Delivering The Largest Private Rented Sector Scheme

Alan Bates, Executive General Manager Lend Lease Construction

Alan Bates, Executive General Manager at  Lend Lease Construction

Since 2007 Lend Lease has been working on the development, design and delivery of the largest residential project in the UK. The delivery of East Village for phased occupation from November 2013 builds on the success of delivering the best ever Athletes’ Village, that was occupied by up to 17,000 athletes during the London Olympic and Paralympic Games. After having completed all pre-Games works in time for LOCOG to apply the finishing touches we returned to the site, after the excitement of the Games, in November 2012.

Designed For Legacy

The challenge ahead was immense. To decommission all 2,818 units from Games-use and refurbish them (we used the phrase ‘Retrofit’ for this phase) for legacy occupants. Adapting properties that had been designed to accommodate almost twice as many people as that would ultimately live there was no mean feat. The sheer scale of the logistics operations, quantities of materials needed and labour involved in order to meet the programme requirements was unique in the residential refurbishment arena.

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Attracting Large-Scale Private Rented Sector Investment

Bill Hughes, President of the British Property Federation

Bill Hughes, President of the British Property Federation

The UK’s housing crisis should not be understated. Not only does it represent one of the biggest potential drivers of inequality in the UK, but failure to address it could sabotage the UK’s economic recovery.

Increasing housing supply tops the priority list of all the major political parties, with the challenge – as set out recently by Labour – is to build 200,000 homes a year, across all tenures, by 2020. In any event, an overall shortfall will persist for another 10 years or more.

The Private Rented Sector (PRS) is clearly an important part of the supply side solution, both in terms of additional housing stock and affordability. The lack of mortgage lending at higher loan-to-value (LTV) levels is reducing the accessibility to ‘buy to occupy’ at a time when the growing population is continuing to put pressure on the chronically undersupplied housing market.

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In Conversation With… Marnix Elsenaar

Marnix Elsenaar, Partner and Head of Planning at Addleshaw Goddard

Marnix Elsenaar, Partner and Head of Planning at Addleshaw Goddard

We are regularly in conversation with a plethora of leading figures in the property, investment, finance and charity sectors, many of whom are guest authors for PRSupdate. The purpose of this feature is to get them to discuss the topics and issues that are currently affecting the Private Rented Sector.

If you would like to take part in an In Conversation piece then please do get in touch with us.

Today we are in conversation with Marnix Elsenaar, Partner and Head of Planning at Addleshaw Goddard.

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A Smarter Design For A Smarter Home

Todd Lundgren, Regional Practice Group Leader, RTKL

Todd Lundgren, Regional Practice Group Leader, RTKL

Over the last decade, the proportion of households in the Private Rented Sector (PRS) has risen from 10% to over 17%. By 2016 it’s expected that one in five households will be renting privately.

The average age of tenants has also increased, with the fastest growing group of private tenants now between 35 and 44 years old. Of these households, between 25% and 33% are families with children who, broadly speaking, are looking for secure accommodation over a long period of time to lay down roots in the local community.

There is also a growing community of young people – postgraduates from university – who have grown accustomed to the quality of accommodation and service from the purpose built student housing market, and who find the current offer in rented accommodation sorely lacking.

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Extolling the Benefits of Living Closer to Work

Live closer to work and avoid crowded public transport

Live closer to work and avoid crowded public transport

With working days getting longer, continual transport issues and the ever increasing cost of commuting I know that many people (including myself) have asked, “Wouldn’t it be nicer to live closer to work?”.

There’d be no overcrowded buses or tubes, no delays, no traffic jams and (possibly) no travel costs. Just a delightfully slow amble or bike ride to the office each morning, as the rest of the country battles their way in.

It seems I am not the only one who thinks like this, as Young London has recently seen a jump in the number of requests for rental properties within an easy commute (walk or bike ride) of the main employment areas in London’s Zones 1 & 2. As these are the areas we specialise in we’ve been more than happy to help people in their search.

But moving closer to work is not just about decreasing travel stress! There are also a raft of other benefits that this move can provide.

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Designing For The Private Rented Sector

Artur Carulla, Director, Allies and Morrison Architects

Artur Carulla, Director, Allies and Morrison Architects

In recent years, our designs have responded to the increasing housing demand, rising land values, new policies and regulations, changing market preconceptions and influences from overseas. Many of these changes are, to some extent, either the cause or the consequence of an increase in housing development densities and the consequent shift of home building from houses to flats.

While this trend developed long ago, it was only four years ago that the Mayor of London’s Housing Design Guide (LHDG) was first published. This document offered the first spatial criteria for residential developments since the abolition of the Parker Morris standards in 1981.

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Can The Planning System Help Or Hinder The Creation Of A Large Scale Private Rented Sector?

Karen Cooksley, Partner - Head of Planning, Winckworth Sherwood

Karen Cooksley, Partner – Head of Planning, Winckworth Sherwood

Residential developers who build for sale have, for many years, voiced consistent concerns about the length of time it often takes to navigate the planning system and achieve the consent required to build much needed homes. Inefficiencies in the processing and determination of applications can result from a lack of resources or experience at officer level.

