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Pilot custom build scheme for new homes announced in UK
A new development of 122 homes has been selected as a national pilot in the UK for large scale custom build, as part of an overall policy to boost this sector of the housing market. The proposed custom build site at Park Prewett, part of a major new housing development in Basingstoke, will be developed by ZeroC. The developer will provide homes under the custom build model, ranging from self-build to custom fit-out. Housing Minister Brandon Lewis said that each of the homes can be customised to the buyer’s specifications with various levels of custom build on offer to buyers. Plans for the site will also include 44 plots which will be allocated for affordable housing, along with a few entirely-self build plots that will be made available. ‘This government is committed to increasing housing supply and helping more people achieve their aspiration of home ownership whether that’s buying on the open market through schemes like Help to Buy, or to build,’ said Lewis. ‘We want to see custom and self-build grow significantly and believe it can play a role as part of a wider package of measures to help deliver the homes people want. The Park Prewett pilot is a fantastic example of our commitment to double the number of custom build and self-build homes by 2020 so anyone who wishes to design their dream house can do so,’ he added. Kim Slowe, managing director of Zero C, believes that it is an outstanding opportunity for the firm to pioneer the delivery of custom build in the country. ‘We plan to take the lessons learned and roll out custom build in all our projects within the UK,’ he said. According to Colin Molton, executive director of the HCA in the South and South West, custom build offers a more accessible route onto the housing ladder. ‘By giving people the option to take on some of the build themselves, we can reduce the cost of owning your own home,’ he explained. ‘We’ve made land available for custom build on pilot schemes across England, and aim to give many more people the opportunity to design their own homes in the future,’ he added. Lewis pointed out the Government will increase initiatives to further support the sector, with £350 million additional funding. A new flexible fund offering £1 billion in loan finance will replace both the Builder’s Finance Fund and the Custom Build Service Plots fund. This is on top of a range of reforms to support small builders, including the measure in the Housing and Planning Bill which will require authorities to allocate suitable plots to prospective custom and self-builders registered in their area. Continue reading
Rents in UK down by 0.4% in November, latest index shows
Residential rents in the UK fell by 0.4% in November, taking the annual rate of increase from 3.9% to 2.9%, according to the latest index figures to be published. The drop was led by London where rents fell by 0.6% month on month as part of the seasonal slowdown in monthly rent prices, according to the Landbay Rental Index. This took the average monthly rent in the UK to £1,290 and November’s rent increases were fastest for one beds that are most popular with first jobbers and young professionals which were up 4% year on year. The data also shows that three bed properties, which are often rented by families moving for work, saw rents rise by 3.6%. Overall, the index report points out that rents have been on a strong upward trajectory since early 2013 and have climbed 7% since January 2013 when they stood at £1,206, slightly ahead of wage growth which is up 4.8% since January 2013. The rental increase over this period has been led by rent rises for one bed flats, up 8.6% over the same period. The November data also reveals that the South East dominates the areas with the fastest rental growth. York was the only area from outside the South East to feature in the top 10 rental risers. According to John Goodall, chief executive officer of Landbay, London’s rental market is very sensitive to changes in supply and demand. ‘The November dip is likely to reflect softening tenant demand as new hiring slows in the run up to Christmas and fewer people move to the capital for work,’ he said. ‘On an annual basis rental inflation is tracking wage growth quite closely. Scotland was only part of the UK to see rental growth below 2%. The big picture is that we are in the midst of a housing crisis and that wages are rising and both these facts mean that rents are more likely than not to continue to climb next year,’ he explained. ‘With house prices rising at the same time it is little wonder that there is such a strong appetite for investments that are secured against British homes,’ he added. Continue reading
UK house prices up 7% year on year, latest index shows
UK house prices increased by 7% in the year to October 2015, up from 6.1% in the year to September 2015, according to the latest official statistics. The data from the Office of National Statistics also shows growth of 7.4% in England, 1% in Wales, 0.9% in Scotland and 10.3% in Northern Ireland. Average mix-adjusted house prices in October 2015 reached £300,000 in England and stood at £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland. Excluding London and the South East, UK house prices increased by 5.6% in the 12 months to October 2015 and month on month on a seasonally adjusted basis, average house prices increased by 0.8%. A breakdown of the figures show that the pace of annual house price growth was again varied across the nine English regions in October 2015. The largest annual increase was in the East at 10.4% followed by the South East at 9.5%. The North East had the lowest annual growth of the nine regions, with prices increasing 2.9% in the year to October 2015 but up from 1.8% in the year to September. London prices increased by 7.7% over the year to October 2015, up from 7.2% in the year to September 2015. Prices paid by first time buyers were 5.9% higher on average than in October 2014 while for existing owners prices increased by 7.4% for the same period. Rishi Passi, chief executive officer of Oblix Capital, believes that prices are set to continue growing in 2016. ‘As the economy stabilises, driven by improving job prospects, rising wages and recurring delays in interest rate rises, for the meantime at least, it’s likely this surge in house sales and price inflation will continue,’ he said. ‘Warnings that growth on this scale is unsustainable may ring true in the long term, especially in crowded London and the South East, as affordability issues become too significant a barrier to entry for first time buyers and low income families. Developers should take heed and look to other regions for their next opportunity,’ he added. Continue reading
