Category Archives: Property News

News, Property News, Retirement

Why downsizing and renting in a retirement community could improve your finances in 2023

As the cost of living continues to bite, more people are considering downsizing to meet rising costs. Recent research from Halifax[i] shows one in five (17%) of British homeowners say ‘downsizing’ was something they had considered to help with the financial squeeze. The reduced cost of living (72%) was most commonly named as a benefit of downsizing, with a third (33%) placing it as the number one benefit.

 

Dominic Stead, Property Director at My Future Living says downsizing and renting in a retirement community can make good financial sense for older people.

Dominic says, “Downsizing and renting in a retirement community has become popular in recent years, but the cost of living crisis, and rising utilities bills could prompt more retirees to decide this would be the right move. Financially it can be a great option, as the sale of a home can frees up capital and moving to a small place will reduce energy bills

“There are other benefits too such as living in a sociable community with options to meet new people, no longer worrying about maintenance and the upkeep of a property as they are taken care of and, living in a more manageable sized home can be easier for people as they get older. There is also a 24-hour emergency alarm system in each apartment and an onsite manager on duty.

“The financial and social benefits of downsizing could mean a happier retirement and the freedom to just enjoy life. With retirement properties located in some wonderful locations throughout the UK we expect a busy start to the New Year.”

 

Most retirement properties are available on assured ‘lifetime’ tenancies offering the same security of tenure as home ownership. People can stay as long as they wish without fear of being asked to leave by the landlord, as long as they stick to the terms of the lease.

 

One lady enjoying life living in retirement apartment in Norfolk House, a retirement development close to Portsmouth is 75 year old Susan Long who moved in after moving back from Spain where she had lived with her husband.

Originally from Marlborough in Wiltshire, Susan was a Civil Servant for 25 years and then retired to Spain with her husband, Peter where they spent 14 glorious years.  After Peter’s sudden death, life changed dramatically.

They had been married for 54 years and with two daughters and five grandchildren in the UK there was a strong pull to move back to England.  On one of her trips back to see her family, she was persuaded by her daughters to go and look at some retirement properties.

Susan said: “Even though it was a grey September day, the minute I walked into the first flat in Norfolk House, I just knew this was my new home. It just felt so right.”

 

Susan loves her one-bedroom flat and feels very at home. “It’s cosy and comfortable and I am so happy here. I just love going back home after being out for the day. Even though I miss my friends in Spain, I feel settled and happy with the life I have here.”

Susan has fallen more in love with her new life thanks to the supportive and friendly community of neighbours. From day one, they would knock on her door offering a coffee, friendly conversation and even curtains for the flat. Susan cherishes being around people who are sociable and good neighbours.

Even during the lockdowns, Susan wasn’t lonely as she would talk to her neighbours through her window or have a coffee in the corridor with their masks on. At the development, there are regular coffee mornings, garden parties in the summer months, birthday celebrations and an annual Christmas lunch.

 

Susan adds: “Moving back to the UK and renting in retirement was a big change for me, but I can honestly say I haven’t looked back and am so happy I made the decision. Even though I live on my own, I never feel alone here.”

 

Living in Portsmouth is ideal for those that want to live near the coast, and for people like Susan returning from a life in Spain where living by the sea was part of the appeal.

My Future Living currently has a one bedroom retirement apartment in Charles Dickens Court, a charming period property developed for retirement living in Portsmouth for £795 per calendar month which is perfect for those that want to be in the city centre with all its excellent facilities.

To find out more about renting a home in a retirement development in 2023 visit: www.myfutureliving.co.uk

 

[i] https://www.lloydsbankinggroup.com/media/press-releases/2022/halifax/downsizing-could-less-be-more.html

Insurance, News, Property, Property News

Top 3 UK regions for buy-to-let landlords in 2023

Property investors head north for long and short-term ROI

Rapidly rising house prices are finally beginning to slow down in parts of the UK. However, while some might have expected traditionally more expensive regions like London to continue to outpace other areas, research compiled by Quotezone.co.uk suggests it is actually the northern regions of England where property prices are continuing to soar.

