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Crest Nicholson

We saw news last week that housebuilders were running out of land, so perhaps no surprise that today, Crest Nicholson is noted as having bought a £4.3million site in central Birmingham from AIM listed Inland Homes. This is the second such transaction between the parties, with this site being sufficient for 87 residential units. The overall site is just one acre and 87 residential units – presumably apartments – will be constructed.

Countrywide

Sticking with the property sector, there’s an update from Countrywide plc, which badges itself as the country’s largest integrated property services group. They had tried to compete with online challengers like PurpleBricks in what proved to be a disastrous move so this morning are providing more details of their back to basics approach which was laid out a few months ago. The outlook however remains challenging – transaction cycles are taking longer, presumably as a consequence of the ongoing economic uncertainty. Interim results will be published on July 26th but this note seems to be stressing the rebuilding process will take time.

Petards

Slim pickings again today, but a note from AIM listed Petards proves interesting. They recently bought a company called RTS who have been supplying software to Network Rail. The contact has been renewed for a further three years – with an additional two year option at the end of that. The overall deal – if running for the full five years – is worth £1.3million yet Petards bought RTS just six weeks ago for £1.5 million.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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