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Em Morley

Green Belt Could be Released in Woking

Published On: June 3, 2015 at 9:01 am

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Possible green belt and urban sites for housing, employment and infrastructure development in Woking are set to be discussed by the Council and residents.

The Draft Site Allocations Development Plan Document (DPD), which outlines potential sites in the green belt, is set for debate on Thursday 4th June.

Woking Borough councillor John Kingsbury, leader of Woking Borough Council, says: “The Site Allocation DPD is an important stepping stone towards identifying future development sites within the borough until 2027.”

The Council says that it is committed to preparing the document to deliver its Core Strategy, which was implemented in October 2012.

The document details plans to deliver 4,964 new homes, 93,900 square metres of retail floor space, 28,000 square metres of office floor space and 20,000 square metres of warehouse floor space.

Kingsbury explains: “It is a formal legal process that the Council is committed to delivering as part of its adopted Woking Core Strategy. Otherwise, we run the risk of failing to identify enough land to meet our future requirements.

“The Site Allocations Document will potentially identify both urban and green belt sites for future development. We are, however, acutely aware of local concerns about the green belt as a much cherished part of our natural environment which brings pleasure and enjoyment to many.”

Kingsbury says that any decision the Council makes will “ensure that the purpose and integrity of the green belt is not undermined.”

Green Belt Could be Released in Woking

Green Belt Could be Released in Woking

He adds: “Any land to be removed from the green belt for housing is unlikely to be released for development before 2022.”1

Some of the sites recommended for development are around Parvis Road in West Byfleet, which have been assigned as residential development land. Work is expected between 2022 and 2027.

Land near Egley Road in Mayford, Coblands Nursery, Lyndhurst and Five Acres in Brookwood has also been reserved.

Currently, 63.27% of Woking is green belt. If the plans are accepted, this would drop to 61.08%.

A further eight sites in the borough, including parts of West Byfleet, Byfleet, Pyrford, Old Woking, St John’s Lye and Horsell Common, have been recommended for release from the green belt to enable a “defensible boundary” to be drawn. However, development is not planned on this land.

Residents have previously opposed plans to release green belt land due to flooding risks and beliefs that building on the land would “encroach” on the extensive and “important” countryside between Guildford and Woking1.

However, councillor Graham Cundy, the portfolio holder for planning policy, says the Council has taken “sufficient care” to compile a “body of evidence” to ensure any green belt sites identified for development will not harm the general environment of the borough.

He continues: “We are committed and determined to give all residents and businesses the opportunity to comment on the Site Allocations DPD proposals.

“A proactive consultation plan is currently being prepared that will provide an opportunity to residents and businesses to discuss with council officers any concerns they may have around the site allocations process.

“I would therefore encourage residents and businesses to engage with us during this process and have their say on the future development of our borough.”1

If the executive committee approves the plan, a formal six-week consultation will begin on 18th June, in which residents will be able to submit comments and suggestions.

After this, all responses received will be considered, before a submission version of the DPD is published for further negotiation.

An independent inspector will then study the Site Allocation DPD, before it is implemented by the Council.

1 http://www.getsurrey.co.uk/news/surrey-news/green-belt-could-reduced-woking-9372482

Online Agents Investigated over Fees

Published On: June 2, 2015 at 4:59 pm

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The National Trading Standards Estate Agency Team is investigating four online estate agents over the way they display fees.

Property expert Henry Pryor passed information to the body over Twitter.

Online Agents Investigated over Fees

Online Agents Investigated over Fees

A spokesperson for the National Trading Standards Estate Agency Team says: “We have received a complaint about four online estate agents and their pricing practises, which we are currently looking into.

“The allegation received is that the estate agents are quoting VAT exclusive prices on their website. Our guidance states that fixed estate agency fees should be inclusive of VAT. This matter is being investigated.”1 

Pryor tweeted the National Trading Standards Estate Agency Team, operated by Powys County Council, and also the Property Ombudsman, Trading Standards Institute and the Advertising Standards Authority (ASA).

Last month, Adam Day, from online agent Hatched, complained to the ASA about some agents advertising fees exclusive of VAT.

Day named Purplebricks, eMoov, Tepilo and House Network, the same agents that Pryor complained of.

