Tag Archives: europe
UK govt launches pilot scheme to directly commission new homes
Thousands of new affordable homes are to be built by the UK government on public owned land in a bit to speed up its home building programme. In a pilot scheme on five sites in England, the government will ‘directly commission’ the building of up to 13,000 new homes, assuming responsibility for developing land instead of large building firms. Up to 40% of the homes are described as affordable starter homes on the sites at Old Oak Common, in north west London, former barracks in Dover, former Ministry of Defence land in Northstowe, Cambridgeshire, a former hospital site at Lower Graylingwell, in Chichester, and a MoD site at Daedelus Waterfront in Gosport. Prime Minister David Cameron said the move is a huge shift in government policy. ‘Nothing like this has been done on this scale in three decades, the government rolling its sleeves up and directly getting homes built,’ he added. The government will also announce a £1.2 billion fund to build 30,000 affordable starter homes on underused brownfield land in the next five years and the move will fast track the creation of at least 30,000 new starter homes by 2020. ‘Today's radical new approach will mean the government will directly commission small and up and coming companies to build thousands of new homes on sites right across the country,’ said Communities Secretary Greg Clark. ‘This, and the £1.2 billion new Starter Homes Fund, will help thousands of people to realise their dream of owning their own home,’ he added. Continue reading
Unauthorised residential sub-letting costing UK landlords thousands
The practice of unauthorised sub-letting is still rife in the UK's private rented sector (PRS) and subsequently damaged properties are costing landlords thousands of pounds, it is claimed. The warning from the Association of Independent Inventory Clerks (AIIC) comes after the National Landlords Association (NLA) recently reported that almost half of tenants who sub-let their property do so without their landlord’s consent. The NLA's findings come in response to government proposals to introduce minimum room sizes in order to crack down on problems such as unauthorised sub-letting. The study also found that of those tenants who approached their landlord about sub-letting, a fifth had their request permitted. The AIIC says that any tenants who are interested in sub-letting must speak to their landlord as if approached officially and properly, there is a chance the landlord will be willing to hear any requests. ‘Unfortunately, the practice of unauthorised sub-letting remains rife within the PRS and can cost landlords thousands of pounds in damages,’ said Pat Barber, chair of the AIIC. ‘There are countless horror stories related to sub-letting. For example, I know of a new two bed flat in which a total of 12 adults lived, although it was only rented to two male tenants. Another case concerned a three bed furnished flat, let to a restaurant and a total of 27 people were sleeping there, on shifts, all workers for the restaurant business,’ she explained. ‘These were both properties that I personally checked-out and needless to say both were wrecked, leaving the landlords thousands of pounds out of pocket,’ she added. It is hoped that the government's new proposals will limit the scope of unauthorised sub-letting but Barber pointed out that it also remains vitally important for landlords, agents and service providers like independent inventory clerks to remain vigilant for the signs of unauthorised sub-letting. She also explained that in the case of unauthorised sub-letting, an inventory carried out by an independent inventory clerk could provide the landlord with the opportunity to recoup some of the costs incurred by property damage. An independently compiled inventory will comprehensively detail the condition of the property at the beginning of the tenancy and it is very difficult for a tenant to argue against such firm evidence of check-in condition. Continue reading
England and Wales property prices up 0.4% month on month
Property prices in England and Wales increased by 0.4% in November month on month and are up 5.6% year on year, according to the latest official data from the Land Registry. This take the average property price to £186,325 but there is considerable variations on both prices and price growth across the regions. London experienced the greatest increase in its average property value over the last 12 months with a rise of 11.2% and the greatest monthly growth with an increase of 1.6%, taking the average price to £506,724. Both Yorkshire and The Humber and the North East saw the lowest annual price growth with increases of 1.3% while Yorkshire and The Humber also saw the most significant monthly price fall with a decrease of 0.9%. The South East saw prices rise 0.4% month on month and 8% year on year to £258,137, while the East of England recorded a monthly rise of 1% and annual rise of 9.8% to £214,491. Average prices are lowest in the North East at £100,046 with a monthly and annual rise of 1.3% while it is £115,491 in the North West which saw prices flat month on month and up 3.1% year on year. Three regions saw monthly falls, down 0.3% in the West Midlands, down 0.7% in the East Midlands and down 0.9% in Yorkshire and the Humber, but prices are still up 2.9%, 4.1% and 1.3% year on year respectively. The Land Registry data also shows that the number of completed house sales in England and Wales during September 2015, the most up to date figures available, decreased by 8% to 72,397 compared with 78,877 in in September 2014. The number of properties sold in England and Wales for over £1 million increased by 1% to 1,273 from 1,265 a year earlier. Repossessions in England and Wales decreased by 45% to 406 compared with 733 in September 2014 and the region with the greatest fall in the number of repossession sales was the East with a decrease of 64% from September 2014. While average prices continue to rise in London it is emerging locations that are now overtaking traditional areas like Kensington and Chelsea, according to one agent in the city. ‘We are now seeing emerging districts consistently overtake traditional prime areas like Kensington and Chelsea, which are actually seeing prices fall,’ said Carl Schmid, owner of estate agency Fyfe Mcdade, which has offices in Shoreditch, Islington, Bloomsbury and Waterloo. ‘Buyers are increasingly seeking to make their money go further in areas like Tower Hamlets, Hackney, Lambeth and Southwark, attracted by relative value for money, improving transport connections and capital growth potential, which has already been squeezed out of prime central London,’ he added. According to Jonathan Hopper, managing director of the buying agents Garrington Property Finders, there are some encouraging signs though that the £1 million plus market is emerging from the slump triggered by last year's rise in Stamp Duty. 'Supply of these more expensive homes slowed… Continue reading
