Nov 3, 2021
Next and Nationwide show exuberance ahead of squeeze
Retailer Next reported full price sales ahead of its forecasts in a trading update this morning. Full-price sales are up 14 per cent in the five weeks since the company last updated the market, rather than the 10 per cent it expected. Nationwide data on house prices shows the average UK property price has climbed by more than £30,000 since the start of the pandemic, with the price of a typical property now above £250,000. Both warn of a likely squeeze ahead, with Nationwide noting the potential for rising rates to cool the housing market and Next holding guidance for the rest of the year steady. Landsec has bought a 75 per cent stake in MediaCity in Salford, previously a 50-50 joint venture between Legal & General and Peel L&P. Peel L&P is keeping a 25 per cent stake; Landsec is paying a net purchase price of £426m, but just under half of that is equity with the rest debt.
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