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Surveyors reveal the damage caused to Victorian and Edwardian houses in the UK
There are over four million Victorian and Edwardian houses in the UK and many are crying out for some serious care and repair work, according to chartered surveyors. Buildings of Victorian and Edwardian age account for a disproportionately high number of the 'essential repairs' listed in mortgage valuations and survey reports, says the Royal Institution of Chartered Surveyors. One cause of problems arising today can be traced back to the Victorian builders who were not always averse to taking shortcuts and skimping on materials, with the result that ‘inherent defects’ developed in later life. Experienced surveyors will know how to identify common problems like damp, timber decay, and structural movement. But they will also know when not to worry, when apparent defects are not significant, according to a RICS qualified chartered surveyor Ian Rock. He pointed out that large numbers of homes of this era have suffered from a long term lack of maintenance. Worse, many old buildings have been subjected to inappropriate repair work, leading to a loss of valuable original features. ‘In some cases well intentioned repairs have had the effect of exacerbating the problems that they set out to solve. Works such as re-pointing and rendering in modern cement based materials, the use of plastic paints and the retrospective application of unnecessary damp proof treatments can all be detrimental to the health of such buildings, in time leading to accelerated decay and irreparable damage,’ he explained. The most inappropriate works commonly carried out on traditional buildings include replacing original good quality sash windows with inappropriate modern aluminium or PVC-U casements and stripping out original period doors. There is also unnecessarily injecting chemical damp proof courses or injecting them incompetently, and re-plastering or rendering main walls with cement based materials rather than traditional lime, thereby trapping damp in the walls. Damp, rot and beetle infestation is encouraged by blocking ventilation to floors and roofs, and by allowing high ground levels such as flower beds to build up against external walls. Removal of chimney breasts or load bearing internal spine walls without providing adequate support to the remaining masonry above can also cause damage. Others are neglecting badly eroded mortar joints to external masonry, allowing damp to penetrate and frost damage to occur and re-pointing walls with cement mortar that prevents walls from ‘breathing’, and re-pointing in visually dominant ‘show off’ styles such as protruding ‘weather struck’ pointing. RICS also points to botched repairs to flashings to stacks and roofs with short life materials such as self-adhesive tapes or mortar fillets and a failure to provide enhanced structural support to roof structures where original lightweight slate coverings have been replaced with heavier concrete tiles. Damage can also be caused to these old buildings by not lining old flues before lighting fires or using appliances, and failing to cap and ventilate disused flues as well as weakening floor joists with excessive cutting for cable and pipe runs. ‘RICS members have a pivotal role to… Continue reading
Sydney soars ahead with strong price growth compared to other Australian cities
Home values in Australia’s capital cities increased by 1.4% in March with Sydney leading the way with strong growth of 3% while prices elsewhere were relatively flat, the latest index shows. On a quarterly basis prices increased by 3% in the first three months of 2015, the CoreLogic RP Data Home Value Index also shows. However, although value growth has started 2015 on a strong note, the annual rate of growth has moderated back to 7.4% which is the slowest annual growth rate since September 2013. On top of the 3% monthly price rise, values in Sydney are up 5.8% on a quarterly basis and 13.9% on an annual basis. With stronger housing market conditions over the first three months of the year, annual home value growth across the Sydney market has rebounded after slowing to 12.4%, according to head of research Tim Lawless. He pointed out that Sydney is the only housing market where dwelling value growth remains in double digits, with the next strongest performer, Melbourne, showing a much lower rate of annual capital gain at just 5.6%. Each of the remaining capital cities have recorded an annual rate of growth which is less than 3% with values having declined across Perth, Darwin and Hobart over the year. The index data also shows that since home values began their current growth phase in June 2012, prices across the combined capital cities have increased by 24.3%. ‘Most of this growth is emanating from Sydney. Over the current growth phase, Sydney dwelling values have increased by 38.8% with Melbourne second strongest at 23.6%. On the other hand, total dwelling value growth over the current cycle has been less than 10% in Adelaide, Hobart and Canberra,’ said Lawless. He also explained that while the overall quarterly rate of growth is strong it is important to note that it is lower than the 3.5% increase in home values over the first quarter of 2014. While dwelling values continue to rise across most cities, weekly rents are failing to keep pace. Across the combined capital cities dwelling rents have risen by just 1.7% over the past year which is a stark contrast to the 7.4% capital gain in dwelling values over the same period. Sydney is showing the highest increase in weekly rents over the year at 3.3% while Perth has shown the most substantial correction, with weekly rents down 4.1% over the past 12 months. The fact that dwelling values are moving higher at a much faster pace than rents is causing gross rental yields to consistently compress across each of the capital cities, the index report says. Since the middle of 2013 the average gross rental yield across Australia’s combined capital cities has reduced from 4.3% to 3.6%. Gross rental yields are now approaching record lows in both Melbourne and Sydney at 3.3% and 3.6% respectively. ‘Despite the headwinds of softer labour markets, very low rental yields, increased oversight on lending conditions and heightened economic uncertainty,… Continue reading
Prime central London rental values up for third month in a row
Rental values in the prime central London rose by 0.2% for the third consecutive month in March, pushing annual growth to 4%, the highest rate in more than three years. The rental value index is now at the same level it was during the summer of 2012, when London hosted the Olympic Games, according to the latest report from real estate firm Knight Frank. Rental values subsequently dipped as the sales market strengthened but growth returned at the start of 2014 but the lettings market benefited as the UK economic recovery took hold and companies began hiring more staff. Annual growth was 4%, the highest rate in more than three years but the report says that some landlords are hesitant to agree deals because they believe the sales market could strengthen. The number of tenancies, viewings and new prospective tenants are up markedly on 2014 rental yields at 2.92%, an increase on March 2014, the report also points out. The report points out that jobs in London’s financial services sector rose 17% in February compared to 2014 and according to recruiters this is due to oil price stability and subsiding concerns over a Greek exit from the euro zone. However, it is not a clear cut picture, the report says, and activity and stock levels have been dampened by the kind of indecision that has affected the sales market. ‘While some vendors have become landlords in order to wait out the general election to obtain more clarity around the future political landscape, the overwhelming mood of uncertainty has led to hesitancy as the election draws closer and campaigning steps up,’ said Tom Bill, head of London residential research at Knight Frank. He pointed out that some property owners who had considered the rental option have been reluctant to sign two year tenancy agreements while there is a possibility the sales market could strengthen in the second half of the year, depending on the outcome of the election. ‘Either way, demand in the lettings market remains strong. In the year to February 2015, the number of tenancies increased by 37% compared with the preceding 12 month period,’ Bill said. Meanwhile, the number of viewings rose 16%, property inspections increased 14% and the total number of new prospective tenants registering grew by 18%. A stronger lettings market and slower price growth in the sales market resulted in rental yields of 2.92% in March, higher than a figure of 2.83% recorded in the same month last year. Continue reading
