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Bank Of England Governor Hints At Earlier Base Rate Hike

Bank Of England Governor Hints At Earlier Base Rate Hike

Is Mark Carney Eager To Raise Interest Rates?

The Governor of the Bank of England (BoE), Mark Carney, has drawn further criticism from economists after giving another mixed signal on the timing of any base rate increase away from the current historic low.

In an interview with the Sunday Times newspaper Mr Carney took great care to big up the health of the nation’s economy and insisted that the Bank of England would not wait for employed peoples wages to catch-up with the cost of living before hiking interest rates.

Mr Carney told the Sunday Times: “Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now. The expansion is proceeding, momentum is more assured. The very fact we have had consistent quarters of growth in line with, or slightly better than, our forecasts shows that. We have to have the confidence that prospective real wages are going to be growing sustainably, before raising interest rates, we don’t have to wait for the fact of that turn to raise them.”

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If You’re Not Achieving Your Business Or Property Investment Dreams, You Need To Speak To Matthew Moody

If You’re Not Achieving Your Business Or Property Investment Dreams, You Need To Speak To Matthew Moody

If You’re Not Achieving Your Property Business Dreams, You Need To Speak To Matthew Moody

If you spend as little as 10 minutes a day, trying to visualise what it is possible to achieve through business, then it’s virtually guaranteed that you’ll want to get out there and actually achieve those things.

  • Think of all the things you wanted to do as a kid?
  • Think of all of the dreams you have right now that you want to achieve?
  • Think of the places you want to travel to that you haven’t been yet?
  • Think of the experiences you want to mark as your own that you haven’t done yet?  

But what’s stopping you?

  • Fear Of Not Having The Time
  • Fear Of Not Having The Money
  • Fear Of What Other People May Think
  • Fear Of What You Have To Give Up

A wise man once said “Fear is just false expectations appearing real

So let me ask you a couple of direct questions; 

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Compulsory Redress Schemes For Lettings And Property Managing Agents New Government Measures Intend

To Regulate Private Rented Sector

The Government has announced that there are to be new regulations introduced in 2014 to provide private rented sector landlords, tenants and leaseholders with additional protection when working with lettings agents or property managing agents.

The Department for Communities and Local Government (CLG) want the introduction of compulsory redress schemes for lettings and property managing agents will ensure that they can be fully investigated where information is not made clear on additional charges, administration fees or any other property or tenant related issue. The proposed measures are intended to provide a cheaper, easier way for landlords, tenants and leaseholders to pursue compensation from lettings and property managing agents if they have a complaint.

The conditions that have to be met by lettings and property managing agents to be a part of a redress scheme have now been published by the Government.

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Planning Minister Slams Irresponsible Councils

Planning Minister Slams Irresponsible Councils

Government Planning Minister Claims Planning Laws are sending UK housing back to the 19th Century

Planning Minister Nick Boles has stirred up a real hornets’ nest by claiming that local authorities that save green fields instead of building residential properties are irresponsible, and building new homes must be prioritised above preserving fields.

Nick Boles argued that homes create more human happiness than fields, whilst revealing the Government is determined to speed up the rate of residential house building, despite strong opposition.

Mr. Boles slammed local authorities in an interview with the Daily Mail stating:”Deeply irresponsible councils and communities that refuse to co-operate with the government’s expansion plans will risk losing their hospitals and high street shops as their populations shrink. I understand that rural campaigners are very worried when green-field land is replaced by the sheer ugliness and soullessness of housing estates. However, current planning laws are sending Britain back to the 19th century when only the well-off could afford their own home. The sum of human happiness that is created by the houses that are being built is vastly greater than the economic, social and environmental value of a field that was growing wheat or rape.”

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Top Tips On Flipping Properties In The UK

Top Tips On Flipping Properties In The UK

Property investment is more than just purchasing single buy to let residential properties, there are a host of other strategies that investors can use to profit from property.

Flipping Properties, or buying to sell, buy-refurb-sell, or option to purchase to sell, can make property investors a whole years income in just one well orchestrated property deal, or leave them so financially and emotionally burned that they will be begging their old boss for their old job back that they politely told him where to put.

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Properties across Greater Manchester including shops, offices, flats and a restaurant will come under the hammer in London on Thursday 24th May 2012.

The eight sites will be sold at a commercial property auction held by Jones Lang LaSalle.

They feature among a catalogue of 25 lots with a total guide price of £16 Million (GBP).

