A brand-new play area in Oakham has been officially opened by Florence, one of the people who will be having fun in the new facilities most over the coming months and years. The new play area is located at the front of Oakham Pastures, Davidsons Homes’ collection of new homes off Uppingham Road, surrounded by lush trees and pretty greenery. Florence was invited to cut the ribbon the brand-new play area, declaring it officially open for children and families to enjoy from now on. Rachel Harris, mother to Florence, said: “We were so touched that Florence was invited to open the play area at Oakham. Not only was it a lovely surprise for her, Davidsons Homes also bought her a little rucksack and necklace which she is now wearing with pride! “We have been staying at Oakham Pastures with my parents, so have had a front-row seat watching the play area be created, and Florence was so excited to be able to go out there and enjoy playing on the equipment. “The outlook from my parents’ house is truly special, and we have absolutely loved living with the open-plan spaces and the void which joins the bottom floor with the top one. It’s not overlooked and has a large garden – in fact we’d like to stay here forever! “The homes have got real character, they feel like a great blend of Georgian design and elements of local style too. There are a lot of swallows here, which is evidently a sign of a happy place – and Oakham Pastures certainly feels it.” Simon Tyler, Sales Director for Davidsons Homes, said: “The most important people we have to impress with our play areas and sections of open spaces are the children and families who will actually use them – which is why we were delighted to welcome Florence to officially launch our play area at Oakham Pastures. “We hope her and her friends enjoy playing here for many years to come!” Building, Design & Construction Magazine | The Choice of Industry Professionals

As the country girds its loins for what Prime Minister, Keir Starmer, has warned will be a ‘painful’ October Budget, trade press headlines and social media channels have been inundated with more doom and gloom for the Private Rented Sector (PRS). The prospect of rises in Capital Gains and Inheritance Tax would appear to have sparked a flurry of selling activity among some landlords. Latest figures released by Rightmove revealed that the proportion of former rental homes moving into the sales market is the highest on record – at 18% of the total. But Rightmove insists this does not point to a mass exodus of PRS landlords, although it does say the situation will have to be monitored for any long-term impact. And I read the comment from Benham and Reeves’ Marc Grundherr with interest. He said that if the Labour government imposed a significant tax increase on landlords, this would be another blow to those who provide vital housing stock. He added: “Despite this, we’re simply not seeing the exodus of landlords that is so often reported…buy to let remains a strong investment – it’s certainly one that most take with a very long-term view and they expect ups and downs, but generally speaking, the returns are consistently good.” Luxury apartments This is the point – fundamentally, rental properties in the PRS are in short supply, demand remains strong and yields remain healthy. Added to which the property market is changing. From the latest figures available from Uswitch, a third of first time buyers are aged over 35, 20% are aged 35-44 and 13% are over 45. So renters are staying in the PRS much longer and individual tenancy lengths are increasing, too. This is just one of the reasons that Build to Rent has taken off so dramatically in the UK in recent years. Only last week, Legal and General announced that its Slate Yard development in Manchester was being offered as an investment opportunity with a guide price of £110 million. It comprises 424 luxury apartments across three buildings and provides a gym, a residents’ lounge, co-working spaces and 24/7 concierge service. Legal and General have deployed over £3bn of institutional capital into the sector in 24 schemes across 13 UK cities. Clearly, they believe there is a future in the rental market. ‘It’s all very well for the big boys, but what about the small private landlord?’ I hear you say, ‘The bureaucracy is becoming overwhelming.’ It’s true that there are political moves to introduce higher standards, warmer homes and to regulate the sector more thoroughly. But, in the long run, this can only be good for business. Build to Rent is predominantly focused on city centres, but who is catering for the suburbs and the hundreds of small towns and villages all over the UK? Don’t they deserve a thriving rental sector, too? And as for the bureaucracy, this is where technology comes in – it saves time and money and provides evidence of compliance. Reduce move-in costs Using ourselves as just one example, through integrations, flatfair Deposits utilises open banking technology and partners with the major UK deposit schemes to automatically register traditional deposits into the agent’s preferred scheme. Deposit administration can carry the risk of hefty fines, reputational damage and sometimes worse. flatfair Deposits removes the potential of missed deadlines and human errors while saving agents and landlords around an hour of admin time per tenancy. It also provides tenants with the important choice of a deposit alternative, to reduce their move-in costs by an average of £1000, while landlords double the protection on their property for potential damages or unpaid rent. flatfair Deposits integrates with leading referencing providers, HomeLet and Homeppl, and cross-references these results against our own criteria to ensure the highest quality tenants are occupying the property. Technology like flatfair Deposits is the solution and the way forward for the PRS. Increased regulation doesn’t have to mean an increased workload. We’re all going to have to work smarter, not harder. If that’s the brave new world for the PRS, we’re looking forward to it. Building, Design & Construction Magazine | The Choice of Industry Professionals

