Research by Yopa, the award-winning national estate agency, has revealed that the total value of the property market across England is estimated to have climbed by £1.6tn as a result of the pandemic property market boom, driven by a 25% increase in the average value of a home. Yopa analysed
A residential property development in East London has been refinanced, following a bespoke £15m development to investment loan from Secure Trust Bank (STB) Real Estate Finance (REF). Situated in Chadwell Heath, an area rising in popularity for new property development schemes, the eight-story building will provide 55 high-quality residential units
A Wakefield based joinery firm’s team is feeling chipper, after scooping an award for its commitment to skills, training and local employment. Joinery Direct, established in 2005, has been awarded sub-contractor of the quarter, by Sheffield Housing Company (SHC) for the work at the Pennine Village development, which has been
Underfloor heating specialists Gaia are designing, supplying and installing energy-efficient underfloor heating in over 250 houses within Taylor Wimpey’s new development in Barham, Suffolk. Taylor Wimpey is a national residential construction company, building more than 15,000 homes across the UK each year. Their new residential development – Churchfields – is
Casa by Moda, the single family homes division of developer and operator Moda Group, has reached completion on the first phase of its new rental homes in Springboig, Glasgow – its first residential neighbourhood to open in the UK. With 31 two-, three-, and four-bedroom houses available immediately with a
Propertymark’s Head of Policy and Campaigns has called on the UK Government to retain the option of fixed-term tenancies in the private rental sector where it is mutually beneficial for both parties. Propertymark was the only membership body for property agents represented at the first sitting of the Public Bill
Thomas Sinden has been awarded an £18 million contract for the delivery of an ‘all-affordable-home project’ on behalf of not-for-profit housing association, Peabody. Thomas Sinden will transform the site of a former workhouse, infirmary and hospital dating back to 1746 into 62 sustainable and affordable new homes. Peabody generated more
Plans to develop over 20 high-quality, energy-efficient council homes on a derelict site on Perry Road in Staple Tye, Harlow, have been given the go-ahead. The proposals were submitted by The Harlow Regeneration Partnership (HRP), an equal partnership between Harlow Council and award-winning housebuilder The Hill Group. The plans form
The nation’s landlords are responding to higher levels of mortgage interest rates by cutting down on their borrowing. The research comes from specialist property lending experts, Octane Capital, which compared the total amount of borrowing amongst buy-to-let landlords between Q3 2022 and Q2 2023 and the corresponding period the year
Housebuilder The Hill Group has submitted plans for the Amerind Grove site on Raleigh Road in Bristol, which was once the site of the Wills Tobacco Factory, to develop over 100 high-quality, sustainable new homes. Hill will deliver three, four, and five-bedroom family houses, as well as one and two-bedroom
Research by Yopa, the award-winning national estate agency, has revealed that the total value of the property market across England is estimated to have climbed by £1.6tn as a result of the pandemic property market boom, driven by a 25% increase in the average value of a home. Yopa analysed the total value of the bricks and mortar market based on the total number of dwellings and the average value of a home, looking at how both have changed since the market went into overdrive during the pandemic. National look The research shows that in December 2019, prior to the pandemic, the average home across England was worth £248,097. With some 24.4m dwellings found across England in 2019, this put the total estimated value of the property market just shy of £6.1tn. Fast forward to today, and the average house price has climbed by 25%, now sitting at £309,602. There has also been an increase in the number of homes, albeit more marginal at 1.9%, although this still equates to an increase of 459,191. As a result, Yopa estimates that the total value of the property market currently stands at £7.7tn, an increase of £1.6tn (27%) since the start of the pandemic. National look The research shows that in December 2019, prior to the pandemic, the average home across England was worth £248,097. With some 24.4m dwellings found across England in 2019, this put the total estimated value of the property market just shy of £6.1tn. Fast forward to today, and the average house price has climbed by 25%, now sitting at £309,602. There has also been an increase in the number of homes, albeit more marginal at 1.9%, although this still equates to an increase of 459,191. As a result, Yopa estimates that the total value of the property market currently stands at £7.7tn, an increase of £1.6tn (27%) since the start of the pandemic. Regional increases The South East has seen the largest jump in the total value of the