Good morning. Celebrate or commiserate this morning with this sparkling glass of property news.
Friday 13th has certainly proved a horror for Labour(£), as Boris Johnson’s Conservative party stomped to a landslide victory(£) in the wee hours. Lib Dem leader Swinson is out, while Corbyn will step down as Labour’s leader. The Telegraph (£) thinks this will all be great news for property.
The previous week was the horror story for the UK’s property funds(£), as more was withdrawn in seven days(£) than in most months. It is the worst week since the Brexit referendum.
Bad week for agents too, as Hammerson’s decision to get a US investment bank to sell its £400m retail park portfolio is taken as a bit of a snub.
But it should be a good week for the Crown Estate and Oxford Properties, who are set to win approval for phase two of the St James’s Market overhaul.
Meanwhile it has been a bad decade for house prices(£). It may look as though they have risen by 34%, but that is actually, in real terms, a 0.3% loss…
It could be a terrible week for Samira Hajiyeva, the subject of the UK’s first Unexplained Wealth Order. If her appeal fails she will have to prove that her £15m Knighsbridge home and £10m golf course were not bought with funny money, or see them seized by the state…
… While the tenants of Earl’s Court are launching a second attempt to seize their homes from the state.
Anything for a Kös-e Life, as the investment manager plans to raise £600m to sink into carbon neutral rental houses.
Online estate agent Purplebricks is hoping for better fortunes as it shores up its UK business(£) after some costly overseas excursions.
And talking of purple bricks, the investment trust of the family that owns Lego has sold its fitness business to Pure Gym for £350m(£).
Superdry reckons it is on the path to recovery(£), after cutting rents by 30%(£)…
… While Dixon Carphone(£) says it won’t close any more stores(£). Yet.
Meanwhile the boss of pub chain Fuller’s(£) has made a request of the new government – cut business rates!(£)
Media investor Great Point Media is close to a deal to build a Hollywood-style studio somewhere in the UK, after securing $180m.
And finally, Lachlan Murdoch has broken Californian records by spending $150m on a Bel Air chateau made famous by the Beverly Hillbillies TV show. Just as well he has the cash. The annual tax bill alone is $1.3m.
