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£30 million more of Green Deal money announced for UK home improvements
More people in the UK will get help to improve the energy efficiency of their homes through a new release of the Green Deal Home Improvement Fund open to new applications. Up to £5,600 will be available to households in England and Wales to help with the cost of installing energy saving measures such as solid wall insulation, double glazing, boilers, cavity wall and floor insulation. Up to £30 million in vouchers will be available and details of further releases will be announced on a quarterly basis with the next release expected in February 2015. Up to £24 million will be available for solid wall insulation and up to £6 million for two measures from a list of home improvements available under the scheme. The Green Deal Home Improvement Fund launched in June and has already provided vouchers for more than 20,000 households. Through this second release of funding, domestic energy customers can now receive up to £4,000 for installing solid wall insulation, up to £1,000 for installing two measures from an approved list and up to £500 more if applying within 12 months of buying a new home. ‘This fund is a big success story for the Green Deal, helping thousands of people improve their homes so that they’re warmer, greener and cheaper to run. The best way people can cut their energy bills, this winter and every winter, is to improve their homes so that they leak less heat and use less energy,’ said Energy and Climate Change Secretary Ed Davey. ‘That’s why we’ve increased the funding available for the Green Deal to help even more people start saving money sooner,’ he added. To complete the two-stage application process, householders will need a Green Deal Advice Report (GDAR) or Energy Performance Certificate (EPC) that is less than two years old and a quote from a GDHIF registered installer or provider for work specified on the GDAR or EPC and included on the list of GDHIF approved measures. Energy and Climate Change Minister Amber Rudd said that more than three quarters of a million homes have already had energy saving improvements installed as a result of the Energy Company Obligation and Green Deal. ‘It makes sense to go even further to help more families install measures so that they see the benefits of lower bills and a warmer home for years to come,’ she added. Commenting on the availability of £30 million of new Green Deal Home Improvement Funding (GDHIF), Richard Lambert, chief executive officer of the National Landlords Association (NLA), described it as a positive step and clear evidence that the government has learned from previous mistakes that have so far held back the success of the Green Deal. ‘The NLA is particularly pleased that the Government has adapted the application process to ensure that the funds go to the owners or occupiers of a property who have the project priced up and ready to go, rather than speculators looking to use a GDHIF voucher to tout for… Continue reading
Average home prices in areas of high employment rise faster, research has found
Average house prices in the 20 top performing employment areas in the UK have risen by 45% over the past decade, more than double national average of 21%, new research has found. Home owners in the local authorities that have seen the largest rises in employment have also seen the average value of properties rise by over £100,000 over the past 10 years, according to the study by the Halifax. The average house price in the 20 local areas recording the largest increases in employment in the decade to June 2014 rose by 45% or £103,785. This was more than double the national average increase in house prices over the period at 21% or £35,456. At the same time, employment in these areas rose by an average of 26% well ahead of the average national increase of 4%. According to Martin Ellis, housing economist at the Halifax, there is a clear relationship between employment patterns and house price performance over the past decade. ‘Top performing areas for employment have generally seen well above average house price gains while the worst performing employment areas have typically recorded much more modest property house price rises. This demonstrates the importance of economic conditions to the health of the local housing market,’ he explained. The research also shows that over the past decade, the top 10 performing house price locations have been evenly split between northern Scotland and central London. Seven of these top 10 areas also feature among the top 25% of local areas in terms of employment growth over the period. Aberdeen and Aberdeenshire both feature in the top 10, with prices in these areas boosted by the strong performance of the oil sector during the past ten years. Tower Hamlets, Hackney and Lambeth also feature in the top 10, with prices in these areas boosted by the wider house price growth in London. Southwark and Lewisham have also recorded significant price gains. The top 10 performing house price locations have significantly outperformed the rest of the country as a whole, with an average house price gain of 89%, more than four times the national average of 21%. Employment in these 10 areas of house price growth has increased by an average of 15%; well above the national average of 4%. At the other end of the spectrum, the 20 areas experiencing the worst employment performance over the past 10 years have typically underperformed the national average in terms of house price gains. On average, these areas have recorded an increase in property values of less than £20,000. The average house price in the 20 local areas recording the smallest increases in employment rate in the decade to June 2014 rose by 13% or £19,698. This was little more than half the national average increase in house prices over the period. Employment in these areas fell by an average of 11%, well below the national average increase of 4%. The bottom 20 employment areas are concentrated in northern England (8) and the… Continue reading
Top end of luxury rental market in London booming, new analysis suggests
The top end of the luxury home rental market in London is booming with a lack of supply and concerns about next year’s general election driving the market, according to a new report. The ultra prime market where rents are £100,000 plus per annum and the super prime sector with rents of £1 million and over are currently booming, according to lettings specialist Beauchamp Estates. Its latest report in conjunction with market intelligence group Dataloft, looks at the top 5% of properties let in prime central London over the past five years in terms of rental price achieved. In order to live in luxury in one of the capital’s top 5% of lettings properties, a tenant now has to pay a minimum rent of £108,000 per annum or £9,000 per month, which is the highest entry level for this sector of the London lettings market ever recorded. In addition, there has been a 12.8% rise in the number of properties let at rental values of over £10,000 per week compared to the same period in 2013. The average weekly rent in London’s ultra prime lettings market is now £3,500 per week or £182,000 per annum, a 23% rise since 2009 when the equivalent average figure stood at £2,813 per week or £135,025 per annum. Outside of the capital, a household could purchase a property for this annual rent, since the latest Land Registry records show that the average price of a home in England and Wales is now £177,299. Over the last 12 months ultra prime rental levels have continued to rise. Across prime central London the average rent paid in the third quarter of 2014 was 6.5% higher than 12 months earlier, the highest rate of growth for more than three years. The research reveals that the super prime lettings market, properties to let for over £1million per annum, is also extremely buoyant. The findings show that the £1 million plus rentals market first emerged back in 2010. Initially, the £1 million plus super prime rentals market was confined to Mayfair and Knightsbridge, however during 2013 and 2014 the market has expanded significantly and Chelsea, South Kensington, Notting Hill, Regent’s Park, St John’s Wood and Holland Park have all seen properties let at rents equivalent to over £1 million per annum. The firm points out that the ultra prime lettings sector is highly lucrative and therefore, despite its small percentage size, in terms of rental income it is disproportionally large and is extremely important to the overall health of the capital’s lettings industry. The annual rent roll from ultra prime London rentals agreed in the first nine months of 2014 is equivalent to £102 million in annual rental income. This represents 21% of the total annual rental income of all lets agreed so far this year across prime central London. In other words, a twentieth of the deals make up a fifth of the income… Continue reading
