UK annual house price growth increased to 5.7% in March, taking the average price to £200,251 but the latest index also shows that the gap between north and south continues to widen. Annual house price growth recorded its strongest pace since February 2015 up from 4.8% the previous month while month on month home prices increased by 0.8%, according to the data from leading UK lender the Nationwide. Average house prices in England increased by 1.8% in the first quarter of 2016, and were up 7.7% year on year. This means that in cash terms, the gap in average prices between the South and the North of England now stands at nearly £163,000. Prices in the North are now less than half those in the South, a record low. ‘There has been a pickup in housing market activity in recent months, with the number of housing transactions and mortgage approvals rising strongly. This is likely to have been driven, at least in part, by upcoming changes to stamp duty on second homes, where buyers have brought forward purchases in order to avoid the additional tax liabilities,’ said Robert Gardner, Nationwide’s chief economist. ‘This temporary boost to demand against a backdrop of continued constrained supply is likely to have exerted upward pressure on prices and helped to lift the pace of annual price growth out of the fairly narrow range of 3% to 5% that has been prevailing since the summer,’ he explained. He pointed out that the pace of house price growth may moderate again once the stamp duty changes take effect in April. ‘However, it is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand/supply balance tilted in favour of sellers and maintain pressure on price growth in the quarters ahead,’ he said. Gardner also pointed out that according to Royal Institute of Chartered Surveyors, the stock of houses on estate agents’ books remains close to all-time lows on data extending back 30 years. The quarterly index, published at the same time, shows that regional house prices maintained the same broad trends prevailing in recent years with southern regions continuing to record significantly stronger rates of annual price growth, further widening regional disparities. The Outer Metropolitan was the strongest performing region in the first quarter of 2016, with average prices up 12.2% year on year. London was close behind, though it did record a slight moderation in its annual rate of growth to 11.5% from 12.2% the previous quarter. The North was the weakest performing region in England and the UK overall, with prices down 1.1% year on year. House price growth slowed sharply in Northern Ireland, with annual growth moderating to 1.8%, even though the price of a typical property is still 45% below the pre-crisis peak. Wales saw a lacklustre 1.7% year on year increase in prices, a slight pick-up compared with the previous quarter while Scotland recorded another small house price decline, with prices down 0.2% compared with the first quarter of 2015, the fourth such decline in succession. Average house prices in England increased by 1.8% in the first quarter of 2016, and were up 7.7% year on year. The gap in price growth between the South of England and the North widened further. Prices in Southern England, which includes the South West, Outer South East, Outer Metropolitan, London and East Anglia, were up 9.9% year on year, whilst in the West Midlands, the East Midlands, Yorkshire and Humberside, the North West and the North prices rose by just 1.8%. ‘One slight variation on this familiar theme was that, for only the fourth time in five years, London did not record the strongest rate of price growth, with the Outer Metropolitan region occupying the top spot in the first quarter of 2016,’ Gardner said. ‘Nevertheless, London still recorded the second fastest rate of growth, with prices reaching a new all-time high some 52% above pre-crisis levels compared with 9% for overall UK house prices,’ he explained. ‘Overall, the pace of house price growth generally moderates as you move from the south to the north of the country, with the North of England and Scotland actually recording modest house price declines in the first quarter, even though prices remain well below pre-crisis levels in those regions,’ he added. Rob Weaver, director of investments at property crowdfunding platform Property Partner, believes that the rush to meet the stamp duty deadline and avoid higher purchase costs was unquestionably reflected in the March house price data. ‘We may see a slight softening in activity over the next month or so, but cheap mortgages, growing wages, strong employment and the continuing issues around supply could mean average UK house prices continue to rise through 2016,’ he said. BOOKMARK THIS PAGE (What is this?)      Source link

Home services marketplace, Plentific.com’s, latest consumer insight has found that four out of five UK homeowners (79%) do not ask to see evidence of VAT credentials when hiring a tradesman. Despite becoming more wary of cowboy tradesmen, most homeowners in the UK do not check the VAT credentials of tradesmen. The HMRC estimates that £3.4 billion is uncollected every year from VAT fraud. While it is legal for a tradesman to not be VAT registered when earning under £83,000 a year, there are some that claim to be VAT registered so that they can charge customers higher prices. Although the VAT charge can appear on the bill, if the trade professional is not upfront with their credentials, they can keep the 20% fee. As a result, the homeowner is overcharged while also taking part in VAT fraud. Plentific’s study showed that homeowners aged 18-34 are twice as likely (41%) to ask to see their trade professional’s VAT credentials when compared to the UK’s average. Perhaps this generation are more cost-conscious and inclined to negotiate the final price. Londoners too are cautious, with 37% asking for evidence. This may be a consequence of the higher prices for London services, which caused the homeowners to be aware of additional expenses. Nottingham, on the other hand, appears to care the least, with just 12% saying they would ask to see the VAT credentials. Despite the variety of results throughout the UK, however, the majority of homeowners do not ask to see evidence of a trade professional’s VAT credentials. While it is not imperative to confirm a trade professional’s VAT number or even to hire a registered specialist, homeowners are more likely to get a better deal if they are registered. Spokesperson for Plentific, Stephen Jury, commented: “Homeowners are very cost-conscious, however according to our research; they’re unaware that they could be paying too much for their home improvements. By simply asking for a Pro’s VAT number and instantly confirming this online, you know you’re not being overcharged.”

