Tag Archives: green
Prime central London house prices expected to be flat for rest of 2014
House prices in the prime London market are expected to stay flat until end of the year after slowing considerably in the third quarter of the year. House price growth across the sector slowed to 0.5% from 3.1% in the previous quarter, according to the latest London Property Monitor from estate agent Marsh & Parsons. The data also shows that the ratio of buyers per property dropped to 12 in September, as supply soared 13% in three months. However, one and two bedroom homes in the outer prime London sector outperformed the rest of the city in annual growth stakes, up 19% in past year Overall, following a robust 11.4% climb in prime London property values over the past 12 months, equivalent to £163,973, there has been a sharp drop in the rate of quarterly price growth across the capita. The report suggests that house price rises have been steadied by rising supply of prime London property on the market, up 13% in the last three months. This has cooled the level of competition in the market and the number of registered buyers per available property in Prime London has fallen from 24 at the start of 2014 to 12 in September. ‘We’ve reached a plateau in the course of house price growth, and the path paved out for London property prices for the rest of 2014 looks to be levelling off. This isn’t terminal, but just a necessary pit stop in the long term growth and sustainability of the market,’ said Peter Rollings, chief executive officer of Marsh & Parsons. ‘And it doesn’t mean we’re in for a quiet winter either. Sales will continue, albeit at a more normal level, as buyers revel in the greater choice on offer, and without the frenetic competition many faced at the start of the year. With more realistic pricing sellers are prospering too, and on average 98% of the asking price is currently being achieved on properties sold,’ he explained. He pointed out that in the hubbub surrounding the property market recently, seasonal patterns have been lost in translation. The majority of house price growth typically falls in the first half of the year, so this autumnal re-calibration is nothing new. He believes that in the run up to the general election next May caution will be exercised by many home owners and would be investors, as high end property is marked out as a key battleground for politians. ‘Wading in with a mansion tax threatens to douse the growth at the top tiers of the market, and in London especially, thousands of ordinary families would get swept up in its wake. Packaging it as a levy on mansions is misleading as across the capital it is tricky to find a home big enough for your average 2.4 family without a million pound price tag,’ added Rollings. The agent believes that there are still strong capital gains to be had… Continue reading
NLA calls for extension to PRS energy efficiency deadline
The National Landlords Association (NLA) has warned the UK government to tread cautiously in introducing minimum energy efficiency requirements in the private rented sector (PRS). The NLA has also called for an extension to the deadline for rented properties to reach minimum energy efficiency standards after the difficulties in introducing Green Deal finance into the sector. The warning was outlined in the NLA’s response to the consultation on the implementation of the provisions in the Energy Act 2011 to set minimum standards in the PRS. ‘The government set an original implementation date of 01 April 2018 for all private rented properties in the expectation that Green Deal finance would be available from autumn 2012, and that it would be supported by ECO subsidy,’ said NLA chief executive officer Richard Lambert. ‘As it turned out, Green Deal loans were inaccessible to private landlords until April 2014, by which time the restructured ECO was by and large unavailable to the sector. The Green Deal Home Improvement Fund proved to be an inadequate replacement, with all the funding for the 2014/2015 financial year apparently allocated within seven weeks, and the prospects for future funding are now highly uncertain,’ he pointed out. ‘This means that landlords have already effectively lost almost two years’ time to act and there is likely to be a hiatus in Green Deal applications until the future of the Government incentives has been clarified,’ he added. He also pointed out that setting the backstop date by which all tenancies must meet the minimum requirements at April 2020 is too soon. ‘Given the difficulties associated with the funding, which look likely to persist, we believe that it would be sensible instead to review actual progress in 2020 and to set a new working provisional date of April 2023,’ said Lambert. ‘It is vital that we prevent the situation arising where a responsible landlord, faced with the choice between not complying with the regulations or investing thousands of pounds in the knowledge that they are unlikely to recover the cost, let alone see a return, concludes that the rational business decision is to leave a property unimproved and empty,’ he concluded. Continue reading
Gutsy Stephen Gallacher grabs Dubai double
Gutsy Stephen Gallacher grabs Dubai double (AFP) / 2 February 2014 The 39-year-old Scot became the first player to successfully defend the Dubai Desert Classic on Sunday. Stephen Gallacher birdied two of the last three holes on Sunday to become the first player to successfully defend the Dubai Desert Classic. Starting the day two strokes clear of the field, the 39-year-old Scot was reeled in by the time he walked off the second green as he strayed off the tee. But instead of going under after four bogeys in nine holes, he battled back and, on a day of high drama, emerged in front again on the back nine and held his nerve over the last three holes. The target of 15 under was set by Argentinian upstart Emiliano Grillo, who sunk a 40-footer for eagle at the par-five last after his over-cooked second outrageously rebounded back onto the green off an hospitality tent. Gallacher drew level with a birdie at 16 and then a sublime chip from the greenside rough for birdie at the next eased him back ahead. He needed to par the last to win and he managed that by sinking an edgy three-footer after his third shot had spun back too far to the edge of the front of the green. The title defence was something that other former winners such as Tiger Woods, Ernie Els and Seve Ballesteros were unable to accomplish and it revived Gallacher’s hopes of playing in the Ryder Cup in Scotland in September. “It took everything I had after the poor front nine, but I just tried to build on yesterday (63) and stay patient,” he said. “I was quite fortunate that no-one ran away with it and I just tried to hit every shot at a time, just like yesterday. “I knew a five was going to win it and it’s the only time that I’ve hit a back spin like that all week and it’s nearly gone in the water. “But yesterday was the key – to be 10 under through 10 holes. “I wish I could play this course every week.” Grillo was solo in second for the biggest prize of his fledging career so far with France’s Romain Wattel and Brooks Koepka of the United States a further stroke back on 14 under after a 66 and 70 respectively. Tournament favourite Rory McIlroy endured a torrid final day and could only manage a 74 and a tie for ninth. Woods, meanwhile, finished with a flourish, birdieing his final three holes for a closing 71. But he was already, at the start of the day, too far behind to have any say in the proceedings as he left Dubai tied for 41 st and still looking to kick his 2014 season into full gear. “Unfortunately I turned it around too late,” he commented. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
