General – Page 2 – Blue Bricks Magazine

13 September 2023

How to Use Furniture to Get More Airbnb Bookings at a Higher Value

Serviced accommodation is becoming a highly competitive strategy in the property sphere. More and more people are letting out properties to holiday-goers or contractors in exchange for nightly income.

While it is nice to see more people making money through property, it does mean that running a successful serviced accommodation business is becoming more difficult than ever due to a saturated market.

If you go to Airbnb and search for any popular town or city, you’ll see an abundance of properties available under short-term let, each one looking the same, or very similar. The key to succeeding in this competitive market is to stand out, and in this article, I’m going to show you how to do just that using the power of furniture.

Know Your Guest- How to Increase Nightly Values

Think of your SA property like a magnet. You want to attract the right guests. For you, the right guest might be a wealthy individual who’s looking for a high-end break that they’re happy to pay top price for. Alternatively, it could be a contractor who’s looking for a comfortable place to call home for a few months.

The point is, that if you fill your property with high-end furniture, you’ll attract high-end guests. Whereas if you fill your property with the first piece of furniture you find at IKEA, you’re unlikely to attract the demographic you are aiming for.

Think about the demographics that are likely to visit your investment area, and then think about which of them will be the most profitable guest for your business. Then, when you’re looking for furniture, you’ll have a clearer idea of what will be appealing to them.

Where to Save Money When Furnishing Your Property

The mistake that a lot of investors make is that they try to cut costs in the wrong areas. So, they get the cheapest furniture they can find. While there is nothing wrong with this, it does mean you’re negatively impacting your nightly value, and repelling long-stay guests.

The main thing to spend your money on is the main features, like your sofa and beds. These are the things that people will be sitting/sleeping on and being comfortable is vital if you want to keep someone in your property for a long time.

The next key is to be clever with your interior design. You can buy cost-effective items to go around your property that make it feel ‘homely’. For example, candles, bookshelves and stands. These will prevent your photos from looking empty on Booking.com and Airbnb, and they also allow you to style your property in a way that is more attractive to guests.

Companies like ours even offer furniture packs. These packs have been designed to include everything you need, all at a reduced price. Not only do furniture packs save you money, but they also save you time, as you don’t have to shop around for each individual item.

Here to Increase Your Nightly Values

Our role is simple: we’re here to increase the value of your SAs and help you attract long-stay bookings. We do this with a variety of furniture packs fit for all budgets and guest demographics.

To discover more about how we help you, check out our website here. To speak with us directly for a free consultation, get in touch by clicking here.

Sam Cooke

7 August 2023

What Do Architects Do- The Art of Architecture Demystified

357989776_953487105916628_919936580473396964_n

Architecture is one of those black magic jobs. We know it’s important, and we know it’s impressive, but to many people, outside of ‘drawing pretty pictures’, it’s not very clear what architects actually do. Perhaps it’s my own ignorance, but I’ve always held this view. I could never fully wrap my head around what the practice entails and, more importantly, the role they play in property development, apart from drawings and CGIs.

So, rather than remaining in blissful ignorance, I decided to fill a gap in my knowledge and hopefully discover something that will benefit your property business.

A couple of weeks ago, I spent the day with MAC Architects in Harrogate. This included shadowing them on existing projects going through planning and even attending a site visit to a large and impressive private home.

Let’s put an end to this black magic once and for all and uncover what architects really do and why they’re more important than you might think.

The Finer Details

Even for someone who struggles to sketch stick men, I was impressed by the effort that goes into an architect’s drawings. You see, every line (or wall) has to be drawn to scale. If that wall is a millimetre off on paper, it could be a metre off when the builder comes to create it in real life.

These drawings, which are basically floor plans, are then plugged into an incredible system that brings them to life. Small lines suddenly become rendered walls. Windows, doors, and furniture are added. You essentially get a 3D model of what the property will look like. You can even change the time of day to analyse how the sun and shadows will affect the property.

But what really surprised me was the knowledge that an architect must have. Certain minerals react differently with other stones or materials when exposed to moisture. So, if you build with stone or brick and use two types of stone that have this problem, then the property can become structurally unsafe when it rains.

It was at this point that it struck me that building a home isn’t as simple as four walls and a roof. You have to take into account sunlight, building materials, parking, and how the new property interacts with the environment. This knowledge, which architects have to train for seven years to acquire, is vital to the build process. Trying to build a property without it would be like performing surgery with your eyes closed.

