The latest research from new build snagging company, HouseScan, has revealed where new build homebuyers have enjoyed the largest return on their investment in the last five years, as the strongest pockets of the new build market see prices boom by as much as 48%. HouseScan analysed new build house price growth across the sector and found that with a current average of £302,927, new build property prices across the UK have jumped 27% since 2015; comfortably outpacing the 20% increase seen across the existing market. This growth has been driven by the Midlands where new build house prices have climbed by 35% and 32% across the East and West Midlands respectively. London has seen the lowest rate of new build house price growth in the last five years. Despite this, new build homeowners in the capital have still enjoyed a 17% uplift in the value of their property. Again a greater rate of growth than the 13% seen across the existing market which is a trend seen across all regions of the UK. Highest five year new build growth Corby in the East Midlands is the hottest spot in the UK for new build house price growth in the last five years. The area has seen new build property prices boom by 48% since 2015, far higher than the 36% seen across the regular market. Newport in Wales and Salford in the North West have also seen some of the strongest new build house prices growth in this time, up 46%. Both respectively joined in their regions by Monmouthshire (44%) and Manchester (43%). Nuneaton and Bedworth, Oadby and Wigston, Harborough, Tamworth and Tameside also rank in the top 10 areas for new build house price appreciation since 2015, having also seen prices increase by 43%. In London, Redbridge ranks top with a 31% uplift, with Barking and Dagenham (29%), Newham, Bexley and Havering (28%) also performing well. Biggest increases vs existing market When it comes to new build house price growth vs the regular market, West Suffolk has seen the strongest performance. In the last five years, new build values have increased by 38%, 16% more than the 12% increase seen across the regular market. Oldham, Glasgow, the City of London and Gosport have also seen some of the strongest new build price performances when compared to the regular market, with new build growth outstripping the regular market by 14% since 2015. Founder and Managing Director of HouseScan, Harry Yates, commented: “Despite the problematic landscape created due to Covid, the new build market remains a strong investment for UK homeowners, with values continuing to not only climb but doing so at a far greater rate than existing bricks and mortar. While an initial investment in a new build property will require homebuyers to pay a premium, it’s worth every penny in the long term. Even against the backdrop of a global pandemic and a period of prolonged political uncertainty caused by the EU Referendum, new build values have remained resilient and registered some extremely strong uplifts over the last five years.” Table shows average new build house price growth vs existing in since 2015 by UK region Location New Build House Price (Sep 2015) New Build House Price (Sep 2020) Change (%) Existing House Price (Sep 2015) Existing House Price (Sep 2020) Change (%) NB Vs Existing Change (%) East Midlands £207,318 £279,254 35% £158,730 £198,020 25% 10% West Midlands Region £216,299 £284,732 32% £164,694 £204,338 24% 8% Wales £173,370 £227,409 31% £138,216 £167,794 21% 10% North West £181,896 £238,034 31% £140,501 £171,813 22% 9% East of England £292,199 £379,876 30% £243,997 £297,868 22% 8% South West £251,525 £323,942 29% £222,578 £269,229 21% 8% Yorkshire and The Humber £172,589 £221,114 28% £142,806 £170,099 19% 9% South East £314,842 £394,580 25% £282,429 £331,804 17% 8% Northern Ireland £136,310 £169,923 25% £113,209 £136,534 21% 4% Scotland £180,079 £224,341 25% £136,442 £158,057 16% 9% North East £168,832 £200,486 19% £119,697 £131,135 10% 9% London £432,855 £507,961 17% £440,322 £496,541 13% 5% England £254,776 £323,994 27% £213,706 £256,239 20% 7% United Kingdom £237,132 £302,927 28% £199,939 £239,417 20% 8%                 Table shows the areas of the UK to have seen the highest levels of new build house price growth since 2015 Location New Build House Price (Sep 2015) New Build House Price (Sep 2020) Change (%) Existing House Price (Sep 2015) Existing House Price (Sep 2020) Change (%) NB Vs Existing Change (%) Corby £187,366 £277,088 48% £135,650 £184,677 36% 12% Newport £179,476 £262,816 46% £135,166 £183,020 35% 11% Salford £147,374 £215,255 46% £125,344 £170,867 36% 10% Monmouthshire £277,300 £399,382 44% £208,918 £280,816 34% 10% Manchester £158,788 £227,756 43% £143,534 £190,107 32% 11% Nuneaton and Bedworth £231,465 £331,812 43% £137,563 £182,618 33% 11% Oadby and Wigston £210,436 £301,442 43% £171,217 £224,470 31% 12% Harborough £257,042 £367,027 43% £231,367 £304,314 32% 11% Tamworth £163,321 £233,191 43% £148,576 £198,759 34% 9% Tameside £155,510 £221,962 43% £120,307 £158,944 32% 11%                 Table shows the areas of London to have seen the highest levels of new build house price growth since 2015 Location New Build House Price (Sep 2015) New Build House Price (Sep 2020) Change (%) Existing House Price (Sep 2015) Existing House Price (Sep 2020) Change (%) NB Vs Existing Change (%) Redbridge £432,718 £568,526 31% £353,981 £427,579 21% 11% Barking and Dagenham £304,338 £393,922 29% £240,342 £297,626 24% 6% Newham £387,244 £495,866 28% £299,024 £366,494 23% 5% Bexley £271,970 £347,377 28% £287,913 £345,815 20% 8% Havering £318,651 £406,641 28% £298,502 £370,626 24% 3% Waltham Forest £383,855 £485,549 26% £370,973 £458,557 24% 3% Croydon £298,043 £369,353 24% £321,441 £380,378 18% 6% Hackney £531,132 £656,248 24% £522,331 £606,239 16% 7% Greenwich £341,451 £421,329 23% £341,767 £401,145 17% 6% Lewisham £343,170 £416,324 21% £370,766 £433,084 17% 5% Sutton £338,688 £409,347 21% £333,948 £382,605 15% 6%                 Table shows the areas of the UK to have

Contractors face “intense scrutiny” if they submit unrealistically low bids for public sector contracts, according to a senior official at the Department for Business, Energy, and Industrial Strategy (BEIS). Fergus Harradence, deputy director for infrastructure and construction, told a webinar hosted by the Building Engineering Services Association (BESA) that any bids which appear unrealistically low will be rejected unless the bidder has a plausible explanation. He told BESA chief executive David Frise that the new procurement rules contained in the government’s ‘Construction Playbook’ were designed to “reset the government’s relationship with the industry because at the moment it is not working for either party”. Unrealistic bidding means the government does not get the quality projects it wants, and the industry suffers from low margins and lack of investment. It also leads to poor payment practices and unfair contract conditions that pass on too much risk to suppliers, added Harradence. “We need to get away from a situation where people are only able to make a profit by putting pressure on their supply chains…that is what led to Carillion,” he said. “We need the industry to behave responsibly and embed the rigorous comprehensive approach to quality that has been so successful in manufacturing.” Honest He said the playbook depended on everyone being more “open and honest with each other” and that government would prefer that projects appeared to cost more from the outset to avoid problems further down the line. The Playbook was developed by the Cabinet Office in partnership with the construction industry and sets out how the government aims to achieve project delivery that is “faster, better and greener”. It includes advice to make wider use of digital and offsite methods and engage with suppliers earlier in the procurement process. Social value also makes up 10% of awarding criteria according to the Playbook, which became mandatory for all projects procured by central government in England last December. The Cabinet Office is working with the industry to develop a clear definition of whole-life value, which is due to be published later this year. “The fundamental principle is that contracts should be profitable,” said Harradence. He also warned clients against issuing incomplete tender documents with poorly defined specifications, which increase the risk for bidders. “We are starting from the basis that we want to do things differently. This persistent under-bidding for projects leads to ministers having to stand up in parliament and apologise for projects running over time and budget,” he told the BESA webinar. He said too many clients were being given totally unrealistic expectations about how much a project would cost, which led to disputes and project over-runs. “There has to be a greater level of trust between the industry and its clients – this is absolutely pivotal. Without that trust, the process will run into the mud.” /mf Harradence confirmed that anyone who underbid would face a detailed interrogation. “If they have a good explanation that’s fine, but it is better for projects to appear to cost more – than us having to go cap in hand to the Treasury for more money further down the line. “We need to spend more time and money at the start of the process to get the design right. That will give clients greater reassurance that they will get the quality asset they need – and BIM can support that by giving a realistic production schedule and more transparency.” Frise said all BESA members would welcome the intention behind the Playbook and the move towards fully designed projects but would be watching carefully to make sure the rules were properly enforced and payment practices improved. The government believes that greater use of digital systems and BIM models can improve transparency, according to Harradence. “We want suppliers competing on the right basis – not on lowest price, but whole life cost, efficiency and social value.” Productivity He added that as much as £35bn of the £50bn worth of projects currently in the central government pipeline could be delivered through offsite fabrication, improving productivity and quality. Harradence said the process of putting the Playbook together was the most open and productive exercise he had experienced in 20 