region’s property market, increasing by £311bn as a result of the pandemic property market boom. Despite the capital underperforming compared to the rest when it comes to pandemic house price growth, the London market is worth some £251.3bn more today versus the pre-pandemic market in 2019. While the North East has seen the smallest increase in total market value, the region’s bricks and mortar market is still worth £45bn more today versus the 2019. Local authority look Cornwall ranks top at local authority level, with £24.3bn added to the value of the Cornish property market as a result of the pandemic, no doubt driven by those looking to escape city life during lockdown restrictions. Buckinghamshire (+£23.4bn), Birmingham (+£22.2bn), Leeds (+£21.4bn) and North Yorkshire (+£20.1bn) have also seen some of the largest monetary increases in the value of their respective property markets since the start of the pandemic. CEO of Yopa, Verona Frankish, commented: “With all the current doom and gloom surrounding the property market it’s quite easy to forget that we’ve just witnessed one of the most sustained periods of house price growth in living memory. “So while higher mortgage rates and buyer uncertainty may have dampened the current rate of house price growth, this reduction is just a drop in the ocean compared to the meteoric increases seen since the start of the pandemic property market boom. “To think that the bricks and mortar market across England is estimated to be worth £1.6tn more compared to just a few years ago is quite incredible and it really does demonstrate the strength of the property market when viewed on a long-term basis.” Sources Average house price data sourced from the Gov – UK House Price Index – December 2019 vs September 2023 – latest available) Dwellings stock levels sourced from Gov – Subnational estimates of dwellings by tenure, England (2019 vs 2021 – latest available) Total market value based on dwellings stock multiplied by the average house price in each area Full breakdown of England by each local authority available via the link below. Data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
A residential property development in East London has been refinanced, following a bespoke £15m development to investment loan from Secure Trust Bank (STB) Real Estate Finance (REF). Situated in Chadwell Heath, an area rising in popularity for new property development schemes, the eight-story building will provide 55 high-quality residential units comprising of between one to three bedrooms. The residential property is set to further appeal particularly to small and growing families, with a landscaped park and nature area nearby. The apartment block also includes one commercial unit and is due to reach practical completion in January 2025. The ground-up scheme will be welcome news in housebuilding given the UK’s ongoing need for more housing, especially in London where there is a particular shortage of affordable homes. The five-year loan was facilitated thanks to a longstanding relationship between Matthew-Blaine Young, Head of Origination at STB, and the broker, Stuart Bradney of Carbon Funding Consultants. Lawyers Dan Keys, of Clyde & Co, and Liz Roberts, of gunnercooke, also played a vital role in securing the deal. STB’s experience and expertise in providing finance for property development assisted in shaping a transaction curated to the buyer’s unique requirements. The £15m development to investment loan enables the developer to hold and operate the property in the long-term as a build-to-let scheme. Stuart Bradney of Carbon Funding Consultants said: “We’re delighted to have sealed the deal with STB. Our established relationship with Matthew, and ultimately STB overall, was testament to completing the transaction in a timely fashion. “A complex transaction like this requires the right team around it to achieve a successful outcome. As a result, STB’s previous experience in overcoming the challenges affiliated with property development investment, alongside the professional input of the deal’s lawyers and surveyors, was crucial to finalising the agreement. “Conducting a weekly touch point meeting with Matthew and the team was pivotal to ensuring fluent and clear communication throughout the process. To us, STB is a trusted bank. We have been working with the real estate finance team and Matthew for five years now, and they have a tailored approach that really sets them apart from the competition.” Matthew-Blaine Young, head of origination at Secure Trust Bank Real Estate Finance, said: “Having worked with Stuart and Carbon Funding Consultants in the past, it was clear that our partnership for this deal would be a productive and rewarding one. As specialists in residential property development finance and investment, we were adamant that we could provide a bespoke deal to befit the client’s needs. We are proud to have played a role in providing new housing at a time whereby it is most needed.” For further details on Secure Trust Bank Real Estate Finance, please click here. Building, Design & Construction Magazine | The Choice of Industry Professionals
