Well it’s not surprising with 1 in 7 UK high street shops stood empty, the bad news for retailers is experts in the sector are predicting further closures as more consumers switch to online retailers. Last year the number of empty shops started to flatten out with just less than 15% or around 50,000 vacant commercial retail properties. This was not helped by a large number of high profile retailers going into administration. Yet again it is the high streets in the south that are bucking the trend strengthening the north south divide. Some of the secondary retail areas seem to be locked in a slow cycle of decline with the least attractive high streets with the lowest foot falls perhaps consigned to history. It is simple supply and demand with online sales doubling over the last decade. There is simply not the demand for retail premises that there has been historically. So what will happen to these empty properties? Some will be demolished and but others may be converted to other use classes, some lend themselves to services offices and others residential use. Clever property owners will look at their portfolio of commercial investment properties and look at conversion of the upper parts to maximise their rental income.
Renovation specialists Derbyshire
February 5, 2012
Derbyshire is very fortunate to benefit from an enviable selection of period property, Derby particularly boasts some of the best examples of Georgian period property outside of Bath and London. There are some very good examples in the various market and small towns of Ashbourne, Matlock, Bakewell and Melbourne. When restoring a period property it is all about the details, these are the things that the untrained eye will miss but can make or break the overall quality of a period property renovation. There is little point getting the sash windows mouldings and glazing proportions to match perfectly and then fitting the wrongs style or period of window furniture or hardware. Even with the brick work it’s not just the correct type of brick and mortar it’s the bond and pointing. There is no point in laying a perfect row of the correct bricks in stretchers with 15mm weather strike pointing. When it should be brushed 5mm English bond, so ask yourself a question before you hand over your period property or renovation project to a building contractor are they really period property experts? You will only have one chance to get your renovation project right and leave a wonderful legacy for future generations to enjoy. So take the time to make sure you have the right renovation specialists managing your period property renovations.
Buy to let booming as banks back landlords again
February 3, 2012
Although young home owners are struggling to obtain suitable mortgage finance experienced buy to let landlords are enjoying an ever increasing pool of mortgage capital. It’s all about the banks mitigating risk, why lend to young first time buyers with a limited track record when you could lend at a lower gearing to experienced investors with a proven track record and other security in the back ground? There is said to be a hundred more deals on offer than there was a year ago and the increased competition is leading to better deals. In the last year the average buy to let rate has dropped from 5% to less that 4.8% which on typical buy to let margins has a great affect on landlord’s bottom line. This is like a self fulfilling prophecy as first time buyers struggle to get mortgage funding they are forced to rent and that’s another tenant for the buy to let landlords.
Move or improve with a home extension
January 29, 2012
With spring just around the corner and Christmas becoming a distant memory, is now the time to make a decision on if you should move or improve your home. With the continuing mortgage drought and challenging housing market conditions many are choosing to stay put. So how can you improve your current home? Well many home owners traditionally have opted for loft conversions. With ever increasing thermal efficiency to buildings through tighter building regulations often a home extension offers better value. This is a good time of year to start planning your project and applying for the relative permissions. Usually a planning application is required for larger home extensions. All new house extensions require building regulation applications to check they comply with building regulations. So don’t let another year slip by get your home extension project planned for a successful home extension build this summer.
Top ten tips for building a home extension
January 28, 2012
1. Make sure you know how you want to use the space and design a home extension that fits your needs and your type of property.
2. Chose a design and build company or an architect that specialise in the type of home extension that you are planning.
3. Do not let permitted development rights effect your decisions too much, you could save the planning application fee only to find out that you cannot fit that extra sofa in.
4. Make sure you pay attention to the detail, a well planned project is easier, quicker and cheaper to build than one that needs designing as it is built.
5. When choosing your builder ask to see other examples of their work, do they have references? Do they work with others within the property and construction industry?
6. Make sure you match things like roof tiles, brick types and bonds so that your home extension blends in with the original building.
7. Be prepared for the disruption, there will be skips, dust and delivery wagons, can you plan things so your contractors can have their own access or have the area fenced off? Ask your builder to provide a site toilet so they do not need to walk through your house.
