Tag Archives: government
Land Registry consultation launched on single digital property register in UK
A consultation is underway in the UK on changes to local land registry frameworks with interested parties from the property industry urged to give their opinions. It is currently intended that the Local Land Charges Rules 2017 will come into force on 06 April 2017. However, the rules will only take effect in relation to local authorities in stages, as there will be an incremental roll-out, it has been confirmed. The Infrastructure Act 2015 provides for the transfer of responsibility for Local Land Charges from local authorities to the Land Registry. The plan is for the Land Registry to provide a single, digital Local Land Charges register. ‘In today’s world, it is crucial that public services are available online. Customers expect to be able to access government information without delay or complication, and for a reasonable fee,’ said Graham Farrant, chief land registrar. ‘With our track record for modernising land related systems and our continually evolving digitisation programme, Land Registry is well placed to deliver the single, digital register for Local Land Charges information,’ he explained. ‘A single digital register held by a single provider will reduce overheads and eliminate regional variations in the speed, format and costs of the local land charges service. It will make the local land charges system fit for purpose in a digital era,’ he added. He pointed out that the provisions in the Infrastructure Act 2015 set up the framework for Land Registry to modernise and digitise property searches. ‘We will centralise and digitise local land charge information from the 326 English local authorities that currently hold and supply it. The result will be a far more efficient and cheaper service,’ Farrant said. ‘We will set a standardised national fee and turnaround time in contrast to the existing local variations in service, where fees range between £3 and £96 for the same outcome. A single source for improved access to property information will support a more streamlined conveyancing process and improve the ease of registration,’ he added. ‘This activity will ultimately help people who are buying and selling their homes, and support the Government aim to make dealing with property quicker, cheaper and easier. We are well placed to help achieve that aim because Land Registry is already at the centre of the conveyancing process and is the largest single source of property information. A single provider of local land charge information, rather than the 326 separate providers, and a modern digital system, are what is required for this part of the conveyancing process to underpin the property market,’ he concluded. The consultation seeks views on the proposed draft Local Land Charges Rules 2017 which will provide the framework for how the electronic Local Land Charges Register Service will work. As a result of the changes, the proposed Local Land Charges Register Service to be provided by Land Registry will improve upon the current services by introducing a single digital local land charges register,… Continue reading
Residential property market in Dubai looking stable, says latest report
The residential real estate market in Dubai maintained its stability in the year to April 2016, despite prices falling, according to the latest analysis report on the emirate. Despite a 9% year on year drop across the mainstream market, the General REIDIN sale price index remained relatively flat on a monthly basis, with no noticeable changes in the performance of both apartments and villas, says the report. Dubai’s prime market continued to outperform the market average with the prime price index down 5% in the 12 months to April 2016 compared to the previous 12 month period, the report from international real estate firm Knight Frank. It says that it is encouraging that prices in the prime segment increased 2% on a quarterly basis between the fourth quarter of 2015 and the first quarter of 2016. The performance of prime apartments outweighed that of villas, with the index pointing to a 2% quarterly increase over the same period. In turn, prime villas recorded no significant price change. The Knight Frank report also says that a number of factors have supported this regulation in prices and are set to support the return of confidence to the market including the government commitment to infrastructure spending. It points out that while it is too soon to estimate the impact of the Expo 2020 on the residential sector, continued government spending on infrastructure projects geared towards the event such as Route Metro 2020 and Dubai Parks & Resorts will promote confidence in the market and is expected to draw further inward capital. There is also likely to be some control of supply as there is a general consensus among developers of the need to phase out residential projects in line with demand and strong liquidity with the residential real estate market in Dubai continuing to attract capital from strong liquid markets such as Saudi Arabia and India, two of the traditionally top buyers of real estate in Dubai. In Abu Dhabi, sale prices remained relatively stable on the back of a shortage in quality residential supply with the General REIDIN sale price index recording a 1% increase year on year in the first quarter of 2016. The report says that while demand has declined on the back of corporate restructuring and cutbacks in government spending, this has been balanced by a slowdown in the delivery of projects, thus keeping the market steady. ‘Looking ahead, the residential market in the UAE is expected to soften over the second half of the year. While it’s difficult to predict when the next growth cycle will be, we expect the residential market to level out by the end of 2016 before seeing gradual recovery in 2017. We expect prime residential properties will continue to outperform the market average in the short to medium term,’ the report says. ‘We expect Dubai to continue attracting investments both regionally and globally. However the outlook for the emirate in general and the real estate sector… Continue reading
EU future uncertainty hitting prime central London sales and lettings
Sales and lettings in the prime central London property market have been hit by uncertainty over the UK’s position in the European Union ahead of the referendum vote on 23 June. After a period of increased activity, as buyers rushed to beat the April stamp duty deadline, the prime central London area is experiencing a subdued time, according to a new report from estate agency WA Ellis. ‘April saw the government collect a record of nearly £1.2 billion in stamp duty, as landlords rushed to beat higher stamp duty rates on second properties. These national figures are reflected by transaction levels within prime central London which have halved since March,’ said Richard Barber, director at WA Ellis. He believes that various apocalyptic visions of what may or may not happen if the UK voted to leave the EU have continued to confound the electorate over the last two months. ‘As a result, it would appear that buying a new property has been put on hold by the majority of potential purchasers until the future of the UK is determined,’ he added. Landlords in prime central London are being hit hard by the uncertainty, according to Lucy Morton, head of agency at WA Ellis and JLL, with rents being adversely affected. ‘There are reports of recruitment freezes across the city and firms delaying relocating staff to London to see what awaits the UK post referendum. This, of course, has had an impact on prices, and the unprecedented surplus of stock has put further downward pressure on the rental market,’ she explained. ‘With this in mind, we have been advising landlords to reduce rents, and this has yielded positive results with enquiry levels up, and a substantial increase in lettings being agreed. In this sort of market, minimising vacant periods is more important than waiting for a slightly premium rental offer,’ she pointed out. ‘For example, over the course of a year, a 5% higher rental offer is negated if it means that a property stays vacant for an extra two and half weeks. As always our message is clear: accurate pricing and pristine presentation should be a landlord’s main consideration in volatile market conditions,’ she added. Continue reading