A Wakefield based joinery firm’s team is feeling chipper, after scooping an award for its commitment to skills, training and local employment. Joinery Direct, established in 2005, has been awarded sub-contractor of the quarter, by Sheffield Housing Company (SHC) for the work at the Pennine Village development, which has been built by delivery partner Keepmoat. SHC is Sheffield City Council’s joint venture development company with private developer and top 10 housebuilder Keepmoat and Great Places Housing. Established in 2011 it has an ambitious target of building 2,300 properties on a total of 23 sites by the end of 2026. Every three months, the council monitors the performance of SHC’s subcontractors – with a focus on the employment and training opportunities they provide. These could be work placements, apprenticeships, training and educational programmes and the number of jobs created. Joinery Direct has provided more than 15 training and employment opportunities for people in Sheffield. This includes the recruitment of apprentice Thomas Hewitt, 19, who has achieved an NVQ level 2 in carpentry and joinery and is now working towards his level 3 qualification. He said: “I’ve really enjoyed the experience and teaching I’ve received during the first years of my apprenticeship and look forward to continuing to work towards my level 3 qualification.” Joinery Direct has over 45 employees and works with a large variety of clients throughout Yorkshire, providing joinery services for new build, residential and social housing projects. The business prides itself on the quality of its work and in training the next generation of joiners to the very highest of standards. The award was presented to the business’ Joinery Supervisor, John Howarth, at SHC’s Eclipse development, by SHC Development Manager, Howard Young. He said: “This is a really rewarding part of my role, recognising businesses that support SHC’s objectives and help us to deliver our projects. As an organisation our ethos is about improving housing choice in the city, whilst also investing in the region by supporting local supply chains and businesses. This in turn creates opportunities for individuals like Thomas, to acquire new skills and employment.” Councillor Douglas Johnson, Chair of the Housing Policy Committee at Sheffield City Council, added: “SHC thrives when working in partnership with great organisations and we’re pleased to add Joinery Direct to the list of subcontractor award winners – in recognition of their excellent performance. Well done to all involved.” SHC is committed to supporting organisations, communities and individuals within the city. To date, working with its partnering organisations, it has delivered 75 apprenticeships and contributed over £50,000 to local community groups, schools and good causes. Building, Design & Construction Magazine | The Choice of Industry Professionals
Underfloor heating specialists Gaia are designing, supplying and installing energy-efficient underfloor heating in over 250 houses within Taylor Wimpey’s new development in Barham, Suffolk. Taylor Wimpey is a national residential construction company, building more than 15,000 homes across the UK each year. Their new residential development – Churchfields – is located in the Suffolk village of Barham and will provide 257 homes. Suffolk-based underfloor heating experts Gaia are delivering wet underfloor heating systems for the new-build homes, after Taylor Wimpey opted to fit low-carbon and future-proof heating solutions in the development. “Gaia HQ is local to the Churchfields site, so once we heard Taylor Wimpey were looking for low-carbon heating, we approached their team to provide a full design and quotation. Not only are our wet underfloor heating systems low-carbon, but they’re future-proof too – which is ideal for meeting new regulations!” says Steven Rooney, Director at Gaia Underfloor Heating. The new regulations implemented by the UK government mean that carbon intensive gas boilers will soon be unsuitable for future homes and should be replaced with low-carbon alternatives. To adhere to the new legislation, Taylor Wimpey have chosen air source heat pumps which are known as the ideal pairing for wet underfloor heating – to create a low-carbon heating system. When used together, underfloor heating and heat pumps can be 40% more efficient than a gas boiler and radiator system. Plus, underfloor heating runs at a lower temperature than radiators, so consumes significantly less energy for the same warmth. “The energy efficiency of combining underfloor heating with heat pumps is a significant benefit for the future residents of the Churchfields development. It’s more cost-effective and produces a more comfortable, even warmth too” adds Steven. Gaia are delivering the design, supply and installation of wet underfloor heating systems on the ground floor of the residential units, as well as their expert guidance from the concept stage through to delivery and aftercare. “We have extensive experience working with housing developments across the UK and are proud to be providing underfloor heating for this project. It’s great to work with another