years in government because the pandemic had made sure officials engaged online with representatives from the entire construction supply chain. He also explained that the government was keen to see more people directly employed in the construction sector and that was behind recent policy changes like the revised IR35 scheme. “We would prefer the industry directly employed a smaller number of highly skilled individuals rather than pulling in large numbers of unskilled people from overseas. That model is not viable,” he told the BESA webinar. This should also help to raise the profile of vocational training, he added. “The vocational side has been the poor relation in our Higher Education system. It is often seen as something you fall into rather than aspire to. There’s more of a commitment now to change that…and it will be crucial if we are going to be able to do things like the effective retrofitting of buildings.”www.theBESA.com

Estate planning is a matter that many people would feel a little bit squeamish about. However, it’s something that should be done, especially if you have several properties and children that would be left behind in the event of your demise. It’s also a good way of protecting your properties and the interests of your heirs or beneficiaries—especially after your death.  When you prepare your property before the end of life, you can secure any remaining responsibilities and even make sure that your last wishes would be followed down to the last detail. Here’s how you can prepare for it: Make An Inventory Of Your Properties This is the very first thing you have to do. After all, how can you protect and fully prepare your properties if you don’t know what and how much you really own? You can start by making a list of your assets. This should include personal and real properties, bank accounts, digital assets (if any), and even a life insurance policy.  You might also want to include listing your liabilities so that you can have a rough estimate of the current net worth of your estate. If you have multiple properties across different states, it might be difficult to make an inventory on your own. For that, you may seek the help of an accountant and an asset protection firm like Mile High Estate Planning to make the process easier. Once you know exactly what you own and their respective values, consider which to keep and which to dispose of before you go. For instance, real properties that have eventually become poor investments must be recovered by selling them. Your heirs will thank you for it, having been saved from inheriting a property of decreasing or stagnant value. You can get agents to help you strategize on the disposal of the property. Hence, don’t just get any real estate agent. Find someone who is familiar with the area where your property is located. That will make it easier for him to use his knowledge on the property and the locality to find the right buyer.  Write A Last Will And Testament Once you know the worth and extent of your remaining properties, it’s time to think about how to distribute them. Succession takes place at the moment of death. In other words, your existing properties will pass to your children and surviving spouse once you die. If you want to control how your estate is going to be divided among your heirs, creating a last will and testament is the only way. Through a will, you can allocate specific properties and portions of your estate to specific heirs.  You can also appoint an executor who’ll make sure that your will is truly followed after your death. The executor can also be tasked to keep your properties in good condition as your heirs await the inheritance process. States, however, have varying rules and requisites in the making of a valid will, so make sure to consult a lawyer about this. Have Your Will Probated Yes, you can have your will probated while you’re still alive. Along with a probate attorney, you can file a petition in your local court and submit your last will and testament to be probated. In a probate proceeding, a judge will determine the validity of your will. The court will consider these two main things: Whether or not the will was executed with the formal requisites prescribed by law.  Whether or not you, the testator, is of sound mind and was free from undue influence when you made the will. A will is easier to validate through a living probate as you’ll be there to prove the validity yourself. In fact, it’s harder for anyone to contest the will as you’re still around to disprove unlawful claims. However, not a lot of states allow living probate procedures. Therefore, you still need to check the laws of your state regarding this one. Conclusion Preparing your properties before life ends may not be as exciting as getting your dream car or buying your first house. However, it’s how you can ensure that your heirs and beneficiaries can get their rightful share of your estate. It’s also a good way to prevent unwarranted claims against your property. After all, you have worked hard to earn your assets. The least you could do is to make sure that the properties you leave behind will be enjoyed by the people you love.