363845125_950042382966075_3574129926876264955_n

‘Millionaire Row’

Next up was a site visit to a lovely place referred to as ‘millionaire row’. It’s rightly earned this title since you won’t get much change from £3 million if you buy a house there. Mind you, you get a lot of property for your pound, with huge mansions that would take you half a day to walk around!

One of the properties on this row has recently been purchased and is undergoing refurbishment. It’s a dream home. The kind of property you put on your vision board. It has a garden so big that you could open a campsite and still have room to mow the lawn!

Now, this is a sticking point because many people pay architects for designs and then bid them farewell. But watching Kate, the lead architect, walk around a site full of builders pointing out snags and picking up on the occasional cut corner showed me why this was a bad idea. And it’s not just trades that architects manage. Many of them will also coordinate other professionals, like structural engineers and surveyors.

Managing trades is a skill, and most architects have it in abundance. They know how things SHOULD look, and they can point out things that would otherwise go unnoticed. In essence, architects are part designers, part planning consultants, and part project managers. If you hire the right firm, you really need very little involvement in your own project.

365076883_674187588087799_1678129624961512430_n (1)

My Views on The Practice

I am sure that, like me, you have heard the occasional negative grumbling about architects. Maybe you have had a bad experience with one. I suppose that it all comes down to the adage of ‘they’re not all bad’.

What I’m trying to say is that, after getting a peek behind the curtain, the way I view architecture has completely changed. I thought that architects were a “nice thing to have if you’ve got the budget”. Now, I think they’re a must-have. They’re seasoned professionals who will save you headaches and lost money by managing the project effectively and making sure the I’s are dotted and the t’s are crossed.

If you’re looking to save money, then don’t do it here. Maybe lay some cheaper carpets instead!

Finally, thank you to the team at MAC Architects for the opportunity to grow my knowledge. If anyone wants to speak with an architect you can trust, then you can contact the team using the details below.

Tel: 01423 528999

Email: info@macarchitects.co.uk

Sam Cooke

Handing over the keys to the new owners of a home

Blog, General, Market Pulse

29 June 2023

Bungalows Becoming Best Sellers

Bungalows are getting bigger – in popularity that is, according to new research.

To the extent that the price of a bungalow has soared by 17 per cent over the past two years (between May 2021 to May 2023). It compares to a jump of just five per cent for flats between the same period, and 13 per cent for houses.

Research by the estate agency Knight Frank shows the cost of a typical bungalow was £349,127 in May, compared to £362,915 for the average house and £281,526 for a flat.

Bungalows best sellers in certain communities

In certain areas, where there is a large community of retired people, bungalows can fetch more than houses. A spokesman for upmarket estate agency Hamptons said this wasn’t uncommon, referencing Bassetlaw, Nottinghamshire where bungalows are selling at more than 51 per cent more than three to four bedrooms home, coming in at 51 per cent (or around £135,680) more expensive than the average family home.

Other areas where bungalows are becoming the property of choice include South Staffordshire (49 per cent or £185,110 pricier and North Ayrshire (48 per cent or £100,740 more expensive). In already sought-after locations, such as Cornwall and Bournemouth, a bungalow can set potential house owners back by as much as £450,000 or even £1 million in a particularly desirous locale.

Only 10 per cent of listings are bungalows

A spokesman for Knight Frank explained the fact there weren’t that many bungalows listed on estate agents’ books, put the price up too.

“Bungalows made up less than 10 per cent of the total new listings of houses, flats and bungalows in the year to May 2023,” said Chris Druce, the company’s senior research analyst.

There are many reasons why bungalows have appeared on the radar of so many people in recent years, say economists. And it’s not just down to an aging population. There’s also the fact that the humble – and traditionally small bungalow with just one or two bedrooms – doesn’t cost much to heat. And with the shock of rising utility bills last year, that’s a big reduction for retired couples who until recently were living in underused three or four-bedroom homes.

Families favouring bungalows too

And it’s not just the elderly who are snapping up bungalows. Families struggling to cope with rising mortgage rates are also downsizing. The fact bungalows tend to have large gardens that children can play in doesn’t hurt the bungalow’s popularity with families either.

One local estate agent in Cornwall is so adamant bungalows are the ‘next big thing’ for his community that he’s urging developers to build more. But not just any bungalow. He knows too that many homeowners in their 50s, 60s and 70s are also interested in sustainability.

