Strutt & Parker’s PCL (Prime Central London) data for the second quarter of 2015 shows a slight uptick on Q1 2015 – with the overall number of transactions up by 24% on the last quarter. However, when compared to the same period last year, the results are less positive, down
Housing Minister Brandon Lewis welcomed new figures showing a rise in the number of homes being delivered as proof that the government is keeping the country building and delivering the homes that hard-working people need. The latest housebuilding figures show that there were over 131,000 completions in the last 12
Bill Law has been appointed Senior Vice President, Corporate Communications at Volvo Construction Equipment. Bill brings over 20 years of experience in corporate communication roles both within the Volvo Group and outside the company. As part of the senior executive management team, Bill will be responsible for leading the development,
A special topping out ceremony has been held to mark the midway point in construction of the new £34 million Inverness Royal Academy. Morrison Construction, the main contractor for the project, along with representatives from The Highland Council, development partner hub North Scotland, and Inverness Royal Academy, came together at
Kier has been awarded a £34.5m contract with Royal London Asset Management for improvement works at Parnell House, a mixed-use development on Wilton Road in Victoria, London. The works will take place as part of the large-scale regeneration projects currently being undertaken to develop and modernise Victoria as one of
Strutt & Parker’s PCL (Prime Central London) data for the second quarter of 2015 shows a slight uptick on Q1 2015 – with the overall number of transactions up by 24% on the last quarter. However, when compared to the same period last year, the results are less positive, down by 9% on Q2 2014. Properties over £2m are 27% down in terms of number of transactions, but 40% up on Q1 2015. Properties under £2m are 1% down on Q2 2014 and 20% up on Q1 2015. Charlie Willis, Head of London Residential at Strutt & Parker, said: “The increase to stamp duty, along with the general election uncertainty and the recent changes to non-dom status, have meant that individuals have been more hesitant with purchases as they seek additional advice. However, this has not stopped buyers purchasing our highest quality stock as PCL remains a very attractive place to live.” Guy Robinson, Head of Regional Residential Agency, said: “Post-election, we are seeing moderately more demand from buyers, but new instructions remain in short supply. Inevitably, this is leading to pricing pressure. The top end of the market remains difficult, with transaction numbers low, on the back of increased costs such as stamp duty.” James Mackenzie, Head of the Country House Department at Strutt & Parker, said: “With the election over it was inevitable that the market would start late this year but we feel that it is only starting now. Enquiry and activity levels are gradually steadying as we move into what is normally a quiet two month period. It will be interesting to see what results this new surge of interest brings at the end of the summer.” Stephanie McMahon, Head of Research at Strutt & Parker, said: “The July Summer Budget did not announce any surprise policies that would apply major downward pressure on PCL prices, as most policies announced will be implemented gradually over the next five years. As such they are unlikely to have significant impacts in the short term. However, the changes to buy-to-let (BTL) tax could affect the market more quickly. The risk is that BTL landlords may be hesitant on new investments, or dispose of their existing stock, both of which could have a dampening effect on pricing. Although more likely to affect lower value stock, this will inevitably depend on the returns available from other investments.” McMahon continues: “There is also a general perception that the tax system in the UK has become gradually less attractive to overseas investors and higher earners over the years. Nevertheless, the UK remains a very attractive place to invest and property remains a desirable asset. We therefore expect price growth of 2.5% in PCL in 2015, and in the medium term, the outlook for 2016-2018 remains for 6% growth per annum. For the UK, we expect 5.0% in 2015, rising to 6.0% in 2016, followed by 7.0% for 2017-2018.”
Housing Minister Brandon Lewis welcomed new figures showing a rise in the number of homes being delivered as proof that the government is keeping the country building and delivering the homes that hard-working people need. The latest housebuilding figures show that there were over 131,000 completions in the last 12 months, 15% higher than in the previous 12 months and at their highest annual total since June 2009. Housing Minister Brandon Lewis said: Our One Nation government has got the country building again with today’s figures showing that 131,060 extra homes have been built in the past year. This has provided a real boost to the UK’s construction industry and is delivering the homes that hard-working people rightly deserve. However, we know there is more to do. That is why we have outlined plans to deliver 275,000 affordable homes by the end of this Parliament – the fastest rate of building for 20 years. We’re also determined to support those who aspire to own their own home, which is why we’re making up to £10 million available to bring forward brownfield sites to build new Starter Homes which will be available to young first-time buyers at a 20% discount. Housebuilding is at the heart of the government’s long-term economic plan. Latest figures from the Office of National Statistics have shown that output in the construction industry increased by 2.7% in June compared to the same month last year. Work on private new housing between April and June rose by nearly 3.9% on the previous quarter. The government has also given local people the powers they need to drive forward housing development with the number of homes in locally led plans up by a quarter. Before March 2012 the average number of homes planned for by local authorities stood at 573 per year. But radical reforms put Local Plans and housing delivery at the heart of the planning system. This has helped expand the housing pipeline with those Local Plans published after the reforms containing on average 717 homes per year. The government is also helping hard-working people achieve their dream of home ownership with more than 200,000 households helped to buy property through government-backed schemes since 2010.
