UK house prices fall for second month, with London weakest region

Consumer confidence subdued amid squeeze on household finances, says Nationwide

 London house prices were down 1% year on year in March. Photograph: Dominic Lipinski/PA

UK house prices fell in March for the second month in a row, with London again the weakest region, according to Nationwide, one of Britain’s biggest mortgage lenders.

The average price of a home was £211,625 last month, down 0.2% from the previous month. In February, values fell 0.4%. The annual rate of growth in March slowed to 2.1% from 2.2%, marking the joint lowest rate since June 2013.

Robert Gardner, the Nationwide chief economist, pointed to the continued squeeze on incomes, despite a modest pickup in wage growth. “Consumer confidence has remained subdued, due to the ongoing squeeze on household finances as wage growth continues to lag behind increases in the cost of living,” he said.

Northern Ireland led house price growth in the first quarter with a 7.9% annual increase, although prices there are still the furthest below their pre-crisis levels – 38% below 2007 – while overall UK prices are 16% above.

Wales also saw house price growth pickup, from 3.3% to a 6.1% annual rate, while Scotland was little changed. The West Midlands, the region with the strongest growth last year, was the fastest-growing among the English regions, with prices up 4.9% year-on-year.

For the fourth quarter in a row, areas in the north of England recorded stronger annual house price growth than those in the south, where rates are now the slowest since 2012. In London prices were down 1% compared with a year ago.

As a result, the north-south divide has narrowed slightly, although values in the north of England are on average still less than half of those in the south. A typical house in the north costs £163,138, compared with £331,047 in the south.

Gardner said: “Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates. Subdued economic activity and the ongoing squeeze on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year.”

Nationwide expects house prices to rise about 1% this year, with unemployment and mortgage interest rates still low, along with the lack of properties on the market, likely to provide some support for house prices.

Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, reckons prices will flatline this year, strengthening the case for just one Bank of England rate rise in 2018. He said Nationwide’s figures provided “more evidence that even the relatively modest increase in mortgage rates seen over the last six months has hit the market hard”.

Tombs also said record high loan-to-income ratios meant that homebuyers will have to put a much larger share of their incomes towards loan payments.

https://www.theguardian.com/business/2018/mar/29/uk-house-prices-fall-london-nationwide

 29th March 2018 | UK 

Property prices remained steady in the UK  in March

Annual house price growth in the UK remained steady at 2.1% in March 2018 but London is continuing to see a slowdown with prices down 1% year on year, the latest national index shows.

Month on month prices fell 0.2% to an average of £211,625 but growth is broadly stable with annual growth over 2018 expected to be around 1%, according to the latest monthly index report from lender the Nationwide.

Northern Ireland saw the strongest annual rate of growth, with a substantial 7.9% rise although prices in the region are still furthest below their pre-crisis levels, some 38% below their 2007 peak, while overall UK prices are 16% above.

Wales also recorded a pick-up in house price growth, with a 6.1% year on year increase, the highest since 2014. England recorded annual house price growth of 1.9%. Amongst the home nations, only Scotland saw weaker price growth than England, with prices up just 0.2% compared to the same period of last year.

For the fourth quarter in a row, regions in the North of England recorded stronger annual house price growth than those in the South. Robert Gardner, Nationwide’s chief economist, pointed out that over the past two years the Southern English regions have seen a steady deceleration in price growth, which is now running at its slowest pace since 2012.

By contrast, the Northern English regions have recorded a gradual acceleration and recorded their strongest growth rate since 2014 in the first three months of this year but these trends have so far made only small inroads in narrowing the North/South divide.

House prices in the North of England are, on average, still less than half of those prevailing in the South. A typical house in the North of England now costs £163,138, compared to £331,047 in the South.

‘On the surface, the relatively subdued pace of house price growth appears at odds with recent healthy rates of employment growth, a modest pick-up in wage growth and historically low borrowing costs,’ said Gardner.

‘However, consumer confidence has remained subdued, due to the ongoing squeeze on household finances as wage growth continues to lag behind increases in the cost of living. Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates,’ he explained.

‘Subdued economic activity and the ongoing squeeze on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year. But historically low unemployment and mortgage interest rates together with the lack of properties on the market is likely to provide some support for house prices. Overall, we expect house prices to be broadly flat, with a marginal gain of around 1% over the course of 2018,’ he added.

The steady market means that affordability is set to continue to be an issue for first time buyers, according to Jeff Knight, director of marketing at Foundation Home Loans. ‘Even with those benefiting from stamp duty cuts and low mortgage rates, the lack of supply remains the nagging problem,’ he said.

‘It’s imperative more is done to support not only those seeking a first or second home but also those seeking rented accommodation to tide them over. Minimal choice, poor standards and unaffordable prices risk many feeling alienated in the market and in time will impinge future activity,’ he added.

Sam Mitchell, chief executive officer of online estate agents HouseSimple, believes that the stamp duty freeze for most first time buyers could well see the North/South divide widen over the coming months.

‘The market for properties below £500,000 is going from strength to strength, with a lot of competition for entry level properties, particularly one and two beds. The top end of the market, properties at £1 million plus, is suffering from punitive stamp duty thresholds, and is unlikely to recover in the near term until the Brexit picture becomes a lot clearer,’ he said.

‘London is feeling it harder than most, with very few properties below the 0% stamp duty threshold and property supply constraints an ongoing concern. What this does mean for committed sellers is that it’s actually a very good time to get your property on the market, as there’s less competition with many people only selling out of necessity,’ he pointed out.

‘Demand is healthy, buyers have the appetite, and we’re conducting a lot of viewings, but they are extremely price sensitive and want to negotiate. The successful sellers right now are the ones who are willing to enter into a negotiation with buyers,’ he added.

There is unlikely to be substantial change until after Brexit, according to Russell Quirk, chief executive officer of Emoov. ‘Where house price growth is concerned, we seem to currently be in a state of property market limbo and this will no doubt last until our departure from the European Union is finalised, if not a little while longer,’ he said.

‘While we aren’t seeing the more positive upward growth trends UK home owners have come to expect of property values over the last few years, the good news is that we still haven’t seen the disastrous market crash that many have prophesied, and it is very unlikely that we will,’ he added.

Buyers also need to be aware of the prospect of an interest rate rise, possibly as early as May, according to Jonathan Hopper, managing director of Garrington Property Finders, but this comes at a time when pricing is more realistic.

‘Behind the scenes there has been a shift in the buyer/seller power dynamic. The experience of 2017, especially in prime areas, has forced sellers to radically adjust their price expectations, and the new properties that come onto the market tend to be much more sensibly priced,’ he explained.

‘This in turn is requiring buyers to adjust their approach. While last year a committed and well-informed buyer could ask for, and get, very sizeable discounts, newly listed homes tend to have the discounts priced in,’ he pointed out.

‘With average wages now rising, the combination of more sensible property prices and the final months of rock bottom mortgage deals should keep the flow of deals up, even if price growth will remain modest for much of the country in 2018,’ he added.

https://www.propertywire.com/news/uk/property-prices-remained-steady-uk-march/

Rental growth in Scotland slows but landlords continue to see strong yields

Rental growth in Scotland’s private rented sector has started to slow with average rents up by just 0.7% in the 12 months to February 2018, the latest tracker index shows.