The properties include The Apple Building, Oldham Road, Manchester, which comprises 53 flats and has a guide price of £3.15 Million (GBP). The Lakeside Villas & Apartments, Blackley, comprises nine flats and 23 houses and has a guide price of £1.6 Million (GBP). Two shops at Stockport’s Merseyway development occupied by chain stores will be up for grabs with a guide price of £1.55 Million (GBP) along with a site on Great Underbank, Stockport, which is currently let to Lloyds estimated at £1.2 Million (GBP).

Salford office blocks Balmoral House and Sandringham House (£1.25m in total) and Windsor Court (£450,000) are among the lots. Lombard House, Cheadle, which is currently let to Countryside Estate Agents, and an Est Est Est leased restaurant on Manchester Road, Bury, have guide prices of £500,000 (GBP) and £475,000 (GBP) respectively.

For more information about the Manchesterproperty auction
Contact Charlotte Maynard Auctions Co-ordinator – Jones Lang Lasalle
+44 (0)20 7087 5497 or email: charlotte.maynard@eu.jll.com

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Developers encouraged to build rental only estates

Developers encouraged to build rental only estates

New home builders and property development contractors may be encouraged to build new exclusive rental only housing estates where none of the properties will be for sale.

The UK Government are exploring the idea and it could mean the introduction of a separate planning class for new-build residential property that will be rented out, and would mark a fundamental shift in the whole structure of the UK housing market.

The proposal comes following public research by the UK’s largest listed residential landlord – Grainger. The results have highlighted the huge shift in public opinion over renting property rather than home ownership.

67% of respondents believe long-term property renting will become as commonplace in the UK as it is on the continent and 54% also believe that more people will be renting property rather than owning their own homes in 15 years time.

Grainger also predict that in years to come, the average age of the first-time buyer (FTB) will be in the early 40s, putting increased pressure on the private rented sector.

Under the UK Governments guidance, institutions and property companies would own, operate and trade multiple build to rent developments.

Asset management company Schroders believes that this buying and selling activity between profit-chasing corporate companies would mean that residential property prices in this sector would be highly competitive.

Build to rent schemes would be aimed at young professionals and the retired who want to avoid home ownership. The proposed estates could also incorporate social and sporting facilities, such as pools and gyms, in a bid to attract professional tenants.

Another possibility would be that large scale landlords like Grainger could build on land offered by local authorities, rent out the homes at affordable rents, and at the end of an agreed period, sell the property on.

90% of landlords in the private rented sector are private individuals with multiple properties, who in turn are responsible for housing approximately 3.6 Million households.

Currently, only a small proportion of PRS landlords undertake thorough tenant referencing and only the most intuitive landlords use Rent Guarantee insurance to ensure a regular rental income.

With demand for suitable private rented sector (PRS) residential accommodation continuing to rise, there has been increasing pressure to bring large corporations into the private sector.

The Government is taking the issue seriously, looking at how to encourage Real Estate Investment Trusts (REITs) in the UK PRS residential sector.

The Communities and Local Government (CLG) department, Led by Sir Adrian Montague, has also launched a new consultation reviewing the barriers to institutional investment in private rented sector housing. The report is due out in June 2012.

Property is still too expensive for First Time Buyers and UK banks are reluctant to lend sufficient finance to most prospective buyers. Meanwhile, rents are rising far above the rate of inflation.

The average rental price across the UK, based on available data:

Average rents are up 7% on this time last year. Average salaries have increased by 2.5% in that time.

The average London rent is now more than £1,200 a month. A 12% rise on this time last year.

Other depressing facts for tenants have also been revealed…

The average tenancy length in London has dropped from 27 months to 22 months. Landlords are using the need for new tenants as an opportunity to push up rents. So shorter tenancies are becoming another source of financial pain.

Research also confirms that it is primarily relatively young people in London who are being penalised by soaring rents, with the average age of tenants around 30 years old

This begs the question…Why is renting property becoming increasingly expensive when interest rates are still being kept down to the record low of 0.5% by the Bank of England?

The answer is simple really, landlords are asking for increased rent from tenants because they can! The current record low interest rates benefit Buy-To-Let landlords so that they don’t need to raise rents to cover mortgage costs.

The demand for rental properties is high because people are unable to get the finance to buy. There are severe restrictions on the supply of new rental properties. Developers have stopped building because either they are in financial trouble, or they cannot get planning approval for new projects.

The Con-Dem Government wants to free up the planning laws, in part to allow more homes to be built to ease the pressure, but there is a backlash from The National Trust and people who don’t want new developments in their back yard.

Read the Spotlight post here – More Anger Over English Planning Law Changes

Perhaps the campaigning groups opposed to more property development should be forced to meet those Londoners who are trying desperately to keep a roof over their heads.

There Will Never Be A Better Time To Invest In Property

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