Housing needs in the UK are changing amid declining levels of home ownership and lifestyle shifts. Rather than the traditional ‘buy-and-hold’ model, residential housing needs are shifting towards developments that are built for rent and aimed towards a specific demographic who are at a particular life stage. As such, funding
To identify and uncover more than 1.1 million extra residential titles missing from HM Land Registry, which is approximately 4.6% of all residential properties across England and Wales, a revolutionary, deep-learning algorithm has been developed. The specialist AI technology is the brainchild of Lumière Property, a south-east based proptech company,
Leading UK manufacturer Kawneer had its full range of architectural glazing systems specified for a stunning residential development at Cardiff marina. The Kawneer systems were selected for Phase One of Bayscape Ltd’s £40 million mixed-use development, which has been shortlisted for an award. “We specified Kawneer because of the need
A residential development in Canary Wharf, London, has reached a significant milestone. With leading developer Canary Wharf group building residential apartment on the 10 Park Drive site, the building has recently been topped out, reaching its full height of 149 metres above ground level. It will offer 345 homes when
BE DESIGN, the multi-disciplinary architecture and engineering practice, has announced four new promotions across its technical team. With 40 years’ combined experience, Dan Edwards, Rhys Bevins, Shawn Loo and Rafail Tsartsaris will now support the senior team directly with project design and client management whilst mentoring and developing the next generation
On site work on the £117 million Campbell Wharf development in Milton Keynes has commenced. The residential-led mixed use scheme includes 383 new homes, a narrowboat marina, public house, nursery and a mix of retail units and is set to transform and revitalise a much-underutilised part of Central Milton Keynes.
A Reserved Matters Application has been submitted by developer Crest Nicholson for 192 homes and landscaped public open space at Alconbury Weald, Cambridgeshire. Located on the former airfield to the north west of Huntingdon, Crest Nicholson will become the fifth housebuilder to join the growing development of over 5,000 homes.
In October the residential sector unexpectedly reached a huge £2.3 billion worth of construction contracts for the month. This was despite the sharp falls in the construction industry after the immediate aftermath of the Brexit vote. The November edition of the Economic & Construction Market Review from industry analysts Barbour
The real estate sector is collectively upbeat for the next year but remains guarded beyond that. Indeed, while 88% of respondents to a survey carried out by the British Property Federation (BPF) said they were confident the market could bloom for the next 12 months, their confidence was less certain
Whether Britain decides to stay in the EU or leave this year, British investors should not be put off investing in French property. The vote to stay in the European Union will take place in June. Some scaremongering critics suggest that if the UK leaves it could become very challenging
Housing needs in the UK are changing amid declining levels of home ownership and lifestyle shifts. Rather than the traditional ‘buy-and-hold’ model, residential housing needs are shifting towards developments that are built for rent and aimed towards a specific demographic who are at a particular life stage. As such, funding needs are changing to support these types of developments and this should lead investors to consider new ways of accessing the property market. Why is the UK property market experiencing change? Homeownership levels have fallen dramatically among the younger generation over the last thirty years. In 1991, 67% of 25-34 year olds were homeowners compared with 36% in 2014. Meanwhile, private sector renting more than doubled between 1980 and 2014. This is not just a UK phenomenon. In the United States, for example, home ownership fell to its lowest level in more than five decades in 2016. Declining homeownership is resulting from both cyclical economic forces as well as longer-term structural trends. While economic pressures have been important contributors towards declining homeownership, especially among millennials, longer-term lifestyle shifts are also having a significant impact. The way people live and work is frequently less structured and standardised than in the past, and there appears to be less desire for people to be held down by long-term commitments. Coinciding with the advent of the ‘gig’ economy has been rising numbers of self-employed and contract workers over the last twenty years, suggesting a more mobile and flexible workforce. Nonetheless, while both the residential and commercial property sectors are experiencing significant change, new investment opportunities are opening as developers adjust their product offerings to meet evolving economic conditions and lifestyles. In fact, some of the most innovative developments are happening in the residential market. Co-living benefits the individual and the community ‘Co-living’ is an area of particular interest and future growth. These developments, which at this point are mainly focused in London, cater for young professionals’ more mobile lifestyles. They offer the convenience of all-inclusive costs, covering rent and bills as well as services such as cleaning and gym membership. This market is further developed in the United States and the evidence suggests widespread popularity in metropolitan areas such as New York and Oakland, California. In addition to convenience, this type of living arrangement combines the benefits of