An experimental London house incorporating the walls of a 19th century stable into its split-wing design (Kew House) and Vaulted House, a sophisticated family house in Chiswick characterised by six skylight topped roofs, join Flint House and Sussex House on the 2015 RIBA House of the Year award shortlist, sponsored by specialist insurer, Hiscox. The annual award is run by the Royal Institute of British Architects (RIBA). The projects in the running for the UK’s most prestigious award for a new house are being revealed in a special four part TV series for Channel 4, Grand Designs: House of the Year. During the course of the series which began on Wednesday 4 November 2015, the seven homes shortlisted for the 2015 RIBA House of the Year award will be announced; the winner will be revealed on screen on Wednesday 25 November. The latest two projects shortlisted for the 2015 RIBA House of the Year are: Kew House, London by Piercy&Company Vaulted House, London by vPPR Architects They join the following two houses on the RIBA House of the Year shortlist, with another three yet to be announced: Flint House, Buckinghamshire by Skene Catling De La Pena Sussex House, West Sussex by Wilkinson King Architects -ends- Notes to editors: 1. For further press information contact Howard Crosskey, howard.crosskey@riba.org 020 7307 3814 2. The RIBA House of the Year award (formerly the Manser Medal) is awarded every year to the best new house designed by an architect in the UK. It was created in 2001 to celebrate excellence in housing design.  3. The judges for the 2015 RIBA House of the Year award, sponsored by Hiscox, are Jonathan Manser, Chair of the jury; James Standen of Hiscox; award-winning architect, Mary Duggan; Chris Loyn, the recipient of the 2014 award and Tony Chapman, RIBA Head of Awards.  4. Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting divisions in the Group – Hiscox London Market, Hiscox Re and Hiscox Retail (which includes Hiscox UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand, DirectAsia). Hiscox underwrites internationally traded, bigger ticket business and reinsurance through Hiscox Re and Hiscox London Market. Through its retail businesses in the UK, Europe and the US Hiscox offers a range of specialist insurance for professionals and business customers, as well as homeowners. For further information visit www.hiscoxgroup.com  5. The Architects’ Journal is media partner for the 2015 RIBA special awards, including the RIBA House of the Year www.architectsjournal.co.uk  6. The Royal Institute of British Architects (RIBA) champions better buildings, communities and the environment through architecture and our members. Visit www.architecture.com and follow us on Twitter. 7. Grand Designs: House of the Year is produced by Boundless, producers of Grand Designs. 8. The judges’ full citations and image links for each building follows: Kew House, London by Piercy&Company Images: https://riba.box.com/s/mft7pcmxsdci27e1k5ib2arnkrfn2bdo This four bedroom family house is formed of two prefabricated weathering steel volumes inserted behind a retained nineteenth century stable wall. The layout is informal; rich with incidental spaces and unexpected light sources. A delicate, glazed circulation link reveals the contrast between a rustic exterior and refined interior. Split into two wings, the simple plan makes the most of a constrained site and responds to the living patterns of the young family. Completed in January 2014, Kew House was an experimental project, driven by the architect’s and clients’ shared interest in a ‘kit-of-parts’ approach, prefabrication, and the self-build possibilities emerging from digital fabrication. Vaulted House, London by vPPR Architects Images: https://riba.box.com/s/lcvu3fg1kdzaihl6x6kp4bzdjz5kyfrk This family house, built on the walled site of a former taxi garage, is almost entirely hidden in the middle of a Victorian block in Chiswick. The approach is via a covered passage, beyond which is a brick-lined front porch. A recessed, chamfered surround for the front door hints at the geometric language of the house’s primary formal and spatial idea: a walled enclosure above which a cluster of six conjoined hipped roofs hovers enigmatically. The house is arranged so that on entry, one is poised between the two levels, with stairs leading up to the open-plan living level, and down to the lower level of bedrooms. The six roofs, each topped by a skylight, are lifted above the enclosing boundary wall. This creates a sense of weightlessness and a borrowed panorama of neighbouring gardens. The hipped roofs’ sloped planes join precisely to form a series of large coffers or ‘vaults’. These vaults spatially define and individually illuminate various parts of the open plan main living space; kitchen, dining and living areas. In two places, the vaulted roofs are absent, leaving two storey deep voids that act as garden courtyards for the basement level bedrooms and children’s playroom. Glazed walls slide back to expand the living space onto balconies that project into the voids, formed with perforated mesh. This material and its careful detailing creates beautiful shadows on pristine courtyard walls.   Posted on Wednesday 11th November 2015 Source link

