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Em Morley

Government Yet to Announce Office-to-Residential Extension

Published On: July 27, 2015 at 12:49 pm

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Government Yet to Announce Office-to-Residential Extension

Government Yet to Announce Office-to-Residential Extension

The Government has not yet made a decision regarding the extension of office-to-residential permitted development rights. The current deadline is May 2016.

It was expected that ministers would make an announcement confirming the extension before the House of Commons recess.

The temporary right allows developers to convert offices into homes without the need to apply for planning permission.

The coalition government introduced these rights in May 2013, for three years. An extension until 2020 has been anticipated.

However, several councils have complained that their office stock is at risk.

Chief Executive of the British Property Federation (BPF), Melanie Leech, comments: “Office-to-residential is a useful tool that in most places, although not necessarily all, can breathe life into under-used buildings and help use space much more productively.

“We are currently working with Government to ensure that any extension is applied in a sensible and proportionate way.”1 

1 http://www.propertyindustryeye.com/surprise-as-government-fails-to-announce-extension-of-office-to-residential/

 

 

 

 

 

 

 

 

 

 

 

 

 

Affordable housing schemes impact revealed

Published On: July 27, 2015 at 12:24 pm

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New research indicates that the average price paid for homes by buyers using affordable housing schemes in the UK has reached nearly £190,000.

A report from the Halifax indicates the total average price of £189,786 is just 4% less than the £197,535 average total for house purchases as a whole.[1]

Regional rates

By region, the highest average price paid by buyers utilising affordable housing schemes was unsurprisingly in London, at £323,148 with the lowest being in the North of England, totalling £147,437. However, the average value of a London home sold via a scheme was found to be 33% lower than the average price of £482,579.[1]

First time buyers were found to be the biggest benefiters of the Help to Buy scheme, which accounted for 80% of sales over the previous year. This was in comparison to 46% of all mortgage financed home purchases made by first time buyers over the same period. What’s more, improving economic conditions and better market certainty has led to the largest number of first time buyer home purchases for seven years.[1]

Affordable housing schemes impact revealed

Affordable housing schemes impact revealed

First time buyers

The latest official data shows that Help to Buy equity loans and mortgage guarantee initiatives have assisted 99,601 buyers to purchase homes since the introduction of Help to Buy in 2013. First time buyers completed 79,680 of these sales.[1]

On average, the price paid by first time buyers using the scheme was found to be £150,361, 10% lower than the average price paid by first time buyers for all housing, which totals £167,093. In London, first time buyers benefit hugely from the scheme, paying on average a price 36% lower than the average value paid by first time buyers that are not using any of these initiatives.[1]

‘Many of the affordable home ownership schemes available have been designed specifically to help first time buyers get on the ladder and support construction of new build homes and the latest official figures show this has been successful, ‘observed Craig McKinlay, mortgages director at the Halifax.[1]

‘As the economy continues to recover and mortgage interest rates remain at very low levels, we expect to see continued growth in first time buyers during the second half of the year,’ he added.[1]

[1] http://www.propertywire.com/news/europe/uk-affordable-homes-research-2015072710791.html

 

 

Landlord Fined £3,000 for Illegal Eviction

Published On: July 27, 2015 at 11:56 am

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Landlord Fined £3,000 for Illegal Eviction

Landlord Fined £3,000 for Illegal Eviction

A landlord has been ordered to pay a fine and costs of £2,925 after illegally evicting a tenant from a home in Tamworth, Staffordshire.

Georgina East pleaded guilty at Stafford Magistrates’ Court to evicting a tenant in December 2014 using threatening behaviour and then changing the locks on the property.

East is the director of property management firm, Propertarian Limited, and manages several rental properties in Tamworth. She previously accepted a caution for a similar offence in 2013.

Officers from Tamworth Borough Council responded to a complaint from the tenant, who was forced to sleep rough. They discovered that East had evicted him without serving a valid written notice or seeking possession through the courts.

East had also threatened the tenant with an Alsatian dog.

The court issued an order for East to pay the fine and costs within seven days.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belfast is Most Affordable City for Students

Published On: July 27, 2015 at 10:53 am

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Belfast has been named the most affordable city in the UK for students to live and work in, according to the NatWest Student Living Index 2015. London came tenth in the study.

Belfast is Most Affordable City for Students

Belfast is Most Affordable City for Students

NatWest surveyed around 2,500 students to determine what they spend their money on. The research focused on four main areas: everyday essentials, socialising, sport and fitness, and hobbies and interests.

The study also found that students in Southampton earn the most term-time income and work the longest number of hours.

Despite Portsmouth being the most cost-effective place to socialise, students in Newcastle spend the most time socialising.

Dundee was in the top five cities where students spend the most on the following categories: groceries, netball and films. Students in Glasgow spend the most on fashion, alcohol and cigarettes.