feeling part of a community while at the same time offering individual privacy. Occupiers have shared living spaces, but they can also retreat to their own fully furnished private apartment. It presents an attractive choice for young people, especially as a national survey recently found that 16-34 year olds experience feeling more lonely than older generations. However, it is not just the investment potential that these types of new developments hold for investors. Co-living and other purpose-built rental developments may also hold wider economic benefits that could help the struggling UK high street. How can investors take advantage? Investors can access these types of purpose-built rental developments through development finance or bridge loans, which are secured by the underlying assets and offer higher yields relative to UK government and corporate bonds – typically between 5% and 8% per annum net of fees. With banks and building societies retrenching from lending in the post-financial crisis years, this market presents a growing opportunity as developers look to secure funding from a diverse range of sources. Although still at an early stage of development, operational assets are a logical, modern way to benefit from an evolving and changing UK property market. By Tom Brown, Managing Director at Ingenious Real Estate
To identify and uncover more than 1.1 million extra residential titles missing from HM Land Registry, which is approximately 4.6% of all residential properties across England and Wales, a revolutionary, deep-learning algorithm has been developed. The specialist AI technology is the brainchild of Lumière Property, a south-east based proptech company, who are using their unique geospatial algorithms to identify gaps in Land Registry data and examine the planning potential of sites for development. According to Lumière Property, it has only been mandatory to register all land transactions since the late 1990s and HM Land Registry only has 85% coverage of the land in England and Wales but by 2030 it aims to have all land registered. This means properties that have not changed hands since the end of the 90s may be missing from records. “Since we rely on Land Registry cadastral data, these omissions restricted our ability to pinpoint thousands of development sites with great potential,” explained Chris Rowland-Smith, Managing Director of Lumière Property. “We are really excited at the prospect of using our new AI software; it’s an incredibly smart application and a significant breakthrough. We’re used to working in areas of dense housing stock so the 15% of missing titles accounts for a substantial number of as yet untapped sites,” he added. In order to address the current data gaps, Lumière Property applied the latest AI and deep-learning algorithms to estimate the title bounds for residential addresses across England and Wales. Deep learning involves training an algorithm using over a million examples of known title boundaries, on specialised hardware. Once the algorithm is trained, Lumière Property can present it with examples where the boundary is not known and enable it to estimate these and build a totally new database on top of the existing Land Registry-registered titles. As well as identifying residential properties for purchase and development, Lumière Property also has the ability to provide a sophisticated site-finding service for commercial and public organisations such as senior living developers and borough councils with existing asset registers they wish to unlock value from.
Leading UK manufacturer Kawneer had its full range of architectural glazing systems specified for a stunning residential development at Cardiff marina. The Kawneer systems were selected for Phase One of Bayscape Ltd’s £40 million mixed-use development, which has been shortlisted for an award. “We specified Kawneer because of the need for a high-quality and trusted product. Crisp detailing was important in the overall design concept and aluminium was essential for the marine environment,” said Andrew Baker, Director of Rio, award-winning architects who have used Kawneer systems on numerous projects. The two blocks of luxury apartments – Whitewater House and Waterford House – both used Kawneer’s AA®100 mullion-drained curtain walling with 50mm sightlines, thermally superior AA®720 tilturn and side-hung casement windows, and AA®545 open-out swing doors. Whitewater House, so named because it also overlooks Cardiff International White Water Centre, was first to complete, offering 56 generously-proportioned one, two and three- bedroom apartments including two penthouses. Meanwhile, Bayscape offers a total of 115 apartments, with optional private moorings, across seven and eight-storeys of apartments which are joined by an elevated garden podium. The ground floors feature a coffee shop, waterside bar and restaurant, commercial/retail units and marina management facility. The luxury apartments, which all feature private balconies or terraces, start at £175,000 and range from up to 624 ft2 for a one-bed, 990 ft2 for two bedrooms and 1,119 ft2 for a typical three-bedroom. Residents also benefit from undercroft parking, a concierge service and lift access to all floors. The impressive floor to ceiling double glazing in every apartment ensures they are light and airy and residents can enjoy the stunning views. The Kawneer systems were installed over five months by a team of up to eight operatives from approved dealer Dudley’s Aluminium for main contractor BECT Building Contractors. Dudley’s, which celebrates its 25th anniversary this year, also worked with Kawneer and BECT on another Cardiff project – One Canal Parade. Bayscape was shortlisted for residential development of the year in the 2018 Wales Insider Property Awards.
