Tag Archives: green
Prime property market in south west London less volatile, research suggests
The prime south west London property market has change dramatically from a year ago with more domestic buyers and homes taking longer to sell, new research suggests. In prime areas such as Battersea, Clapham, Wandsworth and Chiswick, prices aren't dissimilar, but there are no longer shortages and the market is less volatile, according to a report from Stacks Property Search. ‘Domestic purchasers dominate whereas a year ago the market was dictated by investment buyers, with buy to live purchasers struggling to make an impact. Early in 2014, buyers would have to compete with numerous competitive bidders, and properties were achieving up to as much as 15% above asking price. Successful buyers were using cash and those who needed finance weren't getting a look in,’ said Sara Ransom. ‘The return of domestic buyers means that property is taking longer to sell. Surveyors and solicitors are required to undertake more due diligence, so where property was taking two or three weeks to exchange contracts a year ago, the average is now around three to four weeks,’ she explained. ‘While the market is more grounded, and prices are more stable, there is plenty of momentum, and there's little sign of anything slowing down for Easter or the election. Our expectation is that it will gear up post-election as we don't foresee any political scenario that might adversely affect the market,’ she added. Ransom also pointed out that one of the biggest hurdles for any buyer is now finance. ‘Buyers really need to be on the case well in advance of finding a property as the process is becoming more and more protracted. The difficulty is exacerbated because mortgage companies are reluctant to talk in 'principle' any longer,’ she said. ‘And there are some mortgage companies that are gaining a reputation for approving finance then pulling out further down the line. Another difficulty is that mortgage companies are insisting that borrowers use a solicitor that is on their approved panel, so you will need to check this before appointing a solicitor,’ she added. The firm also believes that buyers should also be aware that it's difficult to get more finance for improvements, so buying a property that needs renovating is tricky unless you have a substantial deposit. ‘My advice would be to seek out potential for future improvement rather than property that has an urgent need of refurbishment. Remarkably, there are good examples of property that offers this kind of promise. For instance, adding a loft conversion to the pretty cottages on the Shaftesbury Estate in Battersea, resulting in three bedrooms instead of two, can add around £100,000 to the value, while the cost of the work is about £50,000,’ said Ransom. ‘Take plenty of time to research and understand the market, and the individual pockets within areas. Prices can vary by as much as 10% to 15% street by street. And don't dismiss areas without doing some pavement explorations. London changes so quickly, and areas that would… Continue reading
Second phase of UK custom build fund announced
The second phase of a multi-million pound fund to help aspiring custom and self builders in the UK get their projects off the ground more quickly has been announced. The second phase of the £150 million fund is now open to bidders and will create up to 10,000 so-called ‘serviced plots’ which is land prepared for house building and connected to utilities such as gas and water, so builders can go straight in and build. According to Housing Minister Brandon Lewis the average self build takes two years but those using serviced plots can cut this by up to a year and he believes it will help further unlock the massive potential the custom build industry has to expand. The custom and self build industry currently accounts for around 10,000 new homes every year but the government is backing industry led efforts to double that by 2020. The £150 million fund is open to small builders and community groups as short term loans to help get the land ready for housebuilding. The land can then be sold as individual plots to people looking to build their own home. Lewis said he was determined to ensure as many people as possible could fulfil their custom build ambitions so he has given the green light for the first three bids to proceed to the next stage of assessment. Subject to successful completion three small builders in St Helens, South Norfolk and West Lindsey will receive a share of £850,000 to help provide 41 plots. ‘Custom build should not be something that’s confined to a small and select group of people. Anyone who aspires to build their own home should have the opportunity to do so. We want to see the industry grow significantly and this £150 million fund will help further unlock the massive potential it has to help even more people achieve their ambitions,’ said Lewis. ‘This fund will help create shovel ready serviced plots so small developers and custom builders can get on and build, finishing their projects more quickly,’ he added. Continue reading
Consultation launched on speeding up UK planning change
UK planning and housing minister Brandon Lewis has proposed new measures to speed up the planning system and provide new homes more quickly. He explained that so-called section 106 agreements, which attach conditions on a planning permission being granted, can often lead to extended negotiations that delay the planning application process. Now Lewis is seeking views on plans to speed up the process, getting planning permission agreed and workers on site more quickly. He said they can add months to the planning process and stalling work on the homes communities want. ‘Section 106 planning agreements can bring great benefits to local communities but too often they drag out planning applications for months. I’m proposing measures that will speed up the process, get planning permissions granted quicker and workers on site earlier, all the while keeping the community benefits that these agreements can bring,’ he explained. Section 106 agreements put requirements on planning applicants to make the proposals suitable for the area. These include mitigating a scheme’s impact such as through requiring improved transport to service it, providing an affordable housing element or requiring contributions from the applicant to be spent on other local schemes. The proposals are now open for consultation and include setting clear time limits so section 106 negotiations are completed in line with the existing eight to 13 week target for planning applications to be processed rather than letting them slow the whole planning process down. They also include requiring parties to start discussions at the beginning of the planning application process, rather than the current system where negotiations can often start towards the end. There are plans for a dispute resolution process where negotiations stall preventing development, using standardised documents to avoid agreements being drafted from scratch for each and every application and potential legislation in the next Parliament to give the new measures teeth. Lewis pointed out that this is the latest in a range of measures the government has taken to improve the planning system. Others include introducing the National Planning Policy Framework to cut more than 1,000 pages of planning guidance to around 50 and making it easier to convert existing commercial and retail buildings for residential use. Also on the agenda is removing the requirement for affordable housing and other contributions from small developers, saving up to £140,000 per home and at the same time maintaining strong protections for the green belt, which continues to prevent urban sprawl. The consultation on these proposals runs until 19 March 2015 and also seeks views on removing the need to contribute to affordable housing where a developer is building student accommodation. Continue reading