The average rent reached £569 a month, up 1.4% month on month but down 1.2% year on year, according to the data from the Your Move index.

http://www.mackielodge.com//img/property_for_sale_in_scotland_houses.jpg

It also reveals wide regional differences across the five Scottish area covered. Highlands and Islands, Edinburgh and the Lothians and Glasgow and Clyde recorded rent rises, led by a 10% surge in the Highlands and Islands to an average of £644.

The next fastest growth was in the Edinburgh and Lothians area, where the average price is now £666 following 2.5% growth while in Glasgow and Clyde rents increased by 1.2% to £572.

The biggest fall was a drop of 2.3% year on year in the South of Scotland to £548 a month while prices in the East of Scotland fell by 0.2% to £534.

The index also shows that after a fall in January, yield levels stabilised during February and remain competitive compared to the returns found in England and Wales. Your Move Scotland found the average property in the country delivered a return of 4.7% to landlords, unchanged from the previous month but down on the yields recorded throughout 2017.

However, property investment in Scotland remains attractive when compared to the market in England and Wales. Across the two nations the average yield was 4.4% during February and on a regional basis only three areas boasted stronger returns. Only landlords in the North East of England, the North West and Wales had better yields at 5%, 4.9% and 4.8% respectively.

‘While growth has slowed compared to recent times, the Scottish market continues to grow at a healthy and steady pace,’ said Brian Moran, lettings director of Your Move Scotland.

‘Yields remain strong compared to the average found in England and Wales, which will provide further encouragement to landlords looking to invest further. The outlook remains positive, although all landlords should check that their current letting agent is compliant with new rules from the Scottish Government,’ he added.

https://www.propertywire.com/news/uk/rental-growth-scotland-slows-landlords-continue-see-strong-yields/

London property slump most widespread since financial crisis

House prices falling in almost half of all postcodes in the capital, figures reveal

House prices are falling in almost half of all London postcodes, according to new figures showing the most widespread collapse in property values across the capital since the 2008 financial crisis.

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In contrast to the struggling London property market, cities elsewhere across the country such as Edinburgh, Liverpool and Manchester are registering house price growth in excess of 7% per year.

According to data provider Hometrack, which is part of the Zoopla property group, as many as 42% of all London postcodes have seen house prices fall over the past year – with the majority of these areas seeing values drop by up to 5%. The biggest falls were reserved for central areas, with prices falling in the City of London by as much as 8%.

Although the majority of London postcodes are still registering growth, the number of areas with rising house prices has declined sharply over the past two years. Prices in central areas such as Camden, Islington, Wandsworth and Southwark are leading the declines, although there are now also falling property values in suburban areas such as Harrow, Kingston upon Thames and Elmbridge.

The most recent figures from the Office for National Statistics show the national rate for annual house price growth fell slightly to 4.9% in January from 5% a month earlier. The average UK house price was unchanged at £226,000 in January.

In the capital as a whole, annual prices rose by £5,000 in January to take the value of a home to £486,000, while average house prices dropped in the north-east of England – the cheapest area of the country – by £7,000 to stand at £123,000.

The latest reading from Hometrack suggests the north-south divide in house prices is gradually beginning to narrow as the booming London property market fizzles out. Earlier this month, rival data provider YourMove said house prices had fallen in some parts of the capital by up to 15%, but had risen by about 16.4% in Blackburn.

Rising prices away from the south-east of England are coming after years lagging behind stellar growth in the capital, fuelled by improving regional economies and a shortage of new homes being built across the country.

Richard Donnell, insight director at Hometrack, said tax changes had affected overseas and domestic investors’ appetite for property, while stretched affordability levels for owner occupiers had compounded uncertainty caused by Brexit.

Property prices across the capital have risen by 86% since 2009, putting the cost of buying a home out of reach for almost all but the wealthiest.

“We expect the balance of markets registering price falls to increase over 2018 as prices continue to adjust to what buyers are prepared to pay,” he said.

The development comes at a troubling moment for the property market, amid falling inquiries from new buyers and the average number of house hunters on estate agents’ books having fallen by almost a third in the year to February.

The Bank of England is preparing to raise interest rates from as early as May, which could further compound the pressure on the mortgage market by raising the cost of borrowing for new buyers and existing homeowners.

Philip Hammond, the chancellor, removed stamp duty for the majority of first-time buyers at the budget in the autumn, although the latest readings from the housing market suggest his reforms are likely to have fallen flat.

According to UK Finance, an industry body representing the high street banks, mortgage borrowing fell in February, with the monthly number of home loan approvals falling by about 2,000 to stand at 38,120 last month. House purchase mortgage approvals also saw a sizable fall.

Samuel Tombs, chief UK economist at the consultancy Pantheon Macroeconomics, said the drop-off in mortgage approvals appeared to be “confirming that the chancellor’s decision to reduce stamp duty for most first-time buyers in November has failed to reinvigorate the market”.


https://www.theguardian.com/money/2018/mar/27/london-property-slump-most-widespread-since-financial-crisis

Acquisitions take agency past 5,500 managed properties milestone

Yorkshire estate agency Linley & Simpson has completed a hat-trick of acquisitions taking its letting portfolio past the milestone of 5,500 managed properties.

The agency has taken over Mint Property in York; Acorn Estates, which had two offices in North Leeds; and an undisclosed agent based in Leeds city centre.

The deal with Mint marks a “back to the future” double for both companies – Linley & Simpson had previously acquired its Leeds city centre property portfolio seven years ago.

Meanwhile Acorn, founded in 1993, is one of the longest-established agencies in Leeds.

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Director Will Linley, who founded his company in 1997 with Nick Simpson, says: “The letting sector faces an unprecedented set of challenges from all fronts - from growing red tape to the looming tenant fees ban.

“As the market consolidates as a natural response to this, both at pace and at scale, we view this as a real window of opportunity for us.

“We believe there will be more and more agencies looking to call time on their growing struggle to overcome these challenges, and the money and infrastructure this requires to succeed.”

The trio of deals – each bought for an undisclosed sum – was financed through internally-generated funds. It will result in more than 350 properties switching to Linley & Simpson.

The latest deals take to 30 the number of acquisitions undertaken by Linley & Simpson since it first opened its doors as a lettings agency 21 years ago.

https://www.lettingagenttoday.co.uk/breaking-news/2018/3/trio-of-acquisitions-takes-agency-past-5-500-managed-properties-milestone

Most affordable cities for first-time buyers revealed: Hull tops the list with homes costing £104k on average

The most affordable places for first-time buyers have been revealed, with a clear divide between the north and south of the country.

The most affordable location is Hull, in the north of England, where property prices are among some of the cheapest.

The city in East Yorkshire scored favourably for first-time buyers in terms of average property prices in the area and the deposit payable.

Scroll down to see what first-time buyers could get in Hull and other affordable cities.

