise £150m via the issue of new shares.
Construction PMI comes off 17-month high (The Telegraph/FREE)
The construction purchasing managers’ index for June came in below expectations, falling to a reading of 54.8 from 56 in May, the latter a 17-month high.
Subway to open 500 stores in UK and Ireland by 2020 (The Independent/FREE)
US fast-food chain Subway is planning to add 500 new outlets in the UK and Ireland by 2020, bringing its total number of stores to 3,000.
St Modwen refocuses after strategic review (The Times/£)
St Modwen will refocus on housebuilding, logistics hubs and warehouses following a strategic review of its operations.
Average deposit on a house rises to nearly £60,000 (The Daily Telegraph, p. 10)
The average deposit on a house rose by £6,850 in the last year, rising to £59,633, research by My Home Move shows.
London rents up 45% in last 10 years (The Times/£)
London rents have risen by 45% over a 10-year period, according to research by Hometrack.
Higher-than-expected rise in sales at Sainsbury’s (The Guardian/FREE)
Sainsbury’s reported an above-expectations 2.3% rise in like-for-like sales in the 16 weeks ended 1 July, in what chief executive Mike Coupe called its best performance for years.
£1bn road-building scheme planned (The Times/£)
A major road-building scheme is set to be announced by transport secretary Chris Grayling.
More central London homes withdrawn from market than sold (FT/£)
The slowing housing market in the capital means more homes in central London are being withdrawn from sale than are being sold, according to figures from LonRes.
Shard apartments remain unsold (The Guardian, p. 1)
Five years after the Shard opened it seems the 10 apartments on floors 53-65 remain unsold.
BoE’s Saunders warns households to prepare for rate rises (The Guardian/FREE)
Michael Saunders has become the latest of the policymakers at the Bank of England to comment on interest rates, warning households to prepare for rate rises.
Amazon patent plans for underwater warehousing (The Times/£)
A US patent filed by Amazon foresees goods stored under water – in lakes such as Lake Union, pools and reservoirs – in sealed containers.