Bill Law has been appointed Senior Vice President, Corporate Communications at Volvo Construction Equipment. Bill brings over 20 years of experience in corporate communication roles both within the Volvo Group and outside the company. As part of the senior executive management team, Bill will be responsible for leading the development, coordination and delivery of Volvo CE’s corporate communication strategy both internally and externally. Based at the company’s global headquarters in Brussels, Belgium he will replace Klas Magnusson who announced earlier this year that he will retire on 1st October after more than 17 years of service. Bill, 47, is from Scotland, UK and holds a degree in Law. He originally joined Volvo in 1998, where he held a number of senior positions in Europe, Asia and the Americas. Most recently Bill was Director of Corporate Communications at global fashion retailer C&A. Commenting on his appointment, Bill says: “I am very excited about this opportunity and look forward to driving our corporate communications at this important time for the business.” – See more at: http://www.volvoce.com/constructionequipment/corporate/en-gb/press_room/press_releases/_layouts/CWP.Internet.VolvoCom/NewsItem.aspx?News.ItemId=150772&News.Language=en-gb#sthash.dnE7o1bX.dpuf
A special topping out ceremony has been held to mark the midway point in construction of the new £34 million Inverness Royal Academy. Morrison Construction, the main contractor for the project, along with representatives from The Highland Council, development partner hub North Scotland, and Inverness Royal Academy, came together at the event (Tuesday, August 18) to celebrate the completion of the highest point of work on the building. Councillor Drew Millar, chair of the Council’s education, children and adult services committee and hub North Scotland chief executive Angus Macfarlane led the ceremony which involved the inflation of the twin-skin translucent roof over the facility’s atrium. The unique air-filled system allows for the transmission of over 90% of visible light, helping create a bright and striking entrance to the complex. Work on the new school, which is part of The Highland Council’s modern schools building programme, commenced in August last year and, once complete, will see a new four-storey six-year high school built on the site of the existing Inverness Royal Academy. The new school, which will consist of 15,963 sq m of floor space and is designed to be able to cater for 1,420 pupils, will have 39 practical, 40 non-practical and five tutorial classrooms with an additional six rooms being provided in order to accommodate a range of subjects to be taught in Gaelic. The existing school at the site on Culduthel Road will continue to operate during construction and will be used to accommodate a range of sports facilities once the new school is completed. Hub North Scotland is the driving force behind the planning, procurement and delivery of community-based infrastructure projects across the north of Scotland. The organisation is leading the project after being appointed by The Highland Council as development partner. Angus Macfarlane, chief executive of hub North Scotland, said: “This in an important milestone for the build of the Inverness Royal Academy and marks a year of construction work on the new facility. “Progress on the site is continuing to gather momentum and the topping out ceremony has helped provide a visual demonstration of the work that has already gone into what will eventually be a first-class facility which will bring major benefits to the wider Inverness community. “Successful partnership working really is at the heart of the hub model and we look forward to continuing to work with The Highland Council and main contractor Morrison Construction to enhance the modern school provision within the region.” Donald Mclachlan, Regional Director – Highland, for Morrison Construction said: “The inflation of the last area, the twin-skin translucent roof, is another exciting step towards the school’s completion, which is on time and budget, and we are all looking forward to seeing Inverness Royal Academy open to the pupils next June. “This is going to be a fabulous facility when it is finished and I am sure the local community will feel a great sense of pride in this building. This project adds to our portfolio of Schools built for Highland Council and strengthens our relationship with Hub North.”
Kier has been awarded a £34.5m contract with Royal London Asset Management for improvement works at Parnell House, a mixed-use development on Wilton Road in Victoria, London. The works will take place as part of the large-scale regeneration projects currently being undertaken to develop and modernise Victoria as one of central London’s most desirable locations. Kier Construction will undertake the redevelopment of Parnell House, which involves the infilling of the central atriums at the first six levels, to deliver additional office floor area, and the construction of an additional three floors, to provide space for 14 high-end residential units. The façade of the building will be completely removed and replaced with cast masonry columns and a mixture of bespoke curtain walling and aluminium/timber curtain walling systems. All of the mechanical & electrical systems are being replaced in the building while the office spaces are being fitted out to Category A standards, with the apartments being fully upgraded for the luxury central London rental market. To enable the new residential units to be built, the existing post-tensioned roof slab will be replaced by a substantial reinforced concrete transfer structure to carry the residential column layout above. Cliff Thomas, managing director of Kier Construction in London, said: “The redevelopment of Parnell House is a key phase in the overall redevelopment of Victoria. We will deliver a high-end mixed-use scheme while maintaining continuity of service for the existing tenant, J D Wetherspoon, who will occupy the ground floor of the building throughout the construction period. “We are also mindful of party wall considerations with the Grade II listed Apollo Theatre and Neathouse Place office block, and will bring our wealth of redevelopment experience to ensure a high quality finish.” Works have started on site and are expected to complete in spring 2017. The full scope of works consists of: Basement level – incorporating mechanical & electrical plant areas and tenant facilities including secure car parking, changing and storage facilities, commercial and retail floor spaces. Ground level – commercial and retail spaces with retained public house, secured bicycle storage, changing and storage facilities, double height entrance lobby and car park access entrance with car lift. Levels 1 to 6 – flexible commercial office spaces fitted out to Category A standards. Levels 7 to 9 – 14 high-end residential 1, 2 and 3-bedroom apartments.