Zoopla has identified the most affordable places for first-time buyers, with a clear divide between the north and south of the country

Hull was the UK City of Culture 2017, and its profile as a tourist destination has been rising in recent years. It has new attractions such as The Ferens Art Gallery, as well as the historic Old Town district and The Deep aquarium.

Although the year-long event is over, the council has committed millions to maintaining its legacy and investing in Hull as a destination.

The study by property website Zoopla took into account a variety of other factors, including tax relief available on stamp duty and the cost of servicing a mortgage versus paying rent.

Each area was given a score out of 10, with Hull reaching an impressive 8.35 compared to a national average of 7.29.

The average price of a property in Hull is £104,376, with the average deposit payable £15,656.

The second most affordable location for first-time buyers is Middlesbrough, in North Yorkshire, with a score of 8.34.

It has an average property price of £107, 041 requiring an average deposit of £16,056.

It is followed by Liverpool in third place, Nottingham in fourth and Coventry in fifth.

Six of the top 10 most affordable cities for first-time buyers are in the north while eight of the 10 least affordable cities are in the south of England.

Zoopla's Lawrence Hall said: 'It's no surprise to see cities in the north offering the most viable options for first-time buyers in Britain. Prices in Southern England have continued to rise at a relatively fast rate, making it very difficult for the average first-time buyer to get on the property ladder.'

He added: 'The recent relief from Stamp Duty Land Tax on the first £300,000 of a property purchase will clearly help those aiming to get on the property ladder.'

New stamp duty rules allow first-time buyers to make a tax-free property purchase up to the value of £300,000.

It follows separate research last month, again from Zoopla, which stated that the most affordable place to buy a property if you're single is the Staffordshire market town of Newcastle-under-Lyme.

It examined the cost of owning a one-bedroom flat in local authorities across England and Wales and compared it to the average earnings in those areas.

It found that the average mortgage repayment on a one-bedroom flat in Newcastle-under-Lyme equates to 10.84 per cent of the monthly wage in the area.

It is three times less than the average for England and Wales at 35.14 per cent of the monthly wage.


http://www.dailymail.co.uk/property/article-5468031/Zoopla-reveals-Hull-affordable-city-time-buyers.html

Private landlords in England need to be prepared for increasing regulation

Buy-to-let landlords need to be prepared for more regulations coming in, following the publication of a government consultation on electrical safety last week that recommends introducing five yearly mandatory electrical installation checks for private rented property, warns a senior lawyer specialising in housing.

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Tim Miles, a partner with national firm Clarke Willmott LLP, believes that the consultation on electrical safety will have a significant impact on private landlords and the buy-to-let sector in England.

Following similar obligations in Scotland, the consultation proposes a fine of between £5,000 and £30,000 for failure to comply, which should provide a costly deterrent.

Although, unlike Scottish regulations, the consultation falls short of proposing checks on electrical appliances such as white goods supplied by landlords, it will still have a significant impact.

“Private landlords in England need to be prepared for increasing regulation and should not view the consultation as a stand-alone act, but as part of a wider package of action,” said Miles.

Additionally, buy-to-let landlords also need to be aware that in line with existing gas safety requirements, the consultation proposes preventing landlords from being able to evict tenants under a Section 21 notice unless they have provided the tenant a copy of electrical installation safety documentation.

Miles continued: “Another consultation has been released in the same week proposing that private landlords will be required to sign up to a new private housing ombudsmen and the government’s support for The Homes (Fitness of Human Habitation) Bill.

“These consultations are part of the government’s clear intent to protect tenants post-Grenfall.

“Additionally landlords need to be aware that the five year mandatory suggestion is only a suggestion and there is the potential that [dependent on the views of respondents] the Ministry of Housing Communities and Local Government may, on reflection, view that annual electrical safety checks may be more appropriate. Accordingly it is imperative that all interested parties respond to the consultation to ensure that a wide range of views are considered.”


https://www.landlordtoday.co.uk/breaking-news/2018/2/btl-landlords-in-england-need-to-be-prepared-for-increasing-regulation

Property transactions slide again, but are the public to blame for not taking agent pricing advice?

New Land Registry data shows an increasing decline in transactions.

The most up to date sales figures from the Land Registry show that property transactions completed in the UK last November fell by 11.3% to 82,398 when compared with November 2016.

This is up from the 8.5% decline registered annually for last October.

All parts of the UK experienced a decline. Sales in England were down 13% to 64,454, while Northern Ireland activity fell 8.8% o 5,501. In Wales, transactions slid 5.2% to 3,871 while Scotland saw a 1.9% fall to 8,572.

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London saw the biggest regional decline, with sales down 24.6% to 6,165.

Lee Pendleton, director at independent London estate agents James Pendleton, said: “Transaction levels are plummeting and it’s obvious why this is happening alongside robustly high valuations.

“The property market, particularly in London, is being hobbled by time-wasters who refuse to accept good advice.

“These sellers have no realistic prospect of finding a buyer because their expectations are so out of this world. They have done very well out of the housing market but they haven’t earned that money, they’ve just lived in those homes and watched the magic money tree grow. Now they think prices can only go up.

“The result is that transactions levels drop, the speed of chains slows down and life is made more difficult for everyone involved. No one wins.

“The resulting affordability problem means the cheaper end of the market can’t keep up with people’s unrealistic expectations and estate agents wind up wasting hundreds of thousands of pounds a year marketing property that won’t sell.

“We are in the business of selling homes, not beauty parading them in the faint hope of bagging a wild sales figure that defies the market. This is how you get the rounded topping out of prices that we’re seeing in this data, driven solely by low supply.”

The Land Registry data also showed house price growth has slowed from 5% to 4.9% between December and January, leaving average prices at £225,621 for the start of this year.

http://www.propertyindustryeye.com/property-transactions-slide-again-but-are-time-wasters-to-blame/

With space for 41,000 new homes on the ROOFS of existing properties in London alone - is building upwards the answer to Britain's housing crisis?

• The Government has called for more properties to be built upwards 
• House builder Click Above wants to see 40k extra homes built in this way
• It already has several sites in London where it is building on existing properties
• MailOnline Property's Myra Butterworth saw some of the sites being developed 

https://upload.wikimedia.org/wikipedia/commons/2/21/Buildings_in_Bishopsgate%2C_London%2C_England%2C_United_Kingdom.jpg

Building 40,000 new homes literally on top of existing buildings in London could help solve the country's housing crisis, a developer has claimed.

A house builder specialising in rooftop development has already begun using the space above existing buildings to boost the supply of homes in Britain, including several sites in London.

It comes after the Government announced in the Housing White Paper at the end of last year that it is committed to building upwards, on 'airspace' above existing buildings.

Developer Click Above says that more than £50billion worth of extra homes could be built in this way in London.

MailOnline Property's Myra Butterworth took a helicopter ride over London with Click Above to view some of the airspace that it is transforming.

The development sites include two penthouses being added to the rooftop of a purpose-built block in Battersea, and 23 studios and two-bedroom apartments constructed above a commercial site in the borough of Camden.

The properties are built off-site, meaning they can be installed within days with minimum disruption.

Aaron Emmett, chief executive of Click Above, said: 'People in UK cities have no idea how much money they could potentially be sitting on.