“I have even advised local developers to consider making bungalows a greater part of development plans. Due to the scarcity of new bungalows, along with an ageing population, there is a real opportunity and demand for future-proof properties that boast modern tech and contemporary design,” says Ben Standen, director of Truro’s Jackson-Stops estate agency.

By that he means ‘green energy’ initiatives such as ground source heat pumps, solar panels, and EV charging points.

Get in touch

Keep up to date with property market news by subscribing to a free trial of Blue Bricks magazine here today. You can cancel after the trial and it costs nothing, or it’s just £9.99 if you like it and want to continue (which we’re sure you will).

Jill Stevenson

Blog, General, Market Pulse

28 May 2023

Property Market Picking Up Nicely

More properties are coming on the market for sale with agents reporting an increase in supply. At the same time the countryside and ‘quieter living’ is still proving popular for buyers. Meanwhile, more people are looking to rent.

The estate agents’ professional body PropertyMark showed in its recent Housing Insight Report that there were 70 per cent more homes for sale in April than the same period last year. It brought the average amount of stock available per branch to 34. That’s a big increase of 14 properties more than in April 2022.

At the same time, the property market is once again similar to pre-pandemic figures in terms of sales, with an average of eight properties sold per branch. The majority of homes – around 75 per cent – are selling at sums below the asking price.

‘Escape to the countryside’ still going strong

Meanwhile, lockdowns may be over but the rush to the countryside is far from nearing its end. Hybrid working has meant many house buyers are still looking for quieter spots in which to reside. And they want bigger homes too.

At least that’s the findings from the latest Halifax report which says detached homes are by far the most popular category for today’s buyers. To the extent we’re buying seven per cent more than we were a decade ago. That’s a rise from 25 per cent to 32 per cent.

Analysts believe many older people who have built up large amounts of equity in their homes are downsizing. The reason for this is to help children and grandchildren get on the property ladder themselves.

The loser in the property stakes is terraced homes, which have fallen from 26 per cent popularity to 21 per cent over the same period. More of these are now being snapped up by first-time buyers.

At present, the number of detached homes in England and Wales – 4.21 million – makes up 16 per cent of all available homes. That compares to 6.93 million terraced houses (26 per cent) and 1.10 million flats (23 per cent).

More renters than property available

The number of people looking to rent in April was 24 per cent higher than the same time last year, the same Propertymark report we mentioned earlier showed. That worked out at around 118 prospective tenants registered per agency branch. And yet, there are only around nine properties to rent per agency. Despite this, the average rent is 75 per cent less than in April 2022.

Propertymark CEO Nathan Emerson said: “We are still seeing the demand for property grow but no increase in homes. This means that pressure on rent prices is remaining, whilst new legislation will undoubtedly have a knock-on effect, we desperately need more homes for renters.”

Get in touch

Jill Stevenson

General, Market Pulse

12 May 2023

Buyers Want Smaller Homes and Eco-Builds

House prices are teetering on the edge of a fall, while the cost of a mortgage in the UK is increasing.

The most recent figures from the Halifax show property price increases are flatlining; April’s increase for the average property was a mere 0.1 per cent compared to the same time in 2022. And, with the rapid rise of inflation in comparison, it means prices are, in reality, much lower.

Cost of New Builds up 3.5 per cent

Looking at individual sectors, the cost of a New Build has actually risen over the past 12 months, by 3.5 per cent. Another positive figure is for property in the West Midlands, which has seen a jump of 3.1 per cent.

Yesterday’s rise in interest rates, by 0.25 per cent, bringing the figure to 4.5 per cent, is exacerbating the issue of falling property costs. That’s because higher interest rates make buying less palatable. At the same time re-mortgaging becomes far more expensive.

This is evidenced by the recent RICS survey which showed estate agents have more properties on their books. The average estate agent had 36 homes in April, compared to 35 for the previous two months. The reason being less buyer demand.

Buyers looking for smaller homes

A squeezing of household finances has also led to a trend in people looking for smaller homes (ie with one bedroom less than in the past). Energy efficient New Builds are also featuring highly on buyers’ ‘want lists.’

Simon Rubinsohn, RICS chief economist, said: “Buyer demand still appears to be subdued in the face of relatively high borrowing costs… and ongoing affordability challenges.”

Although Tom Bill, head of UK residential research at Knight Frank, said he expected prices to fall this year, it wouldn’t be by much. He quoted a figure of around three per cent, saying the market would be buoyed by plenty of employment, large amounts of housing equity and people still sitting on impressive savings they garnered during lockdown.

