How developers are funding local infrastructure projects

Fortitudo Property has generated in excess of £5 MIllion as part of the Community Infrastructure Levy in Poole (CIL). And part of this goes towards the CIL Neighbourhood Portion fund that is earmarked specifically for local infrastructure projects to improve facilities including local open spaces and plan, transport, health, education and more. Continue reading

How the south coast property market is changing

Showing yet again that the property market is withstanding the economic uncertainty surrounding the Brexit negotiations, the student housing market in particular is booming.

JLL (corporate investment property experts) predict that the student housing market will account for £1 in every single £10 invested in commercial property by the end of the year. Continue reading

Should the UK abolish Stamp Duty Land Tax?

A new report from the Adam Smith Institute lays out compelling reasons for the abolishment of the Stamp Duty Land Tax (SDLT) in the UK.

There are arguments to support the idea that stamp duty on the sale of property is jamming the housing market, forcing people to stay in houses that are too large for them, and preventing people from moving areas to access the jobs they need. The report states that stamp duty is the most damaging tax in the UK, and that the Chancellor should have scrapping it at the top of the agenda in the run up to November’s budget. Continue reading

Uk’s average house price is now eight times more than the average wage

London’s housing crisis continues to worsen as the latest research suggest that the majority of housing in the least affordable areas of London is on average eight times the cost of the average UK wage, writes property developer Richard Carr.

London

Richard Carr's luxury home image

The housing value vs wage ratio continues to grow

According to eMoov, London as a whole has average house prices which succeed the average wage by 14 times!

Unsurprisingly, both London and Kensington top the list with the average property price at £1.2m. The price of property in the borough is a ridiculous 46 times the average wage of £26,624 and the nation’s biggest gap in wage to property ratio by a long way.

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UK’s Property Market experiences growth post-Brexit

Following eight months of steady progress the UK’s residential property market is picking up with prices and buyer demand rising, writes property developer Richard Carr.

Growth

richard-carr-discusses-new-planning-bill

Property market enjoying post Brexit growth

According to the Royal Institution of Chartered Surveyors (RICS), 8% of surveyors reported an increase in buyer enquires in September 2016, which is a significant turnaround based on June when a net balance of 34% of respondents report a drop.

Despite this small positive there’s still the major use around the supply of new homes. As a result, the number of new instructions being received by agents fell once again meaning the average level of stock on estate agents books remains close to historic lows at just over 45 properties.

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First time buyers rush to take advantage of Help to Buy

Following the announcement that the government is to scrap the Help to Buy mortgage guarantee there has been a significant rise in the number of valuations for first time buyers, writes Poole-based property developer Richard Carr.

Deadline

First time buyers - Richard Carr

First time buyers rush to take advantage of Help to Buy mortgage

The mortgage guarantee ends at the year and the number of first time buyers requesting valuations has rising sharply since Chancellor Philip Hammond’s announcement.

According to Connells Survey and Valuation, the number of valuations for first time buyers rose by 18.7% in September on an annual basis.

John Bagshaw of Connells Survey & Valuation believes that many first time buyers are aiming to use the scheme before it closes at the end of December, however he doesn’t think first time buyer activity will suddenly drop at the start of 2017.

Richard Carr hopes that the government are able to benefit first time buyers by building more homes as a result of removing the Help to Buy mortgage guarantee.

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Popular Help to Buy scheme scraped by the government

185,000 UK home owners had benefitted from government Help to Buy schemes, which will now be scrapped by the end of 2016, writes property developer Richard Carr.

Prices

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How will scrapping the Help to Buy scheme effect first time buyers?

Despite the schemes proving popular amongst first time buyers, the initiatives haven’t helped solve the country’s growing housing crisis, which the new government led by Theresa May are keen to do.

According to one estate agent emoov.co.uk, the average house prices across half of the country’s 326 districts will exceed the Help to Buy threshold by March next year.

As a result, Chancellor Philip Hammond confirmed that the scheme will close to new mortgages on 31st December 2016.

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