significant national developer like Taylor Wimpey and we’re looking forward to seeing the completed site” concludes Steven. The Churchfields development features two-, three-, four- and five-bedroom homes which are surrounded by green open space and convenient amenities. Construction began in September 2023 and is due to be completed in 2028. Gaia specialise in the design, supply and installation of underfloor heating for residential, commercial and industrial projects across the UK and Ireland. Trusted by architects, contractors, M&E consultants, builders and developers, they have worked with some of the UK’s leading housing developers.For more information about Gaia, visit www.gaia.co.uk Building, Design & Construction Magazine | The Choice of Industry Professionals
Casa by Moda, the single family homes division of developer and operator Moda Group, has reached completion on the first phase of its new rental homes in Springboig, Glasgow – its first residential neighbourhood to open in the UK. With 31 two-, three-, and four-bedroom houses available immediately with a further 85 additional homes due to arrive over the next 12 months, Casa, Vista Park, signals a significant change to the rental market in Glasgow, as it marks the first time that the single family housing (SFH) model has been offered in the city. Casa, Vista Park will eventually comprise of 156 state-of-the-art homes located close to the east end of the city at Edinburgh Road. Construction is being delivered across six phases by Glasgow-based contractor CCG (Scotland), with the neighbourhood planned to reach final completion in Spring 2025. With the show home now open, the new properties couldn’t be more timely with studies showing that Glasgow has the second highest rental demand in the UK, and for every 100 rental units there are nearly 1,000 prospective renters.* Since reservations went live, Casa by Moda has already had over 1,700 rental enquiries, with applications now being considered for the further phases of development. The new neighbourhood offers residents deposit-free, pet-friendly living as part of an industry-leading inclusive offer which places service, technology, wellbeing, and sustainability at the forefront of the rental community. Casa, Vista Park residents will also benefit from smart environmental sensors from Moda’s technology partner Utopi – giving residents the ability to monitor everything from room temperature to air quality and light pollution in real time. The homes also feature solar PV panels as part of Casa’s commitment to sustainable development and Moda’s journey to operational net zero by 2030. A bespoke MyCasa app has also been designed to make residents’ lives as easy as possible, by providing them with 24/7 access to speak to customer service and report maintenance requests at the click of a button. The MyCasa app also provides the opportunity for residents to take advantage of regional and national brand partnerships such as FiiT, Neom Organics, The Ivy and Sky, as well as the option to conveniently book local recommended at-home services, such as dog walking, window cleaning and gardening services. The MyCasa app will allow residents to share their own news and events via the community forum, helping them to truly get to know their neighbours. As a long-term operator, Casa will also organise community events, from arranging for local food vendors to run pop-up stalls on site, to organising outdoor fitness workshops for residents. The 6.5-hectare neighbourhood was developed in collaboration with CCG, one of the largest privately-owned construction and manufacturing groups in Scotland. The company is based just four miles from Casa, Vista Park in Cambuslang and it is this localised expertise that will be of benefit to residents moving in this winter with a high-quality finish as well as market-leading energy performance standards contributing to the modern and comfortable living environment. Matthew Townson, Director of Development and Projects at Casa by Moda commented: “With Casa, Vista Park, we are aiming to pioneer change within the Glasgow rental market and improve how people live for the long term.” “With there being a significant undersupply of quality rental homes in Scotland, these new homes will make for a standout offering, as they provide long-term security and focus on the wellbeing of residents.” “This first phase is only the beginning for Casa, Vista Park. We look forward to welcoming even more residents to the neighbourhood throughout the next two years, as we plan for overall completion in 2025.” CCG Director, Calum Murray, said: “By partnering with Casa by Moda, we’re pleased to offer a real first for the rental market in Glasgow. The new homes don’t compromise on quality and will have everything residents would expect from the CCG and Casa by Moda partnership with advanced construction methods and an excellent standard of specification combining to create truly desirable homes. “The contribution of the development to Springboig and the wider east end community will be significant and we look forward to welcoming the first residents over the coming weeks.” Prospective renters can take a virtual tour of these new homes on the Casa website. To find out more visit: www.casa.moda Building, Design & Construction Magazine | The Choice of Industry Professionals
