London is to see a boom in the construction of luxury properties over the next 10 years, new analysis has suggested. According to research from consultant Arcadis, some 35,055 top-end homes will be built in the capital over the coming decade. The figure is an increase of 40% on the
Midland Lead has been awarded with the new ISO 14001 2015 Environmental Management accreditation. The business is the leading manufacturer of lead sheeting in Britain, so their receipt of this award is great news for British industry as well as Midland Lead. The accreditation has been awarded by the British
The Government’s Business Rates System is giving holiday home owners, who make their properties available to rent, a windfall of millions of pounds in tax reliefs at the expense of those businesses paying full business rates, according to Colliers International, the global commercial real estate agency and consultancy. In the
The Federation of Master Builders, or the FMB have said that, according to the figures Homeowners should book their builder at least four months before the project begins in order to reduce the risks of hiring a cowboy. The research that has been carried out also showed that a large
London is to see a boom in the construction of luxury properties over the next 10 years, new analysis has suggested. According to research from consultant Arcadis, some 35,055 top-end homes will be built in the capital over the coming decade. The figure is an increase of 40% on the last prediction from 2014, when it was thought the number of such properties built would be 25,000. In total, the sales value of these homes will come in at around £77 billion. They will be mainly flats and apartments valued at more than £1 million, and will cover upwards of 40 million square feet. Yet despite this projected surge in construction, demand for such properties is actually falling, according to the research. This could mean that a number of the projects end up being repurposed as commercial properties, or even downgraded to become cheaper homes. The fall in demand is also leading some developers to re-evaluate the money they had planned to spend on areas such as interior design and fit-out specifications. Mark Cleverly, head of commercial development at Arcadis, said the house-building sector in London is one of the strongest around. But he added that a number of factors are also having an impact on the state of the industry, which could require developers to adapt. “Since around 2009, the value of prime residential property in central London has seen dramatic rises, making it one of the hottest markets in recent memory,” he said. “That said, things are changing. Land, materials and labour are growing in price, meaning the costs involved in actually building these homes is growing significantly. “This, coupled with a recent gradual easing off of buyer demand, could affect margins and mean investors opt to convert their developments to target the more buoyant office and commercial markets.” Greater London will see 3,650 construction jobs created every year for the next five years, according to CITB’s latest Construction Skills Network report. Source link
Midland Lead has been awarded with the new ISO 14001 2015 Environmental Management accreditation. The business is the leading manufacturer of lead sheeting in Britain, so their receipt of this award is great news for British industry as well as Midland Lead. The accreditation has been awarded by the British Standards Institution. The updated ISO has been given to the manufacturing business in order to recognise and showcase their commitment to reducing the environmental impact that their operations have. The company also have the extra gift of being awarded the accreditation ahead of schedule. The business was audited by the British Standards Institution in November 2016 with the accreditation given in the December of last year. Midland Lead has carried out a number of improvements recently to implementa more energy efficient crane for use in their refinery plant. The business has also invested in schemes to make their operations more efficient such as truck upgrades and LPG-operated forklifts. These forklifts use Autogas which reduced the CO2 exhaust emissions. Other upgrades include the installation of LED lighting throughout the factory. The company passed the audit, but is concentrated on upkeeping their environmental procedures and making sure that everything possible is done to operate more sustainable. The new ISO was introduced in 2015 and focuses of identifying the lifecycle of the products as a way of making companies pay attention to the wider impact of their operations. This update to the ISO 14001 2015 means that Midland Lead’s factory and supply chain upgrades needed to be reflective of the company’s lead sheet product, which is made from 100% recycled lead and has a predicted lifespan of more than 60 years. The Government is striving to make vehicles more energy efficient by 2020 and the ISO 14001 encourages companies to maintain the enthusiasm for improvement and to constantly push to be more sustainable. It is with this mentality that Midland Lead continues to operate.
The Government’s Business Rates System is giving holiday home owners, who make their properties available to rent, a windfall of millions of pounds in tax reliefs at the expense of those businesses paying full business rates, according to Colliers International, the global commercial real estate agency and consultancy. In the current business rates environment, second home owners, who make their properties available to rent as holiday lets for 140 days of the year, often qualify as small businesses, and are entitled to relief on 100% of the business rates payable if their properties have a rateable value of less than £12,000. And those whose properties have a rateable value between £12,000 and £15,000 are also entitled to relief on a sliding scale, in line with the Government’s small businesses rates relief policy. Colliers analysed the potential rate bill of 7300 holiday homes in Cornwall and found that over 7150 of those second home owners had properties with a rateable value of less than £12,000 and so are paying nothing in business rates. This means that they are being subsidized by £13.2 million, compared to if they were paying their business rates. Over the five-year rating list, this equates to £66 million. If they were paying the equivalent Council Tax they would pay up to £3371 (Band H 2017/18) per property, and with the average Council Tax of £2036 in 2017/18, receive a saving of £14.6 million or £72.8 million over 5 years. Adding in the properties on the sliding scale of business rates relief and then multiplying this across the other counties in the UK where second home owners offer holiday lets and receive the rates relief, it appears that second home owners are being subsidized by many millions of pounds. John Webber, Head of Rating at Colliers International commented, ”The Government’s Business Rate system is totally unjust and needs serious reform. It’s a scandal that those who have holiday homes and rent them out are able to take advantage of the Small Business Rates Relief and so pay less tax, putting the burden of the rates bill onto other businesses who are struggling to pay their bills. The 2017 business rate revaluation resulted in many businesses being hammered when revalued, particularly the smaller specialist high street retailers in the major cities, but also other businesses that provide jobs and make major contributions to the economy. I doubt many second home owners would begrudge paying these charges but if the Government is foolish enough to allow this to happen then it is the Government’s running of the system that should be seriously questioned’ He added, “We do not criticise second home owners that take advantage of this tax break through making their properties available to let- that could be considered sensible tax planning. But we do criticise that the Government has allowed this situation to happen and has ignored the rating industry’s calls for root and branch reform of the business rates system. “ Colliers Manifesto for Business Rates Reform includes: More frequent revaluations, three-yearly, at least, by 2022; Increase funding for VOA in order to deal with existing appeals’ backlog; Release VOA from pressure exerted by local councils and HM Treasury; Introduce a register of appeals professionals – removing the ‘cowboy’ element; Root and branch reform of current business rates exemptions and reliefs.
The Federation of Master Builders, or the FMB have said that, according to the figures Homeowners should book their builder at least four months before the project begins in order to reduce the risks of hiring a cowboy. The research that has been carried out also showed that a large amount of consumers don’t think to ask their builders for more essential things required for work such as a contract or any references before they start a significant piece of building work. Brian Berry, the Chief Executive of the FMB has said that is a builder claims to be free to start work pretty much immediately then there should be concerns. There is a high demand for skilled workers in the building industry at the moment, with a lack of people working in the sector. This means that nearly one in two builders would need to be contacted at least four months in advance, according to the research. Over the past two years the workloads for builders has been increasing and plentiful. The Federation therefore ask homeowners wanting to start a home improvement project to contact any prospective builders as soon as possible in the phases of work in order to avoid disappointments and delays to their schedule. Not contacting early and then choosing a builder who can get to work straight away increases the risk of working with a dodgy builder. On top of choosing builders who seem to be more free than a busy professional builder, homeowners are also at risk when approaching a building project. The majority of builders say that clients can fail to ask for a contract and references before work starts, leaving them vulnerable to dodgy operators as well. Other things that the Federation are highlighting the importance of is agreeing a payment schedule, making sure that they have key warranties for the work that is carried out and finding out if the builder has any external accreditation or recognition.
