In total, there are now 60,139 build-to-rent units in construction or in the pipeline across Britain, the British Property Federation revealed. Currently, 30,844 of them are located in London, accounting for one in five new housing starts, whilst the remaining 29,295 units are spread across the country. Build-to-rent defines those units that are purpose-built for the private rental sector through funding from institutions, which will then go on to be professionally managed and let.
Despite the last few months of uncertainty caused by the EU referendum results. There are some clear signs of positivity in the UK property market. 1 . Early reports show minimal impact (and growth) from the EU referendum The Royal Institution of Chartered Surveyors reported during August, 12% more respondents nationally reported an increase in prices, up from +5% in July. Suggesting to many that the fears over “brexit fallout” may have be overestimated.
While the London property market is enduring reported price falls for the first time in recent memory, one group of buyers is making the most of any post-Brexit uncertainty to get as much as they can from the market, according to a report on BBC Online. As Sterling suffered record falls following the EU referendum result and has yet to recover to an significant extent, foreign investors are snapping up properties at an effective discount of up to 15 per cent on exchange rates alone. In addition, those investors are now looking outside of the super-prime Central London zones in order to find the value they seek, allied to a conveniently reduced tax exposure.
The Royal Institute of Chartered Surveyors (RICS) has reported that more of its members saw property prices rising in August compared to July, suggesting that fears of a property price crash following the EU referendum result may have been over-stated. The one exception to the positive price news is London, where 30 per cent more RICS members saw prices continuing to fall, which makes August the sixth consecutive month the capital has seen prices on the decline, and leading one leading property commentator to suggest some London property owners are ‘panic selling’.
The UK commercial property market remains attractive to overseas investors despite the Brexit vote, according to new research. A recent survey of JLL’s global investor client base found that 72 per cent of overseas investors see the fall in sterling as an opportunity to invest in the UK, with over a quarter (27 per cent) of those saying it was an ‘immediate opportunity’.
Greater Manchester is currently bidding to become the host city region for the trade convention World Expo in 2025. The World Expo takes place every 5 years. Dubai has been chosen to host the event in 2020, leaving 2025 still up for grabs. The Government originally announced its plans to host to convention last year and has now a couple of weeks left (until 31 October) to put the country forward.