House price inflation picks up again – Rightmove | Fortnight ahead | INL, KINO |
Company news
Inland Homes (INL, shares suspended)
Leading brownfield developer, housebuilders and partnership housing group, focused on South and South East. Planning consent has been granted for a mixed-use development comprising 1,525 homes and c. 2,700 sq m of commercial space at Cavalry Barracks in West Hounslow. The development sits within the group’s asset management division, managed on behalf of an external investor or investors, with fees accruing to the group at set project milestones in return for its land and planning expertise and management of the project. Located in an area of ongoing regeneration with high housing demand, Inland describes the site is one of the largest remaining brownfield sites in London at 37 acres, with good transport links to both central London and Heathrow airport. 35% of the homes will be affordable to meet a range of needs; 14 Grade II listed and nine locally listed buildings will be retained and restored; and 10.6 acres of open space provided, along with contributions to make significant improvements to Beaversfield Park and Hounslow West station. Inland is now supporting the external investors on the disposal strategy and delivery options for the site.
Kinovo (KINO, 49p, £30m mkt cap)
Property services provider, formerly Bilby, specialising in compliance and sustainability. Contract wins. Following the announcement on 22 February that the company was awarded a new contract worth £12m over five years by The Hyde Group, Kinovo has also been awarded two further contracts with existing clients; one with the London Borough of Barnet to undertake mechanical work to replace a district heating system with a value of £1m over seven months and the other for the Royal Borough of Greenwich, with a value of £1m over a year, relating to the provision of building services for occupied repairs and void remedial works. In addition, it has been awarded a place on The Greener Future Partnership’s Decarbonisation Framework. GFP comprises five housing associations, totalling over 300,000 homes, representing 9% of the total social housing market. The Framework is for an initial term of four years with the option for GFP to extend for three additional years. Following a successful award to GFP from Wave 2.1 of the Social Housing Decarbonisation Fund for the value of £40m, GFP will be match funding this to the same value, providing a total value of £81m nationally.
Economic data
House prices. Home vendors’ asking prices reached a new high in May, with a 1.8% M/M increase, the biggest since the +2.1% in May 2022 and well above the long-term average for the month, according to the latest Rightmove House Prince Index from Rightmove . The average asking price of property coming to the market jumps rose by £6,647 to £372,894, a Y/Y rise of +1.5%, down from +1.7% Y/Y in April, in what the UK’s biggest property portal described as “a delayed response to the higher-than-expected level of market activity since the start of the year”. The discount from agreed sale price to final asking price has steadied at an average of 3.1%, in line with normal market levels, according to Rightmove. On sales volumes, agreed sales numbers are currently just 3% behind the last more normal pre-pandemic market of 2019. In a turnround in recent trends, London recorded the highest M/M increase, +2.8% (+1.1% Y/Y), followed by the South East, +2.3% (+1.3%), with the North East showing the only decline, -2.3%. Scotland is the region with the highest Y/Y increase, +4.9%.
Fortnight ahead
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