The British Property Federation (BPF) has called in the UK Government to consider a raft of policy measures to support real estate, particularly the commercial sector. The calls comes following the publication of the latest report from the Royal Institute of Chartered Surveyors (RICS) which shows a significant decline in confidence, activity and investor interest in UK commercial real estate. The report, covering the second quarter of 2016, says that investment demand for commercial real estate has fallen sharply and that, although some immediate turbulence was to be expected following the European Union referendum, the sector may in fact face a far more significant downturn. The BPF is urging the Government to monitor the situation closely and consider introducing a package of support for the real estate sector, including accelerating its proposed reform of business rates to support activity in the broader business economy. It also wants it to delay the introduction of plans to restrict the tax deductibility of corporate interest expense for a year until 2018, to ensure that the rules are implemented in a way that doesn’t deter investment. And the BBP suggests the introduction of a range of tax reliefs for Build to Rent development, including CIL relief, relief for modular construction, and stamp duty relief for new build to rent developments on the condition that they will be let on tenancies of three years or longer with rent increases tied to inflation. It also wants an absolute and continued commitment to devolution and public infrastructure investment in the HS2 rail project, the East-West Rail Line, Crossrail 2, and an imperative decision on growing airport capacity. ‘This is not the time for knee jerk reactions, but commercial property and a number of the government’s priorities are interdependent,’ said Ian Fletcher, director of real estate policy at the BPF. ‘Ministers must closely monitor developments in the commercial property market and be ready to act in weeks, not months, if evidence continues of a slowdown in investment,’ he pointed out. ‘Commercial property investment is not always an obvious priority for governments because its social and economic impacts are indirect, but construction and development activity flow from it, ultimately impacting on jobs and economic growth,’ he added. ‘In scenarios like this the focus is often on construction, but you don’t get construction without an investment client, so it is essential that government monitors fluctuations in investment very closely,’ he concluded. Source link

Christopher Huxtable, 34, from Swansea, Ken Cresswell, 57, and John Shaw, 61, both from Rotherham, were last week identified as the three trapped men. Jade Ali, the partner of Mr Huxtable, told reporters: “All these meetings that they’re having, nothing’s coming out of them. We’re just getting kept in the dark. “It’s just disgusting, we need them out. They’ve given up hope on our men and we’re not going to give up hope. “We’re going to keep on fighting until they’re home. We are not leaving them there – that’s why we’re here today, to fight to get them out.” Ms Ali had previously criticised the rescue efforts, saying that her family had been “treated terribly” by authorities since the incident. She has also set up an online petition to “help the three trapped men in Didcot Power Station” which has been signed by almost 16,000 people. During the protest, Mr Cresswell’s wife Gail told the BBC: “We’ve got to have them home, we need them home – they need out of this. “They’re hardworking men who have worked down here all this time and this is the thanks they get, left under rubble all this time.” The families’ cause received backing over the weekend from Rotherham United FC, with the club offering its support on Twitter . 1/2 #rufc are supporting the campaign to raise awareness of the 3 men who remain trapped following the Didcot Power Station disaster. — Rotherham United (@OfficialRUFC) March 11, 2016 In a joint statement on Friday, the Health and Safety Executive and Thames Valley Police said: “The priority of the multi-agency response remains the recovery of the missing men so they can be returned to their families. Specialist officers from Thames Valley Police continue to support the families at this difficult time and we are providing them with regular updates on the progress. “The site owners RWE have overall responsibility for the safety of buildings and structures on their site. They must produce a plan for a safe method of working before the next stage of the recovery can begin. Once this is received and approved by HSE, emergency services are on hand to recover the missing men. “Preparation at the site, for the recovery, is taking place and will continue over the weekend. “We are working hard to identify as soon as possible what caused the building to partially collapse, to provide answers and prevent such a tragedy happening again.” Coleman & Company issued a statement about the missing men last week, saying: “We know how much they are deeply loved and missed by their families. We share their hope that our men are recovered soon and returned home. Thames Valley Police previously warned it was “highly unlikely” that the three missing men would be found alive. Part of the 10-storey boiler house at Didcot Power Station collapsed just after 4pm on 23 February. Michael Collings, 53, from Cleveland, was found dead following the collapse, while five other men were taken to hospital with serious injuries and have since been released.   Source link

A Darlington man has been jailed for carrying out illegal gas work on three occasions. Teeside Magistrates’ Court heard Neil Simon McKimm (trading as Macs Plumbing Services) carried out gas work including servicing boilers. McKimm used the alias of a legitimate gas engineer to deceive his customers. An investigation by the Health and Safety Executive (HSE) found that Neil McKimm repeatedly falsely pretended to be a legitimate Gas Safe engineer and falsely signed official records in the name of a legitimate gas engineer. Neil Simon McKimm (trading as Macs Plumbing Services and alias as Robert Welsh), of West Moorland Street, Darlington, was found guilty of breaching Section 3(2) of the Health and Safety at Work etc. Act 1974; Regulations 3(3) and 3(7) of the Gas Safety (Installation and Use) Regulations 1998, and was sentenced to prison for eighteen months. HSE inspector Paul Wilson said after the hearing: “Gas work must be carried out by properly registered Gas Safe engineers, and HSE will robustly pursue those that break the law.” For further information on Gas Safety visit: http://www.hse.gov.uk/gas/domestic/ Notes to Editors: The Health and Safety Executive (HSE) is Britain’s national regulator for workplace health and safety. It aims to reduce work-related death, injury and ill health. It does so through research, information and advice, promoting training; new or revised regulations and codes of practice, and working with local authority partners by inspection, investigation and enforcement. www.hse.gov.uk More about the legislation referred to in this case can be found at: www.legislation.gov.uk/  HSE news releases are available at http://press.hse.gov.uk   Journalists should approach HSE press office with any queries on regional press releases. Source link

Kensington Mortgages has announced this morning that it has increased the maximum loan limits for Buy to Let mortgages and for those taking their first step on to the property ladder. Kensington revealed that it has increased the maximum loan on BTL mortgages by £500k – now standing at £1.5m. Under the new changes, FTBs can enjoy an increase as well with loan value doubling from £500k to £1m.   Kensington is able to assess affordability Residential mortgages by assessing a range of income sources from self-employed earnings to bonus income and even vested shares. Affordability will be based on the latest year’s salary for self-employed and contract workers, whilst applicants with a strong credit profile will have up to 100% of their earned income assessed. Steve Griffiths, Head of Sales and Distribution at Kensington, said: “Whether it is for Residential or Buy to Let, larger loans of more than £500,000 are rarely straightforward and often require individual assessment by an experienced underwriter. This approach is central to the way we approach every application we receive, and so it’s great news that we have been able to extend our criteria to larger loans for First Time Buyers and Buy to Let landlords.   Many First Time Buyers looking to borrow more than £500,000 will look to include bonus or self-employed income within their affordability and we have the expertise to properly assess all of an applicant’s income, whether it comes from self-employment, bonus payments or investments.   These are exciting developments at Kensington and there is plenty more to come. We will continue to identify straight forward solutions to complex mortgage applications, and introduce more developments to our products and proposition throughout the year”. Source link