Propertymark’s Head of Policy and Campaigns has called on the UK Government to retain the option of fixed-term tenancies in the private rental sector where it is mutually beneficial for both parties. Propertymark was the only membership body for property agents represented at the first sitting of the Public Bill Committee on Tuesday 14 November 2023 regarding the Renters Reform Bill. Timothy Douglas, Head of Policy and Campaigns at Propertymark, presented evidence to MPs where he talked about Propertymark’s concerns as a sector, and he emphasised what Propertymark needs to see from the Bill. Mr Douglas stressed the need for tenants to have more choice and ‘have the option to rent on a fixed-term or periodic tenancy’ and said there needs to be more ‘flexibility’ in the system, especially when it comes to student letting. He also drew attention to how ‘the existing redress schemes for lettings agents need to be improved alongside requirements for landlords to have redress.’ This includes ensuring the schemes adjudicate in the same way, work to statutory code of practices and they ‘have more power to take action and issue fines.’ The Head of Policy said the UK Government must be care not to meddle with a system that already exists and works for all property agents. Working with the existing scheme providers should be explored as part of plans to extend redress to landlords. Regarding plans from the UK Government to reform the court system the legislation must stipulate that ‘guidance for the courts is vital’ when decisions on anti-social behaviour are made and these cases are ‘prioritised by the courts.’ To help improve the current system, the UK Government need to ‘focus on bailiff capacity’ and ‘to speed up the possession process provide landlords with an automatic right for a High Court Enforcement Officer to enforce the Court Possession.’ Mr Douglas also quoted Propertymark’s membership data during the committee meeting, which shows that there has been a 32 per cent increase in demand for properties, pointing to a housing ‘demand crisis’ and supply is linked to a range of factors. He also urged the UK Government to develop a wider housing strategy that deals with taxes, welfare, social housing, and energy efficiency. Mr Douglas discussed student lettings in depth as he said there needs to be ‘more detail’ when it comes to the new possession ground for student landlords, especially because there is a ‘myriad of student semesters.’ Propertymark’s Head of Policy added houses of multiple occupancy are easily defined as student lets but other properties less so. Allowing the option of a fixed term tenancy for any property with a student in would help solve this issue. As well as the two initial days of evidence, the committee is currently slated to meet each Tuesday and Thursday up to and including 5th December for the usual line-by-line consideration. One of the main intentions behind the Renters Reform Bill is to make it easier for landlords to repossess their property or properties if they intend to move closer to their family, or if they must evict disruptive tenants. Furthermore, tenants will be able to appeal against landlords intending to increase their rent above market value, and an independent tribunal can decide if landlords are justified to do so or not. Finally, tenants will be able to request a pet in a property, which the landlord cannot unreasonably refuse. The Renters Reform Bill had its Second Reading last month. Following the committee stage in the House of Commons, which is the lower chamber of Parliament, the Bill will then move on to the report stage before its third reading in the House. It will then pass on to the House of Lords, the upper chamber that scrutinises government legislation, where it will receive first, second and third readings, and then go through the committee and report stages too. The Bill should receive Royal Assent before the next general election. The UK Government introduced the Bill on 17 May 2023, where it passed its First Reading in the House of Commons. It is in line with the Conservative Party’s commitment from its 2019 manifesto to overhaul private renting. Building, Design & Construction Magazine | The Choice of Industry Professionals
