Property Drop Issue 8

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36 MARKETS New housing gets a £2.3bn investment boost A £2.3 billion fund which could unlock 100,000 new homes in areas of high demand has been launched by the Communities Secretary, Sajid Javid. Speaking in Birmingham at the LGA Conference, the Communities Secretary will say that the investment will help to fund vital physical infrastructure projects like the building of roads, bridges, energy networks and other utilities, the absence of which continues to hold housebuilding back. The new investment through the Housing Infrastructure Fund (HIF) aims to solve this problem and today opens for bids for local authorities across England to come forward with proposals to help get homes built faster. Funding will also be available to help build new schools, healthcare centres and digital infrastructure to accommodate growing communities and alleviate pressure on public services. Once proposals have been approved, it is expected that local authorities would begin building the necessary infrastructure immediately and for the homes to follow quickly afterwards. HIF is part of the government’s wider £23 billion National Productivity Investment Fund, which targets spending on areas critical to boosting productivity, including on housing, transport and digital communications. Sajid Javid, Communities Secretary, said: “To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time. By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most. The Housing Infrastructure Fund will also make sure we have better public services in place for local communities. Andrew Jones, Exchequer Secretary to the Treasury, said: “Where we live plays a huge part in our lives; from the distance of our commute to the local facilities available. By ensuring we have enough housing in areas where it is needed the most, we can boost productivity and support new communities to grow and thrive. This money is part of our £23 billion National Productivity and Investment Fund, which will ensure Britain is match fit for the future.” Lord Porter, LGA Chairman, said: “We’re pleased that the government has followed through on its commitment to invest in infrastructure linked to housing and that this to be led by councils, as we outlined on our preliminary Housing Commission findings last year. Going forward, what’s crucial is that the arrangements to access this fund are flexible, especially around different housing tenures, and that all councils can access funds to deliver housing for their communities. Councils know their communities, and the places in them, best and so it’s right that approaches to invest in local infrastructure are led by local authorities.” Home Builders Federation Planning Director Andrew Whitaker said: “Funding necessary infrastructure will give local authorities the opportunity to remove barriers to developments being delivered. Direct support for critical infrastructure will not only unlock more housing, it should also help to accelerate planned developments. Local authorities that plan for growth should be supported and that will, in turn, allow house builders to get on and deliver the homes our communities so desperately need. HIF is an important demonstration of the government’s commitment to housing, following on from the housing white paper, which sets out a strategy to fix the nation’s dysfunctional housing market. The fund will support councils to step up their plans for growth, release more land for housing and get attractive, well designed homes that people want to live in built at pace and scale.” Further information £2.3 billion of capital grant funding will be allocated to local authorities on a competitive basis. The funding will be available from 2017-18 to 2020-21. Warren Lewis propertyreporter.co.uk UK remains most attractive global commercial property market New analysis from Brickvest has revealed that 31% of commercial real estate investors say that the UK remains their preferred region to invest in. This number has remained the same since June 2016 despite the UK deciding to leave the European Union in that period. BrickVest’s data found that a quarter (24%) of real estate investors favour Germany as their location of choice for commercial real estate opportunities; however, this represented a fall from 28% in June 2016. More than one in five (21%) selected the US, the same as last June, while France saw an increase from 13% in June 2016 to 15% in June this year. The Barometer also revealed that French, German and US investors are more favourable towards the UK since June last year. Nearly a quarter (24%) of French, a fifth (19%) of German and 23% of US investors suggested they prefer the UK in June this year, representing an increase from last year across the board from 22%, 18% and 20% respectively. According to BrickVest’s investors, the average risk appetite for commercial real estate increased to 49% from 47% in June last year, meaning a sentiment shift from low to balanced risk. French investor risk appetite increased significantly from 33% to 55% while the US saw an increase to 50% (47% in June 2016). UK investor risk appetite also increased from 49% to 51% despite choosing to leave the EU while in Germany it remained stable at 48% (the same in June 2016). BrickVest’s Barometer also showed that the investment objective for the majority (47%) of its online investors is capital growth compared to 37% which said income. Despite Brexit, more than four in ten (43%) BrickVest UK investors selected their home market as their preferred location. UK investors highlighted Germany as 2nd (20%), the US (19%) 3rd and France (13%) 4th in terms of preferred locations to invest. Emmanuel Lumineau, CEO at BrickVest, commented: “Despite a series of significant events over the past 12 months including Brexit, our latest Barometer shows the UK remains the preferred location to invest in from our global investor base. Since the vote in June last year, we’ve seen a 72% increase in the number of investors joining the platform and are seeing plenty of appetite from investors for property as an asset class. Our first exit echoes not only the strong level of returns we are generating but the quality of the investments BrickVest selects for its platform. For the first time ever private investors can access the same investment opportunities as large institutional investors such as pension funds and insurance companies. BrickVest is a truly pan- European platform that offers unique levels of liquidity to a traditionally illiquid asset class. Our users appreciate the transparency, simplicity and ease of investing which has enabled us to focus on our specialist deal sourcing capabilities.”