©AFP Buddhist monks offer prayers for tsunami and earthquake victims at Soma in Fukushima, the scene of a radiation leak A welter of conflicting legal decisions has left Japan’s nuclear reactors in a state of limbo as national energy strategy clashes with the courts. The reactors are being turned on and off like light switches as activists file lawsuits, highlighting the tension between safety fears and energy supply, and raising questions about the role of courts in nuclear regulation. More On this topic IN China At stake is a multibillion-dollar nuclear infrastructure that is mothballed, reducing the risk of accidents but forcing energy-poor Japan to import and burn millions of tonnes of polluting fossil fuels. The nuclear industry received a small boost on Wednesday when Fukuoka’s high court refused to grant an injunction against the Sendai nuclear plant on the southern island of Kyushu — the only reactor in operation. But it does not make up for last month, when a district court ordered Japan’s only other online reactor, at Takahama on the main island of Honshu, to shut down again. The Takahama shutdown was a particular blow to the industry because a court in the district that hosts the reactor had lifted its injunction against the plant. That showed how plaintiffs can try different judges, given the wide areas potentially affected by an accident. The stop-start court decisions are a huge frustration to government policymakers, who last year set a goal of restoring nuclear power to 20-22 per cent of Japan’s energy mix. “I think [Takahama] was a very strange judgment,” says Masakazu Toyoda, chairman of the Institute of Energy Economics in Tokyo, pointing out that courts around the world scrutinise whether regulators and generators have properly followed their safety procedures. “But in Japan we have the really strange situation where the court has decided the safety standard itself is not sufficient to alleviate every possible adverse impact,” Mr Toyoda says. The court in the Takahama case said the causes of the 2011 Fukushima nuclear disaster were not fully understood. It cited various problems and questions about tsunami risk and disaster preparedness. To Mr Toyoda, that overrides the regulators who wrote the safety standards, clearing Takahama to operate, and leaves no room for concerns such as climate change, energy security or the health risks from alternative power sources. But to Hiroyuki Kawai, one of the leading legal campaigners against Japan’s reactors, independence from nuclear experts and national energy strategy is the whole point of the courts. “We tried leaving everything to the experts and what we got is Fukushima,” he says, arguing that one way or another, Japan’s nuclear experts are tied to the industry. “The courts don’t consider energy strategy, they just consider whether a reactor should start or stop,” Mr Kawai says. “Thinking too much about energy strategy and government policy is what leads courts to error.” Kenichi Ido, a former judge who issued an injunction against a nuclear power station in 2006 — well before the Fukushima disaster — said it was not surprising Japan’s courts kept coming to different opinions given the widely different views in society. The courts have wide discretion to rule based on civil law or the constitutional rights to life and liberty. Mr Ido said a supreme court ruling would only settle the issue if it was framed widely, rather than on the facts of a particular case. That leaves Japan’s reactors facing a future of constant litigation — and Mr Kawai is revelling in it. “We’ll aim to get injunctions against any reactor that tries to restart,” he says. With the Sendai plant operating, he recognises his alliance of lawyers may not stop them all. But, he promises: “There’s no chance of all Japan’s reactors starting up again.” Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link