Rents in London have peaked in many locations with the market currently stagnant and facing uncertainty due to the UK deciding to leave the European Union, the latest analysis suggests. While Benham & Reeves Residential Lettings’ Heat Map generally shows relatively consistent trends across the capital, second quarter results show a disparate market. For example rents were up more than 4% in Chelsea but in nearby South Kensington they were down more than 4%. Similar contradictory results were to be found across London with adjacent areas showing wildly different fortunes. The report explains that even in the early part of this year, uncertainty over Brexit was affecting the prime central London rental market. Non-nationals were awaiting the result of the referendum while UK nationals were finding better value in East London and the suburbs. Rents in central London were falling, much to the frustration of landlords who were also suffering from the double blow of stagnating capital growth. Rental value growth was to be found in outer London until recently. However, the most recent figures from Benham & Reeves Lettings demonstrates that rental values have finally peaked there, as well. Most areas outside of prime central London saw rents plateau or boast only nominal growth. The report says it is perhaps noteworthy that there is a lack of definable trends. Hampstead Garden Suburb saw growth of over 4.5% while adjacent North Finchley saw rents fall by over 10%. The report suggests that the contrast may be due in part to the reopening of the Northern Line interchange at Tottenham Court Road. The eastern part of the City also saw double digit growth, thanks in part to the release of some highly anticipated new developments in the area, while the western part of the City saw rents fall by over 4%. ‘There is nothing the property market hates more than uncertainty. While the referendum result may not have been what many London residents wanted, it has provided us with an answer,’ said Marc von Grundherr of Benham & Reeves Lettings. ‘Our quarter two results are a reflection of what was happening in the market in the run up to the vote. If anything, the referendum result could be just what the market needed. The rental market always benefits in financially volatile times as people would rather rent than commit to buying a property,’ he explained. ‘Demand is still strong and since the referendum, we are receiving an average of 17 applicants per property compared to 13.9 at this time last year. Notably, many of the applicants have been from the EU,’ he added. Source link

5 May 2016 | Martin Read FM World and BIFM is inviting BIFM members to the Redactive London offices next week to have your say in the future role and format of our products in print and online. Two focus groups are taking place next Monday (May 9th) and Tuesday (May 10th), both at FM World’s London offices — 17 Britton Street, London EC1M 5TP (nearest station Farringdon). FM World’s editor, Martin Read, will facilitate both ninety minute sessions in which you’ll be asked about the content, presentation and style of our magazine. The meetings are part of BIFM’s ongoing project to ensure that FM World delivers maximum benefit and meets your needs as an FM professional. This is the latest stage of the research process that started with our readership survey in February and is now involving in-depth conversations with FM professionals and key stakeholders. There are two groups, each aimed at different BIFM experience levels: Monday 9th May – for BIFM members at Member, Certified or Fellow level – 5:00pm to 7:00pm Tuesday 10th May – for BIFM members at Affiliate or Associate level – 5:00pm to 7:00pm   Light refreshments will be supplied, and all we need on the evening is you and your opinions. The numbers in each group are limited, so if you can make it for either of the two events please contact Alexandra Edwards (alexandra.edwards@bifm.org.uk 01279 712645). Source link

The retail property management team was triumphant at the latest BCSC Purple Apple Marketing Awards walking away with two accolades for effective shopping and town centre marketing. The annual event took place at The Brewery, London on Thursday 5th May 2016. The Savills managed scheme, Crowngate Shopping Centre, was commended for ‘Cause Related Marketing’ on merits to collaborate with local schools, colleges and universities. In the ‘Events’ category, Savills efforts at Sterling Mills Outlet Shopping Village were commended and the introduction of a pop-up velodrome recognised as effective family focused marketing. Richard Hulme, head of retail management at Savills, comments: “This is a fantastic result for Savills that showcases the hard work of everyone involved. We will continue to strive to offer a best in class service but for now I want to wish the team congratulations.” The BCSC Purple Apple Marketing Awards are the only awards which recognise and reward effective shopping and town centre marketing within the UK retail property sector. Source link

Business tax rates for rooftop solar installations could rise by up to eight times next year. The solar industry is calling on ministers to intervene on the hike, which will “all but eliminate the incentive for businesses to invest in solar”, the Solar Trade Association (STA) claimed. Public authorities, schools and community buildings that have solar on their roofs are also at risk if the expected rise comes into force on 1 April 2017. The change is due to a wider evaluation of commercial rates that takes place every five to seven years. STA chief executive Paul Barwell said: “This is a huge increase in the running costs of a rooftop solar installation that will affect both existing and new projects. In some cases, it would actually send installations into negative returns. “Ministers must act now, otherwise this tax rise will all but eliminate the incentive for businesses to invest in solar.” The association also said that the considered rates “bear little relation” to the revenue generated by the installations as of next year, and are based on “fixed assumptions about capital costs of installation”. However, the way business rates legislation is worded is the issue and requires attention from government. The STA has been in talks with the Valuation Office Agency, the Treasury, the Department for Communities and Local Government, and the Department of Energy and Climate Change to discuss our proposals to exempt self-owned rooftop solar from business rates. Earlier this week, the STA launched an initiative to raise standards in the maintenance of large rooftop and ground-mounted solar systems. Source link