Tag Archives: business
Almost a third of UK landlords have seen rent arrears in 2014, new research shows
Almost a third of landlords in the UK, approximately 500,000, say they have experienced rent arrears in the last 12 months, according to new research. The research from the National Landlords Association (NLA), shows that a typical landlord faces £1,649 of outstanding rent each, totalling £850 million worth of rent arrears across the UK. The findings also show that 22%, approximately 300,000, are worried that their tenants won’t be able to keep up rental payments over the next year. The research supports the launch of the NLA’s latest campaign called Rent, Risk Resolve which aims to highlight four of the biggest risks facing landlords and help them to minimise the impact on their lettings business. The biggest risks are named as rent arrears, rising interest rates, local landlord licensing and regulation and the introduction of rent controls. ‘All landlords will be affected by one or more of these issues to some extent somewhere down the line and it’s vital for them to keep in mind the major threats to the success of their business,’ said Carolyn Uphill, NLA chairman. Regardless of the size of a portfolio the potential impact of these risks can be devastating on both the business and personal life. As the largest landlord association in the UK, we have a duty to support and advise on how to plan ahead effectively and manage these risks,’ she explained. The first focus of the NLA’s campaign will be the risk of rent arrears. The NLA has produced a guide to support landlords to deal with the problem. Continue reading
Overseas investment in UK commercial property market set to increase
Overseas investment in the UK commercial real estate market is having a positive impact and is set to increase over the next three to six months, according to new research. There has been a slight tapering in confidence after nearly two years of consistent growth in optimism and fewer property professionals expect investment to increase but around 60% of UK investors believe foreign investment has had positive impact. Increasing numbers expect activity to stabilise and the North West and London based smaller sized operators are more confident about the future, according to the latest confidence survey of real estate professionals by Lloyds Bank Commercial in association with the Investment Property Forum (IPF). Further analysis revealed that nearly73% of larger sized businesses surveyed and 70% of fund managers agreed, though this figure dipped to 60% amongst SME respondents. Given the increased level of foreign investment into this sector, a significant minority, at least 17%, of all respondents said that they had changed their business investment activity as a result of the influx of overseas capital. In particular 42% of fund managers and 30% of larger sized businesses stated that they have altered their business investment plans due to this influx. ‘For many regional commercial property operators the influx of foreign capital has widened the range of exit options and shifted focus away from UK institutional buyers,’ said John Feeney, global head of commercial real estate at Lloyds Bank Commercial Banking. ‘'Further a variety of foreign buyers are now active in regional UK markets including sovereign buyers seeking stabilised assets and more opportunistic investors willing to take asset management risk,’ he added. The latest survey also indicates that confidence in the UK’s commercial property market remains high, with over 60% of respondents believing that activity will continue to increase over the next three to six months. However, an increasing number believe that the market will level out. Around 25% to 36% of respondents now expect activity to remain at current levels for the next three to six months which compares to just under 20% in the CPCM’s last report in April. In line with a slight softening in confidence, the report suggests that prices will begin to stabilise as well. In the Spring 2014 CPCM only 3% of major businesses said prices would stay the same compared to 30% in this latest survey. Investment activity also looks set to increase, with fund managers reporting a slight increase in their investment intentions, rising from 70% to 72%, as did major businesses, with 53% planning to spend compared to 50% in April. ‘The UK’s market has soaked up a lot of capital over a short period of time and some investors, such as private equity funds, are turning their attention to the nascent investment market recovery in certain Eurozone countries particularly in the periphery,’ said Feeney. ‘The UK market is further advanced in… Continue reading
DM wants to wipe out ‘dirty’ buildings before Expo
DM wants to wipe out ‘dirty’ buildings before Expo 2020 Staff Reporter / 25 March 2014 Building Department of the Dubai Municipality intensifies inspections, urges owners to beautify/repair structures. Dusty and dull-looking buildings in Dubai are likely to be a thing of the past soon as owners are being asked to go for a makeover in a new campaign aimed at beautifying the emirate in the run-up to Expo 2020. New or old buildings located along the Metro lines and on key roads are mainly targeted in the beautification drive launched by the Building Department of the Dubai Municipality. The department has intensified inspections of buildings to check whether they are up to the mark according to Dubai’s global status as part of efforts to maintain the aesthetic beauty and positive image of the city, and in preparation for the upcoming Expo 2020, the civic body said on Monday. Khalid Mohammed Salah, director of the department, said the campaign, fielding all manpower at the department including engineers and inspectors, would be focusing on all buildings in the emirate in general and on those in key areas in particular. Jaber Ahmed Al Ali, head of the Building Inspection Section, said the department has issued notices to many building owners to carry out necessary maintenance or painting works or cleaning of the building façades. He said inspections had been intensified in the buildings situated on both sides of Red and Green Lines of Dubai Metro. The department’s efforts have seen positive results as many owners responded spontaneously to act according to civic body’s instructions. The official pointed out that the civic body has high concerns over buildings which are poorly constructed or abandoned midway of construction as they are considered black marks in a city which is advancing to newer heights. According to him, the inspectors at the civic body are routinely inspecting such buildings including the abandoned ones and duly issuing notices to the owners. Al Ali also urged the public to support the municipality’s efforts to make Dubai a beautiful city ahead of Expo 2020 by notifying about bad practices to its call centre 800900 and by doing modifications and necessary beautifications in their buildings. sajila@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