There is frequently a lack of political will or leadership to help communities understand the need for more homes to be built in their locality and the wider social and economic benefits which will result. Each local authority has different policies and there is a frequent tendency to apply planning law and national policy in a different way.

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Young London Receives London Rental Standard Accreditation

London Rental Standard

London Rental Standard

Young London are pleased to announce that we have received London Rental Standard accreditation.

As an accredited letting and managing agent our applicants, residents and clients can enjoy peace of mind knowing that they’re dealing with an agency that fully complies with the law and offers a good service.

The London Rental Standard, a voluntary set of minimum standards, was created by the Mayor of London (Boris Johnson) to set out the level of service that those operating in London’s Private Rented Sector are expected to adhere to.

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Land Acquisition In The Private Rented Sector

Darryl Flay, Chief Executive Officer, Essential Living

Darryl Flay, Chief Executive Officer, Essential Living

Rising house prices, demographic change and the tight mortgage market have led to a doubling in the number of renters in the UK over the last decade.

While no one doubts the UK’s penchant for ownership is about to change any time soon, there’s a huge opportunity in unlocking the kind of institution-backed sector that supports housing in the US. Replacing the reputation for poor standards underpinning the buy-to-let sector could, however, redefine the way the public approaches renting, while creating an exciting new asset class for institutional and, eventually, retail investors.

A growing number of large investors have been posturing on the sidelines for years and, over recent months, the talk has turned to action with major schemes in development across London and Manchester.

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Consultation on Definitive House Price Index

Office For National Statistics

Office For National Statistics

The Office for National Statistics has launched a consultation seeking input from “users” on the proposal of developing a single definitive house price index.

As I have blogged about previously, there is not a precise house price index as all of the current indexes source their data differently.

The move to a single, UK-wide, index would help end the confusion caused by the contrasting data thrown up by the current indexes.

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Funding Private Rented Sector Housing

Andrew Screen, Managing Director, GVA Financial Consulting

Andrew Screen, CEO, GVA Financial Consulting

The emergence of a significant Private Rented Sector (PRS) development and funding market has been driven initially by the public sector through various initiatives, including the formation of the Government PRS Taskforce and followed closely by investors.

These early investors included M3 Capital Partners, M&G, Apollo, Grainger, AGP, Qatari Diar, Akelius, Oaktree and Sigma, with many following suit in the last 12 months. On a monthly basis new investors are entering this market with c£500m to invest, all seeking PRS developers and suitable investment opportunities in the UK’s top 35 cities.

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Another Successful RESI

Cathy Fuller, Head Of Events at Property Week

Cathy Fuller, Head Of Events at Property Week

On September 10th the property industry’s best and brightest descended upon the Welsh countryside to attend the UK’s biggest property event, RESI 2014.

Once again we had more than 1,000 delegates in attendance networking, discussing the current state of the residential property sector and enjoying a full conference programme of opinion and debate, Chaired by Mark Eason, the BBC’s Home Editor.

Leading developers, researchers, financiers and politicians took to the stage to talk about the key issues facing the sector and I have collated some of the biggest talking points to come out of this year’s conference.

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Campaigning to Improve Electrical Safety in the Private Rented Sector

Phil Buckle, Director General of Electrical Safety First

Phil Buckle, Director General of Electrical Safety First

With an estimated 9 million people living in private rented accommodation, the Private Rented Sector (PRS) is a major and expanding element in England’s housing market. But such rapid growth brings its own problems, with safety a key concern and electrical safety a particular priority.

Around half of all domestic fires in Great Britain arise from electricity, killing one person each week, and well over a quarter of a million (350,000) are seriously injured by electricity each year.

In the PRS, if a landlord fails to ensure electrical safety in their rented properties then they can face significant financial risks from fires and invalidated insurance claims. Yet the regulations surrounding electrical safety are piecemeal and ambiguous – and poor electrics are often ‘invisible’, lying undiscovered until a serious accident occurs.

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In Conversation With… Bill Hughes

Bill Hughes, President of the British Property Federation

Bill Hughes, President of the British Property Federation

We are regularly in conversation with a plethora of leading figures in the property, investment, finance and charity sectors, many of whom are guest authors for PRSupdate. The purpose of this feature is to get them to discuss the topics and issues that are currently affecting the Private Rented Sector.

If you would like to take part in an In Conversation piece then please do get in touch with us.

Today we are in conversation with Bill Hughes, President of the British Property Federation.

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Young Group at RESI 2014

RESI Café 2014

RESI Café 2014

Once again, Young Group was in attendance at the annual Property Week RESI Conference, and sponsor of the ever-popular RESI Café.

The event was a resounding success with around 1,000 of the residential property sectors’ good and great in attendance.

All of the conference delegates received a copy of the latest biannual PRSupdate publication. The overarching theme of this issue is ‘Delivering the Private Rented Sector’, which was received with great enthusiasm and complemented the themes presented by the event’s speakers.

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