Tag Archives: real-estate
Land around railway stations to be used for new housing in the UK
A massive programme of development of railway stations and surrounding land will deliver thousands of new homes, the UK government has announced. Up to 10,000 homes are to be built around rail stations and three local authorities have come forward with ambitious proposals for the first sites which aim to revitalise town centres. A new agreement between Network Rail and the Homes and Communities Agency will see them working with local councils to trail blaze development opportunities across England’s railway stations for housing and businesses. The Government wants to hear from at least 20 local authorities to take the scheme forward as York, Taunton and Swindon councils already have proposals to spearhead the new initiative and have identified railway sites that could be pooled to deliver housing and other locally led regeneration. Drawing on the example set by the transformation of Birmingham New Street, Manchester Victoria and London Kings Cross, the Government said that it will bring together high calibre technical expertise and local knowledge to increase development opportunities that exist throughout the entire rail estate. ‘We’re determined to fire up communities and back local business so they build much needed housing and create thousands of jobs. Rail stations are a hub of communities, connectivity and commerce and should be making the most of their unique potential to attract investment and opportunities,’ said Communities Secretary Greg Clark. ‘With record numbers of people travelling by train, it makes sense to bring people closer to stations and develop sites that have space for thousands of new homes and offices. This new initiative will bring about a step change in development and ensure we go further and faster in putting these rail sites to good use,’ he added. According to Transport Secretary Patrick McLoughlin it will put stations at the heart of wider community regeneration. ‘I’m pleased to see that exciting visions for regeneration at Swindon, Taunton and York are being developed, with the potential for hundreds of additional homes and new businesses. I look forward to seeing how Network Rail and the Homes and Communities Agency’s excellent work on these projects develop,’ he said. ‘Local areas are best placed to understand and identify the opportunities that exist within their communities. The Homes and Communities Agency and Network Rail will now work with councils on the opportunities they see and any plans already in place to explore how government can support them to deliver locally led regeneration and development schemes quickly,’ he added. Proposals suggest that land at York Central station can support up to 2,500 homes. Housing would be key to creating a sustainable new community and would include Starter Homes and community facilities. Around 100,000 square meters of office and commercial space for private sector firms could also support more than 6,600 jobs in industries such as professional services. Housing and office regeneration around the station could add £1.16 billion to the local economy. Regeneration at Taunton station could provide a significant increase in commercial spaces… Continue reading
UK house prices up 7.6% year on year, down slightly from previous month
UK house prices increased by 7.6% in the year to February 2016, down from 7.9% in the year to January 2016, taking the average price to £284,000, the latest official figures show. House price annual inflation was 8.2% in England, 2.8% in Wales, and 2.4% in Northern Ireland. But prices fell by 0.8% in Scotland, the data from the Office of National Statistics (ONS) also show. Annual house price increases in England were driven by year on year growth of 11.4% in the South East, growth of 10.3% in the East and growth of 9.7% in London. Excluding London and the South East, UK house prices increased by 5% in the 12 months to February 2016. Also excluding London and the South East, the average UK mix-adjusted house price was £216,000. On a seasonally adjusted basis, average house prices increased by 0.4% between January 2016 and February 2016, compared with an increase of 0.8% in average prices during the same period a year earlier. The index also shows that in February 2016, prices paid by first time buyers were 8% higher on average than in February 2015 while for existing owners prices increased by 7.4% for the same period. London continued to be the English region with the highest average house price at £524,000 and the North East had the lowest average house price at £158,000. London, the South East and the East all had prices higher than the UK average price of £284,000. David Brown, chief executive officer of Marsh & Parsons, explained that while annual growth was down slightly he believes that UK property prices are certainly on a solid footing and despite the regulatory knocks over the past year, London remains one of the leading regions out in front. ‘Government intervention has prompted a lot of yo-yoing in the housing market of late, and the last week of March was one of the busiest we’ve ever experienced. A sense of urgency was palpable in the last few working days leading up to the implementation of higher stamp duty on second homes and buy to let purchases, and solicitors were working around the clock to service more than quadruple our average number of purchase completions per day,’ he explained. ‘Now we’re over the hump and this immediate buy to let incentive has passed, activity is sure to level out into the summer months, but continued high levels of buyer demand will help to keep London house prices strong,’ he added. Rob Weaver, director of Investments at property crowdfunding platform Property Partner, pointed out that first time buyers are still feeling the pinch, with average prices paid by them of £214,000. He believes that as the rate of inflation on new builds is accelerating more than existing housing stock, demand is still outstripping supply but a mood of uncertainty over the June referendum on the country’s future in the European Union could slow house price growth. He also believes that a dip… Continue reading
Research reveals high number of sellers who end up paying inheritance tax
One in four properties sold in England and Wales in 2015 were above the inheritance tax limit and the number sold for more than £325,000 have doubled since 2009, new research shows. Proportions were even higher in some locations, for example, 94% of properties sold in East Central London were over the inheritance tax nil-rate band, says the research from Saga Investment Services. The research also found that just one in 10 individuals can correctly identify the IHT threshold for a single person, and a mere 4% for married couples and civil partners. Just 10% correctly said £325,000, some 21% thought it was higher and 19% said it was lower, while 50% didn’t know. The report points out that new ‘main residence’ allowance to be introduced in April 2017 will benefit home owners. Overall the number of properties sold at prices above the £325,000 starting point has doubled over the past six years from 13% of properties in 2009 to 24% in 2015, according to the study which analysed six years’ worth of property sales data published by the Land Registry. Despite the number of property sales in 2015 decreasing by 3.7% compared to 2014, sales exceeding £325,000 have soared by 11.4% over the same period. A breakdown of the figures show that after East Central London the next location with the highest number of property sales over the IHT threshold is West London with 90%, then South West London at 88%, the West End of London at 86% and North West London at 83%. But outside of central London, the proportion of properties sold above £325,000 has also been rising sharply. Some 28% of postcode areas have seen the number of property sales exceeding the IHT threshold double in the past six years, including Brighton, Bromley, Bristol, Cambridge, Colchester, Croydon, Durham, Northampton, Norwich, Portsmouth, Stevenage, Tweed, Uxbridge and Watford. For married couples and civil partners, any unused IHT allowance can be passed on to the surviving partner, meaning the total that can currently be handed over without a potential tax bill could be £650,000. Across England and Wales, the number of properties sold above this level has doubled since 2009, from 2.4% to 5.5%. There are 17 postcode areas in which one in every 10 properties sold in 2015 exceeded £650,000, compared to seven in 2009. In 2015 some 60% of all properties sold in the EC postcode area exceeded £650,000, up from 14% in 2009, while 56% of property sales in West End, 53% in West London and 44% of sales in South West London. The research also shows that just 4% of over 50s living in London correctly identified the IHT threshold for married couples and civil partners and 17% believed there was currently no maximum, while 20% thought the threshold was lower. On 06 April 2017 a new IHT allowance will be introduced for people passing on their main home to a direct descendant. This will rise each… Continue reading
