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Minister announces new help for self builders in the UK
Eleven areas in England are to benefit from the latest government backed opportunity to help aspiring custom or self-builders get their projects off the ground. Housing Minister Brandon Lewis said these 11 areas would be at the forefront of the government’s efforts to help those looking to build their own homes turn their dreams into reality. The Right to Build is the latest in a range of measures designed to help those looking to build their own home. These 11 chosen areas will establish and maintain a register of prospective custom and self-builders in the area and begin to identify shovel ready sites for those on the register and becoming the first to offer local people the right to design and build their own home. ‘We’re determined to help anyone who aspires to own their own home whether that’s buying on the open market through schemes like our Help to Buy, or to build. This is one of a range of measures we’re taking to help aspiring home owners, but also to get Britain building and thanks to our efforts, house building levels are at their highest since 2007 and rising,’ he added. He explained that house building is at the heart of the government’s long term economic plan, including supporting people to design and build their own homes often at a lower cost than buying an existing property. Aspiring custom or self builders will be able to register their interest with the council, who will then be required to offer suitable serviced plots for them that are for sale at market value. ‘This will not be a free for all. Those looking to build will still need to go through the normal planning application process. But it will open up the opportunity to self build beyond those with grand designs so even more people can realise their self build ambitions,’ said Lewis. The 11 areas will be the first to offer this new right to their residents and will each receive a share of £550 000 to do it. Cherwell District Council will receive £90,000 and has committed to deliver 2,000 custom build homes over the next 10 years. South Cambridgeshire District Council will receive £50,000 and will bring forward at least 100 plots of land for custom builders and to begin selling land from January 2015. Teignbridge District Council will receive £100,000 and will be implementing a ground breaking ‘5% self build’ policy in their newly adopted Local Plan so 5% of all new homes in the area are delivered by custom and self builders. Shropshire Council will receive £10,200 to bring forward six hectares of land for self builders by linking with Stoke Council and local social landlords to find suitable plots and Oldham Metropolitan Borough Council will receive £15,000 to begin bringing land forward for sale in autumn 2014 by using formerly developed council owned land to support aspiring self builders in the area. West Lindsey District Council will receive £5,000 to make self build plots… Continue reading
Prime house price growth in London slows as buyers lack urgency
Price growth in London’s prime residential markets has continued to slow over the past three months as buyers are in less of a rush, new research suggests. Caution first seen in the central London markets early in 2014 has spread to markets in other more domestic prime London locations, according to latest analysis from international real estate adviser Savills. At the same time, the prime regional and country house markets lost some of the momentum seen in the first half of the year and values in both prime London and prime regional markets grew by an average of just 0.5% in the quarter with gains in some parts of the market being offset by modest price falls elsewhere. ‘Despite an improving domestic economy, the effect of the higher rates of stamp duty introduced in 2012 is still being felt particularly around the £2 million mark and was compounded over the summer months by the Scottish referendum and ongoing discussions around a mansion tax,’ said Lucian Cook, Savills UK head of residential research. The continued slowdown in growth means that annual price growth in the prime markets of Chelsea, Belgravia and Knightsbridge averages just 3.3% having flat lined in the last three months. By contrast, slightly less expensive central London markets such as Notting Hill and Kensington have shown quarterly price growth slightly in excess of 1% in the quarter, taking year on year growth to 10%. Elsewhere in London, prices were all but static in the prime markets of south west London, a band that runs from Fulham to Richmond and Wimbledon and south through Wandsworth, as prices rose by just 0.1% in the quarter. ‘These affluent domestic markets were the star performers of 2013, with 14% growth, but now look fully valued to buyers who are constrained by more stringent mortgage lending criteria and looming interest rate rises,’ said Cook. ‘Instead, it is the markets of Islington, Canary Wharf and Wapping that have proved the most resilient, having seen double digit price growth in the first nine months of this year despite a slowing in the traditionally quieter summer period,’ he added. The report also shows that beyond London other prime urban markets such as Oxford, Cambridge and Bath have benefited from a flow of London wealth with prices rising by 1.2% in the quarter and 7.6% in the past 12 months, although this has not been replicated elsewhere. The slowing in the prime markets of southwest London has slowed price growth along the wealth corridor in locations such as Cobham, Esher and Weybridge, while an entrenched price threshold around £2 million has reduced the price growth in the country house market. In the £2 million plus market beyond London prices rose by just 0.1% in the quarter, leaving annual price growth at just 3.8%. ‘In line with our forecasts, it is now becoming clear that taxation… Continue reading
Analysis reveals similarities between prime markets in Central London and Monaco
The prime residential property markets in central London and Monaco are like twins with both representing Europe’s leading locations for luxury property, and having very similar features, trends and buyer profiles. A new analysis of both markets show they both cover similar land areas, are experiencing a huge global demand and have upward pressure on property values due to their locations. The findings from Pastor Real Estate, which has offices in both locations, also says that buyers are attracted to them because of their political stability, advantageous tax regimes, concentration of luxury hotels and shopping facilities and ultra-prime residential markets. It points out that both have seven ultra-prime districts which together represent 14 of the most valuable addresses in the world. At £3.43 million, the average apartment price in Fontvielle, Monaco’s most expensive address, is higher than the equivalent in Knightsbridge at £3.27 million, but the price gap between Monaco and London has been closing. A significant proportion of Ultra High Net Worth buyers who acquire or rent ultra-prime property in London also have an address in Monaco. Just as Monaco’s Fontvielle district has challenged Monte-Carlo, traditionally the most expensive area, in terms of highest residential prices achieved, so Mayfair is challenging Knightsbridge. Overall the report analysed seven ultra-prime districts which it describes as ‘city villages’. In London they are Mayfair, Marylebone, Knightsbridge, South Kensington, Marylebone, Belgravia, Westminster and Chelsea. And in Monaco they are Fontvielle, Monte-Carlo, Boulevard des Moulins/Saint Roman, La Condamine, Larvotto, Monaco-Ville and Jardin Exotique. The residential markets and new development in central London and Monaco are both constrained by planning regulations, protected historic buildings and geography. Geographical constraints in London refers to the protected Royal parks, the Thames and protected views, whilst Monaco is constrained by the sea from which over 100 acres of land has been reclaimed since the early 1960’s, the mountains and the border with France. Both central London and Monaco are viewed by global wealth as highly attractive islands of stability in an often turbulent world, according to the report. Each has as heads of state highly popular Royal dynasties, benefits from stable political systems and has strong economies based on banking/finance, tourism, cultural facilities and commerce. Both locations are also economically stronger than the regions surrounding them. Both locations have a high proportion of foreign nationals, who comprise over 80% of those who live in Monaco and an estimated 50% to 75% of those who reside in Knightsbridge, Mayfair, Belgravia and parts of Kensington and Chelsea. In addition, a significant proportion of UHNW buyers who acquire or rent ultra-prime property in London also have an address in Monaco. There are an estimated 2,000 British high-net-worth individuals who reside in Monaco, many of whom also own homes in central London. It says that Fontvielle, the most expensive area and the main beneficiary of land reclamation in Monaco is similar to South Kensington in London. Fontvieille has the highest proportion of Monaco homes which have… Continue reading