Interestingly, it is also these areas that currently have the highest yield on rent, making 2023 the year to snap up property in the North East, North West & Yorkshire for buy-to-let landlords looking to achieve both short and long-term return on investment.

Currently the North East of England takes the top spot for rising house prices, increasing at a rate of 17.3% this year, compared with London at 6.7%.  The rental yield on property in this region is also the highest, with Newcastle at 10.10% compared with just 2.3% in London.

Quotezone.co.uk has predicted the top 3 areas that will be most desirable for buy-to-let landlords looking to invest in the UK property market over the next year.

 

1. North East

Taking the top spot is the North East of England, with a house price increase of 17.3%*. Demand for rent is high in this region as hybrid-working continues to make central cities less crucial for workers, and push renters towards larger property options with rural, coastal or riverside locations.

2. North West

Although the average property price in the North West is just shy of £165,000, research shows increases are currently sitting at 16.1%. What makes this area even more attractive to buy-to-let investors is the 400,000 university students that will descend on the core cities each September. With high demand comes even higher rental yields in this region as Manchester currently sits at 9.8%.**

3. Yorkshire

Yorkshire’s popular and picturesque countryside has frequently been voted top in the UK’s ‘best places to live’ guide thanks to the great lifestyle the nature, culture and festivals have to offer its inhabitants. In 2021 Yorkshire house prices jumped to their highest in decades and in 2022, research suggests prices are currently rising at a 15.1% rate, with a yield of 9.2%***

 

Greg Wilson, Founder of property insurance comparison site Quotezone.co.uk comments: “As property prices slow in London, buy-to-let landlords should look to areas like the North East, North West, and Yorkshire when trying to maximise their return on investments. These areas are booming, and as more people flock to the north, there’s little sign of it slowing down.

“Although the buy-to-let market has been gathering pace, it’s wise to beware of recent pressure from tax increases, interest rate spikes and EPC reforms – which will require some landlords to make costly energy efficient updates to their property.  This will contribute to a squeeze in landlord income, so it’s essential that they take all the necessary precautions such as insurance, to help avoid any additional unexpected costs. Policies that include ‘rent guarantee insurance’ can also cover them if a tenant stops paying their rent.”

 

Quotezone.co.uk helps around 3 million users every year find savings on everyday household bills and essentials, with over 400 providers across 60 different products including niche items such renters insurance, landlord insurance and buy-to-let insurance.

News, Property News

Factors To Consider When Investing In Property In Dublin

Dublin is a bustling city. The capital is home to some of the world’s most famous landmarks and bars. Each year, millions descend on the city for sporting events, music shows, celebrations, and a city break.

Aside from being a beloved city break, Dublin is also a popular place to live. The properties available vary in size, quality and style.

If you are interested in investing in property in Dublin, you might want to ask yourself a few questions before making a purchase. Here are just a few questions worth asking yourself if you are serious about investing in a property in Dublin.

 

Will You Live There?

A question worth asking yourself is, will you live at this property? If so, consider how long you intend to stay there. If you are planning on expanding your family, will the house be accommodating, or would you have to move in the future? Is the property located close to work, or will you have a long commute? Properties are costly investments, so you want to ensure that you are making the right decision for yourself and your finances. If you are not planning on living in Dublin for long, consider if purchasing a property is the best option or if renting somewhere would suit your lifestyle better. Asking and answering these questions could help you decide if the property is right for you.

 

Are You Renting Out The Property?

Investing in property is viewed as a wise investment choice. Investors often purchase multiple properties and let them out to generate a regular source of income and diversify their portfolios. It might be worth looking at Airbnb hosting services in Dublin. Utilising the support of a short let manager for your Dublin property could help you to generate a steady flow of income without having to worry about getting tenants in. For instance, GuestReady, which offers Airbnb management in Dublin, takes the stress of hosting away from property owners. Instead, they handle the booking and hosting services for the property to ensure that guests have a memorable and enjoyable stay at your property. It helps to remove the stress of running and to ensure the property is in a suitable condition to welcome guests.

