House building data (December quarter 2013)

House Building

House Building

The latest data on House Building in England, for December quarter 2013, have been released by the Office for National Statistics. The statistics in the release are figures on new build housing starts and completions throughout England.

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The Modern Concierge Service

Concierge Area

Concierge Area

concierge

n.         a person who has charge of the entrance of a building and is often the owner’s representative or caretaker.

The role of a Concierge means different things to different people. However, in London this service essentially provides these basic elements:

  • Providing security by overseeing who has access to and from the building
  • Postage and Parcel Receipt (in a resident’s absence)
  • A physical presence for communication between residents and the building management
  • On-site point of contact for reporting building maintenance issues
  • Supervision of the communal areas (appearance, safety etc.)

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The Retreat: A Refinance Case Study

The Retreat

The Retreat

Following on from the Santander article looking at lending for the Private Rented Sector Young Group has put together a case study on the refinancing of its property portfolio in The Retreat.

The Retreat, completed in 2008 and located in the London Borough of Wandsworth, is a gated development consisting of 26 luxury flats with secure parking that provide the perfect combination of luxury, convenience and tranquillity.

The development completed in the middle of the financial crisis. A few of the units had been sold, however, we decided to complete on the remaining majority as we could see the long term growth potential, despite the uncertainty in the market at that time. Five years later this decision has been vindicated as Wansdworth has experienced an increase in property values of 16.4% over the past year.

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Lending for the Private Rented Sector

Santander

Santander

At the end of 2013 Young Group used the Real Estate team at Santander to refinance one of our property portfolios.

Finance in the Private Rented Sector is a current hot issue and we thought it would be relevant to have a ‘Focus Feature’ article from a bank that is actively lending in our sector.

In 2012 and 2013 the Santander Real Estate team undertook a significant number of transactions in the PRS, with transactions ranging from £1m to £20m+. Whilst there is little doubt that the overall funding market is becoming more accessible to institutional borrowers, following the hiatus of the last few years, it is still not easy for the smaller, non-institutional borrowers to secure funding.

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Merry Christmas To All!

Merry Christmas

Merry Christmas

We would like to use the last blog of 2013 to wish our regular readers a very Merry Christmas, from all of us at Young Group & Young London.

We look forward to seeing you in 2014 where we will keep you up to date with the latest Private Rented Sector news, opinion, research and more.

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Sleep Out 2013

Sleep Out 2013

Sleep Out 2013

Earlier this month Young Group’s very own Lesley Roberts (Pictured centre left) joined others to spend a night sleeping rough on the cold streets of London.

This was done to help raise awareness of the plight of the UK’s young homeless.  The event, in aid of the Centre Point charity, is expected to surpass the amount raised last year (£370,000) and is anticipated to raise close to £500,000.

Lesley said that the experience made her realise how tough it is for people who need to sleep on the street.

Of her experience Lesley said, “It was cold, uncomfortable and extremely noisy. It’s really surprising just how noisy it is at night – all night.  The lorries driving by at all hours and the general noise of works going on made it nigh impossible to sleep.  

“I’m glad to have taken part to raise money for such a worth cause and appreciate the support from business colleagues, friends and family who gave generously to support getting young people out of the cycle of homelessness.”

All of us at Young Group & Young London are very proud of Lesley.

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Jubilee line named as London’s favourite line

The Underground

The Underground

Surprisingly, to this commuter, the Jubilee line has been named as London’s favourite underground line, while the Northern line (one which I think is pretty good) has emerged as the most hated.

These (shocking) results are from a recent YouGov survey (of 1,500 Londoners) that was conducted for the Evening Standard.

The new-found popularity for the Jubilee line comes after years of it being much maligned for it’s constant closures and cancellations due to engineering works.

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Ten Top Tips when looking to rent in London

Richard Broer, Head of Property Consultants

Richard Broer, Head of Property Consultants

At Young London we don’t just want to get our customers into any old flat, we want them to find a property that they can truly call home. With this in mind we like to arm our customers with all the information they would need to make an informed decision and, most importantly, the correct one for them, even if it isn’t through us!

In my latest blog for PRSupdate I will be providing you with my ten top tips for what to take into account when looking to rent a property in London.

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What makes a great property consultant

Samantha Richardson

Samantha Richardson

As part of my role I have the pleasure of working closely with Young London’s team of Property Consultants. Traditionally in the industry they are known as Letting Negotiators, but we see our team as being there to provide knowledge so that the customer can make an informed decision.

I use my time with the team to delve into what skills and attributes it takes to succeed in lettings as this helps me to inform our employment and training requirements.

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Results: Young Index report Q3 2013

Young Index Q3 2013

Young Index Q3 2013

Young Index is a quarterly gauge of market sentiment within the Private Rented Sector that polls Young Group’s client base of over 1000 active investors and landlords who hold UK residential investment property.

Our Q3 2013 report found that London continues to lead the way for Private Rented Sector investment appetite, capital value outlook and future income expectation.

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Research shows that arrears and voids are falling

NLA

NLA

The National Landlords Association (NLA) quarterly research data shows that arrears have fallen to their lowest level for two years with only 39% of landlords having been affected by arrears in the last 12 months. This figure is down 9% on the 2010 levels.

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RICS UK Residential Market Survey shows property market is recovering

RICS

Image: RICS

RICS June 2013 UK Residential Market Survey

According to the RICS Residential Market Survey (linked above) the UK’s housing market continued to show signs of recovery with rising house prices and increased demand.

21% more chartered surveyors reported prices rose rather than fell in June, making this the strongest month for house prices since January 2010. The outlook for future prices is also strong with 23% more respondents reporting that prices will rise rather than fall over the coming three months.

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The Office for National Statistics produces its first PRS price indices

Office for National Statistics

The Office for National Statistics has produced its first Private Rented Sector price indices. Unlike their house sales index, which includes actual prices, this indices contains a series of percentages.

The ONS’s Index of Private Housing Rental Prices (IPHRP), to use its official title, is described as “experimental” and that conclusions shoudl not be drawn from the data as the index will be developed.
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RICS UK Residential Market Survey – May 2013

RICS

Image: RICS

The RICS UK Residential Market Survey (May 2013) is now available.

This is an overview of the data collected in RICS monthly survey that includes indicators for both the sales and lettings market in the UK.

Highlights:

  • Activity indicators continue to rise
  • National price balance turns slightly more positive
  • Surveyors outlook for the next 12 months brightens

 

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London rents strong vs the rest of Great Britain

Residential Rents Per Month

Residential Rents Per Month

Research is showing that the Private Rented Sector in London is far stronger than that of the rest of the country.

In London, rental growth averaged 6.8 per cent compared to 2.3 per cent in the south east and 1.5 per cent for the rest of Great Britain. In the first quarter of 2013 the average monthly rent for a two bedroom property in London was £1,850. In the south east it was less than half of that at £846 while the average for the rest of Great Britain was a third of the London level at £576.

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