TSI
Deal could see fast broadband for new homes in UK
A fast internet connection is one of the top must haves for home buyers in the UK and is set to become a standard for new homes, it has been announced. A new agreement between provider Openreach and the Home Builders Federation (HBF) aims to deliver superfast broadband connectivity to new build properties in the UK. The new deal will see fibre based broadband offered to all new developments either for free or as part of a co-funded initiative. It is estimated that more than half of all new build properties can be connected to fibre broadband free of charge to developers. As part of the agreement, Openreach is introducing an online planning tool for home builders. This will tell them whether properties in a given development can be connected to fibre for free, or if a contribution is needed from the developer to jointly fund the deployment of the local fibre network. The housing industry will have access to a ‘rate card’ from Openreach which details the fixed cost contributions required by home builders in those cases where joint funding is required. Openreach will make a significant contribution itself before seeking any funds from developers. HBF said that it will promote and support uptake of the co-funding offer amongst their members, and emphasise the need to plan for connectivity early in the development. ‘Broadband connectivity is just one thing that home buyers now expect when buying a new build, so this industry-led push to make superfast, or indeed ultrafast, broadband speeds available by default in new homes represents a very important step in meeting the UK’s digital needs,’ said Digital Economy Minister Ed Vaizey. Clive Selley, chief executive officer of Openreach, said it is an important step towards bringing fibre broadband to as many new build properties as possible. ‘We recognise that high speed broadband connectivity is a major factor for home owners when deciding to buy a house. That’s why we’re offering to deliver fibre to all new build developments either for free or as a co-funded model,’ he explained. ‘With the support of the HBF we’ve delivered a series of measures to give developers greater clarity, choice and more funding. This underlines Openreach’s commitment to further extend its fibre network, which reaches more than 24 million premises, to benefit even more communities across the country,’ he added. According to Stewart Baseley, executive chairman of the HBF, said it will help meet home buyers expectations. ‘House builders are constantly striving to deliver on and surpass the expectations of customers as we continue to see housing supply grow,’ he pointed out. ‘Broadband speeds are an increasingly important factor in the home buying process and this offer to developers will see more new build purchasers benefit from the very best connectivity to go alongside the many other advantages of purchasing a brand new home,’ he added. Continue reading
Indian, British and Pakistani buyers top list of non-Gulf area investors in Dubai property
Indian, British and Pakistani buyers topped the list of non Gulf area overseas real estate investment in Dubai in 2015, according to official figures. Indians accounted for AED20 billion ($5 billion) of transactions last year, followed by British buyers with AED10 billion and Pakistanis with AED8 billion, according to the latest data from the Dubai Land Department (DLD). However, buyers from the Gulf Co-operation Council states accounted for almost a third of sales, investing AED44 billion and Emiratis accounted for half of that at AED26.08 billion. Overall, the data shows that 55,928 investors from 150 nationalities invested a total of AED135 billion or $26 billion in Dubai real estate during 2015. Buyers from Saudi Arabia invested AED9 billion in property and those Kuwait accounted for AED3 billion of investment, followed by investors from Qatar, Oman and Bahrain. The data also show that Arabs from outside the GCC invested a total of AED16 billion in the Dubai real estate market, with Jordanians ranking the highest value investors with AED3.5 billion. Egyptians invested AED2.55 billion and Lebanese nationals invested AED2.53 billion. Significant investments were also made by nationals from Iraqi, Yemen, Sudan, Palestine, Libya, and Algeria. According to Sultan Butti Bin Merjen, director-general of the DLD the sheer diversity of investors in Dubai’s real estate market is an overwhelming endorsement of the emirate’s international appeal to property investors. ‘Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and return on investment,’ he said. ‘We are reassured with the size of investments from UAE citizens, in addition to the enormous demand from the GCC which provides the market with a strong shield from seasonal fluctuations,’ he added. Continue reading
Help to Buy deposit saving financial product proving popular in UK
The UK Government’s new Help to Buy ISAs savings scheme for first time buyers is proving popular with a quarter of a million opening one of the financial products since it was launched in December 2015. Some 250,000 first time buyers, more than half of whom are aged 30 and under, have opened a Help to Buy ISA which helps them to save for a deposit for their first home. The first home buyers have also claimed their Help to Buy government bonus this week, which means the new Help to Buy ISA is already helping first time buyers onto the housing ladder. Chancellor of the Exchequer, George Osborne, said he was pleased with the figures. ‘It is all part of our plan to back working people who are doing the right thing and saving for their first home,’ he said. The scheme gives first time buyers the opportunity to save up to £200 a month in a dedicated ISA that the government will top up by 25%, up to a maximum of £3,000. First time buyers eager to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum. And couples buying together will be able to combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home. The government’s other schemes, the Help to Buy mortgage guarantee and Help to Buy equity loan, have also been popular with over 100,000 buyers involved. A special Help to Buy scheme has also been launched for first time buyers in London who face paying far more for a home than elsewhere in the country. It gives first time buyers and second steppers the opportunity to own a new build home in the city with a deposit backed by a 40% equity loan from the government that is interest free for the first five years. Rohan Sivajoti, advisory services director at eVestor, believes that the Help to Buy ISA is vital for those struggling to get a foot on the housing ladder. ‘The upcoming increase in Stamp Duty on second home purchases signals another small victory for those looking to buy their first home, but it is important to take a step back and access how much impact these schemes will actually have,’ he said. ‘With an annual increase of 9% on average house prices across the UK, the worry is that not enough is being done. It's a simple supply and demand market and supply needs to increase significantly to stop first time buyers being priced out of the market,’ he added. Continue reading