 

Which Part Of Dublin?

Property prices in Dublin can vary depending on the area. It is a common trend in almost all cities, with certain areas having higher prices than others. These areas are often in highly desirable locations, such as being located near all amenities and transport links. Of course, when you look at properties in Dublin that are not in the centre, prices will drop, and property size will grow. It is common for big cities to have smaller accommodations with higher price tags compared to the properties on the city’s outskirts. If you do not have a location preference, you might want to consider properties further out where you can get a little more for your money.

 

Can You Afford It?

A simple question to finish on, can you afford to invest in a property in Dublin? As mentioned, Dublin is a beloved city with an amazing social scene, growing industries and rising interest. With the anticipation of more people moving to the city, this growing interest can be matched by the rising house prices of 14.1%. Of course, purchasing a property in a city is unlikely to be affordable, especially when it is a popular location. Compare the average house costs for the property types you are most interested in. This will help you to see what you will likely expect to pay should you move forward with your decision to invest in property.

 

Decide On Your Answer

Ask yourself these questions, amongst others, before making your final decision. It could also be worthwhile making inquiries to real estate agents about properties and what your options are given your budget. Read blogs and forums about which areas of Dublin are the best to live in, and see which ones would suit you and your lifestyle best, should you choose to move. When looking at properties, ensure that you ask the right questions. The answers could further help you in your decision-making.

Investing in property is a big step, but one that can be profitable if done correctly. Spending time researching and viewing various properties in Dublin can help you make the best investment decision. You will likely uncover answers and factors you might not have previously considered. All of the information you find when researching could help you to make your final choices. Before you know it, you might be investing in a Dublin property. It might be a property that could be your next home or a wise investment choice to help you generate a healthy additional income.

 

News, Property, Property News

5 frequent questions asked by first-time small-scale property developers

Written by Ritchie Clapson CEng MIStructE, propertyCEO

Small-scale property development projects can generate impressive profits, but only if you know what you’re doing. Here are the five most frequent questions that come up at the property development training company I co-founded, and the best advice I can offer for each:

  1. What does ‘small-scale’ mean?

Although there is no formal definition, typically you’re looking at projects of between 5 and 20 units – flats or apartments that would produce a profit of between £100k and £500k over a period of 18-24 months.

A new build can fit the bill, but it’s not the easiest route because you need to get planning permission first. A better path for a novice developer is to go for a conversion project. This could be converting an office, shop, bank, restaurant, light industrial building, etc. into apartments.

A small-scale property development project has a bigger budget compared to a flip or a refurb, and this means you can afford to hire an experienced Project Manager to oversee the work on your behalf. The larger budget also means you can afford to appoint a main contractor rather than a jobbing builder, which gives you a larger, more reliable organisation with better systems and greater abilities.

  1. Is securing finance a challenge for new developers?

The money you need is split into two parts: asset finance, which is used to buy the property or land; and development finance, which pays for the costs of developing the project to completion, including all the finance costs and professional fees.

A specialist commercial lender will usually lend you up to 70% of the asset finance, which means you will need to find a deposit of around 30% to buy the building/land. However, many lenders are happy for you to borrow the bulk of this deposit money from private investors who typically earn an 8-10% return on their cash annually (a very attractive proposition for them) leaving you to fund only a fraction of the deposit yourself. And the very same commercial lender will lend you 100% of the development finance to cover all the development costs. A fair bit of cash is involved, but most of it comes from other people.

  1. Where do I find a commercial lender?

The best way of accessing commercial lenders is via a broker. The property development lending market is mature and sophisticated, with many lenders and brokers in the field. The massive advantage of using a broker is that they’ll do the shopping around for you – and they won’t get paid until they’ve found you a lender and your project moves forward. This makes life a lot simpler for you as a developer since you don’t have to comb the market yourself. Another great source of investment is through specialist crowdfunding platforms that work with developers and private investors.