A residential development in Canary Wharf, London, has reached a significant milestone. With leading developer Canary Wharf group building residential apartment on the 10 Park Drive site, the building has recently been topped out, reaching its full height of 149 metres above ground level. It will offer 345 homes when completed in the final quarter of 2019. “This is an exciting step in the construction of 10 Park Drive, both for the area and for us at Canary Wharf Group as we top out our first residences on the Estate. The work that has gone into the development so far has been phenomenal, and we look forward to it reaching completion and for the first residents to move into Canary Wharf,” said Brian De’ath, Director of Residential Sales at Canary Wharf Group. “Some of our purchasers camped out overnight to be able to secure a home at 10 Park Drive which I strongly believe says a great deal about the quality of the offering here. The extensive calendar of events, diverse community and excellent transport links on the Estate are making it an increasingly hard location to beat within the London property market,” Brian added. 10 Park Drive has been designed by Stanton Williams Architects and it forms a key part of Canary Wharf’s new residential district, Wood Wharf, alongside neighbouring residential development, One Park Drive. It will comprise 74 studios, 115 one-bedroom apartments, 141 two-bedroom apartments and 15 three-bedroom apartments. The apartments’ design maximises the light and vistas of the surroundings at every opportunity, with interiors developed by Make Architects. Residents of 10 Park Drive will have access to a private sky terrace on the 13th floor, with bookable facilities and free use of shared spaces. The development sits adjacent to South Dock and is linked to the water by landscaped gardens and parks. Purchasers will also have access to a state-of-the-art new health and fitness club with a swimming pool, jacuzzi, sauna, steam room and fitness class studio.
BE DESIGN, the multi-disciplinary architecture and engineering practice, has announced four new promotions across its technical team. With 40 years’ combined experience, Dan Edwards, Rhys Bevins, Shawn Loo and Rafail Tsartsaris will now support the senior team directly with project design and client management whilst mentoring and developing the next generation of engineers and architects at BE Design. Shawn is looking forward to helping to develop junior members of the team and enhancing client satisfaction as BE Design’s newly appointed associate. Dan has been part of the BE Design family for almost five years and has now been promoted to senior engineering coordinator and, during which time he worked on transforming a car park used during the London 2012 Olympic Games into an impressive structure. Rhys studied at Nottingham Trent University and, following a placement year at BE Design, returned to work there full time four years ago and is now the practice’s newest senior architectural technologist. Rafail is experienced in Computer-Aided Design (CAD), Revit and Building Information Modelling (BIM) and is proud to see his work influencing others within BE Design in his new role as senior engineering BIM coordinator. “We’re a close family at BE Design – and one which supports one another and rewards hard work and dedication,” said Stephen Oakden, director at BE Design. “Dan, Rhys, Shawn and Rafail have all worked incredibly hard to get to where they are – showing enthusiasm, passion and technical expertise across every project they’ve designed and delivered. I’m proud to announce their promotions and wish them all the best of luck in their new roles,” continued Stephen. BE Design celebrated its fifth anniversary this year and works across numerous sectors – from retail and leisure to residential and industrial – designing projects across the UK and Europe. Find out more about BE Design at www.bedesign.co.uk or join the conversation on Twitter @B_E_Design.