Stammer to hit foreign buyers

Labour’s Keir Stammer meanwhile threw a spanner into the works of property buying strategies of overseas buyers, this week. He announced that were his party to gain control of government he would impose new restrictions on foreign investors. This includes raising foreign buyer Stamp Duty yet again (it’s currently at two per cent) and curbing the number of properties they can buy on a development.

Stammer says he also wants to give priority to first-time buyers. He would achieve this, he said, by allowing them a ‘buyers window’ for up to six months (or a time agreed by individual local authorities). In other words, only first-time buyers would be allowed to purchase for a set time.

Rishi Sunak has already been criticised by some of his party for dropping national house-building targets – especially in light of the poor Conservative election results last week.

Get in touch

Jill Stevenson

General, Market Pulse

26 April 2023

First-time Buyers Face Uphill Struggle

UK property prices are on the rise again – albeit on a monthly basis and by just 0.2 per cent.

The increase was from March to April, reports Rightmove. And, although positive for homeowners, is still 1.7 per cent lower than in the same period last year. The cost of the average property overall in the UK is now around £366,247.

It’s all about competitive pricing for spring, insists Rightmove’s Tim Bannister.

The property portal director said: “Many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt spring buyers with a competitive price.”

The pace of the property market, he says, is similar to that pre-pandemic. In fact, sales were 18 per cent lower than in spring 2022.

First-time buyers face price hikes

Meanwhile, one sector of the property market where prices aren’t particularly competitive, is the first-time buyer market. That’s because the price of one to two-bedroom properties has jumped two per cent compared to spring last year. It brings the asking price for the average first-time buyer home (ie those with one and two bedrooms) to £224,963.

Conversely, sales for ‘second stepper’ homes ie those with three to four bedrooms and a garden and four per cent less their pre-pandemic figure.

City living is becoming appealing again

And talking of lockdown, now that more people are going back into the office, the yearning for city living is becoming ‘a thing’ once again. Property researchers TwentyCi say sales in cities, particularly inner London, are on the rise. In fact, it’s 5.8 per cent more than in 2019. The prices are rising due to investment from foreign buyers.

Meanwhile, London lettings and estate agent Benham and Reeves has identified a gap of more than 34 per cent between seller expectations and what buyers are prepared to pay. The average approval price being around £271,098 compared to the seller’s asking price of £363,416. It’s the biggest gap since the market was in full flourish during the height of pandemic in autumn 2020.

North East sees most UK property sales

Most property sales over the last quarter have been in the North East of England (an increase of seven per cent). Scotland was the only other area to experience an increase in sales numbers. The biggest drop in sales was in the East Midlands, at 15.3 per cent. The previously popular South East saw sales drop six per cent.

The North East saw the biggest uplift in agreed sales at seven per cent, while Scotland saw a small increase at 1.4 per cent.

Other regions recorded by TwentyCi reported a decline in sales agreed when compared to 2019, ranging from a drop of six per cent in the South East to a fall of 15.3 per cent in the East Midlands. The figures, a spokesman for TwentyCi said, pointed to a recalibration in the market, rather than an all-round freefall.

Get in touch

Jill Stevenson

17 April 2023

Use Classes and Permitted Development Rights for Short-Term Lets- What it Means for You

There have been recent grumblings from the government to introduce a use class for short-term lets. This legislation will cover England only, and if it’s put into place, then it means that rent-to-rent and rent-to-serviced accommodation units will have to go through the planning process for approval.

This new change also includes the potential introduction of permitted development rights for the change of use from a dwellinghouse to a short-term let and the potential for change of use rights from a short-term let to a dwelling house. It is likely that this will only apply to properties that are rented out as a short-term let above a certain number of nights in a calendar year.

Although nothing is set in stone at the moment, it is important to know what conversations are being had so that you can prepare your business in advance. There are pros and cons to this change coming into play, and we’ll cover these later in the article.

Why Is This Happening?

It is becoming a matter of concern that the rise of short-term accommodation in certain areas may be having an adverse effect on the availability and affordability of housing for the local population.

The legislation will likely be flexible in less-popular areas where short-term lets are uncommon. At a guess, it will be these areas where permitted development rights are introduced, so full planning permission isn’t required. The government are also discussing what the application fee will be where planning permission is required for new build short-term lets.

When Will This Happen?

Right now, it’s all just speculation. An open conversation on the introduction of a use class and permitted development rights for short-term lets will be happening between the 12th of April 2023 and the 7th of June 2023. You can view the discussion and submit your thoughts on the Gov.uk website here.