Cardiff was the only Welsh city included in the survey and students here spend the most on hockey.

The top five most affordable student cities

  1. Belfast – Students in Belfast spend the least amount on rent, just £46 per week compared to £112 in Oxford. Their groceries cost £16 per week, compared with around £30 in Dundee.
  2. Southampton – Students in Southampton spend the most time working part-time jobs during term time, at seven hours per week. They study for just under 27 hours a week. In Southampton, students spend the least amount of time socialising, just ten hours per week.
  3. Nottingham – Nottingham has the lowest weekly phone bill, at £4.83 a week. However, students in Nottingham spend £5.93 on football every week, behind just York and Liverpool.
  4. Edinburgh – Edinburgh is fifth for students earning the most in term-time, at £42.96. Students in Edinburgh spend around 32 hours per week studying.
  1. Manchester – Students in Manchester spend one of the smallest amounts on sport and fitness, but have the third highest term-time earnings of £45.97 a week. They also pay one of the lowest weekly rents, at £71.33.

 

 

Waterfront properties worth more than inland

Published On: July 27, 2015 at 10:41 am

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An interesting new data release shows that prime waterfront properties are valued at around 70% higher than similar properties inland.

Increases

Knight Frank’s annual Prime Waterfront Index shows that waterfront properties in the South West have the greatest premiums of these property types in the UK.

A waterfront home here could lead to an uplift of a huge 91%, up 21% on the same period last year. The South East (44%) and East Anglia (41%) were the regions found to have commanded the next largest uplifts.[1]

Data from the report also shows that properties on estuaries command the greatest premiums of waterfront homes. On average, these homes have a 95% uplift in comparison to the same properties inland. Some of the most expensive coastal towns include Dartmouth, St Mawes and Salcombe.[1]

Properties close to a harbor have a premium uplift of around 91%, with coastal properties not overlooking an estuary or a harbor worth an average of 67% more than their inland equivalents. Homes next to a river were also found to have added value of around 67%.[1]

Average value premiums for waterfront homes by region in quarter two in 2015 were:

Average value premium for waterfront properties region to region Q2 2015
South West 91%
East Anglia 41%
South East 44%
Scotland 33%
Wales 27
Average value premium for waterfront properties with the following attributes (location type and facility) present
Estuary 95%
Coastal 67%
Harbour 91%
Riverside 67%
Lakeside 40%
Seaview 68%
Moorings 106%
Slipway 118%
Pontoon 105%
Jetty 91%
Private beach access 86%
Waterfront properties worth more than inland

Waterfront properties worth more than inland

Post-election boom

Christopher Bailey, Head of Knight Frank’s Waterfront Team said, ‘since the election, we have seen a positive rise in activity in the waterfront market. It would appear that a number of cash buyers at the higher end of the waterfront market have been waiting to see the outcome of the election and in particular whether a Mansion Tax would manifest itself.’ Bailey feels that the outcome, ‘has increased the confidence of waterfront buyers at the higher end of the market where we have seen properties exchanging relatively quickly with competitive bidding and sometimes above the guide price.’[1]

‘Equally, the waterfront market below £1m is picking up whereas the market between £1m to £2m is still quieter as buyers are still absorbing the stamp duty changes at the end of the year. The beginning of a new five government, low interest rates, and the safe sterling has all helped to strengthen the confidence of waterfront buyers,’ Bailey added.[1]

[1] http://www.propertyreporter.co.uk/property/70-premium-for-waterfront-properties.html

 

 

Bolt-On Pods to Solve Homelessness

Published On: July 27, 2015 at 9:57 am

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An architect has designed pods that bolt on to existing buildings in an attempt to combat the growing problem of homelessness in Britain.

James Furzer, an award-winning architectural technician, has created plans for the steel-framed pods that are reached by ladder. He believes they could be used nationwide as short-term shelters for those sleeping rough.

The 26-year-old has been praised by housing charities, which are shocked by the country’s lack of affordable housing.

The static pods are designed to provide four to eight hours’ shelter for those in need. Furzer says: “I know it’s not going to solve homelessness but it is somewhere to give them a night’s rest, to give them a bit of an escape for a few hours.”

The pods would be made from plywood and steel frames and could be bolted on to any building. They feature windows for natural light and a foldable shelf with a mattress inside.

Furzer, from Dagenham, East London, adds: “It’s not a five-star hotel, but it’s got a comforting feel.

“It’s literally somewhere warm, dry and secure where someone could just get a few hours’ rest, particularly in bad weather conditions.”1 

The designs won the top prize of £5,000 in the Space For New Visions contest, organised by manufacturers Farko.

Homelessness charity Shelter has estimated that there are at least 6,500 people sleeping rough in London alone.

1 Radnedge, A. (2015) ‘The cost bolt-on crash pods designed to keep the homeless off the streets… Literally’, Metro, 24 July, p.6-7