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The Latest Breaking News from Knight Frank

Elon Musk Suggests Commercial Real Estate Is in Big Trouble

The significant rise in interest rates has somewhat weakened commercial real estate, which was already suffering from remote work.

The Street

'Our house has a medieval castle in the back garden'

Valmai Williams is selling a historic property, Bronllys Castle House near Talgarth, with 13 acres of stunning grounds and a garden feature to beat all others

Wales Online

London’s share of international super-prime property market takes hit in 2023

London’s super prime market was hit by interest rate rises and the Truss mini budget, according to a new report

Evening Standard

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Annual house prices fall for first time in a decade

House prices fell by 1.0% on average across the UK in May

The Independent UK

Annual house price growth turns negative for first time since 2012 – index

House prices fell by 1.0% on average across the UK in May, Halifax said.

The Independent UK

Greenwich Market is ‘losing its identity’ amid decline in handcrafted wares, traders say

Local businesses say the ‘personal touch’ has gone as handmade gifts are replaced by cheaply-made imports

Evening Standard

Half of big international firms to cut office space in next three years – survey

Survey of 350 businesses shows 56% favour hybrid working

The Guardian - UK

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Barclays to relocate to Bank House in Newcastle city centre

The banking giant is moving from its Quayside base into the new office tower later this year

Birmingham Post

Money's theory of relativity: Here's how much money you need to make the 1% in the world's 10 richest countries

America's wealthy are quite rich, but maybe not as rich as you thought. The nation barely makes the top five of Knight Frank's annual ranking.

Fortune

Grand Designs' ‘saddest ever’ house could be sold within weeks

The home is said to be 'cursed'

Wales Online

Council denies Grainger Market ‘privatisation’ claim as staff exodus forces switch to outside management firm

A real estate consultant is taking over the day-to-day running of the Grainger Market, with Newcastle City Council saying it cannot offer the 'visible' presence traders want itself

Chronicle Live

Private island fortress —complete with 15-feet-thick walls, sauna and hot pool— for sale for £3 million

Spitbank is one of three Napoleonic forts in the Solent. The largest, No Man’s fort, is also for sale.

Evening Standard

Two new lettings at Birmingham office block

45 Church Street welcomes leases deal with law firm and IT services provider

Birmingham Post

London’s ‘super-prime’ property market back to pre-Brexit levels

More than 160 luxury homes worth £10m or more have been sold in past year at a combined price of £3.1bn

The Guardian - UK

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Evening Standard

Education institutions expand London footprint, as unconventional office tenants seek more workspace

Education institutions are currently searching for 492,000 sq ft of office space in London, according to Knight Frank

Daily Mirror

Inside abandoned Cornish mine transformed into fabulous luxury home

The site is an Ancient Monument and all of it lies within the Cornish Mining World Heritage Site area

Edinburgh Live

Historic Edinburgh building to be transformed into trendy 'defurbished’ office space

Work is underway on refurbishing a well-known George Street building, which will deliver the first ‘defurbished’ office space in the area which is expected to be completed by 2023.

The Independent UK

UK house sales fell by 19% annually in March – HMRC figures

The number of house sales edged up by 1% compared with February 2023, according to the figures from HM Revenue and Customs.

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The Independent UK

Empty plot of sand on luxury Dubai island sells for $34m

Former owner purchased plot of land for nearly $10m two years ago

Fortune

An empty plot of sand in Dubai just sold for $34 million

Its former owner, British fashion entrepreneur Umar Kamani, made a 242% profit in two years—though he never built anything on it.

Birmingham Post

Major expansion for South Wales manufacturer Nu-Coat

The self-adhesive material firm has more than doubled in size with a move to a new operation at Avondale Industrial Estate

Chronicle Live

Royal Quays Outlet shopping centre put up for sale after receivers appointed

The North Tyneside shopping centre is now on the market with a £4m price tag

Birmingham Post

Royal Quays Outlet shopping centre up for sale after receivers appointed

One of the receivers says the sale 'provides an excellent opportunity for a purchaser to build on its success'

Evening Standard

The Americans are coming! How London is becoming America’s 51st state

The yanks are taking over the capital’s top hotels, restaurants, bars and neighbourhoods. Samuel Fishwick reports on the Empire State of London...

Bangkok Post

Weak pound pushes up UK property sales

Property consultant Knight Frank Thailand expects a surge of more than 40% in sales of British real estate to Thai buyers, tallying 1 billion baht, with investors and currency the main factors.

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