Category Archives: Real Estate

NSW moves to outlaw asking tenants to pay for their own background checks on renter ‘blacklists’

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Minns government announces reforms to end practice of rental property platforms soliciting payments from applicants

Rental property application platforms would be prohibited from asking prospective tenants in New South Wales to pay for their own background checks under proposed new laws.

The Minns Labor government on Tuesday announced it would introduce the legislation after feedback from renters who said they were often told that paying these “optional charges” would increase their chance of securing a home.

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Standard Chartered plays down fears of US-China trade war under Trump

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Chief executive says tensions ‘not impacting’ business as bank reports pre-tax profits of $1.6bn for second quarter

Fears of a China trade war erupting under a second Trump presidential term are overblown, according to bosses at Standard Chartered bank, as they suggested that the country’s real estate woes were “largely in the rearview mirror”.

While the London-headquartered bank makes most of its money in Asia, particularly in Hong Kong and Singapore, its chief executive, Bill Winters, played down the impact that increasingly strained relations between Washington and Beijing might have on the business.

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Canary Wharf Group to carve chunks out of HSBC tower after bank’s exit

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Revamp of 42-storey block when bank moves out in 2027 will include new terraces and leisure facilities

Canary Wharf Group has unveiled plans to remove large chunks from the HSBC tower as part of a revamp of the 42-storey office block when the bank moves out in 2027.

The property company said it would carve out sections of the tower’s facade to create terraces as part of plans to transform the office block – a skyscraper in the east London financial district – into a mixed-use building that would include leisure facilities and a public viewing gallery.

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Mandatory housing targets at core of economy-focused king’s speech

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Planning reforms and transport policies included in package of more than 35 bills as Labour prioritises growth

Local councils will have to adopt mandatory housing targets within months under planning reforms to be unveiled on Wednesday as part of Keir Starmer’s first king’s speech, which the prime minister says will be focused on economic growth.

Starmer will introduce a package of more than 35 bills on Wednesday, the first Labour prime minister to do so in 15 years, as he looks to put the economy at the centre of his first year in office.

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Renters in New York City fight back against real estate broker fees

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City is one of few in the US where tenants can be forced to pay fees, despite a landlord having hired the broker

A row is brewing in New York City between renters and real estate brokers, over who pays the thousands of dollars in fees when an apartment is rented.

On 12 June, lawmakers in New York met to discuss the Fairness in Apartment Rental Expenses act (Fare act), which would require the person who hires the broker to pay the broker fee.

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China’s glut of idle property causes headache for the government

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The industry that has traditionally powered about a quarter of GDP has been in a downward spiral that policymakers have struggled to halt

All across China, from Beijing in the north, to Shenzhen in the south, millions of newly built homes stand empty and unwanted. There were nearly 391m sq metres of unsold residential property in China as of April, according to the National Bureau of Statistics. That is the equivalent of Manchester and Birmingham combined – and then some – sitting as vacant, unwanted property.

This glut of idle property has caused a headache for the government, shaken the world’s second largest economy and raised tensions over the purpose of housebuilding in a nation where property investment had been viewed as a safe bet.

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Sunak pledges to keep stamp duty threshold at £425k for first-time buyers

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Pledge comes as parties prepare to launch their manifestos, with Labour to offer support for small businesses

The Conservatives would permanently scrap stamp duty on homes up to £425,000 for first-time buyers, Rishi Sunak is expected to pledge in the party’s election manifesto, in a move that would affect 200,000 households annually.

The threshold was raised from £300,000 to £425,000 in the September 2022 mini-budget as a temporary relief measure that is due to expire next March.

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Badenoch urged to scrutinise business links of Royal Mail bidder Křetínský

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Business secretary is due to meet Czech tycoon to discuss a takeover the Guardian has raised questions about

The business secretary, Kemi Badenoch, is being pressed to question the Royal Mail bidder Daniel Křetínský on his business links, after the Guardian raised questions about a series of controversial global property deals connected to the Czech billionaire’s longtime business partners.

Badenoch is scheduled to meet the tycoon next week to discuss his £3.57bn bid for the 500-year-old institution, which will be subjected to a review under the National Security and Investment Act.

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Labour will aim to reveal new town sites within first year in power

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Angela Rayner to promise party will build homes on sites by end of its first term and support private developers

A Labour government would aim to announce the sites for a series of new towns within a year of taking office, with the promise that homes would be built in them by the end of a first term, Angela Rayner is to say in a speech.

Giving more detail to a plan first outlined in Keir Starmer’s party conference speech in October, Rayner will tell a housing conference that Labour will strongly support private developers who create high-quality and affordable housing.

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Average British house price hits record high of £375,000

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Pent-up demand from would-be buyers pausing their plans last year has led to price rise despite mortgage rates remaining elevated

The average British house price reached a record high of £375,131 in May, according to Rightmove. The average prices of properties coming to market rose 0.8%, or £2,807, month on month.

Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, the property website’s report said.

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China to cut mortgage rates as part of plan to prop up property market

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Local authorities will be allowed to turn unsold homes from developers into affordable housing

China will cut mortgage rates and allow local authorities to turn unsold homes from developers into affordable housing, in a series of drastic measures by Beijing aimed at propping up the country’s faltering property market.