8. Try and get as much of the project controlled and contracted to a main contractor so if there are any issues there is a clearly responsible person.
9. If you chose bespoke lintels or unusual design features be aware they may add time to the project as well as costs.
10. Remember to enjoy your project, chose a contractor who is genuinely excited about your project and does not see it as just another job.
£100,000 pounds lost in your garden?
January 22, 2012
Is your garden a potential development site? Could it be worth tens of thousands of pounds? If so how do you know? Well the answer to most people and even novice property developers is that they do not. So how do you liquidate that cash tied up in a side or rear garden the first step is to obtain the “planning gain”. This is the uplift in value of the site or property when planning permission is granted, the next pocket of cash is the developer’s profit. This is the profit obtained by the developer who takes the site to a saleable finished dwelling or other building. The planning gain can vary massively dependant on many variables. The developers profit can also vary greatly but most developers look to take profits between 12-18 percent dependant on the risk of the build and the saleability of the finished product. The profit is the gross development valve (GDV) minus the build costs, land value and soft costs. So how do you find the profit? You need to find a good planning consultant and a joint venture partner, they will take you through planning and offer you a profit share when the development is completed.
Restoring a period cottage
January 21, 2012
It is not just about the building to make the most of a period cottage you will need to pay attention to the garden, it makes such a difference to the overall feel of the project.
Make sure that you do your research, read plenty of books on the type and period of property knowledge is power in the world of restoration. Overlooking the correct paint sheen will destroy the appearance of those lovingly restored windows, so don’t be afraid to mayor in the minor!
Pay attention to local variations in the period and style of the property you should be able to find local enthusiasts groups who can share a wealth of knowledge.
Remember how ever passionate you are about period property you do not have to live in a museum, the people who built these wonderful properties would want to see them sympathetically modernised but most defiantly in everyday use, so the legacy of their toil lives on.
With that said please be aware of your legal obligations particularly where listings and the conservation department are involved.
Always go for reclaimed materials where possible and practical, it is so much easier to get the atmosphere of a period building right with well chosen reclaimed items.
Look for a nice mix of antiques and contemporary furniture to compliment your period property interior
Gap widens as prices in the North head South
January 17, 2012
Rightmove has put the fall in UK house prices at 0.8% and even more alarming is the dramatically low levels of transaction volumes. These are currently running at their lowest level since rightmove records began. The interest in property buying is defiantly there as rightmove reports a 27% increase in searches in the same period last year. This gives a search level above 44million, since records began in rightmove these are the highest ever seen. With London prices jumping 6 percent in the previous 12months the gap is getting bigger.
Underpinning specialists Derbyshire
January 13, 2012
Underpinning is a word that strikes fear into many home and property owners so why? Because in many cases it can be a slow and expensive process, this is because it requires repair, replacement and upgrading of the original footings. Some structural issues relating to foundation defects can now be resolved through the use of piles or mini piles. So how do you know if your property requires underpinning? Often the signs are bulges and leaning to the brickwork or cracks particularly around window and door openings. One very important consideration is like your own health certain issues and symptoms require more immediate attention. So if you have any concerns about the need for underpinning you should contact a reputable structural engineer or building contractor that specialises in structural issues.
How to choose a builder for my home extension?
October 23, 2011
Many home owners are bombarded with sales letters when their planning application is passed. This is because building companies check on line and send out a standard letter asking to be considered to price up the home extension. The best way to find a reputable builder is through word of mouth from someone who has experienced their work. So what do you do if you cannot find a good builder for your house extension through word of mouth? Well it is easy to find a builder and easy to get them to price up the work. The most important thing on your wish list should be quality you are about to embark on a once in a life time project to your most valuable asset, your home. After you have paid the final bill the most important consideration is that you will have to live with the finish and quality forever. So ask your builder to provide you with photographs of home extension projects they completed. Ask for references from previous customers and industry professional. Good home extension builders will have good working relationships with structural engineers, surveyors and architects. These professionals are careful of who they recommend and will give you their honest opinion of a contractors performance.
