The property portfolio of the Grosvenor Group, one of the world’s largest privately owned property companies, recorded profits of £143.5 million (US$200 million) in 2017, over 81% higher than the previous year when it brought in £79.2 million (US$110.3 million), according to a report from the London-based group on […]
AXA acquires Finnish resi assets
AXA Investment Managers – Real Assets has bought three core residential assets in Helsinki, Finland, on behalf of a German special fund focused on residential investments.
The properties, totalling 60,622 sq ft, were acquired from Tapiola Real Estate’s Tapiola KR IV Ky fund.
Swinging UK investor interest in offplan’s direction
From within city limits to the coast, developers are offering options
Old and new properties both have distinct, unique advantages; on the one hand, some believe that existing stock tends to hold its value better compared to its newer, more polished counterparts. On the other, many investors are attracted by the low-maintenance and potential off-plan growth potential offered by new property.
Price growth in regional UK cities outpacing London, led by Edinburgh
Regional cities are leading house price growth in the UK with Scotland seeing both the highest and the lowest in the 12 months to March 2018. Prices in Edinburgh increased by 8.1%, and the next highest annual growth was 8% in Nottingham, followed by 7.4% in Manchester, according to the latest index from Hometrack which tracks 20 cities across the nation.
But Scotland also has the biggest fall with prices in Aberdeen down by 6.9% with the only other city in the index seeing a decline being Cambridge with annual price growth down by 1.2%. Nationwide the average growth is 4.6%, taking the average price to £214,700 and there are signs that downward pressure on prices in London is easing with annul price growth of 1.6% and Hometrack does not expect prices to fall in the capital in the near term.
However, it points out that in London sales are not keeping pace with new supply coming to the market. There are 1.5 homes coming to the market for every sale and the net result is longer sales periods. London has the longest time to sell of all the cities at 17 weeks. ‘Signs of a slight improvement in market conditions in London are not surprising. Falls in asking prices over the last two years, especially in central areas of London, together with deeper discounts from asking to achieved prices and greater realism on the part of sellers appear to be supporting sales rates and reducing the downward pressure on prices,’ the report says.