In which areas should new housing be prioritised?

The Housing and Finance Institute (HFI) has sparked a new debate into which areas in the UK new housing should be focused upon.

Investment

where-should-new-housing-be-prioritised

Where should new housing be prioritised?

Richard Carr, a Poole-based property developer, believes that investment into new housing should be spread fairly across towns, cities and counties in the UK. The Housing and Finance Institute believes more money should be given to councils in districts that are leading the way as they are currently under resourced.

According to the Institute, large cities in the UK receive higher amounts of investment, however they are responsible for only around 30% of new homes.

The HFI’s report found that around 70% of new homes and granted planning permissions are in the district and unitary councils, who are facing resource problems.

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London Mayor launches scheme to help first time buyers

Mayor Sadiq Khan is building on his commitment to provide more affordable homes by launching a new tenancy scheme to help renters save money for their home deposit, writes property developer Richard Carr.

London Living Rent

ichard-carr-sadiq-khan-london-living-rent

Can the Mayor help improve the housing situation in London?

The London Mayor made making London more affordable to live in one of his commitments when he took over from Boris Johnson earlier this year. The early details of the London Living Rent outline proposals to help average earners in London save for a deposit by offering them a below market rent based a third of average household incomes in each borough.

Although the scheme is in its infancy, Khan has already began discussions with housing associations and boroughs to kick start the delivery of new homes.

On top of his tenancy scheme, the Mayor has also signalled his intention to protect London’s stock of social housing for those on low incomes.

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Plans for London’s largest residential regeneration approved

Mayor of London Sadiq Khan has given the green light to plans for the single largest regeneration development site in the capital.

Brownfield

richard-carr-new-homes-in-barking

How the new scheme will look fully developed

The 10,000 new homes plan on a 180 hectare brownfield site in Barking will deliver approximately 5,000 affordable properties.

The affordable homes, located on the northern banks of the River Thames, will be available to rent and buy for first time buyers.

Khan is keen to offer more affordable homes in the capital and has agreed a scheme that includes a minimum of 35% affordable from the outset, but with provisions to raise this to 50% over time through additional investment and viability reviews.

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Developers blamed for UK’s housing crisis

Poole-based property developer Richard Carr is annoyed and disappointed to read that developers are being blamed for the country’s housing supply crisis.

Supply

Richard Carr skyline image

Property Developers aren’t to blame for the housing crisis

Richard Carr has been in the industry for three decades and believes the problems start and end with the government and the restrictions that they place on developers, which slow down and prevent properties being built.

However, after analysing recent research independent think-tank Civitas has claimed that councils have granted enough planning consents to meet the government’s target of building one million new homes by 2020.

Civitas’ editorial director, Daniel Bentley, told planningportal.co.uk: “Local authority planning departments have been under enormous pressure in recent years and are frequently blamed by developers for holding up housebuilding.

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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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Planning application approvals on the up in London

There has been more good news for the property market this week with new data showing that the number of planning application approvals for new homes in London has increased by 46% on last quarter, writes property developer Richard Carr.

Momentum

Richard Carr London Homes

Planning approvals on the rise in the capital

Richard Carr believes this rapid increase shows that there is plenty of confidence in the market at the moment with planners putting more applications in and authorities working quicker and more effectively to get them approved.

If the government are to have any chance of getting the country out of the current housing crisis this has to continue.

In the second quarter of 2016 some 6,310 new homes were approved out of a possible 8,280 applications, an approval rate of 76%, according to the London New Homes Monitor from estate agents Stirling Ackroyd.

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Brexit uncertainty presents investor opportunities

The current volatility of the UK’s economy sparked by the country’s decision to leave the European Union last month could provide profitable opportunities to foreign investors, writes Poole-based Richard Carr.

Market conditions

Richard Carr Commercial Investments

Post Brexit opportunities?

According to a report published by Arcadis, market conditions in the UK are ripe for opportunistic foreign investors by continuing to invest and store their wealth in prime property in London.

With property values stagnating and the sterling falling relative to the euro and the US dollar as a result of Brexit, latest reports suggest that buyers from Europe, Asia and the Middle East and ready to secure bargains in the London prime housing market.

Further falls are forecasted for the sterling before the year is out and some Banks don’t see it recovering until next year. Property agents are also suggesting that the recovery of prime London house prices might take a further year into 2018 meaning that those investing £2m into property may see their investments rise by as much as £250,000 in value.

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London Developer to Offer Affordable London Office Space

Richard Carr reviews a new development project, which will look to offer affordable office space in the UK’s most prosperous city.

High office space demand

Richard Carr discusses London Office Space

Does London have affordable office space?

London is the UK’s economic heart with its lucrative finance and technology industries. Figures show that London is one of the largest city-economies in the world, with a gross domestic product (GDP) of £565bn, which is roughly 17% of total UK GDP. Many companies have a base in this prosperous city, making demand for London office space extremely high.

Strong demand has pushed average London office rents to new heights. Prices in premier London commercial locations can be particularly high. According to Business Zone, for instance, the West End has the highest office rental prices in the world, at an average of £100 per square. For many firms, especially smaller enterprises, office space in some parts of London is simply unaffordable.

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One in Five London Homes Worth At Least £1m

New figures suggest that one out of every five homes in the UK’s capital city of London is worth at least £1m, writes property developer Richard Carr.

Expensive housing market

Richard Carr's £1m London homes

London homes

London is the UK’s most populous and crowded city. People from around the world flock to London because it is the heart of the UK’s economy, as well as a premier global financial and technology hub. There is an increasingly strong demand for a dwindling supply of living spaces in London, meaning that its average house prices have experienced extraordinary growth in the past few years.

The latest index from the Office for National Statistics (ONS) reports that the average London house price grew by 14.5% in the year to April 2016. The ONS has implemented a new formula to determine its average UK residential property values,  so the average London house price is actually lower for April (£470,000) than it was in March under the old system (£552,000). Despite this change, average London residential real estate values continue to hover around the half million mark.

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Is the first timber frame skyscraper set to be built in London?

Plans to build the capital’s first timber skyscraper took a step closer to reality earlier this month after researchers presented Mayor of London Boris Johnson with theoretical plans for an 80-storey building.

New heights

Richard Carr Timber Frame London

An architects image of the 80-storey building

Property developer Richard Carr is pleased to see the UK leading the way in new construction techniques, having felt that it had been left behind by the likes of China and Dubai.

Currently, Bergen, Norway is the home of the world’s largest tallest timber building, which is a 14-storey apartment block.

The plans shown to Boris Johnson are for an 80-storey, 300m high wooden building, which would easily take that title!

Researchers from Cambridge University have teamed up with a group of engineers and architects to develop the plans for the building, which would integrate with the Barbican.

The building certainly does push the boundaries of construction and if the plans are approved it would become the second tallest building in London after The Shard.

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