Tag Archives: yahoo
Concerns voiced about lack of flood awareness among UK home owners
With the UK in the middle of yet another storm with high winds there are calls for a new approach to home building on flood plains and an increase in awareness for home owners. Land agent Aston Mead believes that the country needs to get rid of the notion that sand bags can prevent homes from being flooded and instead adopt a radically different approach. The call comes as new survey reveals that one in three home owners are unaware whether their home is on a flood plain or not. Almost 10,000 homes a year are built on floodplains, with an average of one new home in every 14 constructed on land that has a significant chance of flooding, either from a river or the sea. Aston Mead director Richard Watkins said that flood prevention should be at the core of construction on floodplains. ‘We can’t go on treating flooding as an afterthought. Instead, we should be building properties which are specifically designed to rise and fall with the flood water. The technology is already available out there, all we have to do is make best use of it,’ he explained. He points to designs for homes which are built on top of a pre-cast pontoon sitting inside an excavated concrete void. As flood water enters the void, the pontoon rises, guided by vertical rails which can be hidden within walls and chimney breasts. As the floodwater recedes, the house returns to its original position, with a pump removing any excess water. Access is available at all times using an articulated pathway, and services remain connected using a system of flexible knuckle joints. ‘This system is completely scalable, and designs of properties can range from the very traditional to the highly contemporary, with the footprint of the floating pontoon extending beyond the building itself to include garages, terraces and gardens,’ Watkins pointed out. ‘The pontoons can also be used as fully habitable basements and there are few limitations to size, design or even the number of storeys that can be added on top. An additional advantage is that as water fills the void, it reduces the amount of flood water passing onto neighbouring properties,’ he said. ‘These buildings can be mortgaged on standard terms by most lenders and they also qualify for standard household insurance despite being on the floodplain. What’s more, if they are also fitted with grey water recycling and photo-voltaic panels, they can remain fully functional safe havens even in the worst flooding conditions,’ he added. Recent Met Office figures revealed that December 2015 was the wettest month ever recorded in the UK, with almost twice the amount of average rainfall and more storms hit the country in January and already in February. ‘Resorting to a supply of sandbags in the garage just in case is no longer good enough. We can’t continue fighting… Continue reading
Survey finds over half of buy let landlords unaware of mortgage changes
Over half of buy to let mortgage applicants in the UK are unaware of forthcoming changes to mortgage tax rules and other changes that could affect their application, a new survey has found. Indeed, it is accidental landlords, those who did not intentionally set out to rent out a property, are least likely to know about these regulatory changes, according to the research from landlord insurance provider Direct Line for Business. It found that 62% of applicants were unaware of either the changes to mortgage tax relief or the European Union’s Mortgage Credit Directive (MCD), both of which could impact their ability to secure a mortgage. This lack of awareness rises to 71% amongst accidental landlords. This comes as it is estimated that accidental landlords account for around 17% of new mortgage applications, with overall buy to let mortgage applications growing by 29% in the past year. The research also revealed that only 7% of mortgage advisers believe that the MCD will have a positive impact on approvals of buy to let mortgage applications, compared to 59% who expect it to have a negative impact. The EU’s MCD could see circumstances where landlord mortgage lending will be viewed as consumer lending and could be subject to more stringent lending criteria. Accidental landlords with one or two rental properties may not be able to pass the expected new affordability tests. Changes to the mortgage tax relief are set to be phased in from April 2017 with landlords no longer able to deduct mortgage interest payments before calculating their tax bill. They will instead get a tax credit equivalent to 20% basic rate tax on this amount. Landlords are also set to be hit from April 2016 by stamp duty changes that mean anyone buying a second home or buy to let property will pay an extra 3% stamp duty. ‘The new EU legislation on mortgages coupled with the Government’s increase in buy to let taxation could significantly alter the buy to let market, so we would encourage any mortgage applicants to think carefully about the new law and how this could impact them as a landlord,’ said Nick Breton, head of Direct Line for Business. ‘With house prices in the UK rising by 7% in the year leading to October 2015, and with the estimated average deposit standing at more than £61,000, it is imperative that landlords are able to maintain a suitable amount of property to house the population of young people saving up to buy their first property, or those seeking a temporary stay in a town or city,’ he added. The firm urges landlords to make the most of existing tax benefits. Any money spent on keeping a property in a good state of repair is tax deductible, as are all broker and arrangement fees. Landlords can also claim the whole cost of council tax or utility bills that a tenant would pay. It also says they should keep up to… Continue reading
Indian, British and Pakistani buyers top list of non-Gulf area investors in Dubai property
Indian, British and Pakistani buyers topped the list of non Gulf area overseas real estate investment in Dubai in 2015, according to official figures. Indians accounted for AED20 billion ($5 billion) of transactions last year, followed by British buyers with AED10 billion and Pakistanis with AED8 billion, according to the latest data from the Dubai Land Department (DLD). However, buyers from the Gulf Co-operation Council states accounted for almost a third of sales, investing AED44 billion and Emiratis accounted for half of that at AED26.08 billion. Overall, the data shows that 55,928 investors from 150 nationalities invested a total of AED135 billion or $26 billion in Dubai real estate during 2015. Buyers from Saudi Arabia invested AED9 billion in property and those Kuwait accounted for AED3 billion of investment, followed by investors from Qatar, Oman and Bahrain. The data also show that Arabs from outside the GCC invested a total of AED16 billion in the Dubai real estate market, with Jordanians ranking the highest value investors with AED3.5 billion. Egyptians invested AED2.55 billion and Lebanese nationals invested AED2.53 billion. Significant investments were also made by nationals from Iraqi, Yemen, Sudan, Palestine, Libya, and Algeria. According to Sultan Butti Bin Merjen, director-general of the DLD the sheer diversity of investors in Dubai’s real estate market is an overwhelming endorsement of the emirate’s international appeal to property investors. ‘Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and return on investment,’ he said. ‘We are reassured with the size of investments from UAE citizens, in addition to the enormous demand from the GCC which provides the market with a strong shield from seasonal fluctuations,’ he added. Continue reading