'With densely populated areas crying out for more housing, the opportunity to build upwards is colossal.

'We know there is potential for 41,000 new rooftop dwellings in central London alone. This equates to more than 28million square foot of residential floor area, with an estimated value of £51billion.'

Flat owners may be concerned about additional properties being built on top of their block. However, if their freeholder is selling the roof space, it has to serve what is known as a 'section five' notice that gives leaseholders first refusal to buy before it can be sold on to a third party.

Click Above insists that there can be benefits for leaseholders when their roof space is sold. These can include communal areas being refurbished and new facilities added, such as improving the appearance of a building, having a new roof that leaseholders won't have to pay for, and new landscaping.

Rooftop space sells for £450,000
It follows the sale of a rooftop space in London in 2015 for £450,000. The space was just 53 sq metres - or 571 sq ft - but came with planning permission for a one-bedroom flat with a terrace.


It comes after the Government outlined plans in its Housing White Paper to 'address the scope for higher-density housing in urban locations' by using 'airspace' above buildings that be extended upwards.

It claimed these includes low-density buildings such as retail warehouses, lock-ups and car parks.

The Government has also announced further planning changes this week, with its decision to increase the number of homes that agricultural buildings can be converted into.

The maximum will be extended from three to five, with the new housing minister Dominic Raab saying: 'We need to be more creative if we are to meet the housing needs of rural communities.'

The move to build upwards follows the increasing installation of mega-basement extensions used by wealthy residents to expand their homes.

'But the controversial 'iceberg homes' have attracted vigorous complaints about noise and dust during the building process.


HOW DO YOU BUILD 'UPWARDS'?


Developer Click Above answers questions on building upwards...
How do you build upwards?

We use off-site building methods to build above existing structures. This means that disruption can be minimised as off-site building methods are typically relatively fast-track building processes compared to more traditional builds.
What makes the ideal roof space?

Ideally the roof is relatively flat with little mechanical and electrical plant or water storage on it, but these are not limiting factors. The most important factors are the relative height of the existing structure compared to others around and the ability of that structure to take the weight of one or more additional floors. Planning is always an important factor and in practice is the most important one.
What are the requirements of the existing building?

Planning approval needs to be achievable and the structure needs to be able to support the additional builds.
What is required for planning to be granted?

The planning requirements differ from borough to borough although in general, the development can't hugely stand out above buildings in the immediate area with regards to height and mass. The design also needs to be in keeping with building in the local area, although again this depends on the Borough. Other standard points to consider are heritage and whether the development affects the daylight and sunlight of other buildings etc. Unfortunately there isn't a one-size fits all for any kind of development. It is down to planning policy and the individual planning officer's view on the design.
What materials are used to build upwards?

Most of our builds use steel frames, but the exterior and interior look the same as any other build.
How long does the build take?

Take, for example, a typical two to four apartment built on a roofspace. The build schedule is relatively short - up to eight weeks for preparation and clearance of the roof and site, a lift period of a few days only (to minimise disruption to residents) and a tail of works of between two and three months leading to occupation. During this phase most works are interior fitting and finishing. Five months would be typical for the total on-site phase, but the planning and preparation will take much longer. Planning can take two years and the preparation phase after planning is around three months before works start on site.

What is a typical cost per square metre of such a build?

It is fairly comparable to traditional builds, starting at around £2,400 per sq m. This increases depending on the finishes and any improvements necessary to the existing structure. It also depends on location, with central London more expensive to build than other areas, not least due to the cost of labour and sub-contractors.

http://www.dailymail.co.uk/property/article-5490107/Click-wants-40k-new-homes-built-existing-properties.html

House prices in London up £4,000 in a month but annual prices skip traditional spring surge

Londoners reluctant to lower their house price growth expectations are opting to stay put instead of selling up.
London asking prices increased by £4,000 between February and March 2018, a monthly rise of 0.6 per cent.

However, homeowners remain reluctant to put their homes on the market as year-on-year asking prices continued to drop for the seventh month running, defying the traditional spring sales surge.

New seller numbers were three per cent lower this month than they were a year ago, at a time of year when homeowners usually rush to put their properties up for sale.

This is because house prices in the capital remain subdued, with the average London asking price 0.6 per cent lower than in March 2017 at £632,000, according to property website Rightmove.

“With an annual rate of price decrease as opposed to increase being a constant factor for the last seven months, it is bound to be a deterrent to some potential sellers,” said Rightmove director Miles Shipside.

“Even though fewer properties are coming to market, the slower rate of sales means stocks of unsold property are growing, leading to subsequent downwards price pressure.”


This is good news for buyers, because it strengthens their bargaining power, said Shipside, but they will also have a smaller range of property to choose from as homeowners hold off selling.

However, a separate report by the Royal Institute of Chartered Surveyors (RICS) found that estate agents had a record low number of properties on their books.

This lack of choice combined with affordability constraints was also putting off potential buyers, with RICS reporting a drop in the number of new buyer enquiries for the eleventh month in a row.

https://www.londonpropertylicensing.co.uk/landlord-suppliers-directory

London estate agents reported that sellers with realistic price expectations were more likely to find a buyer for their home in the current climate of political uncertainty.

“Uncertainty remains due to Brexit and transactional costs, particularly in the upper tiers of the market, although the right stock will sell when priced competitively,” said James Perris of De Villiers Chartered Surveyors.

London’s best-performing borough was Bexley, where the average asking price was £409,400, up three per cent on the same period in 2017.

The south-east London borough stretches from part of Abbey Wood, where a Crossrail station is due to open this autumn, down to Sidcup, which has become a first-time buyer hotspot thanks to its relative affordability and half-hour commute to central London.

Hounslow, which stretches from Chiswick to the borders of Heathrow airport, saw the second highest percentage price increase, rising 2.6 per cent in a year to £562,000.

https://www.homesandproperty.co.uk/property-news/house-prices-in-london-up-4000-in-a-month-but-annual-prices-skip-traditional-spring-surge-a118701.html

Monthly mortgage payments in the UK are at most affordable for 10 years

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Mortgages in the UK have reached their most affordable level in a decade with home owners spending less than a third of the disposable income on monthly home loan payments, new research has found.

Typical mortgage payments accounted for 29% of home owners’ disposable income in the fourth quarter of 2017 compared to 48% in 2007, according to a new study from the Halifax. It means mortgage affordability levels for first time buyers and home movers have dropped by 40% since the 2007 peak.

The report says that the significant improvement in affordability since 2007 has been driven predominantly by historically low mortgage rates, despite the first base rate rise in a decade last November.

With average house prices rising by 3% in the past year, mortgage affordability marginally improved in the last quarter of 2017, edging down from 29.6% in 2016.This is comfortably below the long-term average of 35%, remaining low due to a further dip in mortgage rates during 2017 from an average of 2.09% in the first quarter to 1.98% in the fourth quarter.

According to Andy Bickers, mortgage director at the Halifax, this is a real boost for both those who already have a mortgage and those preparing to take their first step on to the property ladder. ‘Improved mortgage affordability has been a key factor supporting housing demand and helping to stimulate the modest recovery that we are currently seeing,’ he said.

