Tag Archives: investment
Only a few weeks until Right to Rent checks apply across England
Residential property landlords in England are being reminded that there is less than a month to go before right to rent rules come into force regarding checking the background of new tenants. The new law means that from 01 February landlords with property in England will have to carry out checks to ensure potential tenants have the right to rent property in the UK. Already they can start to carry out right to rent checks as these can be done from 28 days before the start of a tenancy agreement. ‘Many responsible landlords have already been undertaking similar checks and these are straightforward and do not require any specialist knowledge,’ said Immigration Minister James Brokenshire. He explained that the Right to Rent rule is part of the government’s wider reforms to the immigration system to make it stronger, fairer and more effective. ‘Those with a legitimate right to be here will be able to prove this easily and will not be adversely affected. The scheme is about deterring those without the right to live, work or study in the UK from staying here indefinitely,’ he pointed out. Right to Rent was first introduced in parts of the West Midlands in December 2014 and the extension to England is the next phase of a UK wide roll out. Landlords, and anyone who sublets or takes in lodgers, could face a financial penalty of up to £3,000 per tenant if they are found to be letting property to someone who has no right to stay in the UK. Stephen Gabriel, strategic manager for homes and communities from Sandwell Council, explained that research done as part of the pilot found that many landlords felt carrying out checks was good practice, and that the new system was simple and easy to follow. There is an online checking tool available on GOV.UK which landlords can use to guide them through the process, and also to request a check on anyone who has an outstanding case with the Home Office. Right to rent checks should be carried out on all adult tenants for new tenancy agreements in England from 01 February 2016. The scheme is backed up by codes of practice which include guidance on avoiding unlawful discrimination drawn up with the assistance of the Equality and Human Rights Commission. Continue reading
New report challenges development in London to consider regeneration
London needs to build some 50,000 new homes a year over the next 20 years and some of this requirement can be accommodated by increasing the density of existing places, including local authority housing estates, it is suggested. Many such estates require updating and this can be done in a way that creates many more homes, a significantly improved living environment for existing and future residents, and better value for local authorities, according to a new report. This would be achieved by rebuilding estates in a street based pattern, fully integrated into the urban network of neighbouring streets, says the analysis by real estate adviser Savills which highlights the potential to deliver more housing by increasing density in well-connected areas as well as the benefits of building sustainable urbanism. The report estimates that at least 54,000 and up to 360,000 additional homes could be accommodated within existing local authority housing estates through a new approach to estate regeneration. It assumes that every existing resident would be re-housed under the same terms on the new streets. The report proposes a new ‘complete streets’ model, based on a permeable and well-connected streetscape, which Savills says would improve density and achieve a better outcome for all existing and future residents and greater value for local authority stakeholders. Many of London’s local authority housing estates were built at a time when London was depopulating, so were not built at optimum density. The report estimates that, had they been built in the 1960s and 1970s to the same density as complete streets, they would have housed a further 480,000 households. But, the report argues, low density has not equated to a higher quality of place in the majority of cases. Many of the capital’s estates were constructed in a manner that means they are cut off and poorly integrated with the rest of London and neighbouring local communities. The conventional approach to estate renewal, often controversial at a local level, is based on replacing the existing site with new high-mass blocks and towers in a similar layout but at higher density, which does little to improve the neighbourhood or create new place value. Savills has modelled this ‘contemporary regeneration’ approach against a ‘complete streets’ alternative, based on a detailed study of six estates across London. The alternative, ‘complete streets’ model proposes rebuilding estates in a street-based pattern, fully integrated into neighbouring streets and community. The analysis estimates that approximately 1,750 hectares of London’s estimated 8,500 hectares of local authority housing estates might be capable of regeneration using this approach. This could private somewhere between 190,000 to 500,000 homes, representing an increase over the number of existing homes of between 54,000 and 360,000. And because this approach creates opportunities for mixed use development and is fully integrated into the broader city, it also creates greater life chances and employment… Continue reading
Agents predict a good year for French property sales to overseas buyers
Having seen prices fall in recent year, the residential property market in France is set for stability in 2016 with agents predicting that it will be a good year for overseas buyers. In particular agents believe that low interest rates for mortgages in France and a better currency exchange rate for British buyers will entice many into buying a home in the country in the coming year. It is still a buyers' market but properties are definitely selling much better than previous years. When owners are keen to sell and are willing to be realistic with their prices, a buyer is usually found quickly. Among those predicting a strong year for sales in France is Tim Swannie, director of Home Hunts. The firm is seeing interest from UK based clients as well as buyers from across mainland Europe, particularly Scandinavian countries, Belgium, the Netherlands and Switzerland, and also from the Middle East, China, South Africa and the United States. He pointed out that the French Riviera property market has remained relatively buoyant throughout the economic crisis but really took off in 2015 and he believes that it will continue in the same direction in 2016. ‘I think prices will remain stable and we may even see a small increase. Other areas which are proving very popular are Provence, Languedoc Roussillon and the Dordogne as well as vineyard properties around the Bordeaux area,’ he explained. Trevor Leggett, chairman of Leggett Immobilier, describes the current market as offering buyers a ‘once in a decade’ opportunities. ‘British buyers have benefited from a weak euro, cheap borrowing and the lowest French property prices in years. Subsequently they have been snapping up bargains all over France. In 2014 sales to UK buyers made up 70% of our business, last year this rose to 77%,’ he said. The average age of people buying was 53 and the bulk of buyers were people approaching, or at, retirement age. ‘We know that France always comes out on top of the quality of life surveys and it has one of the world's best healthcare systems so it's no surprise many people want to spend their golden years here,’ said Leggett. ‘However, we also saw a significant number of young professionals and families snapping up bargains, we saw a rise in the 40 to 50 age group with many families looking to take advantage of the excellent education system and a less stressful way of life,’ he added. The firm found that south west France was exceptionally popular with data showing increased sales in all regions. The biggest increase in buyer numbers was along the south coast in Languedoc Roussillon and PACA. The firm didn't see any significant changes in average spend but did see quite a big jump, around 25%, in buyers seeking a mortgage for their purchase. ‘This leads us to believe that buyers have confidence in the French market and the prospects of long term capital growth with fixed rate… Continue reading
