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

Savills has been instructed, as joint agents with Davis & Bowring, to sell Tulchan Sporting Estates Limited (TSEL) at offers over £25,000,000. TSEL owns the 21,000 acre Tulchan estate which lies on the edge of the Cairngorm National Park, 40 miles south of Inverness, in Speyside, where majestic landscapes and whisky distilling, arguably the hallmarks of the Highlands, reign supreme.  This is an estate like no other: a real draw for lovers of country sports and a successful and diverse rural business that now forms an incredibly exciting opportunity.  TSEL is seeking a new buyer to take the mantle from the Litchfield family, who have spent the last 23 years dedicated to developing and improving the estate, its farms, its sport and its buildings to an exceptional level.                                                                                                                                                                                               At the core of the estate are eight miles of double bank fishing on the Spey, revered by fly fishermen the world over as one of the greatest of all salmon rivers. Tulchan is also renowned for its first class pheasant shoot and historically its productive driven grouse shooting over its two grouse moors. This sporting and wildlife paradise offers guests a whole range of accommodation options, from a cosy two bedroom holiday cottage to the sublime surroundings of Tulchan Lodge, a traditional yet luxurious Edwardian shooting lodge that sleeps 26; this historic house is at the heart of the estate and has in the past hosted politicians, princes and kings. The in-hand farm and surrounding moorland support a commercial herd of Aberdeen Angus cattle and a Blackface sheep flock. These currently provide beef and hill-fed lamb to the hospitality aspect of the estate, which is also almost self sufficient in fruit and vegetables from the kitchen garden. In addition to the sporting and farming enterprises, there are a number of let farms, houses and cottages that fall within the ownership of Tulchan Sporting Estates Limited. The decision to sell TSEL has not been taken lightly, but the principal shareholders, Leon and Gillian Litchfield, believe that running a company as a successful rural enterprise is demanding and requires a great deal of drive and energy, and that this is the right time for someone new to take the reins.  Crucially, the Litchfields are keen to stress that the unwavering commitment of the staff has been key to the development of its reputation as a sporting venue and rural business of the highest calibre, which is respected the world over. “Tulchan is a magnificent highland estate offering some of the finest fly fishing for salmon in Scotland,” says Savills’ Evelyn Channing.  “It’s the ultimate utopia for a passionate sportsman, or woman”.  Tulchan has a really special magic about it, whatever season you visit.  The scenery is absolutely stunning and the staff look after their guests phenomenally well, both indoors and out.  For me personally, Tulchan, from river to moor, is simply one of the very best and we expect global interest in this unrivalled and precious piece of the Highlands.”   Source link

..It might sound obvious, or even cheesy, but you can’t have a Northern Powerhouse without housing. North East house prices rose by 0.6% in May, adding almost £1000 to the value of the average home. The figure sees regional property prices settling down after two months of volatility saw prices rise by 3.1% in March before falling back 4% in April.   The average house in the region is valued at £156,975 at the end of May 2016 – £996 more than the end of April and 1.8% higher than this time last year, a rise in cash terms of £2525. The typical property value continues to be, however, 4% lower than the £163,497 recorded at the turn of the year. Whitley Bay saw the region’s biggest monthly growth, with prices rising by 3.8% over the past four weeks. Other strong performers include Houghton-le-Spring (2.5%), Sunderland (2.4%) and Gateshead (2.2%). Other areas recorded falls, in particular Jarrow (-1.9%), Seaham (-1.4%) and Durham City and North Shields (0.6%). Prices in Whitburn fell a further 0.5%, taking their fall over the past two months to 5%. As a result, it is named this month’s Best to Buy. 54% of Whitburn homes are semi-detached, compared to a regional average of 39%. 21% are terraced, compared to a regional average of 30%. 67% of homes are owner-occupied, compared to a regional average of 62%. Just 5% of properties are privately rented, compared to a regional average of 14%. 50% of properties have at least 3 bedrooms. The most popular age to be in Whitburn is 52 (the age of 1.9% of residents) followed by 47, 44, 45, 48 and 15. Rental Market Analysis The average North East rent rose £12 per calendar month to £578pcm in April. This represents a rise of rise of 1.6%, with the rental cost of a North East home rising on average by £3 every week. Regional rents are now £30 a month higher May 2015 and £18 higher than May 2014 when the average monthly cost of renting a North East home was £560. Blyth (£403)is the cheapest place to rent in the North East out of the areas surveyed, with Tynemouth (£1086) the most expensive. Peterlee continues to be the region’s Buy to Let capital, offering rental yields of 6.1% to investors. Other strong performers continue to be Gateshead (5.4%), Sunderland (5.3%) and Newcastle (5.1%). Landlords in Morpeth, however, can expect to see a return on their investment of just 3.1%. Falling property prices and rising rents see the average North East rental yield rising 0.1% to 4.4%, with yields now up 0.4% over the past two months. Peterlee’s falling house prices, rising rents and rapidly accelerating rental yields– which were 3.9% in April 2015 and are 6.1% today – see the area names this month’s “Best to Invest”. 40% of properties in Peterlee are semi-detached, with 34% terraced and 19% detached. 65% of properties have at least three bedrooms. 63% of Peterlee residents are work between 31 and 48 hours a week. 25% of properties in the area are socially rented, 6% higher than the regional average. Only 9% of properties are privately rented, 4% below the regional average. Ajay Jagota, founder and Managing Director of North-East based sales and lettings firm KIS, had this to say: “After a lively few months which saw North East house prices change positively or negatively by at least 3% in January, March and April it’s predictable and perhaps even a little welcome that prices have settled down over the last four weeks. Real growth in the North East property market is currently in rents, which after at least two years of stagnation have risen from an average of £552 a month in March to £578 today. This could suggest falling stocks of rented homes, which would support the claims that tax changes are forcing landlords to leave the market. This doesn’t just have a negative impact on the people who will have to find almost £1000 in deposits to move into a new rental home, it could have a profound impact on the region’s economic future. The Centre for Cities this week reported that for the Northern Powerhouse to succeed the government needs to invest more in building up skills and industry, and that transport links such as HS2 won’t be enough. But we need to talk about housing too. If the Northern Powerhouse project is successful in persuading businesses to rise, remain in and relocate to our region we’re going to need homes to support the jobs that will be created. There’s always been a tendency for national housing programmes to be driven by housing shortages in the south. The North East needs to be able to take a more flexible and longer term approach to investment. We have to have the power to tackle region-specific issues rather than relying on the old one-size fits all Westminster-centric approach. It might sound obvious, or even cheesy, but you can’t have a Northern Powerhouse without housing”. Source link