Home pack extension sparks fears of slump
The Times on Saturday said experts have warned that government plans to extend Home Information Packs to three-bedroom houses next month could lead to a slump in the housing market. The paper quoted the RICS as saying that since the packs were introduced for four-bedroom houses on 1 August, the number of those houses put on the market had dropped dramatically.
Market wipes £200m off British Land’s shop sale
British Land, the UK’s second biggest property company, may have to accept a bid of £200m below book value in order to sell a majority stake in its £1.6bn Meadowhall shopping centre, according to The Sunday Telegraph. The paper reported chief executive Stephen Hester saying it was due to recent flooding at the centre and financial crisis in the wider market.
Thousands jam army home repairs line
A hotline for military personnel to request urgent housing repairs has been flooded with almost half a million calls in the last year, according to the Mail on Sunday. The contractor, MODern Housing Solutions, received 419,225 calls from MoD staff needing basic renovation and repair work on their homes.
Deals worth £2.5bn collapse as credit crisis forces retreat from property
The Times on Saturday said that two property deals worth £600m had collapsed, bringing the total value of aborted deals to £2.5bn in the last week because of the growing credit crisis. The paper said that HBOS had withdrawn an indicative £320m offer for property services company Erinaceous, and that the owners of the Mailbox and adjoining Cube scheme in Birmingham had taken the properties, which were put on the market for £330m, off the market.
End of the pier show: posh flats
The Sunday Times said that the UK’s "crumbling seaside piers" were being brought back to life with designer flats and hotels. The paper said the first piers to be restored would be those at Fleetwood near Blackpool, at Birnbeck near Weston-super-Mare and at Southwold in Suffolk.
Miller looks east with £60m move
The Sunday Times reported that Miller Developments, part of the Miller Group, was investing £60m in two new developments as part of its bid to expand in Europe. The paper said Miller was developing a £46m shopping centre in Malta and a £14m retail park in Germany. By the end of next year Miller plans that 50% of its developments and investments will be in Europe.
Kuwait favours Amec
The Sunday Times said that Amec has won a £42m, five-year contract from the Kuwait National Petroleum Company to provide consulting and engineering services. The contract covers upgrades and refurbishment of Kuwait’s three oil refineries.
UK Construction work goes through the roof
British construction investment has reached a seven-year high, The Observer reported on Sunday. A report from the Construction Products Association states that suppliers are working at a higher level of capacity than they have for many years.
Great achievements of our time
The Independent on Sunday reports on a new world record for the fastest swimming pool ever built. A 150-strong team from the “We Fix Ugly Pools” construction firm in Phoenix, Arizona built and installed a swimming pool in just 5 hours and 56 minutes.