‘In recent months we have seen the number of first time buyers and home movers purchasing a home with a mortgage bounce back towards 2007 levels, and mortgage payments becoming a much smaller proportion of disposable income across most of the country will also support a heathy market with more choice and opportunity for buyers and borrowers,’ he added.

The study also reveals that mortgage affordability has improved in vast majority of areas since the fourth quarter of 2007 with mortgage payments falling by at least 30% as a proportion of average earnings in 35 areas. Some 74% of all districts have seen an improvement of at least 15 percentage points over the period.

The greatest improvements were mostly in Northern Ireland, where affordability has improved due to a significant fall in house prices, which are now 44% lower than in 2007. In North Down and Ards, mortgage payment as a proportion of disposable earnings has fallen by more than half from 81% to 19% in the fourth quarter of 2017, followed by Lisburn and Castlereagh from 74% to 18% and Mid-Ulster from 72% to 19%.

In England, the most significant improvement has been in South Buckinghamshire where the proportion of average disposable earnings devoted to mortgage payments has fallen sharply from 93% to 53%, a reduction of 40 percentage points in the past decade.

It also reveals a North/South mortgage divide. While mortgage payments are at their lowest as a proportion of disposable earnings in Northern Ireland at 19%, Scotland and the North both at 20% and the Humber and the North West both at 23%, they are highest in Greater London at 45%, the South East at 40% and the South West at 34%.

The 10 most affordable local areas are all in northern Britain, whilst the 10 least affordable areas are all in the South.

Scotland and the North West have an equal share of the 10 most affordable local authority districts in the UK. Copeland in Cumbria is the most affordable, where typical mortgage payments account for 15% of average local earnings, followed by Inverclyde, North Ayrshire and West Dunbartonshire in Scotland all 16%.

The 10 least affordable areas are predominantly in London and the South East. Brent and Haringey are the least affordable places in the country with average mortgage payments on a new mortgage loan, accounting for 61% of average local disposable earnings, followed by Harrow at 58% and Elmbridge at 56%.

The study shows that affordability has worsened over last five years as average house prices rise. Whilst the comparison of mortgage affordability over the last 10 years shows a vast improvement, when looking only over a five year period, affordability on this measure has actually deteriorated. Whilst the average mortgage rate has fallen from 3.7% in 2012 to 1.98% at the end of 2017, average house prices have grown by 40% in the same period.

As a result, 89 local authority districts have seen mortgage affordability as proportion of disposable earnings rise by at least 5%. In Elmbridge in the South East, this measure has deteriorated from 34% to 56% with an average of 22% more disposable earnings devoted to mortgage payments. The Surrey district is followed by Merton from 33% to 52% and Hillingdon from 38% to 56%. However, there are areas where mortgage affordability has improved since 2012.


https://www.propertywire.com/news/uk/monthly-mortgage-payments-uk-affordable-10-years/

Mapped: the only area of England and Wales where average house prices are below £100,000

https://www.mirror.co.uk/money/britains-cheapest-streets-houses-cost-9860075

Just one local authority in England and Wales is home to properties that cost less than £100,000 on average, according to new analysis which highlights the stark polarisation in the UK housing market.

Last year, average property prices in the Welsh authority of Blaenau Gwent stood at £97,147, making it the only local authority out of a total of 348 in England and Wales yet see the average value of homes sold exceed £100,000 – a threshold crossed by every London borough more than 15 years ago.

Not only did prices in the capital exceed £100,000 by 2002, the average residential sale price across every London borough surpassed the £300,000 barrier last year. Kensington and Chelsea was first to hit this price point, around 20 years ago.

Research by property group Savills, which analysed land registry data, found that as far back as 1995 the average sale price in 35 local authorities had crossed the £100,000 line, including nine London boroughs, plus a number of high value commuter towns such as Guildford, St Albans, Winchester, Sevenoaks and Woking, plus one local authority in the south west – the Cotswolds.

https://www.telegraph.co.uk/property/house-prices/mapped-area-england-wales-average-house-prices-100000/?utm_source=dlvr.it&utm_medium=twitter

The map shows that by the end of 2003, the last of the local authorities in the East and the South West had reached the £100,000 mark.


The first local authorities in the North passed this threshold in 1999, with the affluent neighbourhoods of Trafford and Cheshire crossing the benchmark first.

Savills predicted that, even if house price growth continues at the rate it has done for the past 20 years – although it is unlikely given the current subdued state of the housing market – the average property price in all local authorities will reach £200,000 in 2036.

Lucian Cook of Savills said house prices at a regional level are a clear reflection of underlying regional economic factors, "but such polarisation reduces social mobility and perpetuates the haves and have nots of housing wealth".

Newport in Wales was recently identified by property portal Rightmove as having the fastest moving property market in Britain, with the number of available homes up for sale dropping by a third over the past year.

The upcoming removal of the tolls on the bridges across the River Severn between England and Wales at the end of the year has led to a surge in buyers flocking to the Welsh city, while priced-out Bristolians, who face average asking prices of £300,000, are also making their way west in the hope of finding affordable homes. 

https://www.telegraph.co.uk/property/house-prices/mapped-area-england-wales-average-house-prices-100000/?utm_source=dlvr.it&utm_medium=twitter

Transfers of Equity and Legal Ownership of a Property

A transfer of equity is a transaction where legal ownership of a property changes hands but at least one of the original owners remains on the title. For example where a couple transfer it into the sole name of one or other of them or a person is added to the title.


It is generally much more straightforward than a sale or purchase as usually there will be no searches or enquiries, since the parties involved will have prior knowledge of the property, so there is no need for a contract.


FreeConveyancingAdvice.co.uk do a handy Transfer of Equity Kit which can help guide you through the process.

The Transfer of Ownership Process


The form to be used is land registry form TR1. The current owner(s) will be the transferor(s) and the new owner(s) will be the transferee(s). The first step is to obtain official copies of the title. It is necessary to check whether there are any mortgages on the property or whether there are any restrictions that will need to be complied with.


If there are no mortgages then all parties simply need to sign the transfer deed and register it with the land registry. The application should be made using land registry form AP1 and should be accompanied with the transfer deed and, for any party not represented by a conveyancer, land registry form ID1. If the value of the transaction is greater than £40,000 then a stamp duty certificate in form SDLT5 (see below) will also be required.


If there is a mortgage on the property then this will either need to be repaid or else the lender’s consent will need to be obtained. Read on for details.

https://www.nabhome.ch/ratgeber/immobilie-kaufen/wechsel-von-einem-eigenheim-in-ein-neues.html

Where There is a Mortgage to Repay


If there is a mortgage on the property which is to be repaid as part of the transaction, whether using money supplied by an incoming owner or via a remortgage, then it will need to be repaid on or before completion and a discharge document in for DS1 will need to be obtained from the lender. This will need to be submitted to the land registry with the AP1 application. A redemption statement, calculated to the day of completion, will need to be obtained prior to completion to ensure the correct amount is paid. If the mortgage is not redeemed in full the lender will not release the DS1 and the transfer will not be able to be registered.
Where an Existing Mortgage Will Remain


Sometimes the parties will want the existing mortgage to remain. If this is the case then the consent of the mortgage lender will need to be obtained before the transaction can proceed. Where someone is being added to the title they will need to become equally liable, along with the other joint owners, for the mortgage. They would do this via a covenant entered into the transfer deed. The lender will usually want to perform credit rating checks against the new owner.


