Good morning. Here is your AM bulletin with the latest news and views from EG, along with a few of the best bits from the daily papers.
The UK commercial property is facing “a renewed downturn”, according to the RICS, as interest rate rises and sparse credit continue to stifle the market. Investment demand for offices has fallen to -34%. But at least green credentials are giving prime offices a bit of a boost.
Meanwhile, we are witnessing a slow but seemingly steady unravelling of green targets, writes EG’s editor. Perhaps our politicians have only just realised that saving the planet will not be cheap? That making tough decisions will not always be popular? But if our political leaders are not capable of choosing the difficult path for the right reason, and shy away from the speed, courage and investment needed, then business leaders must step up.
And Michael Gove is a “monster” for rubbishing green policies while fully understanding the scale and urgency of the climate crisis, says former minister Zac Goldsmith. And prime minister Rishi Sunak? He simply has “no authentic interest” in the environment.
In other news, Palace Capital has suffered a shareholder revolt after nearly a quarter voted against the re-election of executive chair Steven Owen.
Hammerson has reinstated its cash dividend after a “strong first half” and some sizeable disposals.
And the latest EG Radius Leaderboards reveal the most successful agents of Q2 across the country. Are you in the top fives?
The civil service has slashed plans for future regional hubs by a quarter as staff opt to work from home.
And English National Opera has been told it can stay in London for a further three years before it must relocate.
Shifting to a four-day week has not led to a fall in productivity after a year, according to businesses that took part in an international trial.
And London’s business chiefs have stepped up calls to restore tax-free shopping for international visitors, saying it will boost London by £1bn.
Social landlord L&Q has been ordered to pay compensation to tenants following an investigation by the housing ombudsman.
HSBC has become the first big lender to cut mortgage rates following better than expected inflation data.
Meanwhile, ministers are thinking about going Dutch with long-term fixed-rate mortgages.
But will the latest rate rise in the US really be the “last hike of the cycle”(£)?
And finally, British property billionaire Joe Lewis has pleaded not guilty to multiple counts of securities fraud and conspiracy in the US. Under the terms of the the $300m bail bond, he has been forced to hand over his passport and the keys to his private yacht, Aviva. But he is at least still allowed to use his personal jet – for domestic flights only, naturally.
