Author: Caleb McLaughlin
Introducing the Home Upgrade Grant 2 for Homeowners and Landlords
The UK Government has launched Home Upgrade Grant 2 (HUG2), the second phase of the Home Upgrade Grant to help homeowners and landlords in England make their off-grid homes more energy-efficient. The program provides financial support to those who might struggle with the expenses associated with transitioning to greener energy. This article will provide an…
Housing Crisis Reaches Critical Turning Point
In the wake of the Scottish government’s recent declaration of a national housing crisis, CIH Scotland has expressed hope that this will prompt the necessary political reaction to address the pressing housing issues in Scotland. Shirley-Anne Somerville, the social justice secretary, attributes the crisis to factors such as a decade of financial austerity in the…
Property Firm Pattinson, Buys Third Acquisition in Six Months
Pattinson, situated in the North East of England, has recently acquired NS Bennett Estate Agents, a trusted and long-standing agency operating in Stanley and its surrounding locations. This move follows the earlier acquisitions of Ryedales Estate Agency in Cramlington, and Browns in Stockton and Norton. These strategic takeovers have swelled Pattinson’s network to 28 branches…
New Home Energy Model Rating System to Replace Current UK rating by 2025
The UK’s housing industry will undergo a significant change in 2025 when the Home Energy Model (HEM) takes over from the current Standard Assessment Procedure (SAP) for rating the energy efficiency of homes. This is a step forward in the government’s plan, titled the Future Homes Standard, which aims to improve the energy performance of…
Tory MP Asserts Government’s Determination to Reform Furnished Holiday Let Scheme
The Treasury has decided against exempting any properties from the upcoming changes to the tax rules for furnished holiday let scheme, which will come into effect next year. Starting on 6 April 2025, the interest businesses owned by individual landlords will no longer be deductible. Instead, a 20% tax credit will be applied to the…
Kagool Secures a 10-Year Lease at the Redesigned Rum Runner Works in Birmingham
Kagool, a leading company in data and analytics, has just secured a 10-year rental deal for 8,100 square feet at the distinctive and remodelled Rum Runner Works, joining the technology company Ricoh Digital. The building, once home to the famous Rum Runner Nightclub of the 1980s, has been transformed into a modern office space that…
CILEX: Conveyancing Process Needs Major Improvements
A legal organization has criticized the conveyancing system in England for being outdated and inefficient, calling for significant changes to the way things are done. The Chartered Institute of Legal Executives (CILEX), which is made up of over 17,500 legal professionals, argues that home sellers should provide key details about their properties right from the…
Savills UK Advises The Gym Group on its Expansion Plans
A study by PwC has found that there’s room for an additional 600-800 affordable gym locations across the UK. The Gym Group is keen to set up shop in densely populated urban areas where they can be easily seen and reached, either by car or public transport. They’re looking for spaces ranging from 10,000 to…
The Renters Reform Bill Reappears in the Commons this Week
After a long postponement, the Renters Reform Bill is making its way back to the House of Commons this week. The bill is scheduled for its second reading on Wednesday and will include the following key changes: An examination of court capabilities before removing Section 21 for current leases, to guarantee they can manage the…
Reintroduction of Real Estate Certification in Anticipation of Potential Nationwide Regulation in the UK
The ESPC has reinitiated the SPC Property Practice certificate for solicitor estate agents in Scotland. This Scottish property platform is bringing back its exclusive accreditation program for solicitor estate agents after a fruitful initial year in 2023. Developed alongside The Law Society of Scotland and Edinburgh Conveyancers Forum, the SPC Property Practice certificate is a…
Foxtons Reports Strong Revenue Growth in Q1, Boosted by Increased Sales
Foxtons has announced a successful first quarter, with substantial revenue growth attributed to a higher market share in sales and the expansion of their lettings business through recent acquisitions. Main Points: The company’s revenue for the first quarter rose by 9% to £35.7 million, compared to £32.9 million in the same quarter of the previous…