The lender can give its consent to the transfer either in a separate letter or by signing the transfer deed along with the other owners. Where there is no restriction on the title preventing a transfer from being registered without the lender’s consent and the consent is not obtained, the new owner’s rights in the property will still rank behind those of the lender.


If someone is being removed from the title the lender will again need to agree. The outgoing owner must be released from his obligations under the mortgage. This is usually done via a clause in the transfer deed, which the lender will sign along with the other parties. The lender will want to check that the remaining owner is financially capable of keeping up with the mortgage payments.
Where a New Mortgage is Being Obtained


If a new mortgage is being obtained, it will need to include all the names of the people who will be joint owners of the property following completion. Although most lenders won’t require searches to be carried out, they will usually require that “no search indemnity insurance” is obtained. This is an insurance policy that covers them for any loss they suffer as a result of something that would have been revealed by the usual conveyancing searches had they been carried out. It will cost perhaps £50 or so (though it depends on the amount of the mortgage) and will need to be paid for by the borrowers. Some lenders have a block policy which covers all their remortgages, in which case an individual policy won’t be needed.
2 to 1 Transfers Where Property is Held as Tenants in Common


Where a property is owned by two or more people as tenants in common and there is a transfer of equity which leaves one remaining owner, and no money is paid by the remaining owner to the outgoing owners, the form A restriction (which prevents a transfer by a sole proprietor from being registered) will need to be removed. This can be done by the remaining owner signing a “Statutory Declaration as to Equitable Title”. This is a declaration to confirm that he is solely entitled to the equity in the property. If this is not done now it can be done when the property is sold on.
Transfers to Avoid Creditors


One reason for a person completing a transfer of equity is to prevent his creditors from being able to claim some or all of the equity in the property in the event he becomes bankrupt. The trustee in bankruptcy however has powers to set aside; that reverse transfers that were for less than the market value of the property (or the share). He can doe this in respect of any transfer that has been carried out within the last 5 years. Once the transfer is set aside the trustee will be entitled to the equity in the property on behalf of the creditors.
Declarations of Trust


It is important, when adding someone to the title of a property, to think about exactly what interest you want that person to have, and indeed for the incoming owning to think about what interest he wants to receive.


You need to think about what should happen if one of you dies, should it pass automatically to the survivor or via your will? If your relationship breaks down, how much of the equity should each party be entitled to? Who should make the mortgage payments? All of these things should be put in writing. This may seem a little unromantic at the time but could save a lot of money and legal battles, not to mention a lot of acrimony, in the future. It is possible to vary the terms of your agreement in future if your circumstances change. You should also be aware that by taking certain actions a variation might be implied even if it is not put in writing.
Stamp Duty Land Tax


If the value of the transaction is greater than the minimum threshold for paying stamp duty (£125,000 at the time of writing) and if no relief or exemptions apply, then stamp duty will be payable. If the value is under the threshold but greater than £40,000 then no duty will be payable be a return will still need to be submitted and a certificate in form SDLT5 will need to be obtained and included in the application for registration.


The value is based on any amount paid by an incoming owner or to an outgoing owner as well as any amount outstanding on an existing mortgage or borrowed on a new mortgage. Where someone is coming off the title, the formula is as follows: ((amount paid to outgoing owner / number of remaining owners) + ((amount outstanding on mortgage / number of original owners * number of outgoing owners))) = value. For example if the transfer is from 2 to 1 and the outgoing owner receives £50,000 for his share, and there is also a mortgage under which £40,000 is owing at completion then the value will be ((50,000 / 1) + ((40,000 / 2) * 1))) = 70,000.


If someone is being added to the title, the following formula should be used: (amount paid by incoming owner + (amount outstanding on mortgage / number of joint owners after completion)).


As an example, if the property is transferred from 2 people to 3 and the incoming owner pays £25,000 for his share, and there is a mortgage with £30,000 owing, then the value will be (25000 + (30000 / 3)) = 35000.


There are other factors which could affect stamp duty liability and you should seek the advice of a solicitor.
Inheritance & Capital Gains Tax


Inheritance tax and capital gains tax are outside the scope of this article however if you think the transaction may have tax implications you should speak to an accountant or tax specialist.


Do have a look at FreeConveyancingAdvice.co.uk’s Transfer of Equity Kit and the other DIY Conveyancing Guides they offer as they may help with explaining the subject further.


http://www.hip-consultant.co.uk/blog/transfers-of-equity-and-legal-ownership-of-a-property-123/#more-2366

Letting to Pets

The latest proposal to come from the Labour Party, along with a number of other proposals effecting the welfare of animals, is that landlords can no longer be allowed to disallow pets. So landlords will be forced to be letting with pets.

https://www.pinterest.com/pin/329185053997477101/

The fact is that the British are supposed to be pet lovers, but British landlords may not be such lovers of pets when those pets are in the properties they let out, says David Lawrenson of LettingFocus.com.

Our own experience on this is a great lesson, showing how things can go wrong with pets.

Our “Letting to Pets from Hell” Experience


A number of years ago, we let a very nice mid terrace Victorian house in Deal, Kent to some lovely older tenants. They were just great people and looked after the property very well.


Then a lady bought the house next door and moved herself and two dogs in.


She would go out to work each day and leave the dogs. The dogs would pretty soon get bored and bark intermittently through the day – sometimes the barking would go on for hours. The noise would easily permeate through the single skin dividing wall.


So we enquired with the RSPCA. Surely it is cruel to leave dogs on their own? No, apparently it isn’t. So, no joy there.


We door stopped the lady and asked very politely if perhaps she could organise a dog walker to come by in the day. We pointed her in the direction of some dog walkers who were advertising locally and would take the dogs out for an hour or so for about £8 a day. This would stop them being bored and barking. She said she would consider it, but did nothing. The problem continued.


So we complained to the local Dover District council, who initially did not want to do anything – suggesting that we take legal action ourselves. I politely pointed out to them that my tenants paid their council taxes and that Dover should damn well take the necessary actions. They reluctantly agreed.


And so a long, make that very long, process started in which my tenants would keep detailed diary notes of all the occasions the dogs were barking – and how long for. They were given monitoring equipment and tapes. And when the noise happened, they were also to call the Environmental Health at Dover who would come out and witness it too. The trouble was that as the Dover staff were 25 minutes away and usually could not come right away, often by the time they got to the house, the barking had finally stopped.


However, after a very long time Dover Council had collected enough evidence to serve the neighbour with a warning. (The evidence my tenants collected did not count apparently, as it could not be used in any legal action, making my tenants and I question what the point was of it being issued to “civilians”).


After the warning from the Council, things would then quieten down for a period of about two weeks. And then the barking would start all over again. We would then have to get the council staff to record it all over again – which would take another few months – and issue another notice. So they did this, the noise would abate again for another two weeks or so, and then start all over again.