The ASA confirmed to Day that they were investigating the matter and yesterday, the National Trading Standards Estate Agency Team told Pryor that they are looking into the four named agents.

By yesterday afternoon, just one agent, Sarah Beeny’s Tepilo, had shown their fees inclusive of VAT.

Yesterday afternoon, Purplebricks, eMoov and House Network were still showing their prices exclusive of VAT.

1 http://www.propertyindustryeye.com/four-online-agents-investigated-by-industry-regulator-over-fees/

Retail leasing activity in UK rises by 8%

Published On: June 2, 2015 at 4:47 pm

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Increased confidence in the UK retail sector has led to a rise in occupier activity during the last year, according to new data.

Rises

A report from EGI Retail Research shows that lettings grew by 8% across the UK in the year to May, assisted by considerable growth of a third in the West Midlands. Other notable gains were recorded in Scotland (29%) and in the North West (19).[1]

Addressing peer at EG’s Retail Summit, Graham Shone, senior analyst, said that if activity were to carry on at its current rate, then by the end of the 2015, availability will sit at 3.3 years across Britain. Shone believes, ‘there are still pockets of the country in need of a retail overhaul but in general terms, it appears the physical side of retail’s multi-channel offering is in better health than is perhaps the perception.’[1]

‘This is the second year running we have seen a substantial uptick in leasing activity-and, even more encouragingly, most regions have enjoyed an increased occupation rate with fewer years of stock on the market than at this point last year,’ continued Shone.[1]

Retail leasing activity in UK rises by 8%

Retail leasing activity in UK rises by 8%

More conversions, less space

The increased retail conversions have certainly contributed to the reduced stock. Over the past 18 months, 1.1m sq ft of retail space has been converted into leisure facilities, with a further 816,000 sq ft converted into restaurants and bars. 42,000 sq ft was converted in betting shops.[1]

[1] http://www.egi.co.uk/news/uk-retail-leasing-activity-rises-8/

 

UK’s largest holiday rental site wary of cons

Published On: June 2, 2015 at 4:05 pm

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Following a report on Good Morning Britain, the UK’s biggest holiday rental site has assured all of their customers that they will receive a phone call to confirm their booking. With the holiday season among us, Snaptrip issued the pledge as a report highlighted the number of holidaymakers being conned.

Failsafe tactics

After launching just 12 months ago, Snaptrip now has 28,000 properties available to rent in Britain and Ireland. The firm’s CEO Matt Fox said that they wanted to implement failsafe features in order to make sure that their customers were put at ease and removed from risk. He believes that by simply phoning a property owner and confirming a booking removes risk when combined with additional security measures.

‘We’ve taken the measure to only list properties that have been personally vetted and verified by a property management company-therefore we partner with trusted brands such as Cottages4you and Blue Chip Holidays,’ explained Fox. Additionally, he said that Snaptrip, ‘contact all renters by phone once they’ve made an enquiry through the site. All payments are taken by phone so a customer never parts with any money until they’ve spoken to someone.’[1]

UK's largest holiday rental site wary of cons

UK’s largest holiday rental site wary of cons

Conning for cash

Snaptrip believe that one of the most important features of its site’s functionality is ensuring that email communications are not intercepted and spam listings are not added to the site. These are the two main features that holiday markers are ultimately conned by, parting with money which goes directly to fraudulent groups.

As a result of manually listing properties on the site and restricting access for third parties, these risks are manageably removed. By telephoning each holidaymaker individually, they are assured of peace of mind and reassured that none of their hard-earned income is to be lost to criminals.

 

[1] http://www.sourcewire.com/news/87341/there-are-failsafe-ways-to-avoid-holiday-rental-scams-this#.VW24OVxVhBc

 

House Prices Near Record High

Published On: June 2, 2015 at 3:55 pm

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The housing market received a boost in April, driving prices up towards the record high set in 2007.

The average property price in England and Wales rose by 0.9% in April to reach £179,817, revealed Land Registry.

This is just £1,197 below the record £181,014 seen in November 2007, before the housing market recovery.

House Prices Near Record High

House Prices Near Record High

The annual rate of price growth eased for the eighth consecutive month, falling to 5.1%, down from 5.3% in March.