  1. How can a new developer be confident that they’ve got their numbers right?

Engage with a cost consultant/quantity surveyor to ensure your costings are accurate, and you can obtain quotes for many of the costs and fees. You’ll also be getting feedback from local residential estate agents on an achievable selling price. The good news is that it’s not all down to you; your commercial lender will insist that you target a minimum 20% profit based on the selling price of your units (GDV), and they will be crunching their own numbers independently to make sure your deal stacks before they agree to lend you any money. Plus, you would always include some contingency in your numbers to allow for any additional costs.

  1. Are first-time developers at a disadvantage?

This is a common misconception. The reality is that the new developer won’t be building or designing anything – that will all be done by your team while you play a more executive role. Your job is to find a viable project, arrange the finance, appoint the team of professionals that will do the work, and play the role of CEO.

The core skills you need as a developer are management, organisational, people, and decision-making skills. And these are skills that many people already use in their day-to-day lives, jobs, and businesses, which is why development has such a broad appeal.

Additional tip

Please do your due diligence before jumping in. Property development is an amazing way of creating wealth, but it’s not easy, and you significantly reduce risks by knowing where the pitfalls are before you start. There are books and training available that will increase your chances of success.

ABOUT THE AUTHOR

Ritchie Clapson CEng MIStructE is a veteran property developer of almost 40 years and co-founder of propertyCEO, a nationwide property development training company that helps people create a successful property development business in their spare time. It makes use of students’ existing life skills while teaching them the property, business, and mindset knowledge they need to undertake small scale developments successfully, with the emphasis on utilising existing permitted development rights to minimize risk and maximize returns.

https://propertyceo.co.uk/

 

For more property news, visit propertynewsdesk.co.uk

News, Property, Property News

Want to Let Out Your Property? Here Are the Questions You Must Ask Yourself

It can be a savvy financial decision to buy a property for the rental market. If you choose a popular area and are willing to put in the work, you could be a successful landlord. This is a valuable yet complicated opportunity and so there are a few questions you should ask yourself before jumping in.

 

Are You Prepared for the Responsibilities of a Landlord?

The perks of being a landlord include the financial comfort that comes with having a regular income from tenants on your property. However, there are also plenty of responsibilities that come with the role. Your tenants will need to be able to contact you in a crisis should, for example, a leak cause property damage or an issue with an appliance disrupt their routines. While they are responsible for keeping your property in good order to the best of their ability, you must be prepared to respond and assist wherever possible. It can be useful to build up a list of trusted plumbers, electricians, and other tradespeople who can help should your tenants encounter a problem during their residence.

 

Do You Have a Property to Let?

Perhaps you have not yet secured a property to let but are looking for opportunities to do so. When done right, this can be a great way to make some additional income. It is essential that you make sure every step of the property hunt is taken carefully. Conveyancing by Lichfield solicitors, for example, will ensure that the ownership of the property is handled professionally and legally. This is important to protect you and your rights. If any discrepancies are found at a later date, you could potentially lose your property and the income from your tenants.

 

Is Your Property Suitable?

A property must be suitable for people to live in safely, securely and hygienically. If you need to perform any essential renovations, you should do so before putting the property on the rental market, as it is much harder to do when tenants have moved in. Make sure that all fire alarms are functional, that there is no damp and that all appliances work as expected. If there is anything wrong with the property, address it as soon as possible.

 

How Often Will You Seek New Tenants?

Landlords who are happy to keep a tenant for as long as the tenant wishes to stay – provided they abide by the terms in the lease – build up a positive reputation among other potential renters. However, only offering short-term lets allows you more opportunities to adjust your rental prices between tenants. This can be risky since there will be regular times when you might be without a tenant in place, particularly if your rental property isn’t in a busy city or desirable area.

 

Being a landlord and renting out your property can be hugely rewarding as well as frustrating. It’s up to you to decide whether or not the advantages outweigh the disadvantages.

Charity & CSR, News, Property, Property News

Vistry Mercia staff skydive for mental health charity

Vistry Group employees swapped housebuilding for freefalling as they jumped out of a plane at 10,000 feet to support a suicide prevention charity.

