Tag Archives: housing
New partnership to create 14,000 new homes in London
A new partnership that is expected to create 14,000 new homes across London and the South East has been welcomed by the Mayor of London's Office. National Grid and Berkeley Group have established a joint venture to develop major residential and mixed use development schemes in an initiative known as St William Homes LLP. It brings together access to a significant portfolio of brownfield land owned by National Grid Property in key areas of housing need with Berkeley's ability to design, build and market new developments. ‘London's population is set to rise by 37% to more than 11 million people by 2050 and innovative approaches to house building such as this well help to unlock vast swathes of land and deliver thousands of much needed new homes,’ said Sir Edward Lister, deputy Mayor for Planning. ‘National Grid has numerous sites across the capital that are ripe for regeneration and this partnership will stimulate development and create new jobs. Schemes such as this go hand in hand with the Mayor's work to accelerate the building of thousands more homes for Londoners with a range of pioneering new policies, including the creation of new housing zones and a housing bank,’ he added. In its first phase, St William aims to develop more than 7,000 new homes, including over 2,000 affordable homes. Development at this scale would also deliver 5,500 jobs, 2 new schools and 22 acres of public open space, transforming 84 acres of former industrial land and contributing over £150 million to local infrastructure and amenities. Meanwhile, the Lewisham Gateway development is set to deliver hundreds of new homes, a new riverside park and over 1,000 new jobs on land released by the Mayor of London, the London Borough of Lewisham and Transport for London, as part of a drive to accelerate house building on thousands of sites across the capital. Engineers on the site have rerouted two rivers and begun work on a completely new road layout. Work is also underway on the first two new buildings on the site, which are already beginning to rise from their foundations. When work on the site in Lewisham is complete it will provide up to 800 new homes in a world class development that will include new shops, cafes, park land and hugely improved access to the town centre. It is a plan that was first conceived a decade ago but was only made possible last year when, with strong support from the Mayor of London, the Government approved £20 million of funding to kick start redevelopment of the area. The development is part of a wider drive by the Mayor of London to deliver new homes on surplus land owned by the public sector. Almost 90% of 670 hectares of public land taken on by the Mayor in 2012 is now in the development pipeline, including on the former Catford stadium, and most recently appointing two developers for sites in Newham at Pontoon Dock and Silvertown Way… Continue reading
Research shows sneaky fees and charges make it hard to get best mortgage deal
UK borrowers could be paying over the odds on their mortgages and with sneaky fees and charges making it harder for people to find the best deal, it is claimed. Research from consumer champion Which? reveals that there are more than 40 fees and charges across the market, including set up fees, arrears fees and final repayment fees. Providers using different names for the same or similar fees. For example, a booking fee can also be called a reservation or application fee. There is also duplication with some lenders charging more than one set up fee. The research reveals increases to the cost of some fees. The average arrangement fees have almost doubled in the last five years, from £878 in 2009 to £1,588 in 2014 and there is a wide variation between lenders in the cost of the same fees, suggesting that fees don't always reflect the true cost the lender incurs. Which? also highlights a lack of clarity which makes it difficult for borrowers to tell if the fees are avoidable. The research shows that consumers borrowing £100,000 over two years could save as much as £1,503 if they took into account the set up fees rather than choosing the product with the lowest interest rate. This vast array of confusing fees and charges, which aren't always reflected in the standard APR (Annual Percentage Rate of Charge), means the total cost is not clear to borrowers leaving them unable to easily find the best deal. The research found just 3% of people could correctly rank the cost of five two year fixed rate mortgage deals when displayed using typical information, including APR. This rose to 36% when presenting the total cost of the mortgages over 24 months. With mortgage repayments the biggest monthly expense for most homeowners, and the prospect of future interest rate rises adding to this, Which? is calling on the Chancellor George Osborne to use his Autumn Statement to make it easier for people to find the best mortgage deal, working with the FCA, industry and consumer groups. ‘Home owners could be paying over the odds for their mortgage because of the complex range of fees and charges that prevent them from finding the best deal,’ said Which? executive director, Richard Lloyd. ‘The Chancellor must act now to stop sneaky fees and charges and end mortgage confusion for consumers. The government and the regulator should also explore better ways of presenting the total cost of mortgages,’ he added. Suggestions for change include making mortgage price comparison easier. Which? says given the limitations with APR, the government and the Financial Conduct Authority should explore other ways to present the total cost of a mortgage. It also suggests making the full cost of a mortgages clearer. For example, all compulsory fees payable throughout the deal period should be expressed as a total of fees and included in the advertised costs. It should also be clear which fees payable over the life of the mortgage are compulsory and which are… Continue reading
UK’s new property redress scheme exceeds membership expectations
The Association of Residential Letting Agents has confirmed that the UK’s new Property Redress Scheme membership meets its membership requirements, as members join daily. The announcement follows compulsory legislation which means that since the beginning of October letting agents must be part of a government authorised redress scheme in order to operate. The redress scheme means that Tenants have a straightforward route to take action should they get a poor deal, while avoiding excessive red tape. ARLA membership guidelines state that all ARLA Licenced agents, or those agents wishing to become ARLA Licensed, must belong to an independent redress scheme in order to be a member. The PRS is one of three authorised redress schemes under the Department for Communities and Local Government, whose role it is to provide fair and reasonable resolutions to disputes between members of the public and property agents. ‘We’re very pleased to have approved the PRS to cover our consumer redress requirements for ARLA Licensed status. We have already received enquiries regarding membership from PRS members,’ said ARLA managing director David Cox. ‘ARLA Licenced agents are provided with the support and advice needed to help them carry out best practice. ARLA agents benefit from client money protection and the assistance that a trade body can offer,’ he added. Sean Hooker, head of redress for the PRS, welcomed the announcement and revealed that the PRS has now seen over 2,000 members sign up to the scheme with new members joining daily. He believes that the decision to do things differently has been a huge supporting factor in the scheme’s success so far. ‘We offer two different membership options so our scheme is both affordable and flexible whilst covering the needs of different types of Agents,’ he explained. ‘Giving Agents the opportunity to decide which model is best suited to them is something that sets us apart from the other two schemes and has contributed greatly to us reaching the 2,000 member target in such a short space of time,’ he added. Tim Frome, managing director of the PRS, said that this surge in membership has really exceeded expectations. ‘Estimates suggested there were 3,000 to 4,000 letting agents who would need to join a redress scheme. To achieve a membership of 2,000 in such a short time suggests that the majority of these agents have chosen to join the PRS or the number of prospective members was underestimated,’ he pointed out. Of the 2,000 members, 78 % of these have selected the Entry Model which is a pay as you go structure where the agent pays a smaller application fee of £95 plus VAT and then pays per complaint should the PRS receive it. The remaining members have opted for an all-inclusive Enhanced model that covers both their application and their complaints (subject to a fair usage policy) and costs £199 plus VAT. So far, over 97% of members have joined as a property agent with nearly 3% joining the scheme on… Continue reading