Thomas Sinden has been awarded an £18 million contract for the delivery of an ‘all-affordable-home project’ on behalf of not-for-profit housing association, Peabody. Thomas Sinden will transform the site of a former workhouse, infirmary and hospital dating back to 1746 into 62 sustainable and affordable new homes. Peabody generated more than £8m for the NHS by purchasing the former St Olave’s Hospital in Rotherhithe in 2018. A traditional groundbreaking event to mark the start of construction saw Southwark Councillor Kath Whittam and the community join with Peabody and Thomas Sinden to celebrate this historic area being brought back to life. The development will bring 14 homes for social rent and 48 for shared ownership, with one-, two- and three-bedroom homes for families close to the greenery of Southwark Park. All the flats will have either a balcony or terrace, and the duplexes will have their own gardens. One of the blocks will have a communal roof terrace, and there will be new outdoor areas and play spaces for residents to enjoy. The project will generate additional social value and community benefits, with Thomas Sinden offering job, training, and apprenticeship opportunities for local people. It will include eleven construction jobs for residents who are currently unemployed. Local charity Bermondsey Community Kitchen (BCK) joined the event, providing refreshments and accepting a £1,000 donation from Thomas Sinden’s Managing Director to support volunteers’ work locally. BCK is a non-profit training facility, run by volunteers, that provides Level 1 and 2 City and Guilds Professional Cookery qualifications for long-term unemployed 16 to 24-year-olds. Angela Wood, Deputy Executive Director of Development at Peabody, said: “The positive impact of new affordable homes cannot be underestimated. Peabody already works closely with many communities in Southwark, and we’re pleased to have started delivering more new homes for people locally. “St Olave’s will give those on Southwark’s housing waiting list the opportunity of living in a new affordable rented home, while providing budding homeowners the chance to get on the property ladder in Zone 2 through shared ownership. Building an entirely affordable scheme is challenging in the current climate and it was fantastic to mark this major milestone with our partners and the council. We look forward to welcoming residents in 2025.” Councillor Kath Whittam at Southwark Council said: “As a ward councillor I am very glad to see the site go ahead, and it is particularly nice when the scheme is 100 percent affordable. I’d like to thank Peabody and Thomas Sinden for putting such a strong scheme together, which will give our residents the chance of a fabulous new home.” Matt Ayers, Head of Construction at Thomas Sinden, said: “We’re pleased to be working with Peabody on this historic site to create a clean, safe and sustainable development that will make a difference in the community for generations to come.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Plans to develop over 20 high-quality, energy-efficient council homes on a derelict site on Perry Road in Staple Tye, Harlow, have been given the go-ahead. The proposals were submitted by The Harlow Regeneration Partnership (HRP), an equal partnership between Harlow Council and award-winning housebuilder The Hill Group. The plans form part of the council’s priorities to rebuild the town and improve housing stock in the surrounding area. The HRP received unanimous approval from Harlow’s Development Management Committee for the redevelopment of the former Lister House site, which becomes the first to be delivered by the partnership. Councillor Michael Hardware, Harlow Council’s cabinet portfolio holder for economic development, said: “Not only will this development deliver much-needed homes for Harlow residents, but it will also contribute to the regeneration and renewal of Staple Tye. The former Lister House site has been sitting derelict for far too long and now I am pleased to say we can get on with the job of rebuilding this area of Staple Tye. “These high-quality apartments will be some of the most energy-efficient homes in Harlow and they will all be delivered by the Harlow Regeneration Partnership, which was only recently launched to accelerate the rebuild of our town. We look forward to working with The Hill Group on this development.” Tom Hill, Managing Director at The Hill Group, said: “We are delighted to receive planning approval for our first site in partnership with Harlow Council, contributing to the regeneration of the town’s housing. This first exciting development is just the beginning for the Harlow Regeneration Partnership, and we look forward, not only to starting on site at Perry Road but to delivering many more high-quality, genuinely affordable, sustainable homes for Harlow’s communities in the future.” The development will include four one-bedroom apartments and 20 two-bedroom apartments, with commercial space on the ground floor. Each home will have access to electrical vehicle charging points, and the plans include an allocation of 24 car parking spaces and 32 cycle spaces, with a further four car parking spaces and 10 cycle spaces for commercial use. The gas-free development will feature photovoltaic panels installed on the roof, and heating and hot water will be provided via air-source heat pumps, helping residents keep their electricity bills low. Biodiversity at the Perry Road site will be carefully managed through the planting of new trees, and there will be attractively landscaped areas situated around the development. Hill will take possession of the Perry Road site in November 2023, with work due to begin in Spring 2024. Building, Design & Construction Magazine | The Choice of Industry Professionals
