Tag Archives: green
Millions of pounds handed over to councils for new homes in UK
Housing Zones around the UK are now receiving funding that the government says will kick start work to build tens of thousands of new homes. Nearly £6.3 million is being distributed to help revive brownfield sites across the country which comes on top of a £1.2 billion Starter Home Fund designed to prepare brownfield sites for at least 30,000 new homes. The funds will be used to speed up work, enabling homes to be delivered quickly and most of it will go to councils to help with work in 19 out of the 20 flagship Housing Zones, which are described as a new approach to getting new homes built easily and quickly. The 20 Housing Zones, spread across the country, will see councils working in partnership with private developers to deliver the new homes on brownfield land. Housing Minister Brandon Lewis also said that the government is also committing to work with an additional eight short listed potential Zones and together these have the potential to deliver 45,000 new homes. ‘Housing Zones offer enormous potential to use brownfield land for new homes which is why this government is determined to get them built out as soon as possible. This funding will play an important part in getting work underway which will lead to new homes and more security for aspiring home owners,’ he explained. ‘Britain is building again with the number of new homes up 25% in the past year and these zones will play an important part in giving an extra million people the chance to achieve their dream of home ownership,’ he added. The funding includes £600,000 in Guildford, £27,000 in Hertsmere, £700,000 in Thurrock, £150,000 in Gedling, £165,000 in Greater Gainsborough, £240,000 in Stoke city centre, £213,616 in Derby and £220,000 in Gateshead. There is also £365,000 in York, £261,000 in Wakefield, £165,000 in Preston, £700,000 in Weston-Super-Mare, £124,116 in East Hampshire, £300,000 in Gloucester, £313,000 in Bath and North East Somerset, £100,000 in Hinkley, £300,000 in Bristol, £330,000 in Tewkesbury and £30,000 in Poole. The remaining £740,000 from the fund will be used to provide specialist technical support to the Zones. There will be further new developments coming in 2016 as part of the Housing and Planning Bill including a new legal duty on councils to guarantee the delivery of Starter Homes on all reasonably sized new development sites, and to promote the delivery of Starter Homes in their area. Also there will be permission in principle for sites identified in plans and brownfield registers to give certainty around the sites that are suitable for housing, while protecting the green belt and planning reforms to support small builders requiring councils to ensure they have shovel ready plots to match the local demand for custom build. Continue reading
Report identifies 18 areas in the UK with new home development opportunities
There are 18 areas in the UK where economic fundamentals suggest there are good opportunities for developers at a time when the government wants to build more homes than ever. An analysis from international real estate firm Knight Frank and planning consultancy Barton Willmore names them as Leeds, Manchester, York, Durham, Birmingham, Nottingham, Warwick, Leicester, Brentwood, South Cambridgeshire, Bristol, Bath and North East Somerset, Exeter, Cherwell, South Oxfordshire, Guildford, Reigate and Banstead and Tunbridge Wells. Factors examined included economic growth, employment growth, stock to sales ratios, affordability and liveability. These rankings were then placed alongside the latest conditions in the local planning environment as well as local knowledge, to highlight areas which suggest there is the possibility for outperformance for developers, not only in terms of pricing but also market absorption. Justin Gaze, joint head of residential development at Knight Frank, said developer interest is now much wider than just London. ‘Increasingly, our clients are looking at regional cities and districts for future potential and the report demonstrates from an economic and planning perspective where these development opportunities are likely to be,’ he explained. According to Iain Painting, planning partner at Barton Willmore, these opportunity areas are aligned with the increased emphasis on urbanisation, focusing on many of England’s key cities, but also demonstrate that development opportunities are not purely based in the South East. In the North of England it is Manchester and Leeds that are expected to be among the areas which will experience the strongest rates of household growth over the next 10 years, while York scores particularly highly on liveability rankings. The report suggests that the green belt will pose constraints for developers in and around Durham and York but at the same time, there is a need for more site identification, as these two areas do not yet have a five year land supply. York boasts policies to boost housing supply as it has been identified as one of the first Housing Zones in England. Meanwhile, Leeds plays host to an Enterprise Zone and the North East Combined Authority, of which Durham is one of the constituent boroughs, has also bid for 175 hectares of Enterprise Zone over 10 sites. The report points out that this new combined authority has just been granted extended powers over housing. Of the four Development Opportunity areas, only Leeds has an approved local plan and as policymakers push ahead with the ‘Northern Powerhouse’, especially the transport infrastructure to support this, the opportunities in the North of England will widen, it adds. The report explains that not only does Birmingham have an Enterprise Zone, but also a planning department committed to large scale regeneration of many parts of the city. Nottingham is also an Enterprise Zone area and has a local plan and five year land supply in place. ‘However, our data shows that the current pipeline supply of schemes in this local authority may fall short of household growth projections,’ the… Continue reading
British property rents up 2.7% annually, fastest rate in three years
Private rental prices in the UK increased by 2.7% in the 12 months to September 2015, but there are considerable regional variations, according to the latest data from the Office of National Statistics. Private rental prices grew by 2.8% in England, 1.6% in Scotland and 0.5% in Wales, while excluding London they increased by 1.8% year on year. In the capital city they were up 4.1%. Rental prices increased in all the English regions. The largest annual rental price increases were in London followed by the South East at 2.7% and the East also at 2.7%. Rental price increases have been stronger in London than the rest of England since November 2010. The ONS index report says that the rental market in Great Britain continued to show signs of strength with rental prices now growing at their joint fastest annual rate since October 2012. Increasing demand for rental properties coupled with low supply may be supporting price growth, it adds. August’s ONS House Price Index showed that house price growth has typically been stronger than rent price growth for a number of years. The Bank of England’s Agents’ Summary of Business Conditions for the third quarter of 2015 reported the long term growth in demand for rental properties continued in the three months to September. The Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) for September confirmed this robust growth, noting the strongest tenant demand since the second quarter of 2012 in the third quarter of 2015. Despite signs of a slight increase in supply growth, growth in demand continues to outpace supply. While the latest RICS release did suggest a marginal increase in new landlord instructions, the longer term trend within the wider housing market is one of under supply, the report points out. Reflecting the Bank of England’s August Inflation Report, which noted that supply remains weak within the housing market, the Association of Residential Letting Agents reported a dwindling supply as the average number of properties held per branch fell by 5.8% in August. According to Rob Weaver, director of investments at property crowdfunding platform, Property Partner, it is no surprise than rents rose the most in London, as the supply issue in the capital is especially pronounced. ‘We need to build more homes, but there are a number of obstacles getting in the way, from slow moving planning departments to the practice of land banking. Recent initiatives such as the Government's decision to make it easier to convert commercial property into residential property are a step in the right direction,’ he said. ‘Unused office space is a way to tackle the housing shortage without eroding the green belt. We need more initiatives like this from both the public and private sector if we are to get Britain building and genuinely improve supply,’ he added. Steve Bolton, founder of Platinum Property Partner, also believes that a shortage of suitable properties, coupled with strong demand, both… Continue reading