A group of 8 team members from the company’s Mercia region joined Housebuilding chief executive Keith Carnegie to take part in a charity skydive at Tilstock Airfield in Shropshire on Friday 5 August.

The team took the plunge in a bid to raise donations for Vistry’s chosen charity Papyrus, which provides support to young people struggling with mental health and suicidal thoughts.

Keith Carnegie, chief executive of Vistry Housebuilding, said: “An amazing day was had by everyone who took part and it was an experience I for one will never forget. It’s fair to say that nerves were running high ahead of the big jump but once we had landed you could not wipe the smiles off our faces.

“The sense of satisfaction that we all felt upon completing the skydive was all the greater for knowing that we had done it for such a deserving cause. Everyone at Vistry is aware of the incredibly important work that Papyrus does to support young people facing extremely difficult times in their lives and the charity means so much to us.

“We are immensely grateful to everybody who has sponsored us and helped us to raise £5,400 so far. We are still hoping to reach our target of £8,000 and anyone else who would like to donate can do so by visiting our JustGiving page. Any contribution will be greatly appreciated and will help Papyrus to continue saving the lives of young people across the UK.”

To make a donation, go to https://www.justgiving.com/fundraising/Vistry-Housebuilding-Mercia-region?utm_source=Sharethis&utm_medium=fundraising&utm_content=Vistry-Housebuilding-Mercia-region&utm_campaign=pfp-email&utm_term=855d2b1690184f1ab5e895e5493e817d.

Anyone who donates £15 or more will be entered into a prize draw to win a one-night stay in London, including a three-course dinner for two at the Royal Exchange in its Fortnum and Mason Bar and Restaurant, donated by Ibstock Brick.

Vistry Group is building homes at locations across the country under its Linden Homes and Bovis Homes brands.

For more information, visit vistrygroup.co.uk.

 

IMAGE CAPTION:

 Vistry Mercia group sharing laughter after all successfully completing the 10,000-foot fall

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Vistry Group is uniquely positioned to lead the way in the UK housing market with a countercyclical business model featuring Vistry Housebuilding and Vistry Partnerships.

We have an unmatched portfolio of brands – including Bovis Homes and Linden Homes – with rich histories and strong reputations. We are proud of our 5-Star HBF customer satisfaction rating as we deliver on our purpose of developing sustainable homes and communities across all sectors of the UK housing market. Our key asset is our people – around 3,000 of them across the country – who are committed to doing the right thing and living our values of integrity, caring and quality, ensuring we put our customers and clients at the centre of everything we do. Vistry is delighted to have won ‘Large Housebuilder of the Year’ and ‘Housebuilder Star Award’ at the Housebuilder Awards 2021, run in partnership with the NHBC and HBF. For more information, visit www.vistrygroup.co.uk.

News, Property, Property News, South East England News

Housebuilder launches virtual 3D tool for customers to tour their new home

House-hunters in the North Hampshire and Surrey border can now take a virtual tour around their new home before it is built, thanks to advanced technology.

Vistry Group has partnered with award-winning visual technology company, Futurium, to digitally transform the customer homebuying journey at its Albany Park location in Church Crookham.

The homes are being marketed from local estate agents, Mackenzie Smith in Fleet, and customers will be able to view, explore and customise their new homes through interactive 3D visual solutions.

Vistry Group is building 300 new homes under the Linden Homes and Bovis Homes brands at Albany Park, off Watery Lane, with 180 properties for private sale and 120 affordable homes available for local people through rent or shared ownership.

The development will include a mix of two, three, four and five-bedroom homes across the 82-acre site.

Melanie Richards, sales and marketing director for Vistry Southern, said: “The launch of innovative Futurium technology marks an exciting milestone for our Albany Park location, where construction work is well underway.

“With the help of our dedicated sales consultant, customers can now take a 3D walk-through of the properties and see them furnished and unfurnished. Just like in the real world where you can walk into a room and look it at from different angles, you can do the same with this technology.

“This will enable customers to have a more personalised homebuying journey, in which they will get to see for themselves their chosen colour scheme and specification, as well as fixtures and fittings. We’ve already been getting lots of great feedback and are looking forward to welcoming more customers through the doors of Mackenzie Smith.”

