Thursday newspaper round-up: Housing market, FirstGroup, Hammerson, Melrose

Britain’s property surveyors have issued the most downbeat assessment of the housing market for five years. The Royal Institution of Chartered Surveyors (Rics) said that in March demand from buyers fell for the 12th month in a row, new instructions from sellers declined for the seventh consecutive month, and prices were flat nationally. Rics measures confidence in the property market by balancing surveyors seeing price rises against those seeing price falls. It said the figures were the lowest since 2013. The latest Rics survey is in sharp contrast to figures earlier this week from Halifax which revealed a spike in prices. – Guardian

British holidaymakers will benefit from greater protection when booking online under new EU rules that come into force this summer. Updated UK package travel regulations, part of an EU directive due to take effect for holidays booked from 1 July, aim to create a level playing field by making online retailers as responsible for consumer protection as traditional travel agents. - Guardian

The bus and train operator FirstGroup has rejected what it said was a “preliminary and highly conditional” buyout proposal from the US private equity giant Apollo Management. FirstGroup, operator of the Great Western rail franchise and owner of the US bus network Greyhound, was forced to reveal the approach following the closure of markets, after rumours sent its shares up 7.4pc to value the company at £1.2bn. – Telegraph

Mobeus Equity Partners, the private equity backer of Virgin Wines, has written its biggest ever equity cheque to buy a stake in a supplier to the High Speed 2 (HS2) rail project. Geotech, which makes soil stabiliser for roads and building foundations, sold a 30pc stake in the business to Mobeus for £14m. – Telegraph

A large investor in Hammerson has said that the shopping centre owner should “walk away” from a proposed merger with Intu, its rival, and instead “properly engage” in takeover talks with Klépierre, a French suitor. In a stinging rebuke, the top 20 shareholder told The Times that Hammerson’s board was “naive” and “entrenched” in its resistance to Klépierre, adding that the French property company’s latest takeover approach — at a higher 635p a share, half in cash and shares — was starting to look “pretty compelling”. – The Times

Four executives of Melrose could be in line for further huge windfalls within two years after it was confirmed that they have already shared a £170 million bonanza. According to the company’s annual report and accounts, Christopher Miller, founder and executive chairman, David Roper, co-founder and vice-chairman, Simon Peckham, chief executive, and Geoffrey Martin, finance director, were paid more than £42 million each on the maturing of a long-term incentive shares scheme that had been running since 2012. – The Times