Government incentives such as the Help to Buy scheme has seen more young people get on the property ladder and this is only likely to increase when the Help to Buy ISA comes into play, which will provide those saving for a mortgage with a cash bonus every month.
However, increased demand is only good if the supply of homes is at the same rate. According to recent figures, the output of new homes has increased over the last year, but there is still some way to go if the government is to meet its 2020 target of 275,000 homes per year.
Properties with waterfront views are worth 70% more on average then their inland counterparts according to new research, reports development specialist Richard Carr.
Seaside homeowners in the money
Seaside properties drive market prices
Property developer Richard Carr works predominantly in the south West of England in Poole working on properties on both the coast and inland – and it’s the South West of England which commands the biggest price increase with an extra 91% on average.
Furthermore, properties with private slipways have the potential to push the price upwards of 100% to a staggering 118%.
The South West has one of the longest coastlines of any English region and includes some of the country’s most expensive waterfront hotspots such as Sandbanks, Rock and Salcombe.
Fortitudo Property Development Specialist Richard Carr questions whether developers should focus their attentions on rental accommodation following recent research?
Should developers focus on rentals?
According to Pricewaterhouse Coopers the amount of people renting property in the UK could be higher than the amount with a mortgage by 2025.
This is on the back of their prediction that the average house price with rise to a staggering £360,000.
What does this mean for developers though? Should their short, medium and long term focus now be on creating properties that are suitable for rental? However, if house prices do rise, their mark-up will be higher, but only available to a smaller market.
There’s now over half a million Brits thankful that Labour’s Mansion Tax policy never saw the light of day, writes Richard Carr.
Residents of Kensington Palace will be grateful the Mansion Tax policy never become a reality
It’s now a distant memory, but in the lead up to this year’s general election Mansion Tax was one of the most widely talked about policies. Labour proposed to heavily tax properties worth over £2m to help fund the NHS.
Fortitudo Property Development Specialist Richard Carr gains planning permission and overseas developments of luxury properties in the south coast of the UK and isn’t surprised to see a buck in the trend.
Places such as Hove, Brighton and Bournemouth have all becoming leading property hotspots for 25 to 44 year olds to purchase homes. Hove leads the list whilst neighbouring Brighton is the fifth most popular.
Hove and Brighton rank highly ranks to the relatively short commute into the capital. Despite this, 16 of the top 20 areas that attract the highest proportion of young professionals is London. The majority of the places are fairly obvious with Wimbledon, Battersea, Fulham and Islington all high on the list.
Screenshot of Richard Carr’s press article in the Bournemouth Echo
Richard Carr has worked for the company for the past year, managing developments across the Poole area. In recent times he has spearheaded a project, which will see four properties in the exclusive area of Poole demolished and replaced with luxury flats.
The areas local paper, Bournemouth Echo, picked up the story because of the record breaking developer contributions that the development will make to the “cash strapped council”.
The four developments (74, 76, 78 and 80 Lilliput Road) will contribute totally £300,000 in social housing and a massive £1m in community infrastructure levy. The money will help the council improve areas of the community, whilst providing much needed funds for social housing.
Richard Carr, who works for Poole-based Fortitudo Property, believes developers and local councils should concentrate on redeveloping brownfield sites, instead of pushing communities further into greenbelt land.
The BBC’s report detailed worrying figures, which in Richard’s opinion shows that local planning authorities don’t have the resources to do their job correctly.
The number of new homes being approved on greenbelt land in the last year has doubled. In 2009 – 10 planning permission was granted for 2,258 homes, whilst in 2014 – 15 the figure rose to 11,977.
The government has said in the past that looking after greenbelt land was high on its agenda, but it now seems that it’s passing the matter of what land is being developed on over to local planning authorities.
Richard Carr has been working as a Development Specialist for Poole-based Fortitudo Property for the past year and recently spearheaded four developments on Lillyput Road, Poole.
Lillyput Road developments
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The website published Fortitudo’s and Richard’s developments, titled: ‘Private/Public partnerships help bridge the social housing gap’.
The BPF believes the new government should follow in the footsteps of Historic England, who are leading the way with enhanced planning services.
Historic England has been consulting with developers with regards to charging for a series of enhanced services such as the option to pay for extended pre-application advice and fast-track listing within a certain timeframe, with free advice.
It’s believed that the changes to the current system will provide a more resourceful service, which will not only encourage developers to bring historic buildings back to life, but will also safeguard the future of these assets.