Stephen Tetlow, managing director of Mackenzie Smith, said: “Vistry is really ahead of the curve with this interactive 3D visual system, and it is certainly the most impressive piece of technology that I have come across in the 40 years that I’ve worked in the property industry.

“This is changing the way in which people go about buying their new homes, so it is our pleasure to host these facilities here at Mackenzie Smith.

“The level of detail on the platform is outstanding and it gives such a realistic image of what the properties will look like, with house-hunters getting to view the interiors from all different angles and even being able to open up drawers and kitchen units.”

Alongside the new homes at Albany Park, Vistry will be providing a new sports pavilion, sports pitches, Multi-Use Games Area and children’s play areas as well as open space as part of the planning agreement for the development. A 40-acre Suitable Alternative Natural Greenspace featuring walking paths, boardwalks and a new public car park will also be provided.

For more information about the new homes at Albany Park, visit lindenhomes.co.uk and bovishomes.co.uk.

 

Image Caption: A computer-generated image shows the homes at Albany Park in Church Crookham which are to be built by Vistry Group

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Vistry Group is uniquely positioned to lead the way in the UK housing market with a countercyclical business model featuring Vistry Housebuilding and Vistry Partnerships.

We have an unmatched portfolio of brands – including Bovis Homes and Linden Homes – with rich histories and strong reputations. We are proud of our 5-Star HBF customer satisfaction rating as we deliver on our purpose of developing sustainable homes and communities across all sectors of the UK housing market. Our key asset is our people – around 3,000 of them across the country – who are committed to doing the right thing and living our values of integrity, caring and quality, ensuring we put our customers and clients at the centre of everything we do. Vistry is delighted to have won ‘Large Housebuilder of the Year’ and ‘Housebuilder Star Award’ at the Housebuilder Awards 2021, run in partnership with the NHBC and HBF. For more information, visit www.vistrygroup.co.uk.

News, Property, Property News, Thought Leadership

Does your property investment strategy need a rethink?

By Ritchie Clapson CEng MIStructE, co-founder of propertyCEO, and co-author of the “Guide to Small-Scale Property Development” 

The attractiveness of the buy-to-let business model has been diminished by multiple tax hikes and regulation changes. But property remains a highly attractive asset class in which to invest: unlike most other business models, the demand for the product is virtually guaranteed. They’re not making any more land, but there’s a steady flow of people who want somewhere to live, and there are not enough homes to go around. We’ve seen house prices soar recently, and they’re still rising. But if buy-to-let has lost its lustre, what’s the best way of maximising your profits from property investment in today’s market? You should be looking at small-scale property development.

To be fair, property development has had something of a PR problem historically when compared to buy-to-let investing. It sounds like it might be quite complicated and possibly rather risky too. It also sounds more like a job than an investment strategy. Yet as more and more landlords are discovering, the ability to convert small commercial buildings into residential flats can be highly lucrative and allow them to build their portfolios more quickly. And it’s not as complicated or risky as many initially feared.

Advantages

One of the biggest attractions of taking on smaller development projects is that, despite being small in development terms, they still produce significant lumps of cash. The relatively simple conversion of retail uppers into flats or offices into apartments will typically produce a healthy six-figure profit over a relatively short timeframe, say 18-24 months. Compared to the more glacial growth of buy-to-let equity, this regular influx of cash allows landlords to build their portfolios far more quickly than simply waiting for their existing properties to increase in value. But surely development is more complex than doing up a buy-to-let? In many respects, it is, but not usually for the developer. You see, when most landlords refurbish a buy-to-let property before renting it out, they will typically hire a jobbing builder and will oversee the works personally, effectively becoming their own project manager. But with a small commercial conversion project, not only will they be able to afford a main contractor, but they can also afford to hire a professional project manager to oversee the project for them. Ironically, the developer makes more money by doing less work, and this ‘hands-off’ approach makes small-scale development a big attraction for people looking for a more passive wealth creation model.

