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Property industry calls for build to rent Brexit boost
The property industry has urged the Chancellor to bring in measures that will support the purpose-built rented sector in helping the government to meet is housing targets . Figures released today by the British Property Federation ( BPF ) show that in the past year the amount of build to rent units in with planning permission , under construction or completed in the UK has surged by over 200 % to 67,000 units . UK regions have seen an increase of almost 400 %, from 7,000 units in October 2015 to over 34,000 a year on . The BPF has stressed that although these figures are encouraging , the sector could be delivering far more homes . This is particularly the case at the moment , as investors , with a potential £ 50bn to invest , look for stable income and investment sectors that will be relatively unaffected by any Brexit market turbulence . To further boost activity the BPF has therefore asked government to consider changes to the stamp duty surcharge on additional homes at the Autumn Statement , which would
Landlord fined £ 162,000 over unsafe Hyde Park flat
The landlord of an overcrowded flat which lacked proper fire precautions and had a dangerous boiler and also two companies of which he was a director has been fined £ 162,000 and ordered to pay costs of £ 3,498 by Hammersmith Magistrates Court . Mr Abbas Rasul ( 64 ) of The Quadrangle , Cambridge Square , London W2 , Grosvenor Property Investments Ltd and London Victoria Estates Ltd were after being found guilty of failing to license a House in Multiple Occupation ( HMO ) and 22 further charges under HMO Management Regulations . The landlords were charged after Environmental Health Officers from the Royal Borough of Kensington and Chelsea inspected Flat 3 , 36 Hyde Park Gate , SW7 on 25 November 2015 following a complaint from a tenant . The defendants did not appear in court and had requested an adjournment . However the court was satisfied that every effort had been made to inform all parties that if they did not attend the case would go ahead in their absence . The court was also aware that provide a shot in the arm to the sector . In its Autumn Statement submission , the BPF has also urged the Chancellor to introduce clearer national planning policy for build to rent developments , and to allow flexibility on space standards by up to 10 %. Melanie Leech , chief executive of the British Property Federation , said : “ The build to rent sector has been one of the good news stories of the housing market over the past few years and it is great to see quality rental homes now
UK Build to Rent
the defendants had failed to appear for earlier hearings . The property was one of three flats in a Grade II listed building and had been poorly converted . Officers found that Flat 3 was being let to more than 18 tenants . The large flat had been subdivided into small units using flimsy plasterboard partitions and comprised 14 rooms . The tenants were from a variety of backgrounds and occupations and were paying an average rent of £ 800 per month . There were no fire doors , smoke detectors or alarms in the overcrowded flat which had one kitchen shared by all the tenants . The gas boiler had not been serviced and had a cracked flue which was dangerous . Due to the way the flat had been subdivided some rooms had no electric light fittings in the ceiling which led to extension leads and trailing wires running through the property . Conditions witnessed posed such a risk to safety that Environmental Health Officers issued a Prohibition Order to prevent further use of the flat .
October 2015 coming on to the market at scale . “ The truth is the sector could be delivering so much more , however , if it can find the opportunities and maintain confidence to invest . The Brexit negotiation period provides a window of opportunity to channel even further investment into this form of housing supply . The sector was kick started a few years ago with support from Government and further modest planning and stamp duty changes we believe could firmly send it into overdrive .”
October 2016
% increase
Units completed 3,884 10,597 173 %
Units in construction 7,102 22,293 214 %
Units with planning permission 10,642 35,121 230 %
TOTAL 21,628 67,826 214 %
On sentencing , the magistrates said : “ We have paid particular attention in our sentencing to the matters we deemed with overriding concern of potential immediate dangers , those being the fire safety hazards . In coming to our decision we took into consideration there had been a lack of compliance over considerable amount of time and an attempt to obstruct officers in their investigations . There is evidence of substantial disregard of their obligation to protect the tenants whilst they are living at the property .” Cllr Rock Feilding-Mellen , Deputy Leader of the Royal Borough of Kensington and Chelsea and Cabinet Member for Housing , said : “ This type of landlord has no place anywhere and in Kensington and Chelsea we will do our utmost to crack down on them .
“ Tenants were living in crowded conditions created by illegal and unsafe alterations . I am very pleased that following a thorough investigation by our officers the court has handed down this sentence today .”
Landlord & Buy-to-Let Issue 69 • November 2016 19