INTERNATIONAL 37 Spain remains top destination for Brits moving abroad The latest analysis from Rightmove has found that despite the allure of exotic faraway destinations, Britons prefer the sunny shores much closer to home when it comes to buying property abroad. Top 10 Destinations for <strong>Property</strong>-Seekers Looking for a sunny place to call home? These are the most popular destinations in Europe Country Avg. Enquiry Price Avg, Flight Time Avg. Flight from UK Cost Spain €156,940 2h £48 France €217,433 55m £54 Italy €227,411 2h 20m £56 Portugal €215,001 2h 30m £83 Ireland €167,537 1h 10m £36 According to Rightmove’s research, Spain is the most popular European country for Britons looking to relocate or buy a second home with average monthly searches totaling 2,513,374 - over 74% more than second placed France. Which UK city loves Spain the most? A closer look at a year’s worth of property search data from the largest cities shows consistent interest in Spain right across the UK. It is the number one sunny destination for Britons from Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham and Sheffield. Spain is most popular with sun-starved Scots, more than 54% of searches for property in Spain come from Glasgow, a close second being Liverpool with the second highest number of searches, at almost 50%. France comes up as a consistent second on the list of hot-property destinations, according to UK interest per city, with the most searches for this sunny destination coming out of Cardiff, London, and Bristol. Which sunny resorts are property-seekers most interested in? Spain and France are clear favourites for property-seekers looking to buy a second home, a closer look reveals the most searched for resorts in each. A house in Alicante - most popular second home destination in the UK Alicante tops the list as the most searched for property destination in Spain and at €126, 053, it also has the lowest average enquiry price of the most popular sunny regions. According to Rightmove, 62% of enquiries are for houses in Alicante, while 38% are looking for flats or apartments. And for UK residents looking for fast, affordable flights to their holiday home in the sun, it doesn’t get better than this port city on Spain’s south-eastern coast. Greece €191,246 3h 30m £132 Cyprus €148,082 4h 46m £184 Germany €370,990 1h 40m £28 Malta €264,670 3h £68 Turkey €93,180 4h £142 An apartment in Mallorca - popular with high budget buyers With an average enquiry price of €397, 813, property in Mallorca is popular with high budget buyers, with 54% looking for flats and apartments and 46% looking for houses. Despite enquiries for properties in Mallorca being three times higher in price than those in Alicante, it still tops the list as the second most searched for property destination in Spain. Chris Please, Head of Rightmove Overseas, comments: “Just 2.5 hours away by plane, a great climate, upmarket living, picturesque surroundings… Mallorca is perfectly positioned as the ultimate destination for high budget UK buyers looking to purchase their own slice of paradise.” Why is Spanish property consistently in demand? Climate With warm average temperatures of 21°C per year, Spain is one of the hottest countries in Europe making it an ideal destination for summer homes. With high average temperatures hitting 30°C in June, 34°C in July and 33°C in August, summer months in Spain are hot and the climate is mild for the rest of the year. Distance and Affordability Average flight time to Spain is just over 2 hours by plane, making it one of the fastest destinations to travel to after France, Ireland and Germany. With plane ticket prices increasing in summer due to high demand, visiting Spain is more affordable than visiting France, Italy or Malta, with the estimated lowest price in mid-summer costing £48 return. Chris says:“Over 12 months, we received an average of 2.5 million searches a month for property in Spain, indicating just how in-demand this sunny country is for property-seekers. Whether it’s the large expat community, the sunny climate, the food or simply the easy transition into relaxed Spanish culture that has Britons enthralled, Spain’s proximity to the UK, cheap flights and short travel time has it consistently emerging as one of the most popular property destinations abroad.”
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Property Drop Issue 8

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