Tag Archives: security
Views sought on UK Government’s Starter Home regulation
The UK government is seeking views on regulations surrounding its flagship Starter Home programme in England and has issued a consultation document. Under the regulations, which will form part of the Housing and Planning Bill, the government plans to allow build to rent developers to build Starter Homes off-site. ‘We propose that private rented sector developments could contribute to starter home provision and the requirement should be met through an offsite contribution for delivery of starter homes,’ the consultation document says. Overall it proposes a new statutory framework for Starter Homes that will include a general duty on local planning authorities to promote the supply of Starter Homes when carrying out their planning functions. The Bill would include a clause that sets a Starter Home requirement which means that local planning authorities may only grant planning permission for residential developments if the Starter Homes requirement is met. There would be reporting arrangements to ensure local communities, and especially first time buyers, are aware of what action local planning authorities are taking to support the delivery of starter home; and powers for the Secretary of State to intervene if local planning authorities fail to carry out their functions related to Starter Homes. ‘We are taking forward ambitious measures to increase the supply of housing and improve prospects of home ownership for many. We aim to deliver one million new homes to boost housing supply significantly. We want to ensure young people are not denied that which their parents took for granted, the opportunity to buy their own home, settle down and enjoy the security that home ownership brings,’ said Housing and Planning Minister Brandon Lewis. ‘That is why we have committed to building 200,000 high quality Starter Homes exclusively for young first time buyers under 40, to be sold at a minimum of 20% below the open market value. We want to see Starter Homes built on housing sites across the country,’ he explained. ‘The Housing and Planning Bill sets out the statutory framework for the delivery of Starter Homes, and will be supported by changes to national planning policy,’ he pointed out. The Government has already announced a £2.3 billion funding package to support the delivery of up to 60,000 Starter Homes. Of this funding £1.2 billion will, in the first instance, be made available to remediate or assemble brownfield land to deliver at least 30,000 Starter Homes through the Starter Homes Land Fund. The technical consultation document seeks views on the details for the regulations to be made under powers contained in the Housing and Planning Bill, including options for the Starter Homes requirement on reasonably sized sites. ‘We want to hear views so the resulting regulations are feasible, proportionate and effective. I am confident that these reforms will help a generation of young people into home ownership,’ Lewis added. The British Property Federation has been calling for build to rent developments to be exempt from providing an on-site Starter Home provision throughout the… Continue reading
Foreign buyers boosting Spanish property market, especially on Costa del Sol
An increased number of foreign buyers is set to boost the residential property market in the Costa del Sol in Spain, one of the country’s most popular areas with overseas purchasers. A new market forecast report from Instituto de Practica Empresarial (IPE) business school, in collaboration with property company Mar Real Estate, suggests the market could grow by 10% in the area. It also says that the market is set to grow by between 5% and 7% in major cities such as Madrid and Barcelona and 3% in other cities. The IPE says that home prices on the Costa del Sol are already up 10% this year, and now represent 5% of all sales nationwide and if sales continue growing at their present trend, the property market in Málaga province will increase to 20% of the overall Spanish market. The growth is buoyed by foreign demand for holiday homes on the Costa del Sol and the IPE report suggests that surging sales will help reduce the glut of new homes on the coast. Indeed, the excess inventory of new homes is expected to fall by 50% this year. Luxury home sales, in particular, are coming back strongly on the Costa del Sol, according to the IPE report, driven by a better exchange rate in Pounds and Dollars, and the security and stability of Spain. Meanwhile, the latest report from property valuation firm Tinsa says that the Spanish property market is undergoing a widespread recovery. Average property prices fell by 2% year on year in July, the lowest rate of decline since May 2008 but this masks growth areas along the Mediterranean coast in particular with some areas seeing price growth of 2.8% year on year. The data shows that on the Mediterranean coast, where prices have fallen by an average of 47.6% since the economic downturn, the average price of a home has increased by 3.8% since the end of 2014. This is more than large cities and the Balearic and Canary Islands where average prices have risen by 0.2% and 0.9%, respectively. Tinsa data also shows that five of the top 10 most expensive property hotspots are located in the Balearic Islands but Alejandra Vanoli, managing director of Mallorca Sotheby’s International Realty, said that there are prices per square metre in these locations that far exceed Tinsa’s estimations. ‘It’s not unheard of to reach as high as €30,000 per square metre for the most desirable Port Andratx home. Demand is strong from some of the wealthiest individuals and families in Europe, the US and beyond,’ she explained. Tinsa figures also suggest that the Balearics weathered the storm of the Spanish property market price ‘correction’ more positively than the rest of the country. While the average drop in prices across the whole country stands at 42%, in the Balearic Islands most regions registered less than a 35% decline. Palma was also highlighted by Tinsa as property transactions increased by more… Continue reading
Rich West Africans now buying in London’s prime property sector
Russians and the Chinese are known to be keen buyers in London’s prime property market but now investors from West Africa are entering this prestigious market. Prime London estate agent, Harrods Estates Mayfair Office, is reporting a surge in demand from West African buyers in Mayfair with a 40% rise in sales of luxury property to the nationality in the last 12 months and up 400% compared with the previous year. Shirley Humphrey, director at Harrods Estates, explained that the firm has seen a considerable increase in demand from West African’s looking to purchase a pied a terre in Mayfair. The majority are looking to spend between £2.5 million and £6.5 million on a two or three bedroom apartment, where they can stay when visiting London on business or for pleasure. As with many international buyers, West Africans are seeking apartments in luxury developments, which offer 24 hour security, concierge and spa facilities. ‘Family is very important to them and they prefer to cluster buy more than one apartment in the same building so that they have somewhere for their children, parents and grandparents to stay,’ said Humphrey. She pointed out that Mayfair is seeing resurgence over the coming years, with an array of new luxury developments in the pipeline and the return of many commercial buildings put back to residential use. The area has long appealed to British nobility, aristocracy and high society as well international wealthy individuals from around the world, including Middle Eastern, Chinese, Indian and Russian buyers. ‘Mayfair offers a village lifestyle in a fantastic central location. The excellent shopping on Mount Street and Bond Street, fantastic restaurants and five star hotels, contribute to the areas popularity and with Hyde Park and Knightsbridge a short stroll away, many of our clients love the location as both an investment and lifestyle choice,’ explained Humphrey. ‘West African purchasers are drawn to living north of Hyde Park or just off Park Lane on Upper Grosvenor Street or Mount Street and prefer period buildings with newly refurbished luxury interiors which they can move straight into. Although they are buying property as an investment, the key thing for West Africans is owning a home in London which they can use for a minimum of a few months of the year,’ she added. Continue reading