The nation’s landlords are responding to higher levels of mortgage interest rates by cutting down on their borrowing. The research comes from specialist property lending experts, Octane Capital, which compared the total amount of borrowing amongst buy-to-let landlords between Q3 2022 and Q2 2023 and the corresponding period the year before. It found that buy-to-let landlords reduced their borrowing by around £7 billion over that timespan, from £37.9 billion in 2021-2022 to £30.4 billion in 2022-2023. In terms of a percentage change, this means that buy-to-let landlords collectively reduced their borrowing by -19.8% in just a single year. A period in flux It’s no wonder that landlords have looked to reduce their exposure to the mortgage market, given how the Bank of England base rate has shifted over that period. At the start of December 2021 the base rate stood at 0.1%, while by June 2023 it reached 5.0%. Other unusual events also rocked the markets. In February 2022 Russia would launch its invasion into Ukraine, creating an inflationary effect on the cost of energy, which would filter through to other sectors. Meanwhile September 2022 saw ex-Prime Minister Liz Truss’s ill fated mini-budget, where a selection of uncosted tax cuts served to spook the financial markets, causing mortgage interest rates to surge almost overnight. It’s no wonder that investors have looked to restrain their borrowing in this context. First-time buyers The rest of the market followed a similar trend to buy-to-let, as lending to first-time buyers dropped from £68.1 billion in 2021-2022 to £65.9 billion in 2022-23, a reduction of -3.2%. Meanwhile all other forms of lending fell by -7.6%, from £92.2 billion to £85.2 billion. Remortgage activity rose slightly, from £79.9 billion in 2021-2022 to £81.0 billion in 2022-2023, reflecting how more borrowers consolidated what they had rather than saddling themselves with fresh debt in the form of a new mortgage. CEO of Octane Capital, Jonathan Samuels, commented: “Landlords are taking fewer risks with their borrowing, which makes sense given how the market has become objectively less attractive in the past couple of years. “No longer are buy-to-let mortgages available for 2-3%, so it’s less economically viable to invest in property on a highly leveraged basis. “Now landlords are in a period where they’re adjusting to a new normal, where they need to be strategic and consider using a larger deposit if they want to continue growing their portfolios.” Data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Housebuilder The Hill Group has submitted plans for the Amerind Grove site on Raleigh Road in Bristol, which was once the site of the Wills Tobacco Factory, to develop over 100 high-quality, sustainable new homes. Hill will deliver three, four, and five-bedroom family houses, as well as one and two-bedroom apartments and three-bedroom maisonettes, building on its reputation for developing sustainable community-focused residential projects. Approximately one-third (30%) of the homes will be affordable. Hill’s plans will revitalise the 3.5-acre site previously occupied by a care home, significantly increasing housing availability in the popular Southville neighbourhood. Hill has selected a Bristol-based architect to partner with on the design of the homes, drawing on the area’s classic terraced vernacular to create well-appointed, high-quality modern homes. The development will link to the surrounding area by two new tree-lined access roads. Hill has appointed a professional guardian service to provide short-term, affordable accommodation for local people during the planning process. All applicants seeking to be a short-term guardian living at the property will be independently assessed and required to sign a code of conduct. Andy Hill OBE, Group Chief Executive of The Hill Group, commented: “There is an acute housing shortage in Bristol, particularly for family homes. We have worked with the local Southville community to ensure our planning application for the Amerind Grove site will help address local housing needs. It will provide a sustainable development of over 100 high-quality, energy-efficient family homes, including over 30 much-needed affordable homes for local people, and we look forward to working with Bristol City Council to successfully progress this application.” Built with sustainability in mind, the homes at Raleigh Road will feature high levels of insulation and airtightness. The properties will exceed energy regulations through the use of low-carbon technology and energy-efficient design, including air-source heat pumps to provide gas-free heating and hot water. Permeable paving, green roofs, rain gardens, and underground water tanks will also be included within the development to minimise surface water run-off; Hill is committed to environmental conservation and aims to achieve over 20% biodiversity net gain on this development. To encourage sustainable transport and reduce the total number of cars, approximately 185 cycle parking spaces will be provided. The construction phase will also provide local residents with employment and training opportunities. Building, Design & Construction Magazine | The Choice of Industry Professionals
