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Latest property news
Chestertons promotes Guy Gittins to MD as group CEO steps down
Upmarket agency Chestertons has revealed a reshuffle at the top after Group CEO Allan Collins stepped down today, 15 months after his appointment, while former Head of Residential Sales Guy Gittins has been promoted to become the UK’s Managing Director. Collins is to become Group Deputy Chairman after being appointed CEO in March last year, replacing Robert Bartlett, following five years spent as Group Chief Financial Officer, and prior to that stints at Savills and cruise firm P&O. One of his last decisions was to return Chestertons’ 32 branches to Zoopla after a three year hiatus during which it listed only with OTM and Rightmove. Guy’s rapid rise Guy Gittins is one of the property industry’s high fliers and his promotion to the top job in the UK after seven years at Chestertons is not a surprise to many who know him. Gittins made his name both within the industry and beyond after working for Savills on the successful launch of the world famous Candy & Candy development One Hyde Park from 2010 onwards, before joining Chestertons in 2012. Before that he worked for cigar-chomping hotelier and developer Peter de Savary. “During the seven years I have worked for Chestertons…
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Latest property news
Interest rate rise – will it turn the dials in the housing market?
The decision by the Bank of England’s Monetary Policy Committee (MPC) to introduce an interest rate rise of 0.25% a percent to 0.5% in order to keep inflation in check was applauded in most business circles as a prudent first move to ‘sensible’ interest rates after nearly eight years of rock bottom rates. The move is intended to dampen down the economy mildly and rein-in inflation, which currently stands at 3% and is expected to peak higher than that before the MPC’s measures kick in. Bank of England Mark Carney said the inflation increases were due largely to the weakening of Sterling following the Brexit vote. “The decision to leave the European Union is having a noticeable impact on the economic outlook,” he said. “We need to support the economy during this adjustment process.” But what does the property industry think of an interest rate rise? Russell Quirk of eMoov, who was first out of the blocks into the news studios yesterday, said the rise would only add £16 a month the average mortgage holder and would be “water off a duck’s back for those with a fixed rate security blanket”. But what did the rest of the industry think.…
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