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UK property industry welcomes Help Buy extension, mourns lack of Stamp Duty reform
As expected the first phase of the Help to Buy scheme in the UK is to be extended and this move announced by the Chancellor George Osborne in his Budget speech in Parliament has been widely welcomed by the property industry. He also announced that from midnight anyone buying a property worth £500,000 or more through a company scheme will be subject to 15% Stamp Duty, reducing the threshold for the tax from £2 million. But properties that are rented out will not be affected. He confirmed that a new garden city will be built at Ebbsfleet in Kent and claimed that the extension of Help to Buy to 2020 will be accompanied by 120,000 new homes. ‘We’re extending the Help to Buy equity loan scheme for the rest of the decade, so we get 120,000 new homes built and we’re making further reforms to our planning system and offering half a billion pounds of finance to small house building firms,’ the Chancellor said. He also said that he would be asking the Financial Policy Committee to be ‘particularly vigilant over house prices. Some experts have suggested that the extension of Help to Buy could fuel a property price bubble, especially in London and the South East. But Osborne has been heavily criticised for failing to reform the Stamp Duty tax as a whole. It is widely regarded in the property industry as being unfair and in need of change. In particular organisations like the Royal Institution of Chartered Surveyors saying that the current slab system hinders rather than helps the property market recovery. ‘The much trailed extension of Help to Buy to 2020 is not a game changer. While it provides certainty and clarity to the market, creating another 120,000 new build properties is still a modest target. We need over 230,000 just to meet current demand. Much more needs to be done,’ said Simon Rubinsohn, RICS chief economist. ‘Yet again, the Chancellor has failed to overhaul the stamp duty system, with wages well below inflation and rents rising rapidly for years, many have been struggling to save for a deposit, let alone meet a huge tax bill. Helping more buyers to enter at the lower end of the market would have resulted in more movement and transactions, freeing up stagnant property chains and bringing badly-needed housing onto the market,’ he explained. He also didn’t think much of the garden city plan, calling it ‘a garden village’ and saying that even with other new homes being built the announcements will contribute only a little housing in the South East. ‘These numbers are a drop in the ocean and do nothing to help others in the UK. More importantly, they don’t deliver the mix of homes we need across society, from the private rented sector to affordable and social housing,’ he pointed out. ‘RICS has long called for an investors’ prospectus for garden cities, which we welcome today. But we need a more ambitious approach than 15,000 homes at a… Continue reading
Landlord confidence in UK triples in last 12 months
Landlords’ confidence in the UK’s financial markets has tripled over the last year, according to research from the National Landlords Association (NLA). Just under a third, 31%, of landlords rate their expectations of the UK’s financial markets as ‘good’ or ‘very good’ in the coming months, a rise of 21% from the same point last year. In addition, 27% of landlords say they plan to acquire property over the next 12 months but their perceived buoyancy is tempered by the finding that moderate rises to interest rates would put pressure on their ability to meet mortgage repayments. Just over a fifth, 21%, of landlords say keeping up mortgage payments would be difficult with interest rate rises of just two per cent. Some 35% would struggle to keep up payments with a rise of 2.5%, and 41% with a rise of 3%. The Bank of England recently outlined that interest rates will remain at the current low of 0.5%, with the first rate increases likely to happen in late 2015. ‘Landlord optimism around the UK’s financial recovery, coupled with the Bank of England’s announcement makes good reading for anyone considering buy to let investment. This is evidenced by the significant number of landlords who will be looking to add property to their portfolios over the coming months,’ said Carolyn Uphill, chairman of the NLA. ‘However, it’s inevitable that interest rates will rise as the economy improves and we move out of recession and our findings show that moderate increases would leave many landlords stretched in meeting their mortgage repayments,’ she pointed out. ‘Anyone thinking about buy to let investment should do so with a view to long term sustainability, and vital to this is adopting a professional approach to your lettings business,’ she added. Continue reading
Dubai opens window to priceless Islamic legacy