All the while we pleaded with the neighbour, who was after all working and a house owner and presumably not skint, to pay for a dog walker. All to no avail.


Eventually, Dover had enough and took the lady to court where Canterbury magistrates fined her around £1,000 in total.


And so, we won. Or did we?


Once again, the dog noise eased off for a few weeks. And then, you guessed it, started off all over again, repeating the past history.


So we went to Dover Council assuming that as she had breached a court order and had already been fined, things would now proceed very quickly and she would this time really be in trouble.


But no. They would have to start collecting evidence all over again.


At this, my tenants, worn down by over 18 months of doggy noise, had had enough and gave notice to leave.


So, I had lost perfectly good tenants – and the lady continued with her dogs barking. I later decided to sell the house. It was all too much trouble.


That is my experience. And it is for this reason that I say “No” to pets – unless a prospective tenant can do a great job of convincing me that their pet is the exception.
Letting with Pets


Given the choice it seems a majority of other private landlords would, like me, just say “No” to any pet larger than a goldfish too.


If you are letting a flat or any property governed by estate regulations, such as most flats are under a lease, before you let to anyone with a pet you should check the terms of the head lease to see if there is a prohibition on pets. About 30% of leases are thought to have such a prohibition. It’s not clear how Labour’s proposal would deal with this, unless they also plan to revise years of archaic freehold-leasehold law at the same time.


It’s not just pet mess, a key reason for many leases having a “Pets Prohibition” will be noise issues, as we found to our cost!


At the moment, and until maybe when Corbyn comes to power, landlords are, of course, under no legal obligation to accept pets.


But are landlords who refuse pets missing out and reducing the size of their market? And assuming you allow pets, what sort of safeguards can you put in place to ensure that little Fido does not ruin your property and end up costing you money.


One possible solution is to only let unfurnished property to pet owners. For landlords who let unfurnished or part furnished (say with just white goods) that’s fine, but if you already have a lot of furnishings it is not easy to store all your stuff.


You could also set out within the terms of the tenancy agreement exactly which types of pets are acceptable and which aren’t. If you wish, the “Pet Clause” can be quite specific and state the breed as well as the age and even the name of the pets. This will ensure that a small dog is not replaced with something old, mangy and incontinent and which is constantly barking.


Another solution is to ask for references for the pet from a previous landlord to confirm that the pet is indeed a suitable “tenant” for your property. As with all previous landlord references, it is best, if it is at all possible, to get a reference from the landlord before the one they are currently with, as the current landlord may be willing to say anything to get rid of the tenant and their animal!


And always validate that the person giving the reference really does own the property by checking on the land registry. Plus, if it is nearby and time allows, you could visit the tenant at their current place of residence.
Pet Deposits


Another safeguard is to ask for a higher deposit to protect against any damage. Many landlords ask for an additional deposit of one to three weeks rent on top of the normal standard deposit to cover the added cost-risk of a dog or cat. This could take the form of a non-returnable flea deposit which will be used at the end of the tenancy to get rid of any possible infestations. But watch out here because the Conservative government is planning to limit deposits to six weeks’ rent anyway – which would include this kind of deposit. And remember, all deposits of any kind, must be protected within an approved tenancy deposit scheme.


Even if you are OK with pets, it’s worth remembering that lots of other people may not be as accommodating as you are, so it is also worth requesting in the tenancy agreement that the pet must not be in the house at times when workmen are on site to do maintenance jobs or when prospective tenants come to view at the end of the tenancy. However, there is a risk that this kind of clause could fall foul of being an unfair term if tested in court.
Pets and Viewings


In my experience, about 15% of people are allergic to cat hairs and these people will not go into a property that has a cat inside it. If they are coming to view your property you could find that your market at the end of the tenancy is actually suddenly reduced dramatically, if you cannot even get people through the door!


If you are letting a house share where the tenants change rapidly over time as one person moves out and another moves in, if one of them has a cat, this will mean the property could be a non-starter for the 15% who will not want to share with a cat.


Some owners hate to be parted from their pets – even at death – so it is also worth making it clear in your agreement if you allow pets that their faithful friend must not be buried in the garden.


It is not just the Brits who are pet mad. Now that we have pet passports, more and more foreign visitors on work secondment in the UK are bringing their pets with them, meaning that there is strong demand for pet friendly accommodation.
Pet Premium Rents


But if you are a pet friendly landlord and if your accommodation is suitable for whatever the pet is, you could be at an advantage over other landlords – and you could charge a premium rent too.


If you use a letting agent and you don’t mind pets it is worth letting them know too as it should help get tenants. Just make the agent understands what your rules on pets are before you start the process of looking for a new tenant.


The Dogs Trust has a useful “Lets with Pets” section for those tenants who want a home for a pet and for landlords who are prepared to consider it. See www.LetsWithPets.org.uk


Finally, I would point out that whilst I do say “No Pets” in my property adverts, if I have a tenant who has been with me for 6 months or more and who looks after their property well, I would always say yes to a dog or cat, providing there was no head lease that said “no pets”. There is no sense in being unreasonable to the kind of tenant you have got to know and whom you know will look after an animal properly.


All the same, I would keep things professional and set out a new clause describing the pet and allowing that pet (and no other) and requiring that the tenant ensures special cleaning is done to remove fleas at the end of the tenancy and that the animal is under control when workmen or other people are at the property. Plus, if it is a dog, it must absolutely be exercised and never left alone all day to bark and annoy others.

http://www.lettingfocus.com/blogs/2018/03/letting-to-pets/

The Landlord Law Conference 2018

http://landlordlawservices.co.uk/landlord-law-conference/

If you are worried about the ever-increasing burden of regulation and despair of ever getting your head around it all – the Landlord Law Conference (sponsored by TDS) is here again to help you.
On Friday 18 May 2018


We will reconvene at the fabulous Sprowston Manor Hotel and Country Club for a day of learning and enjoyment. Let’s take a look at the learning first. As usual, we have ten half-hour talks (long enough to be useful, short enough to keep your interest) as follows:


The Year in Review – housing barrister Sam Madge Wyld’s overview of regulation changes and new case law over the past year and a quick look into the future at what is to come


Rent to Rent, pitfalls and procedure – rent to rent is popular but can be tricky and sometimes disastrous. Solicitor and RLA director of policy David Smith gives us a guide.


Tenancy Agreements and the Courts – housing barrister Peter Marcus was one of the most popular speakers last year. This year he turns his attention to tenancy agreements


Letting Agent Regulation – ARLA CEO David Cox comes back to take us through the main developments that agents need to know about, including no doubt the tenant fee legislation.