After this, a decision will be made, and it is expected that a date will then be given for this use class to be put in place if the government decide to go ahead.

Is it a Bad Thing?

For rent-to-rent and rent-to-SA providers, the new use class will make life more difficult. In short, it’s another hoop that you must jump through, and it might make the idea less enticing to landlords/ letting agents.

On the bright side, it will reduce competition, as the people looking for a ‘get-rich-quick’ scheme will likely be put off by the process. It will hopefully raise standards in the industry and keep more people accountable. If you’re an established business that has been doing this for a while, then you’ll probably have fewer issues going through the process than someone with no experience.

It is both good and bad depending on how you want to look at it. In our opinion, you should expect these changes to take place and prepare your property business for them. Then, even if the government scraps the idea, you haven’t lost anything. But if they do go ahead, you’re ready, and your business won’t come to a grinding halt.

This isn’t certain, but it’s highly likely that the change will only apply to new short-term lets. So, if you already have a portfolio full of them, then your existing investments shouldn’t be affected.

Keep Your Finger on The Pulse

To keep your finger on the pulse of the property market and get the latest insights into upcoming changes in the industry, subscribe to our magazine. Not only do you get access to a bi-monthly magazine jam-packed full of information from some of the biggest names in the industry, but you also get access to networking events across the UK for zero cost.

Become a part of the Blue Bricks Community today by clicking here.

Click Here

Sam Cooke

General, Market Pulse

20 March 2023

‘Over-inflated’ Property Prices Lead to Shrinking Market

An increasing number of sellers are withdrawing their properties from the market.

More than one third of sellers removed their property from marketing websites last month – the highest number since September 2020. The reason for the fall is down to buyers offering sums much lower than hoped for by the seller.

The research, by property researchers TwentyCi, shows buyers are hoping to cash in on the slowing down of the property market. This, however, is having a negative effect since it means fewer properties are available to buy and those that are listed, are more likely to retain their price. Overall though, the result, is increasing stagnation in the marketplace.

Analysts are confident that many of these withdrawn properties will come back onto the market in the spring, when the activity is traditionally strongest. The majority of withdrawn properties are in central London where prices are highest. Sellers there tend to be able to afford to ‘wait it out.’

Shrinking market caused by ‘over-inflated’ prices

One reason for sellers withdrawing their properties is that they were merely’ testing out’ the market anyway with an over-inflated price. In other words, they were in no hurry to move. Other genuine sellers are realising they’ve missed the price bonanza and removing property in order to rethink their strategy. Certainly, with mortgage rates expected to fall as the year goes on, there is hope the market with enjoy a revival of buyers.

Figures from the government’s Office for Budget Responsibility, revealed last week, show property prices are expected to fall by around 10 per cent from their peak last year. This is an increase of one per cent greater than was previously predicted.

Poor Ofsted ratings affecting house prices

Meanwhile house sellers who live in the vicinity of a state school with a failing Ofsted record, may be forced to take £20,000 of the price of their property.

The government’s school grading system is having a marked effect on house prices, says a survey by Hamptons estate agents. Their research shows that the price of properties with a catchment area for a school that had been downgraded by just one point (ie from ‘good’ to ‘needs improvement’) were two per cent lower than their nearby equivalents.

A two grade-drop was even more detrimental to sellers, with a five per cent drop in the value of their property. That’s an average of around £20,171.

Around 80 per cent of top rated schools downgraded

The schools Ofsted inspectors graded had all been marked as ‘outstanding’ in 2012. But, a decade later, up to 80 per cent of these education establishments had been downgraded. Four per cent had been re-graded as “inadequate.” In one area – Plymouth with Millbay Academy – house prices fell by 11 per cent last year.

Of course, the converse is true too. A one grade improvement can result in a property price boost of £4,731 (one per cent), while property sellers in an area where a school has received a two-grade boost can expect to sell for, on average, an additional £22,088 (or six per cent).

Get in touch

Jill Stevenson

General, Market Pulse

28 February 2023

Think Tank Wants Changes to Property Planning Policy

Around 442,000 homes would need to be built annually for the next 25 years in order to relieve the UK’s housing crisis. That’s according to a report by the leading economic think tank for cities and town centres.

The Centre for Cities analysis shows the UK is short of 4.3 million homes. With the government’s promise to build 300,000 homes a year, it would take 50 years to fix. Worst hit is the Greater South East, while in England as a whole a typical house is more than 10 times the average salary.