The People’s Bank of China said it would scrap the minimum rate of interest and reduce down-payment ratios to 15% for first-time buyers and 25% for second homes. It will also create a 300bn yuan (£32.8bn) facility to support local state-owned companies to buy homes at reasonable prices, it said in a series of statements on Friday.

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Nationwide stops lending on some flood-risk properties

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Banks may follow suit after UK weather-related claims on home insurance reach new high

Britain’s biggest building society has stopped granting mortgages on some properties where there is a high risk of flooding but said this affected only “a very limited number” of homes.

Nationwide’s head of property risk, Rob Stevens, said the lender used mapping technology to identify which homes were vulnerable to flooding, and it would decline to grant a mortgage to buy a property it deemed to be at high risk.

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Residents push for renaming of Trump Plaza to disassociate from ex-president

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Tenants of the high-rise in New Rochelle, New York, want to abandon the name which has at times affected real estate value

While Donald Trump endures the ignominy of being the first former US president to face criminal trial, there is further humiliation brewing, with a movement to strip the Trump name from a building in his home state.

Residents at Trump Plaza, a 40-story high-rise in the suburban New York city of New Rochelle, are pushing for the building to be renamed and to escape a near-two decade association with the legally-troubled ex-president and real estate mogul.

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Ratings agency downgrades China debt outlook over economic uncertainty

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Fitch cut to negative comes as country moves away from reliance on growth from property sector

Fitch has downgraded the outlook on China’s debt as it warned of increased risks to the economy while the country moves away from its reliance on growth from the property sector.

On Wednesday the US-based agency said it had revised China’s sovereign credit rating from stable to negative, saying this reflected the “increasing risks to China’s public finance outlook” as the country “contends with more uncertain economic prospects”.

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The US could be facing a 2008-style financial crisis. Why does Sunak want to copy it?

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The PM’s admiration for Washington’s economic model may backfire amid looming US banking and stock market disasters

One of the consistent themes of the Conservative economic narrative is an admiration for the US and its ability to grow quickly. The way it has bounced back from the pandemic and how it has ridden out the impact of Russia’s invasion of Ukraine should serve as a blueprint.

A neoliberal Conservative analysis puts the emphasis on tech, innovation and a myth-like entrepreneurial spirit that the UK would do well to emulate. What it ignores is the way the US economy zips ahead on fantastical stock market valuations and off-balance-sheet accounting reminiscent of the years before the 2008 financial crisis. And how both these habits could bite back in a big way, much as they did in 2008, and pretty soon.

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Donald Trump ordered to pay over $350m in New York financial fraud case

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Trump also banned from running any New York corporation or entity for three years in devastating blow for ex-president

Donald Trump, his eldest sons and associates have been ordered to pay over $350m by a New York judge who found them guilty of intentionally committing financial fraud over the course of a decade.

“The frauds found here leap off the page and shock the conscience,” judge Arthur Engoron wrote in his decision. In a devastating blow for the former president who had built his reputation as a successful real estate developer, Engoron barred Trump and two other executives from serving as officers or directors of any corporation or entity in New York for three years. His sons, Eric and Donald Trump Jr, were banned for two years.

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Printworks London may reopen by 2026 after developers submit plans

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British Land and AustraliaSuper want to create cultural venue that will include offices and shops

Printworks London, the 6,000-capacity post-industrial superclub, could reopen by 2026 after property developers that own the site filed their plans to Southwark council.

British Land and its partner AustralianSuper, one of the country’s largest pension funds, submitted a detailed proposal to the council on Monday to redevelop the site in Rotherhithe into a permanent cultural venue just over a year after the cavernous club shut its doors.

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UK house prices rise at fastest rate since January 2023

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Lower mortgage rates lead to increased buyer and seller confidence, says Halifax

UK house prices rose 2.5% in the year to January, recording the biggest increase since January last year, as lower mortgage rates and fading inflationary pressures led to increased buyer and seller confidence, Halifax has said.

January marked the fourth consecutive monthly rise, with a 1.3% uplift on December, the UK’s biggest mortgage lender said, with the average home costing £291,000, £3,9000 more than in December.

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Private rents in Great Britain hit record high, data shows

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Rightmove says average advertised price outside London is up 9.2% on a year ago despite fall in some regions

Average private rents in Great Britain have climbed to new record highs, though in some regions there has been a small fall in the amount new tenants are being asked to pay, data shows.

The typical advertised private rent outside London for new properties coming on to the market rose to a record £1,280 a calendar month in the final quarter of 2023, according to the property website Rightmove. That is £2 higher than the £1,278 figure recorded in the third quarter – a sign that rental growth is slowing.

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UK housebuilder Crest Nicholson warns on profits, raising takeover speculation

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Surrey-based construction company has been hit by rising costs and impact of high interest rates

One of Britain’s largest housebuilders, Crest Nicholson, has issued its third profit warning in a matter of months because of rising costs, raising speculation that it could become a takeover target unless its fortunes reverse.

The latest warning comes less than a week before the Surrey-based company will issue its full-year results, which are expected to lay bare the challenging year that housebuilders such as Crest Nicholson have faced amid surging interest rates, which have deterred buyers and caused house prices to fall.

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