A mixture of our Finance news articles from the property world. This includes new developments, auction dates and changes to the UK law.

Material delays pose threat to building growth

Timber, roof tiles and roofing membranes are proving pricier and harder to source with longer lead times threatening construction output. Imports such as paints and varnishes are expected to be difficult to get next month with shortages in PVC and resins for the rest of the year. Roofing supplies are in some cases delayed by up to six months although they’re expected to improve in the second half of the year. Timber is likely to be scarce for the whole [...]

SME builders give thumbs up to £150m to kickstart ‘made to order’ homes

Smaller builders could benefit from a £150m ‘help to build’ fund to make it easier for people to commission a bespoke home. The government initiative is aimed at creating a level playing field between first-time buyers of newly built homes, who benefit from ‘help to buy’, and those who want to build their own home. Housing secretary Robert Jenrick said: “Building your own home shouldn’t be the preserve of a small number of people, but a mainstream, realistic and affordable [...]

£75m brownfield land release scheme goes live

Tricky development sites are to get access to funding for site preparation and infrastructure with the launch of the £75m brownfield land release scheme today. The money includes £25m allocated to fund self and custom build projects which can be on both brown and greenfield land. Right to Build Task Force acting head Mary Elkington said: “We encourage as many councils as possible to apply. This will make a genuine difference to those authorities working to deliver a more diverse [...]

New common standard to speed up tendering process

Major contractors are rolling out a new common assessment standard aimed at radically reducing the £1bn spent a year checking out supply chain providers. Balfour Beatty, Costain, HS2, Mace, Multiplex and Skanska have signed up to the new pre-qualification system where just one certification is required for tenderers. Build UK deputy chief executive Jo Fautley said: “It’s been a collaborative effort, involving companies across the whole sector, and the new system is a huge step towards more efficient working, which [...]

Power station redevelopment plans gets the green light

A disused coal-fired power station in Staffordshire is set to be redeveloped to offer 2,300 new low carbon homes and a school. Cannock Chase and Lichfield district councils granted outline planning permission for energy and redevelopment specialist ENGIE, who own the 139-ha brownfield site, to press ahead with the mixed development. ENGIE UK & Ireland’s divisional chief executive Colin Macpherson said: “We have been in positive and productive communication with all the relevant local authorities and local residents for many years [...]

Housebuilding surge fuels six-year high construction rise

UK construction activity boomed in March with the purchasing managers’ index reaching 61.7 – the highest reading since the second half of 2014. This was a sharp rise on February’s 53.3 figure and significantly above the 50 no-change status with housebuilding the best performing category at 64 – the fastest growth since July 2020. Chartered Institute of Procurement and Supply group director Duncan Brock said: “This upturn led to a significant boost in hiring levels with the fastest upturn in [...]

‘Location, location’ no longer key for house-hunters

An office and a garden have overtaken closeness to a station, shops and restaurants when it comes to choosing a new home, according to research commissioned by Wayhome. Censuswide surveyed 2,175 renters and homeowners revealing people’s priorities had changed with space and closeness to parks becoming the most enticing qualities of a property. Wayhome chief executive Nigel Purves said: “When you’re narrowing down your search for the perfect home to rent or buy, most of us will have a wish-list, [...]

Remove barriers but keep a national green retrofit strategy, urge builders

Companies doing globally accredited eco refurbs should be able to do green retrofit work on UK homes and buildings immediately, advises the National Federation of Builders, NFB. The trade body argues poor take-up of the troubled green homes grant scheme was due to a complicated TrustMark accreditation system requiring PAS 2030 excluding lots of qualified tradespeople. NFB housing and planning policy head Rico Wojtulewicz said if the government had listened to the construction industry the scheme could have worked. “They [...]

Desire for more space fuels spike in house prices

Detached properties have seen an 8.6 per cent year-on-year house price rise according to the latest figures by the Office of National Statistics, ONS. Overall house prices rose annually by 7.5 per cent in the year to January 2021 bringing the average UK property value to £249,309. “Recent price increases may reflect a range of factors including pent-up demand, some possible changes in housing preferences since the pandemic and a response to the changes made to property transaction taxes across [...]

Building renovation passports should replace EPCs, urge MPs

The UK’s net-zero carbon target for all homes by 2050 is unlikely to be met without a major overhaul of the current system, warn MPs. The House of Commons environmental audit committee estimates decarbonising UK homes by 2050 will cost £342bn – way above the government’s estimates of between £35 to £65bn. Environmental audit committee chairman Philip Dunne, MP, said: “Realism needs to be injected into the government. A much better understanding of cost, pace, scale and feasibility of skills [...]

Groundwork starts on £6bn North London regen scheme

Construction of roads, bridges, cycle lanes, water, gas and communications to service the 10,000 homes set to be built at Meridian Water in Edmonton will start later this month. Enfield council has entered a framework agreement with Vinci Taylor Woodrow, BamNuttall and VolkerFitzpatrick to deliver the £90m works. Council leader Cllr Nesil Caliskan said: “Successfully delivering the infrastructure on the site will be a major step forward in what will be a transformational plan for the area, providing homes, jobs [...]

Up to 320,000 new building jobs needed to hit net-zero emissions

A plethora of new construction roles from glaziers to gas fitters and ventilation contractors to plumbers need to be created over the next seven years for the UK to be carbon-free by 2050. This is according to the Construction Industry Training Board, CITB, latest analysis Building Skills for Net Zero. The forecast is based on modelling the skills profile of the workforce required to deliver net-zero using climate change committee data. It estimates by 2028, additional decarbonisation work will have [...]