On site work on the £117 million Campbell Wharf development in Milton Keynes has commenced. The residential-led mixed use scheme includes 383 new homes, a narrowboat marina, public house, nursery and a mix of retail units and is set to transform and revitalise a much-underutilised part of Central Milton Keynes. Once it approaches completion, the development will deliver 332 one and two-bedroom apartments and 51 three, four and five-bedroom houses. Moreover, 30% of the properties on site have been reserved for shared ownership and affordable housing, in order to meet local housing needs in the community. “We are pleased to have cemented our agreement with the Milton Keynes Development Partnership and look forward to working together on this significant development. Once complete the scheme will provide a new gateway from the Canal to Central Milton Keynes and deliver much needed new homes to the area,” said Scott Black, Managing Director at Crest Nicholson. Located on the eastern edge of Central Milton Keynes with easy access to both Milton Keynes Central Station and the M1, the site is divided into two distinct areas by the Grand Union Canal. The 8.15 ha site will also include a new marina on the Grand Union Canal, providing 111 berths, a canal-side pub, café, restaurant and a new footbridge linking the two sides of the canal. “As our city continues to grow, MKDP is committed to playing its part in helping to create well-designed, vibrant & affordable new communities in partnership with a range of local developers. As part of the Campbell Wharf development, MKDP and the developer Crest Nicholson will be creating 115 affordable new homes, a new 111 berth marina alongside the city’s renowned Grand Union Canal, and importantly, will be contributing towards the cost of upgrading the infrastructure of our city centre,” commented Councillor Rob Middleton, Cabinet Member responsible for Resources and Innovation. The new marina is expected to open in April 2019, while the first residential dwellings on site will be occupied in October 2019. The development is expected to be fully completed by 2023.
A Reserved Matters Application has been submitted by developer Crest Nicholson for 192 homes and landscaped public open space at Alconbury Weald, Cambridgeshire. Located on the former airfield to the north west of Huntingdon, Crest Nicholson will become the fifth housebuilder to join the growing development of over 5,000 homes. The new homes benefit from a prominent location on the central hub of the first phase, having been carefully designed to reflect the character of the local area. The green spaces around the homes will be connected by safe cycle and walking routes and a number of public amenities along the Linear Park, including orchards, outdoor table tennis and other games will also be delivered. The houses at Alconbury Weald will be a mixture of one & two-bedroom apartments and four-bedroom townhouses along the green Boulevard. The cricket pitch will be surrounded by townhouses with balconies, while semi-detached and mews properties frame the Linear Park, which follows the line of one of the former airfield’s taxi-ways, creating a safe walk and scoot to school route. Crest Nicholson chose to design the homes with contemporary buff-coloured brick and red brick in order to denote distinct character areas within the development, while being complemented by blue brick and render detailing. Internally, the homes will be light and spacious, and finished to a high specification. “We are excited to have secured the opportunity to become the latest housebuilder to join the growing Alconbury Weald community. With over 5,000 homes, an enterprise zone and a variety of public amenities – including new schools, sports pitches and a health centre – this is truly a visionary project for the wider Cambridgeshire area. Our plans are to deliver a mix of 192 high-quality homes and we look forward to working with Urban&Civic bringing this vision to fruition,” said Toby Lambert, Development Director at Crest Nicholson Chiltern. The application comes forward under the Planning Framework and Design Code set in place by the Outline application for Alconbury Weald. The Crest Nicholson team is working closely with the master developer behind Alconbury Weald, Urban&Civic.
