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British govt releases enough unused land for over 100,000 new homes
Enough unused public sector land has been released in England to build over 103,000 new homes, it has been announced. Communities Secretary Eric Pickles said that the amount of land sold by the government surpasses the original commitment set by the Prime Minister, and is expected to rise again by the end of March this year. Now, the government is calling on councils and developers to help turn it into housing as soon as possible, and is urging local authorities up and down the country to follow this example and sell their redundant sites and buildings. ‘House building is at the heart of the government’s long term economic plan. That’s why, rather than leaving surplus public sector land idle, we are putting it to good use by releasing it to build new homes across the country,’ said Pickles. ‘I now want to see councils following Whitehall’s example and explore what they can do to release land and deliver new homes and savings for local taxpayers,’ he added. Housing Minister Brandon Lewis pointed out that housing starts are at their highest annual total since 2007, but acknowledged that more homes are needed. ‘That’s why for the last four years we’ve pulled out all the stops to release formerly used surplus public sector land for house building meaning we have now exceeded our own target,’ he added. On top of this, there are plans to release land with capacity for 150,000 homes between 2015 and 2020. Lewis also pointed out that the government has already taken major steps to boost house building and get more people into a home of their own by simplifying the planning system, making it easier to convert empty buildings into new homes and prioritising development on brownfield land. ‘The results are clear as house building starts are now at their highest since 2007, empty homes are at their lowest level since records began and government backed schemes have helped nearly 192,000 people buy or reserve a property since 2010,’ he added. The land released to date comprises of 899 sites across England, and includes Ministry of Defence land at Aldershot in Hampshire where planning permission has been granted for up to 3,850 homes as well as road improvements, two new primary schools, extensions to two secondary schools, two new pre-schools and day care centres and 110 hectares of new managed green space, play areas, sports and community facilities. At Norton Barracks, site of the former Army archives in Worcestershire, sold by the Ministry of Defence to Rooftop Housing Group in partnership with Wychavon district council, is now the site for 10 new affordable homes for returning services personnel and those who have retired from the Armed Forces. Bexhill former galley sidings, a derelict former oil storage depot with railway sidings site sold by the British Railways Board, now has permission for 64 properties on the site, a mixture of two three and four bedroom properties, including affordable homes. At Stratford City former railway land, sold… Continue reading
Apartment and villa prices fall in Dubai at beginning of 2015
Residential property prices in Dubai fell by almost 4% in the first six weeks of this year with both apartments and villas seeing declines, the latest research shows. Prices for apartments fell by 3.7% and villas by 3% respectively, the latest report from Phidar Advisory shows. Sales increased by 1.7% in January, the data also shows. Price falls are outpacing rent declines, pushing yields up to 7% for apartments, the report shows, with the report pointing out that residential investment potential is at a five year low. However, the report notes that within this overall figure, apartment volumes were up almost 8% in January, while single family home volumes halved in January compared to the same period in 2014. Apartment lease rates remained stable with a nominal decrease of 0.5% while lease rates for single family homes decreased by 2.4%. ‘Our index indicates that the propensity for investing in Dubai real estate is at a five year low point. This is a first draft and we are developing more complex iterations integrating additional variables that influence capital flows,’ said Jesse Downs, managing director of Phidar Advisory. The report downgrades rent projections to softening and says that sale price declines will continue to outpace rent declines, allowing yields to gradually expand through 2015. ‘As long as general price deflation is averted, rent stability or softening can help control labour costs, which can facilitate business and economic growth. Ideally, this is paired with countercyclical monetary and fiscal policies to the real estate industry that facilitate economic diversification,’ explained Downs. The report also points out that, while the US dollar remains strong, demand for Dubai real estate will likely remain low and yields should continue to guide market trends. ‘Recent transaction volume contraction was caused by dwindling domestic and foreign demand,’ added Downs. Meanwhile, figures from the Dubai Land Department shows that Indians continue to top the list of expat property buyers in Dubai. Total investment by Indians in the realty market increased marginally to Dh18.123 billion from Dh18 billion in 2013. Br British expat buyers were next but the amount investment fell from Dh10.4 billion in 2013 to Dh9.318 billion in 2014. Pakistanis coming third on the list with property purchases worth Dh7.588 billion, down from Dh8.6 billion in 2013. Citizens of Gulf Cooperation Council (GCC) states bought property worth Dh32 billion through 7,186 investors in 2014. Overall there are more than 140 nationalities investing in the property market in Dubai with total real estate transactions amounting to Dh218 billion in 2014. Continue reading
Land reform proposals in Scotland criticised by RICS
Proposals put forward in Scotland for agricultural land reform have been heavily criticised by the Royal Institution of Chartered Surveyors which say they could increase disputes between landlords and tenants. Responding to the recently published proposals, RICS says it is concerned that the proposed measures will not lead to a revitalised tenanted sector and may also result in fewer farms made available to let in the future. It adds that this is clearly not in the public interest or in the interests of a vibrant tenanted farming sector in Scotland and could trigger unintended consequences that would serve no benefit to rural areas. ‘We are committed to building consensus across the rural sector and ridding it of poor practice. We encourage anybody operating in the rural sector to engage the services of professionally trained and regulated land management specialists,’ says the response paper from RICS. It explains that more efficient and sustainable food production must be a leading objective in any restructuring of the sector. ‘Our view is that these proposals appear to overlook this, seeking instead to focus on land tenure and the small number of land agents who may not be professionally regulated, rather than focussing on how to stimulate and assist new entrants to the tenanted farming sector,’ it explains. ‘Freedom of contract is important, and some recommendations in the Review will pave the way for more flexibility and choice crucial to revitalising the sector, but the extension of assignation could also remove opportunities for new entrants,’ it adds. ‘RICS does not tolerate bad practice. Our members are already properly and strictly regulated, and we have a robust code of conduct to which our members must adhere. RICS welcomes the proposal for a Tenant Farming Commission, as this may improve the landlord tenant relationship,’ it continues. ‘However, we have to raise the issue that land agents who are members of RICS already operate under the Institution’s strict guidelines and codes of practice. Any new code of practice from the commission would have to take note of that fact,’ it says. It also points out that any land reform policy change will impact significantly on the public and RICS members. ‘We are firmly of the view that land reform should be approached as a long term, sustainable and workable programme where all parties continue to invest human and financial capital to make land, places and communities successful,’ the response says. ‘Land reform should not be focussed purely on who owns the land but how it is effectively managed and used for the benefit of communities, the environment, and public and private interests. Best practice land management is key to ensuring sustainability,’ it points out. It also says that while legislation provides a legal framework on land reform matters, its implementation is dependent on addressing three critical elements. Firstly, defining designations and processes so that all parties understand what, why and how matters can be exercised; secondly, providing support for all parties so… Continue reading