New research has revealed the London boroughs where buy-to-let landlords currently looking to invest can generate the best returns. Drawing on the latest house price and private rental data, property analysts at SBA Property Management have identified Tower Hamlets as the highest-yielding borough for rental returns. With average property values of £456,375 and monthly rental costs of £2,244, the inner London borough offers buy-to-let investors yields of 5.9% — significantly higher than the London average at 4.81%. Another area for investors to target is Southwark, which has average house prices of £476,177 and private rents of £2,219, yielding returns of 5.59%. Other opportunity areas identified by SBA Property Management are Newham, Barking & Dagenham and Greenwich, offering average rental yields of 5.23%, 5.06% and 4.96% respectively. The news comes shortly after interest rates were cut by the Bank of England for the first time since March 2020, setting the stage for mortgage costs to fall over the coming months. With further cuts forecast in 2025, property investors will be in an even stronger position to buy. Habib Mogul, Director at SBA Property Management, commented: “After several years of uncertainty, London’s property market is again shaping up to be one of the UK’s most attractive investment opportunities. Falling mortgage costs and stable property prices combined with high demand for rental accommodation means buy-to-let property in particular offers great potential for returns. “Historically, large deposits and borrowing costs have been a barrier for buy-to-let landlords looking to invest in the capital. However, our research shows that many of the highest-yielding areas are those with the lowest property prices, reducing the initial investment needed to secure a piece of London’s lucrative property market.” Average house prices in the five boroughs identified by SBA Property Management are below the London average, with Barking & Dagenham and Newham being two of the three most affordable boroughs for property investors. In Barking & Dagenham – the London borough with the cheapest house prices – buy-to-let landlords would only need £51,060 for a typical 15% deposit to start earning above-average returns on their investment. Tim Darwall-Smith, Director at SBA Property Management, said: “In recent years, we’ve seen London’s property market buck the trend of rising house prices seen across the rest of the country. At the same time, rental costs in the capital have surged, putting buy-to-let landlords in an advantageous position. “The easing of mortgage costs brings more relief to buy-to-let landlords, freeing up resources to make value-boosting renovations and deliver a better tenant experience. Ultimately, the investors with well-managed properties will be best placed to benefit from London’s highly profitable rental market.” To find out more about SBA Property Management’s services, visit: https://sbaproperty.com/. Building, Design & Construction Magazine | The Choice of Industry Professionals

The John Lewis Partnership (JLP) has submitted plans to transform a former distribution warehouse in Reading into rental housing. The proposals were submitted to Reading Borough Council. JLP’s proposed regeneration of the site will see more than £80 million invested to create 215 high-quality and energy-efficient homes, as well as 6,000 sq ft of internal amenity space, including space for community use, two new external garden spaces and improved public realm. Located next to the A329 and opposite the Oracle shopping centre in central Reading, the site benefits from close proximity to Reading Train Station, providing access to Central London in less than an hour. The homes will be purpose built for renters with shared areas for fitness, home-working and socialising, and will include a mix of one, two and three-bedroom homes to accommodate different sized households. Options for long-term tenancies with a recognised and trusted brand will be offered to provide residents with the opportunity to remain living there for as long as they wish. The homes will be highly sustainable, using high performance materials with renewable energy resources. Given its proximity to the town centre and local transport network, the development will be car-free with the exception of accessible spaces. New green spaces for the public, including children’s play, and a new space for local community groups has been included. The proposals have sought to establish new community partnerships that build on the work already being done by the existing local Waitrose and John Lewis shops. The scheme will provide 10% affordable homes at Reading Local Housing Allowance levels. Additionally, it is estimated to generate more than £1.9m million of new household spend per year, supporting local shops and services. JLP aims to prioritise residents already living and working in Reading, with the 2021 Census finding 48% of the population renting compared to an average of almost 