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London new housing zone target met ahead of schedule
The Mayor of London Boris Johnson has announced that his key target of 50,000 new homes for Londoners as part of a landmark Housing Zone scheme has been met ahead of schedule. A three further zones already announced will fast track much needed development in the boroughs of Brent, Westminster and Sutton along with continued efforts to free up land for new housing, he added. Other measures include the creation of the London Land Commission to identify all public land in London and strengthen its redevelopment alongside new transport infrastructure, the release of 99% of all land held in the Mayor’s own portfolio, and the establishment of the London Housing Bank to provide finance to accelerate the build-out of large sites. Eighteen out of a promised 20 Housing Zones across London have now been announced, bringing the total number of homes to be built to 50,965 of which nearly one third will be affordable to buy or rent. There will be two further zones confirmed by the late summer. Housing Zones are a collaborative effort between the Greater London Authority, the government and local boroughs to streamline approval processes and speed up development in target areas where it has previously been held back, unlocking valuable brownfield land to meet London’s growing need for housing. The Mayor will invest nearly £44 million in three new Housing Zones in vastly different areas of London which will together provide nearly 6,600 new homes as well as improved transport links, more than 13,000 construction jobs and new retail precincts, transforming these areas into new urban districts for generations of Londoners. ‘We have worked very hard to reach our goal of 50,000 homes, and we’ve done it with two more Housing Zones to go. This scheme has proven extremely popular with boroughs, who have clearly been looking for just that extra bit of assistance in revving up their housebuilding to answer clear demand from Londoners,’ said Johnson. Deputy Mayor for Housing, Richard Blakeway, visited a development at Wembley Park which will deliver 1,200 new homes in the shadow of the famous stadium, situated within the bounds of a second Housing Zone within Brent. In addition, the Edgware Road Housing Zone in the borough of Westminster will provide 1,113 new homes in the heart of London, adjacent to the major commercial centres of the West End and Paddington, of which 537 will be affordable. The borough will regenerate two existing estates with higher density housing, adding to the total number of affordable homes in the area. Once the Crossrail interchange is operational at Paddington Station from 2018, residents will also have access to this new transport link a mere 15 minutes away. ‘This is a great outcome for Westminster and the local community. The Futures Steering Group, comprised of residents and local businesses, has worked closely with the Council to help regenerate and improve this area for the benefit of local residents and businesses,’ said Westminster City Council’s cabinet member… Continue reading
British farm land prices more tightly pegged to local conditions
The British farmland market is becoming more finely balanced leading to a greater range in values achieved with sale prices more tightly pegged to local supply and the number of potential buyers. Overall values increased by 0.2% during the first six months of the year, a reduced rate, according to Savills most recent review of the GB farmland market. But this conceals some localised falls in prime arable values, where there is now evidence of more price sensitive demand coupled with reduced competition between farmer and non farmer/investor buyers. Indeed, average grade 3 grassland values, which in recent years lagged way behind arable values continue to strengthen with an average uplift of 1% during the half year. Meanwhile, 5% more land was publicly marketed in compared with the first half of 2014. Almost half of the acres advertised were arable compared with around 30% in the previous four years. ‘There is evidence of some farmers, especially those without successors taking the opportunity of current record values to exit the industry,’ said Alex Lawson director of Savills farms and estates. The report also shows that non-farmer buyers overtook farmers as the principal buyers of land and the proportion of farmers buyers is now at its lowest since 2003. However, of those continuing to buy land the proportion doing so in order to expand their existing businesses is rising and now accounts for the reason behind half of all purchases. ‘There are many entrepreneurs still growing their businesses, despite current commodity prices, reflecting the longer term view they take. It also reflects the fact that many farming businesses now produce significant non-farming income which helps spread business risk,’ said Ian Bailey of Savills rural research. A breakdown of the figures shows that 85,000 acres were publicly marketed in the first half of 2015 which is 5% more than in the same period in 2014 but 1% less than the average of the same period of the previous five years. In England 13% more land was publicly marketed in the first half of 2015 at 65,500 acres compared with 57,100 acres in the same period of 2014, which is 7% more than the five year average of 60,100 acres. Supply in Scotland fell by 7% to around 18,500 acres which was very similar to 2013. Here sellers and buyers continue to be affected by uncertainty surrounding land reform, the general election result and reform of the Common Agricultural Policy. Welsh land supply has dwindled most dramatically, with only 1,900 acres for sale so far in 2015. This is less than half the area marketed in 2014 and of the average area over the past five years. ‘Almost half of the acres advertised were arable compared with around 30% in the previous four years. This shift and the regional increases in supply are, to some degree, reflected in the pressures on the arable and regional value growth noted… Continue reading
UK dream home is detached with three bedrooms and two bathrooms
A three bed, two bathroom detached period property is the dream home for people living across the UK, according to new research. Most are looking for a detached home with this type of property topping a new survey by Leeds Building Society which found that 48.5% want this kind of place to live. Some 52.4% would like a home with three bedrooms and indeed 74.3% said this was a minimum requirement while 76.2% said that one bathroom is not enough and 56.2% saying that two bathrooms is a priority. When it comes to choosing a property the top feature was location, mentioned by 72.9%, followed by 68.5% saying that size mattered and 61.7% giving priority to a garden and outside space. Property layout was important for 56.2% and off street parking for 53.1%. The top feature that buyers were most prepared to compromise on was good interior decoration with 28.7% prepared to overlook this, followed by 23.6% on period features. Some 21.5% could compromise on a new kitchen, new bathroom and a fireplace while 21.2% were unconcerned about the property layout. No garden was the biggest turn off, cited by 35.3%, followed by no drive at 14%, an old heating system at 10.9%, a need for modernisation at 10% and stairs in the living room at 9.4%. ‘When home ownership appears to be a national obsession and there’s a mind boggling choice in types of properties to purchase, it’s perhaps surprising that our survey discovered so many people share the same view of what makes their dream home,’ said Martin Richardson, Leeds Building Society’s general manager for business development. According to Richard Sexton, director of business development for e.surv, it should not be a surprise that the key selling points of a property are those that can’t fundamentally be changed. ‘After all it’s relatively easy to redecorate, but impossible to move a building from one location to another. The findings reflect the fact that house hunters are generally aware of the difference between these categories and take a long term view on changeable factors to ensure they get their preference on the fundamentals,’ he added. Continue reading