Dubai opens window to priceless Islamic legacy Staff Reporter / 19 March 2014 Offers preview of Aga Khan Museum, the first Islamic art showcase in N. America. Michelangelo. Leonardo da Vinci. Velazquez. Cezanne. Van Gogh. Sir Joshua Reynolds. Jackson Pollock. Name the artists famed worldwide and you won’t find a single Islamic artist among them, that is, not one known to the man on the street. “Most people can’t name a single Muslim artist. I find this terrible,” says Henry Kim, curator and historian. Shaikh Nahyan (3rd from R) at the preview of the Aga Khan Museum at the Ismaili centre in Dubai. He is flanked by Shaikh Ahmed bin Saeed Al Maktoum, President of Civil Aviation Authority and Chairman of The Emirates Group, Arif Lalani, Ambassador of Canada to the UAE, and other officials — KT Photos by Juidin Bernarrd Though Islamic art has been flourishing for over 1,400 years spread over a vast canvas stretching through Europe, Africa, the Middle East and Asia, its amazing beauty and diversity is yet to gain the recognition it deserves. But come autumn and the lacuna will be addressed as the Aga Khan Museum, the first museum in North America devoted solely to Islamic art, opens in Toronto. The sprawling museum, designed by Japanese Fumihiko Maki, will display over 1,000 artefacts from the personal collection of the Aga Khan and his family. “It will be a proud destination for Muslim and non-Muslim visitors, showcasing the art, science, music and philosophy of Islamic culture,” adds Arif Lalani, Canadian ambassador to the UAE and Canada’s Special Envoy to the Organisation of Islamic Cooperation. A tour of the Aga Khan Museum The Aga Khan Museum, says Henry Kim, its director and CEO, would promote art and culture of the Muslim world and build bridges between cultures. Besides the museum, the three-pronged project also has a park designed by Vladimir Djurovic and an Ismaili Centre planned by Charles Correa. Nearly 1,700sq m space has been kept aside for both permanent and temporary exhibitions. The objects on display are as various as the Holy Quran in different scripts, illustrations of classics like Firdausi’s Shah-Nameh (The Book of Kings), carpets, jade ware and exquisite ceramic art that shows the influence of China. Muslim explorers and navigators left an indelible mark on history. The museum pays a tribute to them, especially through its display of astrolabes, the navigating tool used by sailors of all religions to find their way by calculating planetary positions. The preview has an exquisite bronze astrolabe made in the 18th century by Qazi Ali of Iran. A special place will be given to the section of art pieces called In search of artists. The art here is all signed by the artists and Kim hopes it will help familiarise the audience with Muslim artists as well. There will also be a Garden of Ideas section, focusing on different countries. Since the Aga Khan Museum plans to bring the sights, rhythms and sounds of Islamic culture as well, Japanese architect Fumihiko Maki has created a state-of-the-art elegant auditorium that can seat 350 people and will host regular performances. sudeshna@khaleejtimes.com With Dubai being a cultural hub, the museum chose the emirate to offer a preview on Tuesday. “I wish that we were gathering today to open the Aga Khan Museum in the United Arab Emirates,” said a wistful Shaikh Nahyan bin Mubarak Al Nahyan, the UAE’s Minister of Culture, Youth and Community Development, in his keynote address at the event. Islamic art, with its astonishing plurality, is an important part of the heritage of mankind. “The museum preserves important artefacts of our Islamic heritage,” Shaikh Nahyan said. “They communicate our history, culture, and art. Those artefacts convey a clear sense of Muslim diversity, a diversity that deserves global prominence.” “Culture and art are important for peace, understanding and harmony in the world,” Shaikh Nahyan added. A deeper appreciation of art and culture leads to goodwill and friendship, building bridges between diverse religions, cultures and backgrounds for a peaceful and prosperous world. Shaikh Nahyan also referred to the 88th Ogden memorial lecture delivered last month by the Aga Khan at the US Ivy League Brown University to emphasise why the world needs to retain its diversity: When people stop learning and understanding each other’s cultures, it leads to misunderstanding and hostility. Today’s world, being inter-connected, requires a thoughtful, renewed commitment to pluralism. “We understand the wisdom of that response,” Shaikh Nahyan said. “We are a cosmopolitan society bound by mutual respect and understanding… Art allows us to celebrate the principles and values that unite us across national and cultural boundaries and highlights our common values and pursuits.” He also quoted the UAE President, His Highness Shaikh Khalifa bin Zayed Al Nahayan: “The United Arab Emirates has relied, and will continue to rely, on the rich and diverse contributions of its true wealth, its people, to guarantee its prosperity.” Several factors contributed to make Dubai ideal for the preview. The host of the event, the Ismaili Centre Dubai, has been organising a series of cultural programmes since its inception in 2008 to share knowledge with other communities. Also, the preview comes during Art Dubai, the annual event drawing VIPs and art connoisseurs to select sites where art displays are held. Finally, as the Canadian ambassador said, Canada admires the UAE’s diversity and the Dubai preview would introduce the Aga Khan Museum to the Middle East. While Toronto would have the Islamic art museum, Abu Dhabi would have the Louvre Abu Dhabi and both countries would be home to world-class museums. sudeshna@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