April’s increase counterbalances the decrease in March, indicating that house prices could accelerate in the coming months.

Property Economist at Capital Economics, Matthew Pointon, comments: “With the stock of homes for sale at an historic low, the conditions are in place for further price gains this year. That suggests the low point for the annual rate of house price inflation is now in sight.

“The combination of an improving labour market and record low mortgage interest rates will support a steady rise in demand.”1 

London continued to experience the strongest yearly rate of growth, with an increase of 10.9% in the year to the end of April; the only region with a double-digit rise.

However, the gap between the capital and other regions is starting to close, with the South East and East of England seeing increases of 8.8% and 7.8% correspondingly.

The North East was the only area to record an annual drop in prices, with the average down 0.6%. Wales’ property prices rose by just 0.3%.

During April alone, northern regions performed better, indicating that the high price growth of 2014 is beginning to move out of London into other parts of the country.

The average house price rose by 2.7% in Yorkshire and the Humber during April, and prices in the North West increased by 2.1%.

The East Midlands and South East also recorded higher than average growth of 1.4%.

However, the North East and Wales were still struggling, with prices dropping by 0.5% and 1.1% respectively.

Property sales also dropped between November 2014 and February 2015 (the latest period for which figures are available). Read more: /huge-decrease-in-house-sales/.

This slowdown was particularly noticeable at the top end of the market, with the amount of homes sold for over £1m falling by 18% annually in February, to 722 properties.

1 http://www.zoopla.co.uk/discover/property-news/house-prices-within-touching-distance-of-181-000-high/#oVa1jX8f8DURLuWO.97

Tumbling mortgage rates saving lenders thousands

Published On: June 2, 2015 at 3:02 pm

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Categories: Finance News

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Tumbling mortgage rates are saving homeowners hundreds of pounds a year, according to new figures from the Bank of England.

Borrowing winners

The ongoing ‘mortgage war,’ which has seen rates cut to record low levels, are leading borrowers to be better off in the pocket, with the costs of homes loans continuing to drop. Experts are predicting further cuts as the contest between rival lenders goes on.

The Bank of England figures show that, for the first time in history, the average five-year fixed mortgage rate is now below 3%. What’s more, the average two-year fixed rate has gone below 2% for borrowers with at least a 25% deposit. Taking an average £200,000 mortgage, the large reduction in rates now means that yearly payments can now climb up to £1,400 less than one year ago.[1]

Official data indicates that the average two-year fixed rate for a consumer with 25% deposit during April was 1.95%, down from 2.54 in the same period last year. For a £200,000 mortgage over 25 years, this leads to an annual saving of £700. Taking five-year fixed rates with the same deposit into account, rates fell from 3.69% in April 2014 to 2.93% this year, saving £967 off yearly mortgage payments.[2]

However, it is not just the fixed rate mortgage rates that have fallen considerably. Two-year variable rates have nearly halved in the last year, falling from 2.73% to 1.55%. On a typical £200,000 mortgage, this would reduce yearly rates by nearly £1,400.[3]

Tumbling mortgage rates saving lenders thousands

Tumbling mortgage rates saving lenders thousands

Lack of foresight

Speaking to the Daily Mail, mortgage expert Brian Murphy said that, ‘two years ago, brokers could not have predicted rates as low as these-and it is feasible that rates will continue to fall in the short to medium term. Lenders are keen to do business and there is a lot of competition out there. Banks and building societies are willing to sacrifice a bit of profit to offer the best rates and wrestle business off one another.’[4]

Rates are likely to stay low for the foreseeable future. In addition, slow wage growth and low inflation indicate that a rise in lending costs is unlikely until at least next Spring.

Mortgage broker David Hollingsworth commented that, ‘these record low mortgage rates underline just how good the mortgage options for borrowers have become, with rates plummeting even in the last 12 months. Fixed rates in particular have hit rock bottom offering borrowers the chance to lock their rate in at unprecedented lows.’[5]

 

[1] http://www.whathouse.com/news/article/555b6a804031b9515e8df278/How+falling+mortgage+rates+are+saving+borrowers+thousands+of+pounds