UK’s housing crisis dates back to post-WW2

The report says Britain’s housing supply problem dates back to 1947 and the introduction of the Town and Country Planning Act. This is contrary to the belief by many that it was the Tory government’s Right to Buy legislation, introduced in the 1980s, that was the main culprit, particularly since council house building was also cut back at the time.

Comparing the UK’s housing history with that of it is continental neighbours, the report points to a drop in house building of more than one third after the introduction of the 1947 Act. It went from a housing growth of two per cent a year up to 1939 and to 1.2 per cent from 1947 to today.

Call for change to current planning system

Changing the discretionary planning system that local authorities currently use, to a new rules-based, flexible zoning system would greatly improve the rate of new house building, insists the organisation.

Andrew Carter, Chief Executive, Centre for Cities said: “UK planning policy has held back the economy for nearly three quarters of a century, stifling growth and exacerbating a housing crisis that has blighted the country for decades.

“Big problems require big solutions and if the Government is to clear its backlog of unbuilt homes, it must first deliver planning reform.”

Sellers reducing property prices by around 4.5 per cent

Meanwhile, for those who do have a property and are looking to sell, be prepared to reduce the asking price by around £14,000. That’s according to property portal Zoopla’s latest report which shows sellers are cutting prices by an average of 4.5 per cent. In London and the South East of England the cut is slightly bigger – at 5.5 per cent.

The reason for this is isn’t just the cooling off of the market, but the fact there are more homes for sale. According to Zoopla most estate agents these days have around 24 properties for sale. That compares to just 15 for the same period last year. As a result, nearly half of sellers (40 per cent) have been forced to lower the price of their property in order to secure a sale.

But, considering the average property rose by just over 20 per cent during the pandemic (resulting in an average gain of more than £48,000), the current cut shouldn’t be particularly hard-going for long-term home owners.

Richard Donnell, executive director of Zoopla says he expects a ‘soft landing’ for the property market this year, with property price falls of no more than five per cent.

Get in touch

Jill Stevenson

General, Market Pulse

22 February 2023

Barratt Boost While Purple Bricks Up For Sale

As the latest government figures put the average property in England and Wales at £294,329, one of the UK biggest New Build companies reports a rise in reservations.

The UK House Price Index showed an annual price rise of 9.8% in December last year (the latest figures). In England the average property is valued at £315,119. In Wales it is £222,402. In London, the figure sits at £543,099.

At the same time the one-time big online estate agency success story Purple Bricks is itself up for sale.

The biggest annual price rise is in the East Midlands, at 12. 3%. Next highest is the North West with 12.2%. Yorkshire & the Humber is third highest with an increase of 11.8%. The smallest increase was in London at just 6.7%. Both the South West and the East of England were at the bottom of the region table with increases of just 8.9% and 9.9% respectively.

In terms of property type, semi-detached homes increased the most in value over the year, with a jump of 11.5%. Next was detached homes, jumping by 10.7%. Terraced homes were up by 10%, with the lowest annual increase for flats at 7.8 per cent.

The average price of a New Build home in England increased by just over 21% between October 2021 and 2022. That was 9% more than an existing resold property.

Barratt sees jump in New Build sales

Earlier this month UK Housebuilder Barratt optimistically announced an increase in New Build reservations. But they remained cautious for the rest of the year, they revealed, preferring to wait until the spring before making any predictions. If it remained similar to January though, it would result in up to 17,000 New Home completions this year.

The recent rise they put down to more competitive mortgage rates, a lower Bank of England base rate than expected and the news that energy costs are expected to reduce as time goes on.

The construction company reported half-year revenue of £2.8bn from June to December this year. That compared to £2.2bn for the same six-month period last year.

‘Disrupter’ Purple Bricks up for sale

Meanwhile it was once a roaring success story, but now online estate agents Purple Bricks is seeking a buyer of it is own. The company is expected to have made a loss of up to £20m last year following restructuring in it is lettings side and a failed international expansion into Canada, the US and Australia. The difficulties were exacerbated by entrepreneur and chief executive Michael Bruce leaving last year.

No buyer has yet been found for the chain and so far, no-one has come forward to publicly express interest. The company’s shares were once worth £5, but at the moment are sitting at less than 10p.

Investor Lecram Holdings, currently owns 5% of the group. Executives there are said to be pushing for new management at the top of the ailing online sales and lettings agency. More than one quarter – 26% – of the group is owned by Axel Springer.

Get in touch

Jill Stevenson

‹ Prev 123 4 5 Next ›Last »