Numbers

So, exactly how big are these small-scale projects? There’s no definitive scale, however, as a ballpark, you’d typically be looking at schemes that would have a gross development value of between £500k and £2.5m and which would produce target profits of £100k to £500k.

Now, this raises an obvious question: surely you will need lots of money to tackle one of these projects? But here lies another common misconception. You see, a development project will often require you to invest LESS of your own cash than a buy-to-let property will, and by some margin. There are two main reasons for this: firstly, the commercial lenders who finance developments are happy to lend up to 70% of the purchase price and 100% of the development costs. This leaves you to find a circa 30% deposit, which is not a million miles away from a typical buy-to-let deposit. However, many lenders will allow you to borrow the bulk of your deposit from private investors, rather than funding it entirely yourself.

I know some savvy buy-to-let landlords also look to borrow their deposits from private investors. They then buy below market value and refinance, which allows them to repay the borrowed deposit shortly after the sale. But in the current market buying rental properties below market value is increasingly challenging, and as a result the majority of buy-to-let deposits are likely to be investors’ own cash. And why would a private investor lend you any of their money for your development project? Because the going interest rate for private investment in development is a rather impressive 8-10% per annum, and there aren’t too many places where investors can get that sort of return.

Opportunities

This is all very interesting, but how many small-scale development opportunities are there? The answer, it turns out, is quite a lot. While the government has been busy squeezing landlords’ pips, they’ve gone out of their way to encourage people to become developers. Whitehall has recognised the need to repurpose the glut of unused brownfield sites across the country as this would create up to 1.3 million new homes. And unlike building on green belt land, converting existing buildings is usually a vote-winner rather than a vote-loser. So, they’ve recently introduced a game-changing swathe of permitted development rights that allow developers to change the use of a broad range of commercial buildings to residential WITHOUT the need for full planning permission. And if you’ve ever noticed the number of vacant or run-down retail or commercial properties in your local town, you’ll be all too aware of the scale of the opportunity.

But surely the larger established developers would take these on? Unfortunately for the government, they won’t. Not only are the big players not interested in a few hundred thousand in profit, their model typically involves building brand new homes on big empty fields using existing designs. Creating one-off solutions to fit within a small existing building is not their bag at all. Yet it’s perfect for small-scale developers who know where the opportunity is.

So, if you’d love being involved in property but buy-to-let is no longer for you, you might want to consider a small-scale development.

ABOUT THE AUTHOR

Ritchie Clapson CEng MIStructE is the co-founder of leading property development training company, propertyCEO, and co-author of the new book “Guide to Small-Scale Property Development”, available exclusively on Amazon. www.propertyceo.co.uk

https://propertyceo.co.uk/

Midlands News, News, Property, Property News

Vistry releases final home available with Help to Buy at Brampton location

The final home available with the Help to Buy scheme is now on sale at Vistry Group’s Brampton Park location in Brampton.

Vistry is building 219 new homes at the development under the Linden Homes brand, with a choice of homes currently available to reserve.

Help to Buy, which is set to end in March next year, allows first-time buyers to purchase a new-build home up to £407,400 in the East of England with just a five per cent deposit and 75 per cent mortgage. The remaining 20 per cent of the purchase price is provided as a Government-backed equity loan, which is interest-free for the first five years.

The four-bedroom semi-detached Burnet, priced at £397,000, is the last property that can be bought at Brampton Park using Help to Buy. Buyers must reserve their home and apply for the scheme before 31 October 2022.

Hannah Dorner, senior sales manager at Vistry East Midlands, said: “This is the final opportunity to use Help to Buy at our Brampton Park location. The scheme has been very popular here, helping a significant number of first-time buyers make that first step onto the property ladder in this beautiful part of Cambridgeshire.

“The Burnet is a stunning four-bedroom, three-storey townhouse, with an abundance of space making it perfect for young growing families.

“Downstairs, there’s an open-plan kitchen/dining room and a spacious living room with French doors to the garden, while the first and second floors each contain two double bedrooms. The master bedroom on the first floor has an attractive Juliet balcony overlooking the garden.