38% across England, and population growth of 12% since 2011. Transforming a disused industrial site to create a thriving new rental community will help the town to retain talent and support residents who want to see better quality rented housing. The Reading proposals reinforce JLP’s ambition to create a rental housing brand that will manage homes designed specifically for rent in a bid to ease housing pressures and generate long-term, stable income to support investment back into our Waitrose and John Lewis brands. A core part of the strategy is renewing brownfield sites that have great transport connections, enabling people to travel to work quickly and sustainably. JLP recently received a resolution to grant planning consent to transform a Waitrose site in south London, next to Bromley South rail station, and is progressing another application in West Ealing five minutes from the local Crossrail station. Katherine Russell, Director of Build-To-Rent for the John Lewis Partnership, said: “We have worked closely with Reading Council’s planning officers, local residents and organisations to propose a scheme that will benefit residents and the wider community by transforming a disused industrial site into a thriving rental community. By revitalising brownfield land we have a fantastic opportunity to provide a significant number of homes which can help alleviate some of the growing pressure on Reading’s housing market. These will be homes not only developed by us, but managed by us, meaning we can offer quality service and a guarantee that homes will not be sold off, as so often happens in the rental market.” Building, Design & Construction Magazine | The Choice of Industry Professionals

The latest market insight from London’s largest lettings and sales estate agent brand*, Foxtons, has revealed that London’s much loved parks are attracting house price premiums of 53% compared to the wider market average, with Green Park home to the highest premium of the lot. Foxtons analysed current market data looking at house prices in each of the postcodes straddling 13 of London’s biggest and best parks to reveal just how much a park adjacent property purchase will cost you in the capital*, before comparing this to the average price across the wider boroughs in which these postcodes are located to reveal what premiums a park house purchase commands in the current market. The research shows that, on average, purchasing a property close to one of London’s best parks will set you back £802,422 – that’s a premium of 53% when compared to the current average London house price of £523,134. In fact, all but two of the 13 parks analysed by Foxtons commanded a house price premium for those looking to purchase within walking distance of green space, with Green Park in Westminster topping the table. Straddled by the W1J and SW1A postcodes, the average price of a property surrounding Green Park comes in at £1.48m. While the wider borough of Westminster boasts an average house price of £954,279, this means that properties close to Green Park still command a premium of 55% in the current market. Battersea Park is home to the second highest park property premium across the capital, with the average price of a home across the SW11, SW3 and SW8 postcodes sitting at £927,098 – 50% higher than the wider borough of Wandsworth. Kensington Gardens is home to the third highest premium at 40% and with an average house price of £1.5m across its surrounding postcodes, it’s also home to the highest average house price of all 13 parks analysed by Foxtons. However, there are two London parks where surrounding property prices come in at a more affordable level versus the wider boroughs in which they are found. A property within the four postcodes surrounding Bushy Park in Richmond will cost you an average of £597,543 in the current market – -19% below the wider average of £737,024 for the borough of Richmond. The average price of a home in postcodes surrounding Crystal Palace park is also some -14% more affordable than the average found across the four boroughs it sits within. Foxtons CEO, Guy Gittins, commented: “London’s parks are an iconic part of the city’s landscape and they also provide vital green space for those who live and work within the city to relax and unwind, especially when the sun comes out. This is vital as it provides them with a place to get out of the house, exercise, meet with friends and family, or simply get some fresh air. All of which are important when it comes to maintaining a healthy lifestyle. Of course, this makes them a desirable feature in the eyes of the capital’s buyers and, as a result, properties within close proximity to one of the capital’s best parks don’t come cheap. As our research shows, all but two of London’s best parks boast healthy house price premiums when compared to the wider boroughs in which they are found”. Sources and data tables *Foxtons is London’s No.1 estate agency brand based on TwentyCi data, 2023 v 2022 market share and market share growth of New Instructions at a brand level. *Foxtons is the UK’s fastest growing sales agent in the top 10 agents based on TwentyCi data of market share and market share growth of New Instructions at a brand level 2023 v 2022, growing by 28% year on year.  Foxtons is the UK’s fastest growing lettings agent in the top 10 agents based on TwentyCi data of market share and market growth of New Instructions at a brand level 2023 v 2022, growing by over 35% year on year.  Building, Design & Construction Magazine | The Choice of Industry Professionals