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March 7, 2013
As the UK moves towards making it easier for first time buyers to get into the property market, a property development firm, Barratt Developments, are working with David Wilson Homes to construct 600 new homes in the Devon area. Not only will the development provide new lost cost housing, but it will also provide at least 1,000 new jobs for employment during these difficult financial times.
Planning
Barratt Group Chief, Mark Clare, has unveiled seven new property development undertakings in Exeter, Ermington, Newton Abbot and Plymouth. New-build housing shortages, particularly in the Exeter area, have been a problem in the past but this new project means more housing and more buyers. Mortgages are currently easier to apply for and people want to get into the residential property development market before 2014 brings more defined restrictions on mortgage applications.
As property development in the UK takes off, many people are also turning to shared ownership as a means to getting into the property market. Many housing associations have taken over property developments and turned them into affordable housing. The rush to buy homes now has become desperate as people are struggling to deal with the rental increases and frustrations of international buyers and landlords are drastically trying to make their returns on investments.
The projected 1,000 jobs over the next three years, as the property development gets underway, will be filled by local people, which is a huge boost for the economy. Majority of the houses will be detached, and several will fall within the affordable housing bracket, but specifications on that still need to be outlined. These will hopefully incorporate part buy part rent options for new families.
The planning approvals for all the sites have set requirements to meet and part of the provisions are based on infrastructure such as schooling and transport for the property development buyers.
March 6, 2013
As of 2014 it will become more challenging for people to get mortgages. Since the government has introduced a buying scheme for first-time buyers who were finding it unnecessarily difficult when purchasing property, there have many different mortgage options to choose from. It can be excruciating trying to find the right mortgage for you, and there are all the requirements to meet, which is making it much harder for people to be approved.
Mortgages
Self-employed property purchasers may find themselves particularly affected by these new restrictions, which means so many more people are purchasing property through shared ownership. Shared ownership properties are great options for first-time buyers who cannot get approved for full mortgages, or afford the full repayments.
With the multitude of mortgage options now available such as tracker rate mortgages, fixed rate mortgages, interest only mortgages, repayment mortgages, and variable rate mortgages, people are still going to find it difficult when purchasing property. Shared ownership mortgages are easier to handle and apply for as they are done through the council. This scheme allows you to buy a certain percentage of your property, while the housing association keeps the remaining percentage and rents it out to you. As and when you are able to afford a bigger percentage of your home, you instigate your staircasing option and buy a further percentage by applying for a slightly bigger mortgage, and pay rental on the balance still owned by the housing association.
Shared ownership has worked for many purchasing property for the first time. It’s a good way to gain a good credit name and get into the property market, and young couples looking for a stable home base have used this option with happy results.
February 25, 2013
The building that is home to Richard Branson’s famous Roof Gardens restaurant in Kensington, is up for sale. The asking price for this five-star location is a cool £200 million. Kensington Roof Gardens has entertained many famous artists, musicians, actors, models and politicians from all four corners of the globe, so there are many questions about whether Branson will be able to renew the lease for his restaurant, which is a hot-spot for New Year’s Eve celebrations, and celebrity parties.
A Landmark
Spread across 1.5 acres on the top of the old famous art deco department store, Derry & Toms, the Roof Gardens is considered one of the most glamorous entertainment venues in England. Thanks to some serious flat roofing contractors when the building was originally constructed. The Kensington Roof Gardens have a stunning array of fruit trees, a fish-filled stream, and a flock of beautiful pink flamingos that stand around in a well-maintained pond.
Fully constructed in 1938, the building, which is now identified thanks to the Roof Gardens because it is the largest of its kind throughout Europe. Split into three themes; Tudor-style gardens with secret corners, hanging vines, and arches; Spanish Alhambra with fountains, Chusan Palms, and vine-covered paths; English woodlands with over 100 species of tree life which was granted an order of protection in 1976.
One of the reasons the Kensington Roof Gardens is popular and so well maintained is because the garden on the roof was listed as a Grade II and its well maintained with roofing services. It’s also become the go-to place for the annual pre-Wimbledon party normally attended by the most famous tennis players. And now it seem the building’s Asian owners are ready to part with the property. One has to wonder what will become the infamous Kensington Roof Gardens and where will its international fan base party when in London.
December 7, 2012
For the first time ever a council is to provide shared ownership houses. 20 council flats have already been constructed by Hackney Council at Chervil House. The various homes have been divided into four one-bedrooms, three two-bedrooms, ten three-bedrooms and three four-bedroom flats.
Moving on Up
The council are giving shared ownership preference to those leaseholders who currently own flats in the adjacent apartment blocks, namely Bridge House and Marian Court. This priority is over the other council estates that fall within the six estates regeneration programme.
The Big Switch
The 20 flats range in value from £170,000 for the one-bedroom places to £315,000 for the four-bedroom flats. The council are affording leaseholders the opportunity to ‘equity swap’ their current residence for one of the new flats. This is all dependent on the current value of their home. It could be an outright swap or on a shared equity basis depending on the discrepancy.
New Opportunities
Councillor Karen Alcock, Deputy Mayor of Hackney was excited about the fact that after this process the council will sell the flats on the open market for shared ownership purposes. This will allow those who aren’t eligible for council flats to take out shared ownership mortgages in Hackney in order to avoid relocation.
November 27, 2012
The London property market is in a state of flux and although the national situation doesn’t correlate with the price rises, it’s becoming apparent that offshore investment is at the centre of the growth. London is fast becoming the property market speculator’s dream in part due to tax loopholes and offshore secrecy coming from the British Virgin Islands policy on property sale. There have been at least 60 instances of luxury housing being snapped up by anonymous buyers and it’s difficult to say if these are local or international investors; although it is far more likely to be foreign investment. Be it Chelsea or Marylebone property, artificial property empires are being built up by those living in the UK or abroad.
Offshore Investment
One staggering figure of £7 billion in offshore money flooding into tax exempt London property in 2011 alone is big news and no doubt a major factor when considering how the prices continue to boom in London when compared with surround UK property prices. Property prices in prime Central London locations increased by 49% since March 2009 Central London estate agents found and this is great news for those who have already invested in London property. It doesn’t take a guru to see that although this is great news for the economy as a whole, it’s a bittersweet pill. There are more anonymously owned properties in London now more than ever and the situation is quiet complicated for the British government to now approach. London property prices are bolstering the economy but they are also putting locals at a certain disadvantage; so the options are difficult to weigh.
Looping Policies
The current loopholes in effect are the No Capital Gains tax policy which sees truly offshore businesses exempt from tax when making property purchases, the No Inheritance Tax exempts temporary inhabitants of the UK from tax if they register the purchase in an off-shore company’s name and the No Stamp Duty allows anyone to avoid 5% stamp duty on London property purchases if a search of their registration turn up off-shore. Inspections of these tax policies in London property are no doubt going to happen but for now the markets are perhaps too healthy for the greater good. In the next few weeks it’s going to become increasingly interesting to keep an eye on the London property market.
