The London prime rental market is starting to cool after a year of record breaking growth with rents either plateauing or seeing slight growth for a third quarter in a row. The latest data report from Benham & Reeves Residential Lettings reveals that this follows a frenzied 2015 which saw unprecedented growth for the first two quarters before finally slowing as the market paused to absorb the changes. Many parts of prime central London saw rents fall, reflecting a trend which has seen demand increase in the inner suburbs, according to the report. It explains that as demand from wealthy non-nationals wanes in the run up to the referendum in June on the UK’s future in the European Union and currency controls put in place by foreign governments, the demand for luxury property in Belgravia, Knightsbridge, Chelsea and surrounding areas seems to have peaked. However, it is still anticipated that the fall in Sterling’s value will make prime central London more attractive over the coming months so this decline is likely to be temporary. Rental growth in the inner suburbs continues as the domestic market gains further confidence. Wandsworth saw strong growth as did most of the trendy parts of east London. There is also demand for rental properties in Notting Hill, Bayswater, Queen’s Park and Kensal Rise where larger homes offer comparative value. North London, particularly Colindale, Golders Green and Hampstead Garden Suburb that have seen the most substantial growth. This was widely anticipated as rental growth had been supressed in recent quarters while Crossrail works closed the Northern Line interchange at Tottenham Court Road. With the station now fully open, rental demand in these areas has seen a resurgence, the report points out. ‘This is a much needed pause for breath after such huge gains in rental values. Unfortunately for tenants, this pause may only be temporary,’ said Marc von Grundherr of Benham & Reeves Residential Lettings. ‘With increasing restrictions on buy to let, more amateur landlords will be exiting the market, leading to a drop in supply in the face of a growing population. Over the long term, rents will inevitably go up,’ he added. BOOKMARK THIS PAGE (What is this?)      Source link

Under the recommendation, clients would pay no more than 0.5 per cent of the total construction value of a project, if they are unable to demonstrate how they are contributing to the modernisation of the industry. This is one of 10 recommendations that have been laid out in a comprehensive report titled Modernise or Die by Mark Farmer, chief executive and founder of Cast Consultancy. The report said  taxing clients would help to change behaviours in the industry and would supplement funding for skills and innovation. Mr Farmer was asked by the government in February, via the Construction Leadership Council, to identify solutions to address the industry’s structural problems, including low margins, poor productivity and a looming skills shortage. Other recommendations in the report include a complete reform of the CITB and a renewed focus on the CLC’s work streams of Business Models and Innovation, which Mr Farmer said are good starting points for change. Comparing the built environment sector to a sick – even dying – patient, Mr Farmer said there must be a ”tripartite covenant” between industry, clients and the government, to overhaul the way they work together.  He also recommends that the government should encourage the use of pre-manufactured construction methods to boost housing in the UK through policy measures. It could do this by incentivising institutional investment into the private rented sector, through favourable land release by central and local government on the condition of using pre-manufactured solutions. The government could also encourage pre-manufactured solutions by working with register providers to develop a pre-manufactured social housing programme, which could also promote PRS. Ministers are now reviewing the report and gauging industry response. Industry minister Jesse Norman said: “This government is determined to support more housebuilding, more quickly and in the places people want to live. “Given the launch of the £3bn Home Building Fund, Mark Farmer’s important review in this vital sector is very timely.” He added: “It makes a strong case for change in the industry, identifies areas where it needs to improve, and sets out areas for action. ”We will now carefully consider his recommendations.” Source link

1 September 2016 | Herpreet Kaur Grewal Window cleaning and FM firm CAM Specialist Support has secured a contract to clean the Here East building in The Queen Elizabeth Park, Stratford, London. Previously part of the London Olympics site, the building was used as the media centre during the 2012 games. Current tenants include BT Sport studios, Loughborough University, and a number of new start-up and retail clients.   CAM conducts risk assessments for every job it carries out and selects the most appropriate work at height methods, including rope access, mobile elevated work platforms, and water-fed pole systems. Source link