London set to become home to the largest residential tower in the west

Plans have been announced that could see the London Docklands area become home to the tallest residential tower in Western Europe, writes property developer Richard Carr.

Investment

Richard Carr Spire London

Spire London

The project is being funded by a leading Chinese residential developer, which is another indicator that Britain will remain strong and get stronger following Brexit.

Greenland Group revealed plans for Spire London, which is expected to stand 67-storeys high and have a gross development value in excess of £800m.

The development, which will be located adjacent to Canary Wharf, will provide a staggering 861 apartments, with 765 of them being available for private sale.

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Are developers steering clear of commercial property?

New research has revealed that planning permissions for commercial property in the United Kingdom have hit a six-year low, writes property developer Richard Carr.

Commercial Property

Richard Carr Office to Commercial

Are developers shying away from commercial property?

Richard Carr has achieved planning permission for many types of commercial property during his 30-year career in the industry, including:

  • Salterns Marina – restaurant and commercial units available
  • Walkabout, Bournemouth
  • Ardmore Road, Poole

Further examples of his development past can be found on Richard’s website: http://www.richard-carr.co.uk/historical/

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Crowd funding offers innovative property development investments

A new initiative to pump more money into house building has been created through a crowdfunding platform, writes property developer Richard Carr.

Investment

Richard Carr Gregory Baker

Gregory Baker

Poole-based developer Richard Carr has been turning plans into reality for the past three decades and recently gained approval on one his biggest projects. A £100m redevelopment of Salterns Marina hotel and harbour in Poole was approved by the local council, which will revitalise the area.

Richard is pleased to see a new way to encourage investors into the market through Intro Crowd, which offers investors the chance to buy a stake in potential housing development sites.

Investors can buy shares in companies owning the land plots for as little as £1,500.

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Is the north the new home for property investment?

New research has suggested that northern cities such as Leeds, Manchester and Liverpool are becoming a hotbed for property investment, writes developer Richard Carr.

Liverpool

Richard Carr's

Liverpool is leading a northern increase in property investment

Out of the three, Liverpool’s prime stock is experiencing a particularly strong rush, like nothing the city has seen before. Its growing residential market is attracting increasing levels of interest from high net worth investors from the south who are looking for long term deals.

Also, the city – like the rest of the UK – has benefitted from the incoming stamp duty rates which have now become active.

Analysts believe that the residential market in Liverpool has a healthy long term future with prices rising 4% annually, whilst letting prices has an annual growth of 3.46%.

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Council-owned land set to benefit from £1bn fund

Social housing has received another boost after a consortium of housing developers and investors joined forces to create a £1bn fund to build homes on local authority-owned land, writes property developer Richard Carr.

Local plans

Richard Carr Social Housing

Social housing receives major boost from new fund

Last week, Richard Carr spoke about the European Investment Bank’s investment into social housing, which is also worth £1bn.

This partnership has been brought together by Kier and Cheyne Capital, Lloyds Banking Group and the Government’s Homes and Communities Agency. They hope to provide around 10,000 homes across the UK within four to five years.

The plan is purchase land from local councils who don’t have the resources to develop it. Using the councils’ local knowledge and recommendations the partnership will build an appropriate mix of houses to rent and buy.

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UK Social Housing receives major investment boost

Social Housing in the United Kingdom has receive a major boost this week thanks to £1b worth of backing from the European Investment Bank (EIB), writes property developer Richard Carr.

Partnership

Richard Carr discusses social housing

Boost for social housing in the UK

The EIB has teamed up with the Housing Finance Corporation (THFC) to provide £1b worth of investment which will help to alleviate shortages in affordable housing and accelerate construction of new build social housing.

The scale and size of the investment highlights the country’s social housing problem; the £1b injection represents the largest ever support for social housing by the EIB anywhere in Europe.

The 30 year long-term loan will be matched by THFC and guaranteed by the government meaning that £2b of overall investment will be available for new social housing and urban regeneration schemes by housing associations across the country.

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Real Estate investors spark concerns about Brexit

As the EU referendum draws ever closer investors of global real estate have sparked concerns about how Brexit may affect property investment in the UK, writes property developer Richard Carr.

Impact

Richard Carr

Is Brexit good for property investment?

KPMG surveyed 25 real estate investors who held funds and assets in excess of $400 million about the impact that Brexit would have on property investment.

The majority felt that leaving the EU would result in a decrease of inward investment into UK property and property companies.

Over two thirds said they would slow down investment into UK property whilst Britain and the EU worked out new terms of engagement following Brexit.

As a result, the market would face some serious danger which could potentially be more damaging than the stable post-Brexit would be.

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Property Developer Richard Carr calls for a relaxation in development tax

Press Release

  • Poole-based property developer wants clarification on CIL and s106 payments
  • Carr believes developers are put off by high taxes involved on developments
  • A relaxation in taxes would be beneficial for the industry and help the housing shortfall

Community Infrastructure Levy (CIL) and s106 payments are no longer viable property taxes according to Poole-based property developer Richard Carr.

Carr, who has worked in the industry for over 30 years, believes the taxes are seriously affecting the industry and are a factor in the current housing shortage that the country is battling with.

Expanding on the point, he said: “I’m very much for paying taxes and have done all my business life – and I believe property taxes can work and help projects such as social housing and community infrastructure if they are used correctly, however my problem is that I don’t believe they are.

“Community Infrastructure Levy is an outdated tax that developers have become disillusioned with. The line between CIL and s106 payments has become faded and clarification is need from the government to explain why they are in place.”

Currently, ministers are debating new proposals for development property tax and how it will be applied. Planning Minister Brandon Lewis is considering an overhaul of S106 payments and CIL.

Carr added: “I believe they should be abolished for 24 months on condition that the development is started within 12 months from grant; it should only be implemented on Greenfield sites that are inherently cheaper to develop.

“How can it be correct for a developer to pay £385 planning fees on a 500 square foot flat and the same for an 18,000 square foot house?”

Help to Buy savings account proving a big hit

Property specialist Richard Carr has previously hailed the government’s initiatives to assist first time buyers and is pleased to see people taking advantage of the government’s Help to Buy deposit saving financial product.

250,000 sign ups

Richard Carr First Time Buyers

First time buyers are benefitting from the Help to Buy ISA

The initiative, launched in December 2015, has seen over a quarter of million people open up one of the financial products. Encouragingly, more than half of those signups were made my people aged 30 and under.

The scheme allows savers to be given a maximum of £3,000 by the government to help them purchase their first home. Savers can put away £200 a month into the dedicated ISA with the government topping it up by 25%; the first bonus was paid to savers this week who opened up an account in December.

For couples aiming to save for their first home, individual accounts can be opened which amounts to a potential boost of £6,000.

Other Help to Buy schemes such as the mortgage guarantee and equity loan have also proven popular with over 100,000 home buyers involved.

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Cutting red tape will help ease housing crisis

Real Estate Specialist Belinda Laurance hit the nail on the head when writing for propertyweek.com, writes property specialist Richard Carr.

Red Tape

Richard Carr new housing developments

Will cutting red tape help housebuilders?

Like many house builders, developers and construction firms, Richard is awaiting the verdict from the government’s Red Tape Review, which is looking into the barriers developers face in getting planning permissions approved and in good time.

Richard agrees with Belinda’s statement within her column where she states: “effective reforms are essential in facilitating the efficient and timely delivery of housing developments.”

Richard Carr hopes to see a relaxation in some of the taxes that developers are currently faced with, he believes the Community Infrastructure Levy (CIL) is outdated and should either be replaced or scrapped.

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