In October the residential sector unexpectedly reached a huge £2.3 billion worth of construction contracts for the month. This was despite the sharp falls in the construction industry after the immediate aftermath of the Brexit vote. The November edition of the Economic & Construction Market Review from industry analysts Barbour ABI states that the residential sector monthly contract value rose by 34% in October in comparison to September. Builders Persimmon and Taylor Wimpey both also registered growth in its order books, with the former reporting a 19% increase in sales rates. In construction overall, contracts were up in October reaching £5.9 billion, which is an increase of 5% on the previous month. However, a number of sectors are yet to recover from the Brexit vote slump in the same way that the residential construction industry has – particularly in infrastructure, with contract values down by 42% in October compared with the same time last year. Since the July referendum, Commercial & Retail, Industrial and Medical & Health have also struggled to get some momentum going. Lead economist at Barbour ABI, Michael Dall, said that the turnaround for housebuilding in October will give industry leaders, investors and the government much needed breathing space. Dall added: “However, the majority of the other construction sectors continuing to lag after the post-Brexit vote is a cause for concern, particularly infrastructure and commercial & retail, two sectors that are usually accurate indicators of how the overall economy is performing. “Housebuilding now beginning to thrive is no major surprise, as the strain on housing stock and government targets have become a matter of national attention. “What did actually surprised was the significantly large value of residential construction contract this month, reaching £2.3 billion, the highest monthly figure ever recorded for residential construction since Barbour ABI reporting began back in October 2010.”
The real estate sector is collectively upbeat for the next year but remains guarded beyond that. Indeed, while 88% of respondents to a survey carried out by the British Property Federation (BPF) said they were confident the market could bloom for the next 12 months, their confidence was less certain going into 2017 and beyond. More than half of those surveyed said that 2016 would be a year where development activity would rise but 46% noted concerns as we move into 2017. The surveyed has highlighted barriers to development, namely developable land being made available in London. Respondents encouraged local government to do more to help the property sector grow while calls in London for the assembly and sale of developable land continued. Investment was encouraged in the blossoming “build to rent” market (a sector which allows developers to keep ownership of those houses newly built). London remains, unsurprisingly, the favoured location for planned investment. 53% said their business plans to grow investment levels while 23% planned to maintain levels over the next year. Elsewhere, in the Midlands for example, 60% expect to add to their investment portfolio while 23% would keep levels the same. The North West of England saw respondents less eager to increase investment with only 25% saying they would do so. It was even lower in Scotland with just 16% revealing they would be happy to increase investment. BPF chief executive Melanie Leech acknowledged the important contribution the real estate sector makes to the UK economy and said it was crucial that it remains buoyant because of what it can do for “regeneration” and “growth” across the country. The positivity across the sector was therefore “welcome”. She said there was a number of things that can be done to see that positivity continue into 2017 and beyond. While she admitted some things are out of their hands, the government should set out a clear mandate to “assemble and sell” public sector land. She also noted her enthusiasm at data revealing that investment and a positive outlook was not solely based in the capital city but across the UK.
Whether Britain decides to stay in the EU or leave this year, British investors should not be put off investing in French property. The vote to stay in the European Union will take place in June. Some scaremongering critics suggest that if the UK leaves it could become very challenging to make such an investment work but agents in France are saying there’s nothing to worry about. Indeed, not much will change suggest estate agents on the European mainland. In fact, data has recorded an upturn in inquiries, revealing the potential for a shortfall in sales is unlikely. Leggett Immobilier’s chairman Trevor Leggett said his agents across France had witnessed no slowdown in demand with UK purchaser activity 40% higher than last year. What makes that number even more significant is the fact that 2015 was a record year (an estimated 800,000 sales were made). This lack of concern was echoed by Sextant French which said that if the UK voted out of the EU nothing would happen to the market in France very quickly. Expats may have to iron out details regarding healthcare, pensions and state benefits but second homeowners in France would see no significant change. With buyers making the most of favourable current market conditions thanks to helpful exchange rates, low prices and affordable mortgage rates few will want to see the market hindered in any way. But since investors from as far afield as Australia and China happily buying property in France without any major obstacles, British investors shouldn’t be worried. The UK’s exit will impact tax arrangements, for example, or the possibility of obtaining a mortgage, but won’t put up immovable barriers. With a potential EU exit on the horizon it is likely the UK will join the European Economic Area (EEC) which includes current members Iceland and Norway.
