Tag Archives: real-estate
UK home builders facing a severe shortage of workers
It is not a lack of materials, sites or ability that is preventing house builders in the UK from meeting targets but a lack of workers, according to some of the country’s largest home firms. If 200,000 new homes are to be built by 2020, a target pledged by the government, recruitment in the industry would have to take a sharp upturn from current numbers, especially for the most highly skilled workers. ‘Whilst we as an industry are committed to the target of more affordable homes available to first time buyers, Weston Homes has had to really ramp up its recruitment in order to meet these targets,’ said Bob Weston, the firm’s chairman and chief executive. ‘We currently have a shortfall within the industry of skilled tradesmen, construction managers and fabricators, especially those with many years’ experience providing the quality we expect,’ he added. He pointed out that Weston Homes has recently sent 6,500 letters to local schools, attempting to attract more young people into apprenticeships and eventually the construction industry to meet the shortfall. In the last month Weston Homes has taken on 23 new recruits into its apprenticeship scheme, who join in to the around 20% of employees studying for NVQ’s, attending ILM management training or on sponsored day release courses. ‘It takes two years to train skilled workers and five years to train our best recruits to management level, though of course development lasts a lifetime. Finding someone with 20 plus years of experience is becoming increasingly rare and difficult,’ Weston said. ‘We have always been committed to getting more young people involved in the industry, and with these new affordable home targets we will need, as an industry, to open our doors to bright young apprentices,’ he added. Recent research from the Federation of Master Builders said that 66% of small and medium construction firms have had to turn down work because they don't have enough workers and the biggest shortages are for bricklayers and carpenters. The shortages all around the UK, with the east of England suffering from a short supply of plasterers, while the West Midlands is struggling to find scaffolders. Northern Ireland has the greatest need for general labourers. Firms said the main problem was difficulty in finding apprentices, and a lack of apprenticeships has held back potential new entrants to the jobs market with a belief that many are bowing to pressure from their parents to stay in full time education. ‘The lack of experienced multi skilled workers is a huge concern for my business, as it could affect our future growth plans. We urgently need tradespeople that are trained in more than one area, such as plumbing, tiling and joinery for bathroom installations but we just aren’t seeing the candidates come through,’ said Tony Passmore, chief executive of the Leeds based Passmore Group. The Home Builders Federation (HBF) agreed that recruiting and training people was now… Continue reading
Cyprus close to resolving long running property title deed fiasco
Home owners in Cyprus who have been affected by the country’s title deed fiasco over many decades are a step closer to the situation being resolved with hopes high of a recovery in the property market. Laws to ensure that title deeds are passed directly to buyers must be in place by the end of this week as demanded by the European Union, the European Central Bank and the International Monetary Fund. Failure to do so would mean that the country will not receive the next instalment of its €500 million euro crisis bailout and it will be welcome news for thousands who still have not received the deeds to their homes that were built years ago. The Council of Ministers has approved a new law which is now on its way through the Cypriot Parliament. Not only will it help those who have never received title deeds it could also be a stimulus to the country’s struggling property market. To help boost real estate investment, the government has unveiled a number of major incentives benefitting buyers and sellers. Anyone buying property in Cyprus from now until the end of 2016 will qualify for a 50% discount on the property Title Deeds transfer fees tax. There will also be no capital gains tax when those who buy in this timescale want to sell in the future, a saving of 20%. Agents are hopeful it will lead to more enquiries from overseas buyers. One, Ideal Homes International, has seen a rise in interest from British buyers. ‘UK buyers are particularly excited about what they can get for their money, given the strength of the pound so far this year,’ said director Chris White. ‘Cyprus' historical relationship with the UK means that there are many aspects of life there that UK buyers feel comfortable with, everything from similar legal systems to driving on the left. Contracts are written in English and everyone speaks English too, which creates a sense of familiarity for UK buyers,’ he explained. He pointed out that people considering retirement in Cyprus are encouraged by the country’s many tax incentives and in particular by the fact that private pensions are taxed at just 5%. The tax environment is also beneficial to those looking to open a business in Cyprus. The property market on the Mediterranean island is improving after years in a downward spiral. According to official figures from the Department of Lands and Surveys, the number of property sales in Cyprus rose by 22% in July when compared with a year earlier. In Paphos, which is very popular with British buyers, the number of sales was 30% higher than in July 2014. But the market does have a lot of recovering to do. The latest Cyprus property index from the Royal Institution of Chartered Surveyors shows that during the second quarter of 2015 the Cyprus economy showed some signs of stability but unemployment remained at a historical high level and given prevailing economic… Continue reading
Homes in good school areas in UK command over £30,000 more
Parents in parts of the UK are willing to pay a premium of £32,000 premiums to move to a property within a desirable school catchment area, new research has found. Almost a third of these parents had to change jobs in order to get their children into the desired school and one in four were forced to ditch their dream home and downsize, according to the study from Santander Mortgages. Overall some 26% of parents with children of a school age have either bought or rented a new property in order to secure an address within their desired school catchment area and paid on average an 18% premium or £32,127 to do so. Some 31% admitted that as a result they ended up moving to an area they did not like, a further 26% said they overstretched themselves, paying more for the property than they could realistically afford and 33% moved to a location that was far away from family or friends. However, the study suggests that the moves made by many of these families are only temporary, with just 22% planning to continue living in the area. Some 45% of those who moved to be within a particular catchment area said they had, or would, move straight back out once their child had secured a place, whilst a further 30% planned to wait until their child finished school. Amongst families who have moved to be within their desired catchment area, 40% said they had sold their previous property and purchased a new one within their chosen area, 41% said they purchased a second home in the catchment area, while 20% secured their desired address by renting a property. This trend looks set to continue as 61% of parents who expect to move home before their children leave school, said that catchment areas will have an impact on where they choose to live. A regional breakdown shows that there are significant variations in the overall proportion of parents moving to be within a catchment area and also in their decision as to whether they buy, rent or look to secure a second property. Overall the North East and London see the highest proportion of parents moving to secure an address within a specific catchment area at 46% whilst Wales has the lowest at 11%. The average premium paid by parents for a property in their desired school catchment area ranges from 8% in Yorkshire and Humberside, to 21% in Scotland and the North East. As a result of higher property prices, London has the highest value premium at £77,113 or 16%. Younger parents are the most likely to purchase or rent a new property to be within a certain catchment area with 46% of those aged 18 to 34 having done so, compared to just 18% of 35 to 54 year-olds. The age of the child also appears to have an impact as 33% of parents who have children aged between four… Continue reading
