See the article here.
What sort of drop? 10.7% to 0.3% (yes, you read that right, 0.3%). How is the Grosvenor property fund still in business? It divested itself of the UK mostly and now invests elsewhere in the world.
Interesting Grosvenor is now focusing on building homes to rent out:
Mr Preston said: “…we’re looking at the mid market residential sector,” adding that the group is planning to build 4,500 homes across the UK. “We are doing our bit to help solve London’s housing problem.”
Well, actually, when people talk about London housing problem, they mean there are not enough houses to buy. They don’t mean there are not enough to rent. If you look closely, there are more than enough houses in the UK to house people (i.e. landlords take care of that). The issue is people want to get onto the property ladder and can’t. Becoming a tenant does not ‘solve London’s housing problem’ as Preston puts it. If anything, it makes it worse.
On a related point: I was speaking to an acquaintance who has just returned from abroad and now rents in Kings Cross. He told me that it is a bloodbath out there for landlords and revealed he negotiated £1,000 off the asking rent. I am assuming he meant the annual amount. If it’s the monthly amount then buckle up, Brexit is still to come.