Your need-to-know news and numbers: April 2024.
March has been and gone (blink and you missed it). So, as we enter April, here’s a rundown of last month’s headlines, to make sure you’re fully up to date and up to speed on all things property and finance
£1,238
That’s now the average cost of monthly rent in the UK, following the news that private rents have risen at their fastest annual pace since records began in 2015.
Despite this increase, figures released in March for February 2024 show that the cost of renting a room in London has taken the biggest monthly fall since the start of the pandemic.
1,550,000
… properties are classified as abandoned in England and Wales, according to research fronted by TV’s Lucy Alexander and Together. These properties hold an estimated potential value of £531bn, highlighting the opportunity for developers to not only play their part in preserving the UK’s architectural heritage and solving the escalating housing crisis, but to expand their business portfolios too.
With it now being announced that empty homes in England will be subject to double council tax premiums as of 1st of April 2024, Lucy Alexander fronts the Hidden Gems campaign to encourage local authorities, councils, government, property investors and developers to work together to save the derelict and decaying buildings in our communities.
- Lucy Alexander, from Homes Under the Hammer, writes an open letter to property developers: “Find diamonds in the rough, and your creativity could help fix the housing crisis.’
13
On the theme of hidden gems and transformation opportunities, March saw the story of Mornington Road hit headlines as it welcomed its first residents
The former bowling green in Preston has been redeveloped into a community of supported living apartments to help adults with disabilities and learning difficulties live independently.
Fitted with ground-breaking technology and equipment to help with day to day living, the 13 flats also have access to a beautiful garden and communal lounge, on top of highly personalised support and care packages for residents.
£56,000
That’s the amount of money you could knock off your property value if you built a swimming pool, according to a new report. If you’re looking to make some home improvements that might have more of a positive impact to your environment, check out this blog on some easy and green DIY jobs to boost your home’s eco credentials.
75%
That’s the reduction in the carbon footprint of a Passive House, compared to a new build – as explored in the story of Mike Battersby and his innovative barn conversion development.
As well as lowering the carbon footprint involved in development, Passive Houses are built with recyclable or sustainable materials and airtight construction with high quality insulation. They’re usually defined by their ability to reduce the energy required for cooling and heating; not only a plus for the environment, but also a plus for whoever pays the energy bills.
- Read more about how Mike converted an existing agricultural site into four stunning barn homes in the Cheshire countryside.
£150,000,000
Together has launched its first securitisation facility for property development lending with a £150m ADALO Asset Backed Securitisation. This innovative new facility will provide support for our development customers in helping to address the UK’s housing shortage.
21%
… of property professionals reported new instructions to sell rising rather than falling, according to Royal Institution of Chartered Surveyors (RICS) as reported in the Standard. That's the highest report since October 2020.
On average, estate agents’ branches had 42 properties listed. This is the highest number recorded since February 2021, with survey respondents noting an increase in market appraisals compared with the same period last year.
12,600,000
… people are at risk financially, according to this Good Housekeeping article posted during March’s Debt Awareness Week. In January alone, StepChange, the debt charity who run the week-long awareness event, provided full debt advice to over 19,000 new clients - the highest number since before the pandemic.
11 years
That’s the gap between moves for homeowners with bungalows, according to a study by Zoopla. In comparison, the research suggested that people with a detached home moved after 10 years. Those with a semi-detached, terraced home or flat moved after occupying their property for nine years on average.
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