Tax Update – Philip Hunt of Aston Shaw accountants will be looking at any recent tax changes and giving advice for landlords


Tenancy Deposit Adjudications – always popular, in this talk by TDS Director of Dispute Resolution Mike Morgan gives tips and guidance on how to get the best results


HMO Update – the HMO (House in Multiple Occupation) regulations will be changing in October and in his second talk, David Smith will be bringing us up to date with this and any other new HMO related developments


Avoiding problems with Section 21 – Housing Barrister Robert Brown will be taking us through the latest legal changes and giving guidance on how to comply with all the new rules


Unlawful Eviction and the Courts – In his second talk, Peter Marcus will be looking at the penalties and problems when landlords fail to follow the proper eviction procedures


Identifying Rental Fraud – our own Ben Reeve Lewis returns to Conference with some stories from the seamy side of renting.
Other Conference Benefits


Everyone always agrees that the conference is a great day out. It’s a time to meet new people and make new friends.


Maybe over lunch? The Sprowston Manor provided the best lunch we have ever had at our conferences last year – a sit down hot and cold buffet – very welcome after a busy morning.


You will also get our Conference Handbook – a valuable item in itself as it has our speaker’s detailed notes so you don’t forget anything.


Then there are the exhibitors. TDS, our lead sponsors, of course, are there to answer any deposit related questions. However, we also have solicitors Anthony Gold, accountants Aston Shaw, ARLA, the Property Redress Scheme, the Bank of Scotland, MW FInance, Envirovent, and the Eastern Landlords Association not to mention insurers Total Landlord Insurance and Alan Boswell Group.


NB If your firm caters to landlords / letting agents we still have room for one or two more exhibitors – see here.
Learning and laughter


Landlord Law Conference is a serious training event but its also a fun day and some of the speakers can be quite funny! The venue is also rather lovely and being surrounded by grass and trees helps give a good atmosphere.


Although sometimes perceived as being remote, Norwich is in fact only two hours by train from London. If you prefer to drive there is a huge free car park for delegates. If you live at a distance – why not stay over? The hotel is four star, has its own golf course, swimming pool and sauna, and we have negotiated special rates for delegates. Plus we always arrange a ‘night before’ meal where you can meet the organisers, other delegates and some of the speakers and exhibitors.


We look forward to welcoming you to our 2018 Conference.


http://www.landlordlawblog.co.uk/2018/03/14/landlord-law-conference-2018/

London street puts up another storey

12 London neighbours persuaded Camden council to let them add an extra storey to each of their homes - here's how they did it:

https://www.pbctoday.co.uk/news/planning-construction-news/london-yimby-a-new-approach-to-tackling-the-housing-crisis/34998/

A group of 12 north London homeowners got together and persuaded Camden council to let them build a one-storey roof extension on each of their homes in a single daring construction project.

The “Fitzroofs” scheme in Fitzroy Road, Primrose Hill, is a pioneering example of how neighbours can come together to successfully build upwards to create both an appealing streetscape and extra space for new homes.

It’s an idea that is now gathering momentum in London and the city’s lower-density outer suburbs to help solve the housing shortage. It offers the prospect of financial gain as an incentive to homeowners, while benefiting others at the same time.

REWRITING PLANNING LAWS

Sajid Javid, minister for the renamed Housing, Communities and Local Government department recently floated the idea of allowing homes to more easily extend upwards and for suburbs to be densified, particularly around transport hubs.

At the same time, Prime Minister Theresa May ticked off developers for not doing their duty, vowing to “rewrite the laws on planning” and take a tougher line with councils that fail to meet housing targets.

Although Mrs May did not refer directly to extending permitted development rights so that people can build up without needing planning consent, some think the new draft National Planning Policy Framework, launched the day after the PM had spoken, offers encouragement to local authorities to “promote regeneration and change” in addition to maintaining an area’s prevailing character.

Other groups, including housing pressure group London Yimby — Yes In My Back Yard — are calling for “Better Streets” whereby if residents agree, densification and “beautification” can take place, bypassing planning gridlock.

THE FITZROOFS PROJECT

Retired architect Bernard Hunt helped drive the Fitzroofs project and himself lives in Fitzroy Road.

“The whole thing took us five years when it should perhaps have taken three and a half,” he says. “I think the planning process should be easier.

“But the real issue is how to persuade people to do anything. Sticks are not very good. Carrots are. If it is significantly in people’s interest to collaborate, then they will. The business case for densification is phenomenally strong.”

Hunt’s neighbour in the street, animations company director Jonathan Bairstow, was appointed to chair the residents’ group: “It was an incredibly productive process. We live in the same street. We are a thoughtful, knowledgeable and sensitive group. We had a common interest.”

Residents were spurred to pursue the scheme after one couple implemented an historic consent for a mansard roof storey, which disrupted the identical appearance of the street’s 12 homes.

“We decided to turn that negative into a positive,” says Bairstow.

“We felt that as a group we were ‘the community’ and we communicated this to Camden council in a brochure based on local archive research and architecture references. We added to the urban housing stock with sensitivity, without increasing the footprint.”

He thinks it is a collective approach that might work on other projects.

“I think there are quite a lot of people out there who would like to try something similar, or for co-housing projects, for example.”

EVOLVING CROYDON

The idea of densifying neighbourhood centres is being pursued by Croydon council, which is finalising new guidance called Evolution of the Suburbs that should become policy in October.

The guidance is a product of the new draft London Plan that sets Croydon a target of 3,000 homes a year to be built by 2028, doubling its existing target.

“We want to make sure these homes are deliverable. So we met residents in the north and the south of the borough in January,” says director of planning and transport, Heather Cheesbrough.

“We’re pleased we got a receptive audience and acceptance that we need to deliver more housing and intensify some areas, but it’s obviously a different issue when a block of flats is proposed on the house next door to yours.

“We are lucky we have a lot of large detached houses on large plots in the borough. When you assemble several plots you can get a better solution.

"If residents did get together to densify their street or block we would welcome and facilitate that and it is something that’s happening. We have several developers in Croydon who specialise in that market.

“We feel we are ahead of the game with this policy which shows residents how their neighbourhood might evolve. It is all about placemaking.

"We’re not about cramming homes in. We have to show people how everyone will benefit from intensification, and how it can support them with more shops and better transport, giving them a better place to live in.”

THE SUPURBIA PROJECT

The architecture practice HTA Design, co-founded by Bernard Hunt, has developed the concept of “Supurbia”, partly as a consequence of the Fitzroy Road experience.

This proposes incremental densification of selected low-rise suburban neighbourhoods near transport hubs, to create more homes and make lacklustre low-density suburbs more vibrant, affordable and better places to live.

“We’re advocating a more permissible planning regime supported by design coding for the densification of suburban neighbourhoods,” says Riette Oosthuizen, HTA’s head of planning.

The Supurbia project team studied areas surrounding 173 rail and Tube stations in 15 outer boroughs.

It claims potential for 364,000 new homes to be built in this way, based on a 50 per cent take-up of the idea.

It also calculates possible windfalls of up to £190,000 for some owners — a “NIMBY-to-YIMBY” incentive for residents.

“There is value in there for homeowners and we all need somewhere for our children to live,” Oosthuizen points out.

The extended home could be developed to create self-contained homes for children or elderly parents.

“We need to make the development and planning process simple so it can happen. It would encourage so much more creativity. We also need to be looking at major commercial sites where this sort of thing could happen."

http://blog.propertyhawk.co.uk/2018/03/london-street-puts-up-another-storey.html