• Real Estate

    Pennyfarthing and VIVID to construct 106 homes in The New Forest

    Pennyfarthing Homes has created a partnership with VIVID to construct 106 affordable homes within its development in Fordingbridge, Hampshire. VIVID will take delivery of a mixed-tenure development which will include market housing, shared ownership and affordable rent options. The scheme will include a mix of one- and two-bedroom apartments, two-, three- and four-bedroom houses and two- and three-bedroom bungalows. The development covers nearly seven acres of land, while construction will start in November, preceded by groundworks starting in June. Matt Dukes, managing director of Pennyfarthing Homes, said: “This housing transaction is poised to start a new chapter of affordable, high-quality…

  • Real Estate

    Inflation set to fall to 2% target

    The inflation rate is expected to drop to 2% in the second quarter of 2024 in next week’s figures, finally reaching the Bank of England’s target. Despite this positivity, the Bank expects inflation to rise slightly in the second half of 2024. In July, the higher energy prices of a year earlier will drop out of the figures, because the cap fell to £2,074 last July. Susannah Streeter, head of money and markets, Hargreaves Lansdown, said: ‘’If inflation hits the sweet spot, hopes will shoot higher that a rate cut will come in June. “But it would be wise not…

  • Real Estate

    Wolverhampton the best area to start a renovation project

    Wolverhampton has been identified as by flooring specialists Mr Sander as the best place to start a renovation project in the UK. This is based on the house price, planning approval rate, tradespeople reviews, and the percentage of homes with renovation potential. The city has a median house price below the national average at £193,707, a planning approval rating of 93.7%, 42% of homes with renovation potential, and a tradesperson score of 9.90. Anthony Miller, chief executive of Mr Sander, said: “This latest study reveals the prime locations in the UK ideal for initiating renovation projects highlighting the regions with…

  • Real Estate

    Vista Tower freeholder hits back at government for “moving the goalposts” in cladding case

    The freeholder behind Vista Tower in Stevenage has expressed frustration with the government after it labelled a court decision on fire safety issues “a victory for leaseholders”. Grey GR was taken to court by the department for Levelling Up, Housing and Communities, for failing to quickly remediate fire safety issues that were first identified in 2019. However, as stipulated by the judge in the tribunal, the delays were caused by changing regulations in the wake of the 2017 Grenfell Tower fire disaster, including the Building Safety Act 2022. Grey GR criticised the lack of communication with the authorities throughout this…

  • Real Estate

    UK construction dives by 21% in 2024

    Weak economic conditions mean construction project starts have fallen by 21% in 2024 compared to 2023 levels – concerning given the UK’s shortfall of housing supply. Research by construction intelligence firm Glenigan identified major cutbacks to construction projects amid rising borrowing costs and weak demand. Averaging £7,211 million per month, work starting on site in the three months to the end of April decreased 10% against the preceding three months, remaining 21% lower than a year ago. Major project-starts fell dramatically, dropping 21% on the previous period and 34% compared to 2023. Allan Wilen, Glenigan’s economic director, said: “Project-starts are…

  • Real Estate

    50% of tenant moves caused by landlord sales

    Half of tenants vacating a property last year had to do so because their landlord wanted to sell their property, suggesting a substantial amount of privately rented stock is being lost. Meanwhile the majority of homes sold by landlords (66.7%) are purchased by first-time buyers. ‘Landlords selling the property’ was cited by 50% of property professionals as the primary reason for tenants moving, in a survey from rental payment platform PayProp. Neil Cobbold, PayProp’s UK managing director, said: “That loss of stock and well-financed tenants puts the PRS under pressure, with fewer homes to rent and lots of pent-up demand…

  • Real Estate

    Government wins landmark cladding case in Stevenage

    The government has won a legal case which forces the freehold owner of a 16-storey tower block to remediate unsafe cladding. Back in October 2022 the Department for Levelling Up, Housing and Communities took court action against Grey GR Ltd Partnership, the freeholder of Vista Tower in Stevenage, Hertfordshire, after it failed to fix multiple fire safety issues that were identified in 2019. The First-tier Tribunal Property Chamber ruled in favour of the government, which means Grey GR has to legally fix the issues within a mandated time. Grey GR is owned by railway pension fund Railpen, which manages £34bn…

  • Real Estate

    Plans to criminalise homeless people dropped

    The government has dropped plans to criminalise homeless people for “nuisance begging” or because of “excessive” smells, owing to a revolt from around 40 Conservative MPs. The Criminal Justice Bill could have criminalised homeless people for sleeping in a doorway, under a crackdown mooted by controversial former home secretary Suella Braverman. The plan was to move them on, fine them up to £2,500 or imprison them. Following an amendment to the Bill, before criminality is considered police will be told to direct rough sleepers to support services such as hostels or addiction treatment Policing minister Chris Philp said: “Nobody should be…

  • Real Estate

    Asda to enter housing market with 1,500 home development

    Supermarket chain Asda is entering the housing market with a mixed-use redevelopment project near London’s HS2 depot. The project, in partnership with experienced housebuilder Barratt, will create a new town centre in the Park Royal in West London, with 1,500 homes as well as retail spaces and residential units. High-rise tower blocks will sit on top of a 60,000 square foot flagship Asda Superstore, while there will be up to 400 car parking spaces. A third of the homes are being marked as ‘affordable’. Ian Lawrence, head of mixed-use developments at Asda., said: “This allows us the opportunity to better…

  • Real Estate

    Section 21s could still be issued after Renters (Reform) Bill goes through

    Landlords with periodic tenancies would still be able to issue a Section 21 eviction once the Renters (Reform) Bill is implemented, according to analysis from letting platform Goodlord and Dutton Gregory Solicitors. As detailed in the Bill, those with periodic tenancies will be able to serve a Section 21 until the government reviews the court system, reports on it to parliament, and then sets an ‘extended implementation date’, at which date the new rules all apply to all tenancies. Ryan Heaven, associate solicitor at Dutton Gregory, said: “A lot of people place emphasis on Michael Gove stating that section 21…