Class A Commercial Building Grand Terra 36 Cát Linh Ready for Operation
On the morning of April 11, the Grand Terra 36 Cát Linh A-class office-retail complex developed by Thanh Hoa Construction Corporation held a pre-opening event, marking the entry of one of the most anticipated commercial projects in the first half of 2024 in the Hanoi market. Grand Terra 36 Cát Linh has been built to…
Supply Increase Trends in GB Farmland Market Begin to Manifest
A recent look at the GB farmland market by Savills shows a 44% supply increase compared to last year, with growth seen in every region except the East Midlands in the first quarter. Instead of comparing to recent years, it’s more revealing to look at the average between 2012 to 2016. When we do, we…
Opportunities Aplenty for Tenants as Landlords Compete in Germany’s Dense Market
New research from Savills shows that in the first quarter of 2024, office space take-up in Germany’s six major markets surged by 5.7% from last year to 590,000 square meters. Prime office rents have seen a slight decrease of 0.4% since the last quarter, while the average rent dropped by 2.6%. Office vacancies have gone…
Knighthead Capital acquires 48-acre Birmingham site
Knighthead Capital Management LLC (“Knighthead”) has finalized the acquisition of a 48-acre former industrial site located at Bordesley Park. This purchase expands Knighthead’s land ownership in the area to over 60 acres, not including St. Andrew’s @ Knighthead Park. Knighthead, in partnership with Birmingham City FC, has exciting plans to develop the site into a…
TPFG to Expand Coadjute Network After Successful Pilot
Following a notable pilot phase, The Property Franchise Group (TPFG) is set to broaden its use of the Coadjute Network, a tech initiative by the London-based ‘proptech’ firm, aiming for a nationwide deployment. For the past five months, TPFG has been testing the network in 12 branches. The expansion will incorporate digital data packs and…
Foxtons Predicted to Grow with Focus on Lettings
Investors are urged to monitor the share price of real estate agency Foxtons, which is expected to rise in the near future. Master Investor, a UK investment service, recommends Foxtons as a promising investment due to its goal to double its 2023 adjusted operating profit. “Given the strong leadership and clear goals of the group,…
Partner Chosen by Homes England for DeHavilland Park Development
The Welwyn Garden City location, now called DeHavilland Park, has been dubbed a key project by Homes England due to its potential to provide much-needed new housing in the region. Bellway has purchased the 135-acre site following an agreement reached by the Savills development team in Cambridge. The local council of Welwyn Hatfield previously sanctioned…
2024 Mortgage Lending Expected to Surpass TMA Club’s Predictions
A significant majority of TMA Club’s mortgage brokers forecast a rise in mortgage lending this year, beyond what official projections estimated. Last year saw a 28% drop in gross lending to £226 billion, as borrowers had to cut back expenses due to the fast-rising cost of living. From a recent survey by TMA Club, 20%…
German Residential Property Prices Steady, while Rents Rise
Savills has reported that the investment in German residential property that involve at least 50 apartments amounted to €755 million in the first three months of 2024. Prime yields for apartment buildings have remained constant at 3.6% for two quarters in a row, according to the international real estate advisor. The current market shows a…
Decline in Hybrid Estate Agent Market Share Continues While Self-Employed Agents Flourish
Last year saw the market share for hybrid estate agents diminish further, falling to 5.2% in the first quarter of 2024 from 6.5% in the same quarter of 2023, according to recent statistics. Figures from TwentyEA, which is a part of the TwentyCi group, reveal a downward trend in this sector’s market share since reaching…
Trio of Italian Hotels Bought by Local Hospitality Group with Assistance from Joint Agents Savills and Christie & Co
Hotel real estate experts Savills, together with Christie & Co, report the successful sale of three Italian hotels to CHC Holding S.P.A. The hotels sold are the Holiday Inn Naples, My One Hotel Bologna, and Hotel Villa Ducale Parma. The deal included 535 hotel rooms across all properties and provided the buyer, an Italian hotel…
