All Property Week articles in 20 February 2009 – Page 2
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German business confidence dives
German business confidence has fallen to its lowest level for at least 18 years after a precipitous decline in industrial orders late last year, even as emergency government action to save Europe’s largest economy took effect.
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US house prices fall as confidence slumps
Consumer confidence fell again in February, according to a Conference Board survey released yesterday, while other data showed house prices in big US cities plunged late last year.
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Redrow loses £46.2m as sales drop by half
Sales halved at Redrow in the six months to the end of December, pushing the housebuilder to a £46.2m loss.
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Housing market shows hints of turnaround
House builders are spotting rising sales, but they have not factored in job losses in the wider economy.
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Mortgage lending highest for four months
Figures from the British Bankers’ Association showed that 23,376 home loans for house purchase were approved during January, the highest level for four months and up from 22,416 in December, but 43% lower than January 2008.
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Property slump is 'worst since 1950s'
The number of homes changing hands slid last month to the lowest level since at least 1959, in the latest sign of the severity and depth of the property crisis.
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Businesses investment dips
Business investment fell sharply in the final quarter of last year as credit restrictions and slumping demand prompted companies to slash their expansion plans, data released yesterday show.
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McKay Securities sells below book value
The property developer said that it had sold 1 Old Queen Street in Westminster, Central London, to a private client for the asking price of £17.25m. The sale price was 14% below book value.
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Shard of Glass set for start
Work is due to start next month on the £2bn London tower known as The Shard of Glass after the Middle Eastern consortium behind the development signed a £400m construction contract with Mace Group.
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Morgan Sindall profits up
The London- listed construction group, which employs more than 8,000 people and generates annual turnover in excess of £2.5bn, reported a 15% rise in full-year pre-tax profits to £71.4m. It added that a forward order book of £3.7bn at the start of 2009 had given it 'good visibility'.
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London Underground chief quits amid row over £5bn shortfall
The man overseeing the upgrade and expansion of London Underground has resigned amid a growing row over a £5bn shortfall in the public funding for the project.
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MPC member hits at 'apocalyptic' views
The UK recession is 'not yet clearly worse' than other post-war downturns but there is a 'strong case' for further easing of monetary policy, according to a Bank of England policymaker.
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SPF 2009: Ross warns on valuation
Scottish Property Federation chairman Ken Ross today warned against changes to valuation practice in the current collapsing market.
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KPMG prepares to sell Lehman’s Asia property assets
KPMG is preparing to sell a $1.26bn (£875m) portfolio of collapsed investment bank Lehman Brothers’ Asian property assets.
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Private investor wins bidding war for McKay’s One Old Queen Street
McKay Securities has sold One Old Queen Street near London’s Parliament Square to a private investor £17.5m.
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Strutts’ retail head Geaves to launch £300m fund
Strutt & Parker’s head of retail Chris Geaves is to launch a £300m fund with Sovereign Land.
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Recycling company buys Nottinghamshire site
Recycling company MBA Polymers UK has bought a 19-acre site in Worksop, Nottinghamshire.
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Qatari Diar to submit scaled back Chelsea Barracks plans
Scaled back plans for Chelsea Barracks are about to be resubmitted to Westminster Council, the site’s owner Qatari Diar said today.
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King Sturge appointed by KPMG for JJB's shoes chain disposals
King Sturge has been appointed by KPMG to offload Original Shoe Factory and Qube footwear stores following the chains going into administration.
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Download February's PW podcast with Theo Paphitis and Ken Shuttleworth
In this month’s edition, the former banker turned tell-all-columnist and author Geraint Anderson discusses what caused the credit crunch and why there remain many money men basking under the Barbados sunshine despite Britain’s economic woes.