“The three-storey design also makes the home more adaptable to suit different lifestyles. Any of the rooms on the top two floors could provide dedicated space for a study, games room or home gym depending on the individual needs of the buyer.”

There’s currently a choice of three and four-bedroom homes available to buy without Help to Buy at Brampton Park, with prices starting from £315,000.

For more information about the new homes in this location, including the Burnet with Help to Buy, visit lindenhomes.co.uk.

 

 

 

 

 

News, Property News, Property Rentals

Renting in later life a popular trend as older renters revealed as fastest growing group of renters

Releasing capital in a home and the growth of single person households are two of the drivers behind growing numbers of older renters, according to a new research from Paragon Bank, who highlight that the number of middle-age and later life tenants living in privately rented homes has accelerated faster than those under the age of 35 over the past decade[i].

Between 2011 and 2021, there has been a 110% increase in the number of households privately renting in England where the household lead was aged between 55-64, whilst those aged between 45 and 54 increased 50% and those aged 65 and over is up 38%.

Commenting on this research, Dominic Stead, Property Director at My Future Living said whilst some older people have always rented, there is a growing cohort that is choosing to rent in a retirement community in later life as its suits their circumstances.

Mr Stead said, “Home ownership has always been the pinnacle for most people but perceptions are changing and older people especially are recognising the benefits of renting. Releasing capital in a home for instance can boost people’s retirement income. Rather than having money tied up in bricks and mortar, they can use it to enjoy their retirement years.

“One of the barriers to renting has often been its seen as only temporary, but for those renting in a retirement community this isn’t the case. My Future Living properties have the option of assured tenancies, not common in the private rental sector, but these mean people don’t need to fear being asked to leave, as long as they stick to the terms of their agreement.

“Other benefits include being sociable places to live with communal areas and social activities organised, which for single people can be a real bonus, plus living in a more manageable sized property with no worries about property upkeep or maintenance.”

For one resident, 62-year-old Denise Birley, moving to a retirement development has transformed her life. She has been renting a one-bedroom retirement flat in a development called Homerose House in Southsea, Hampshire since July 2021.

Denise had never thought about moving to a retirement community as she felt too young, but when she left a 35-year relationship she needed somewhere to live. Renting was the only option for her. She found the flat at Homerose House and fell in love with it immediately.

Denise says, “The flat was freshly decorated with new carpets, it was light and airy and a great size – I knew I’d be able to manage cleaning it. It wasn’t too far from where I had been living previously so I knew the area and my three daughters are not too far away. When I walked in it just felt like home straight away.”

As Denise was living alone for the first time, the most important thing for her was to feel safe and secure. The development has a house manager on site during the day and an emergency pull cord in each flat. Denise quickly embraced living on her own and has made lots of friends, even needing to buy a diary to keep track of her social life.

She says, “One of the best things about moving here is I’ve met lots of new people. The development also organises events like coffee mornings which I go to. Even going to the laundry room means I meet people for a chat, so I never feel lonely. I feel I’ve got my life back and can enjoy the rest of the time I have happily.”

An area that is popular with retirees is the coastal town of Southport, close to both Liverpool and Manchester. Expert Pension Claims[ii] last year named Southport as one of the best places in the north for retirement experiences. The Sunday Times Best Places to Live judges[iii] also included the resort in their top ten places to live in the North West in 2020.

My Future Living has several properties in Southport currently available including a one bedroom apartment on the first floor of Homesands House situated near the fabulous shopping at Lord Street. The rent is from £675 per calendar month (pcm).

Another one bedroom apartment at Homeport House is also conveniently located for the main shopping area of Lord Street and Hesketh Park. The rent is from £675 pcm. There is also a one bedroom apartment at Homechase House which is in Birkdale, a quiet town on the coast just two miles from Southport. The rent is from £775 per calendar month (pcm).

These purpose built retirement developments have a 24-hour emergency alarm system in each apartment and an onsite manager on duty. They have shared lounges and gardens to socialise in, plus events and activities are organised that people can join in with if they wish.

To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk