Buyer numbers levelling off The growth in the number of would-be buyers in the housing market started to slow down last month as recent surges in interest began to level off, according to a report from the Royal Institution of Chartered Surveyors (RICS). But it warned the slowdown might be temporary, due to the impact of flooding on parts of the country in January and February, and that further price rises could be expected. The Guardian, Page: 28 The Herald, Page: 9 Help to Buy should be permanent The Evening Standards Anthony Hilton says that the Help to Buy mortgage scheme has attracted disproportionate criticism for fuelling a housing bubble. Mr Hilton agrees with the view that George Osborne should guarantee the scheme will run for at least another three years and put in place plans to privatise it. The scheme has given house builders the confidence to build in volume and boost the whole economy, says Mr Hilton. Evening Standard, Page: 38 More women needed in construction industry The Construction Industry Training Board (CITB) has launched an initiative to encourage more women to take up careers in the construction industry. A new report suggests that only 1.2% of traditional construction trade roles are carried out by women. The CITB is working with partners and employers across Yorkshire to try and improve the perception of the construction sector among women. Yorkshire Post, Business, Page: 1 Cable warns or serious crisis The Business Secretary Vince Cable has admitted the UK risks another serious crisis by relying on rising house prices. Speaking at a conference Mr Cable said: We cannot repeat the mistakes of the past where British households became highly geared, where we were depending heavily on the confidence factor of high prices, which is not sustainable, and we then get into a serious crisis. Daily Mirror, Page: 56 HOUSING Housebuilding issues explored BBC reporter Brian Milligan considers what Chancellor George Osborne can do in his Budget to help deal with the lack of new homes in the south of England. We need to see a sustained period - probably 20 to 25 years - of very much higher levels of homebuilding to solve the affordability crisis, says the Home Builders Federation (HBF) in its Budget submission to the chancellor. The HBF is also asking for a return to the idea of outline planning permission, and for local authorities to be given more resources to speed up decisions. It also recommends that the first part of the Governments Help to Buy scheme be tapered, rather than ended abruptly, in March 2016. Mr Milligan looks at the issues facing the Chancellor. BBC News New rented homes on public land London Mayor Boris Johnson is to build new rented homes on publicly owned land. Two sites at Silvertown and Pontoon Dock in the east of the capital are up for sale using a legal covenant to ensure that any buyer must use them for rented housing. The sites have enough space for 700 homes. Richard Blakeway, Mr Jonsons deputy mayor for housing, said that the mayor wants at least a third of the homes to be for private rented housing and another third will be affordable rented housing. Mr Blakeway added that Mr Johnson plans to launch a state-backed housing bank, which would offer either cheap lending or guarantees to private developers in order to get homes built more quickly. Financial Times, Page: 4 Empty homes problem to be tackled A new report reveals that the number of homes left empty for months at a time in Londons most expensive neighbourhoods soared last year. New measures are expected to be included in next weeks Budget to combat the problem, with Danny Alexander, Chief Secretary to the Treasury, understood to have reached the conclusion that government action is the only solution. The Times, Page: 17 INTERNATIONAL Worldwide property investment at 7 year high The Times reports that property investment around the world hit $1.18trn last year — the highest number since before the financial crash in 2007 and 22.6% better than in 2012, according to Cushman & Wakefield. David Hutchings, head of Europe, Middle East and Asia investment strategy at Cushman, said: “The real estate market ended 2013 on a high and that momentum is building further this year with signs of a firmer occupier market as well as greater investment demand and new sources of debt set to drive investment activity and property pricing higher.” The Times (Web) INFRASTRACTURE Crossrail pushing up house prices According to a report from Countrywide, Lambert Smith Hampton and Hamptons International one in five new homes sold in London since 2009 has been within a mile of a Crossrail station. The agents suggest the Crossrail effect has also pushed up the price of homes within a mile of a hub by 34% in the past four years. That compares with an average 26% increase in London during the same period. The Times (Web) Bridging the gap David Spittles in the Evening Standard looks at how new bridges across the Thames