Reports show large increases in the footfall of many shopping centers with Brent Cross in London reporting increases of over 60% on the previous year. The picture is similarly positive across the UK with the first tentative signs of recovery in yields in the commercial property world. These rent increases coupled with signs of steady capital growth will start to spark interest from property investors. Although gearing investment for commercial and residential property has been challenging since 2007, those investors fortunate enough to have cash on the hip will enjoy some good gains in 2011.
1. Chose a contractor and design team that have experience of working with period buildings, experienced building contractors and designers understand how important the small details can be that make up the overall look of a period home.
2. Resist the urge to steal period details from the wrong period, for example be care that you do not add coving with heavy detail to an arts and crafts style 1900 home.
3. Make sure that as part of your extension or renovation project that you have the rest of your property checked over and any essential repairs carried out.
4. Be careful not to rip out original features that can be repaired, for instance most sash windows can be repaired and refurbished. Many people make the mistake of replacing all their windows when only one or two may be beyond repair.
5. Make sure that all modern additions to your home are either placed in less prominent positions or they are clearly modern styles, there is nothing worse than a fake Georgian pastiche of a brass light switch with fake rope detail.
6. Do not cover or paint items that have not been designed to take modern paints and coatings, for example sash windows should be painted with linseed based paints but only if they have not been covered in modern paints or varnishes before.
7. Make sure that you use lime mortars when repointing or repairing original brick and stone work, and make sure that your contractor understands the importance of keeping the brick joints tight for Georgian and Victorian English bond brick work.
8. As with all old items be careful when cleaning, treat your brickwork like you would any antique, so no heavy abrasives like sand blasting. Make sure that you get an experienced specialist to restore Minton tiles and other architectural details.
9. Treat building settlement with care, many period building have some type of structural movement, seek advice from an experienced structural engineer. Be careful to avoid unnecessary underpinning as it can move loads and forces to other areas of the building and could cause further damage.
10. Remember owning and living in a period building is a balance between carefully caring for your home and enjoying it, after all it is not a museum piece, but the chances are that your home, extensions and the renovations you carry out will probably still be there long after we have left.
Are you looking for a home extension that is a little bit special, have you got your dream extension planned out? Designing and building contemporary home extensions requires not only skill and experience but also careful planning with a flair for design. To get a beautiful contemporary home extension it is always best to choose a contractor and designer that can take your home extension project from the initial planning drawings through to the completion of the build phase of your home extension project. To make sure that your home extension project has the care and continuity to make it a truly beautiful contemporary home extension, make sure your design team will be there to help with the build phase. If your architect specifies a particular material choice make sure that the builders know how to install it correctly. With a design and build team on board you have one responsible party to make sure your house extension is a success.
We wish all our customers, past, present and future a wonderful Christmas. Best regards from all the team at W4W Building Ltd
Many property experts are predicting the number of sales transactions will stagnate next year, this issue is not as a direct result of the usual culprits of supply and demand. The lack of demand may be the issue for low levels of property transactions but the true driver is a shortage of mortgage funding. There is some positive news for the UK property sector as predictions are that the number of property repossessions will start to slow next year.
London has seen rents soar in 2010 and the rest of the UK has also seen substantial increases as the number of properties available to rent has declined at a time when tenant demand has increased substantially. This leaves the average renter having to find over fifty pounds extra per month which compared with London renters being forced to find over two hundred and fifty pounds per month extra almost seems marginal. These figures also helped by marginal reductions in capital values have seen buy to let yields bouncing back up to September 2008 levels, with many believing rental demand has also returned to 2008 levels.
This is the estimated figure that buy to let landlords are owed in un paid rent, this staggering figure has recently increased as rises in unemployment and public sector cuts start to take hold. Tenant arrears are said to have risen by 5% in the last month alone and for those landlords who are not quick to respond arrears can soon wipe out years of profits. The silver lining for many landlords is the increase in rents with rent inflation said to have risen for the ten consecutive month. With a continued lack of buy to let properties and buy to let finance rents look set to rise again in 2011.
The government has banked on the private sector making up the short fall from public sector output in the construction industry. It is true that many in the property sector expect to see the private sector grow over the next two years as property developers make use of better site values and cheaper labor. The sheer size of the drop in public sector spending in construction is the issue, with experts predicting drops of between 15% and 20%. For those who survive there will be rich picking in the years to come as contracts start to out strip contractors.
The government is in consultation on the new build bonus scheme, the scheme is designed to pay the local authority double council tax for up to six years. The scheme gives councils planning department?s incentives to back new build home developments. Further details are eagerly awaited by house builders, property developers, land agents and speculators.
Hard to believe after all those stories of misery from buy to let investors who paid top prices for city living apartments just before the boom? For the more savvy property investors who have brought wisely a combination of low interest rates and inflations in rent are providing them with handsome profits.
With the building of new homes continuing at its lowest levels since the 1920?s and people finding it increasingly challenging to obtain mortgage finance tenant demand is soaring. With reports of London rents rising by more than 5% in the last quarter many landlords have been back in contact with their finance brokers and their wine merchants. With tenanted properties in the auction rooms hitting average yields of nearly 9% how could a seasoned property investor resist?