Tag Archives: year
Edinburgh property market sees strong start to the year
The Edinburgh property market has had a flying start to the year with encouraging levels of demand and high quality property coming to the market, it is claimed. There has also been an increase in property viewings, according to CKD Galbraith, following a year of steady growth for the Scottish property market. The firm’s statistics from the first quarter of 2015 suggest that this trend is set to continue with the firm’s overall sales up 24% compared to the same period last year. As the traditional spring selling season commences the firm’s offices across Scotland are generally reporting rising levels of buyer confidence and activity. CKD Galbraith research reported that the first quarter of 2015, from January to March, saw the number of properties on the Edinburgh market rise by 150% compared to the same quarter of 2014. Buyer interest was also significantly up with a 28% increase in property viewings and an 80% rise in potential buyers registering with the office in comparison to the previous quarter. ‘Edinburgh has experienced an increased demand for high quality city properties and I’m confident that our established team has an unrivalled advantage in the local market to be able to secure and sell such properties,’ said Jamie McNeill, from the Edinburgh office. ‘The statistics demonstrate a healthy market and we forecast this is likely to continue throughout the spring and summer months,’ he added. The data also shows that sales in Edinburgh increased by 50% compared to the last quarter, 62% of sales were completed by local buyers, 25% national and 13% international, and the average time taken by the Edinburgh office to sell property was seven weeks, with the quickest sale conducted in just one week. It found that 62% of purchases were made by cash buyers and there was an increase in the number of high end properties on the market at £400,000, probably due to the introduction of the new LBTT property tax in Scotland in April. The firm has asserted that the new tax system in Scotland, the Land and Buildings Transaction Tax (LBTT), should not put potential buyers from outside Scotland off, the local office’s sales teams are highly experienced in guiding buyers through the process. During the first quarter of the year nearly 10% of the firm’s sales were completed by international buyers. Continue reading
Private equity investment boosts commercial property market in Northern Ireland
The value of commercial property investment in Northern Ireland reached pre-economic crisis levels in 2014, according to a new report from Savills Northern Ireland. The emergence of private equity in the market resulted in approximately £500 million worth of commercial property deals completed by the end of the year, a 186% increase on 2013. Retail investment was to the fore accounting for 88% or £440.27 million of all deals and according to Savills, resilient jobs growth and positive momentum in occupational markets, particularly in the retail sector, has resulted in attractive returns for investors. Ben Turtle, a director of Savills Northern Ireland, expects this trend to continue in 2015. ‘One of the key drivers of investment activity has been rental growth and we expect both retail and office rents to increase this year,’ he said. ‘As a result, we see strong investor demand continuing into 2015 with £300 million of assets already scheduled for sale. This time last year that figure was £200 million,’ he added. Key investment deals which took place in 2014 included; The Obel, Donegall Quay, Belfast, Shane Retail Park, Belfast and Cityside Retail Park, Belfast. Savills NI transacted 78% of all investment deals in 2014. In the Belfast office market, Savills report that lettings in 2014 reached 348,500 square feet and were driven by improvements in the labour market, with private sector employment increasing by nearly 3.5% in the year to the third quarter of 2014. ‘This has resulted in a significant reduction in the availability of prime office space in Belfast and will result in continued rental increases this year. We estimate that approximately 500,000 square feet is currently required to meet occupational demand and it is expected that rents in the region of £183 per square meter will be agreed for deals in 2015,’ said Neal Morrison, a director of Savills Northern Ireland. The report also says that a strong economic backdrop has led to resurgence in retail activity with a number of new entrants coming into the market, according to Savills. Fashion and footwear and food and catering dominated take up of retail space in 2014, accounting for 61% of all deals in the year. ‘Renewed consumer confidence is now beginning to be reflected in the retail property market. While rents remain below peak levels and the supply of space exceeds demand, new entrants have started taking space in prime and secondary locations. With new arrivals across a variety of sectors, the broad based nature of the recovery is encouraging,’ explained Paul Wilson, a director of Savills Northern Ireland. Looking ahead, Savills say the rating revaluation in April 2015 could have a significant impact with a reduction in rates expected. For example, Donegall Place could experience a reduction of between 40% and 50%. Savills expect that the revaluation will put Belfast on a competitive footing with other UK regions. Limited supply of new housing development, in addition to strong demand, are expected to drive… Continue reading
Biodiesel Tops 1 Billion Gallons Produced This Year
Biodiesel board says RFS has helped industry grow Compiled by staff Published: Oct 25, 2013 New EPA statistics released Thursday show the biodiesel industry has cracked the 1 billion gallon mark for the third consecutive year, with several months of production remaining, the National Biodiesel Board said. Anne Steckel, NBB vice president, called the production levels a testament to the hard work of the biodiesel industry, noting the impact of the Renewable Fuels Standard in diversifying fuel supplies. Biodiesel, the first EPA-designated Advanced Biofuel to reach commercial-scale production nationwide and 1 billion gallons of annual production, uses a mix of resources such as recycled cooking oil, soybean oil and animal fats. The latest production figures, which cover volumes reported through September, show that the industry produced 140 million gallons in September, for a year-to-date biodiesel total of nearly 1.1 billion gallons. EPA’s production volumes are reported under the Biomass-based Diesel category of the RFS. The monthly numbers show a total of nearly 167 million gallons under the Biomass-based Diesel category for the month of September. That total includes some 27 million gallons of renewable diesel. For the year, total Biomass-based Diesel production under the RFS stands at more than 1.2 billion gallons, on pace to reach some 1.7 billion gallons by year’s end, significantly exceeding the RFS requirement of 1.28 billion gallons, NBB said. Continue reading