are changing the dynamics of the capitals north-south property divide. Traditionally, north bank homes have been more desirable than those on the south bank and up to twice as expensive, according to research by Winkworth. However, the value gap is narrowing and some homes on the south side now cost considerably more than those they face across the water. Evening Standard, Homes and Property, Page: 6-7 PLANNING Looking upwards in London Nearly 250 towers of more than 20 storeys are being planned in the capital, according to a survey by think-tank New London Architecture and GL Hearn. At least 236 tall buildings are currently proposed across London. Nearly half have already secured permission and one in five are already being built. Twenty-two of these buildings will have 50 storeys or more, while another 33 have between 40 and 49 floors. The survey is the think-tanks way of attempting to gauge the effect the new towers will have on the London skyline and the shape of the city as a whole. Peter Murray, director of the NLA said: We need to have a planning system that is fit for purpose: to provide a vision for the city in the future and to control the way that development takes place in a reasonable manner. Financial Times (Web) The Times, Page: 16-17 The Guardian, Page: 9 Evening Standard, Page: 23 Birmingham to report the Land Registry Birminghams planning department has accused the national Land Registry of trying to create a monopoly on local land charges. The Land Registry has angered the local authority after lobbying Government to make it solely responsible for carrying out land searches, a service which is also provided by local authorities. Now Birmingham City Council has threatened to report the Government agency to the Office of Fair Trading and Competition Commission. The Birmingham Post, Page: 8 PRIME Greenland buys Canary Wharf site Greenland, the Chinese investor group owned by the Chinese State and one of that country’s biggest developers, is to confirm that it has purchased the Hertsmere site in Canary Wharf for nearly £600m. Greenland, advised by JLL, plans to develop a 242-metre tower with 700 flats and said the scheme would be the tallest luxury apartment tower in London. The Times (Web) RETAIL Retail developments Sheffield City Council is hoping to attract private investment to revive its £400m Sevenstone shopping centre project. The council is to launch a Sheffield Investment Fund to attract development and investment partners for its New Retail Quarter. Separately, construction on the £150m Leeds Victoria Gate shopping centre is to begin in April, creating 1,000 construction jobs and 1,500 retail and hospitality roles when open. Leeds councillor Richard Lewis said Victoria Gate would encourage much-needed economic growth in the city. BBC News BBC News Yorkshire Post, Business, Page: 4 COMMERCIAL PROPERTY Commercial projects at record high Savills Total Commercial Development Activity Index reveals that the number of commercial property projects in the UK has reached a record high. The level of private sector developments climbed by 2% in February, its highest point since 2003, according to the report. The Daily Telegraph, Business, Page: 4 Office occupancy costs DTZ Researchs 2014 Global Occupancy Costs - Offices report has revealed that average occupancy costs for prime office space across Europe grew by just 0.2% in 2013 to $8,800 per workstation per year. The report shows huge variations between European markets with Dublin experiencing growth of 12%, while occupancy costs in Paris fell by 12%. DTZs analysis shows London retained its position as the most costly of 138 global markets at $26,310. The Birmingham Post, Business and Property Review, Page: 17 Prospects good for Edinburgh Savills has said that a sharp increase in office investment activity during the past 12 months, keener yields, a jump in demand from occupiers, and early signs of rental growth all add up to bright prospects for Edinburgh in 2014. New figures show office investment in Edinburgh grew to £365m in 2013, compared to only £50m the year before. The Herald, Page: 22 FIRMS Pebble Mill final phase gets go-ahead Calthorpe Estates has been given the green light to complete the final phase of the £200m Pebble Mill scheme in Birmingham. With the scheme already 75% let, the developer has been granted planning consent for a 53,800 sq ft healthcare facility on plot four. The Birmingham Post, Page: 8 MORTGAGES A quarter of homeowners regret their mortgage choice A survey by Which? reveals that only one in four homeowners shops around for the best mortgage. The survey found 23% who got a loan in the past five years regretted not doing their homework. Some 40% simply took out a mortgage with their bank. Which? said: People are making one of their biggest financial decisions without fully comparing all the options.
Posted on: Thu, 13 Mar 2014 09:48:05 +0000
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