HMRC to Publicly Disclose Estate Agents with AML Violations Following £1.6m in Fines
HM Revenue and Customs (HMRC) has reported that they have issued fines totalling more than £1.6 million to over 250 estate agencies for not complying with anti-money laundering regulations. The penalties given out range from £1,500 to upwards of £50,000. In the next few weeks, HMRC will release a detailed list of estate agencies that…
Seymours Partners with OnTheMarket to Advertise Properties
Seymours, a prominent independent estate agency network from the South East of England, has begun listing its residential sales and lettings properties on our site, following a new agreement this week. This collaboration marks a noteworthy period for OnTheMarket, as we recently reached a milestone of over 15,000 advertisers and are maintaining strong growth since…
Italian Commercial Real Estate Sees Continued Growth in Early 2024 According to Savills
• The first quarter of 2024 concluded with a robust €1.9 billion in commercial real estate transactions, maintaining the upward trend from late 2023. • Office spaces lead the market due to two major deals, followed closely by mixed-use properties, comprising around 60% of the total quarterly transactions. • Investors are still prioritizing sectors with…
15 Ways To Fund Your Property Business
Finding the right funding is essential in the property industry, fuelling everything from buying your first property to growing your portfolio. The process of selecting the best funding option can be complex, with each choice offering different benefits, challenges, and criteria. This guide aims to be a detailed resource for investors, outlining the various funding…
Aberthaw Power Station Wins ‘Acquisition of the Year for Wales’
The CoStar Impact Awards annually highlight outstanding commercial real estate deals and projects within multiple major markets across the United States, Canada, and the United Kingdom. Savills, acting for RWE, secured an agreement that will convert the shut-down coal-powered Aberthaw Power Station into a hub for renewable energy, potentially generating thousands of new jobs. Savills’…
AI Offers Advice on Improving Estate Agents Reputation
We recently reported on the findings from Bing’s AI CoPilot regarding why estate agents are often disliked. Now, we’ve sought the AI’s guidance on how agents can better their image with the public. Given that the AI’s insights are gleaned from a broad spectrum of internet content, the advice provided should be quite relevant in…
Debate Escalates at Law Society Regarding ‘Material Information’ Form Revisions
This week, the conflict between the Property Lawyers Action Group (PLAG) and the Law Society escalated due to adjustments to the property information forms, which align with NTS guidelines about ‘Material Information’ for listing properties for sale. PLAG criticized the Law Society for modifying the forms without including licensed conveyancers in the conversation, which they…
70% of NATURA Building’s Units Successfully Secured by Savills/Predibisa
Savills/Predibisa has successfully marketed the innovative and sleek NATURA building project, which is being developed on the historic Efanor factory site in Matosinhos and features modern architecture by VisioArq. Architect Nuno Poiarez, co-founder of Visioarq, says: “(…) the nearly 3-hectare private green park on the NATURA premises enhances every indoor area. Natural elements and light…
UK House Prices Decrease After Half a Year, Due to Rising Mortgage Costs
For the first time in six months, house prices in the UK dropped in March. This was influenced by climbing mortgage rates and ongoing uncertainty around when the Bank of England might begin reducing interest rates, affecting the housing market. In comparison to the previous month, house values decreased by 1%, which equates to a…
Cedar Pacific and Sumitomo Forestry Team Up for an ESG-Driven Build-to-Rent Initiative in Australia and New Zealand
Cedar Pacific and Sumitomo Forestry are joining forces to create environmentally friendly and sustainable residential communities in Australia and New Zealand. Their aim is to address the increasing need for rental properties through a new build-to-rent initiative, while ensuring strong ESG performance. Joining Expertise for Eco-Friendly Housing This partnership combines Cedar Pacific’s regional development experience…