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...Forty-one Upper Grosvenor Street has been empty for a large part of that, drawing the ire of homelessness campaigners lamenting largely absentee foreign owners hidden behind offshore companies....
...The property group warned that the number of new home completions would fall from an annual average of about 210,000 over the past five years to 160,000 over the coming year as higher debt costs hit construction...
...The analysis, based on hundreds of thousands of inquiries made on the property search platform, comes alongside figures showing house prices in London are firming up....
...Water companies are not automatically consulted on proposed housing developments, which have a statutory right to be connected to the sewer system....
...Grosvenor, the Duke of Westminster’s property company, is launching a £900mn lending business focused on residential development, as real estate investors opt for debt investments over the risk of buying...
...The company reported increased revenue and record visitor numbers, with 1.3mn people coming to the estate each week on average....
...What A property made up of two villas, connected via a garden and pool, with panoramic ocean views....
...What A Georgian-style property with nine bedrooms and 10 bathrooms spread across the main house and a four-bedroom guest house....
...Why French windows lead to a pretty veranda overlooking the property’s tiered gardens....
...The property has 3,575 sq ft of living space arranged over three floors and was last renovated in 2006....
...The property is close to beaches, sailing, kitesurfing and windsurfing clubs, and a championship golf course....
...“Many multinational companies are downsizing, driven by a weak economy . . . and mainland Chinese companies are not coming in at the [quick pace] as previously expected due to budget limitations.”...
...Today the company’s portfolio of healthcare-related buildings, worth just under £3bn, comprises 514 properties across the UK and Ireland, serving 6mn patients, or 8.8 per cent of the UK population....
...A series of property group defaults has meant “end buyers don’t trust developers any more,” said Andrew Lawrence, Asia property analyst at TS Lombard....
...But as the property market adjusts to higher interest rates, a growing number of mainstream homes are being traded in this way — or so estate agents claim....
...Grosvenor, the Duke of Westminster’s property company, is taking a big bet on flexible workspaces to meet West End office tenants’ post-Covid requirements and generate higher returns....
...“There are lots of parks and green spaces and a great restaurant scene — when something new opens, it’s booked up for ages,” says Maldonado, who works in property....
...But housebuilding activity registered a setback with the lowest reading since January, as construction companies noted sluggish market conditions and the impact of elevated borrowing costs....
...In reality, higher rates have helped property prices, because of the unique characteristics of the American mortgage market....
...“He was a young tech guy, and his company had blown up, and he needed tax write-offs....
...It is far from the only property developer betting on this sector....
...Kevin Shaw, national sales managing director at the property services company Leaders Romans Group, said: “2024 is off to a good start with more properties coming on and more sales happening.”...
...It also reported that its house price index, based on property valuation computed by Hometrack, was largely unchanged in March from last year....
...The company estimates that $670bn of the loans maturing by 2026 are “potentially troubled”....
...The UK property sector has a proud tradition of being the gloomiest corner of the European market in every crash. Not this time....
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