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Is there room for rent?

Tuesday, August 17th, 2010

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A new report was published yesterday by the Chartered Institute of Housing, claiming that the ‘golden age’ of home ownership is over and that we now need to focus more on rental options in the UK.

Whenever the issue of renting comes up, its always interesting to look at our friends in Europe and the sociological perceptions towards renting there. In France and Germany – where just 45% of homes are actually owner occupied – renting is commonplace. It’s also a regular trend across the pond in big American cities.

Now, a large proportion of our society are faced with barriers to entry, meaning that renting is having to be considered as a serious option within the UK. Primarily, the Institute of Housing’s report calls for the ‘improvement of rented homes to meet changing trends’, be they changing demographics of rental tenants or their lifestyles.

I see this as a positive. I don’t understand why there remains a ‘stigma’ to renting a home beyond your student or early professional years. There are great opportunities available to people who can rent and as more and more developers become landlords tenants will gain more added security which the report suggests is currently lacking. At Urban Splash for example we’ve been accredited by the Homes and Communities Agency as a landlord of affordable homes.

The report also calls for a more diverse rental market with varied price points for people in differing circumstances. This diversity of choice is becoming more evident as developers themselves offer more of a rental choice; at Urban Splash for example we now retain a large proportion of our rental stock meaning that there is a choice to rent or buy at homes around the country. Our rental portfolio has increased to more than 400 homes this year.

As developers themselves become higher volume landlords it brings more positives to the market. Primarily, the customer can develop a direct relationship with the housebuilder, resulting in less middlemen, more hands on management and improved customer care which may well resort in customers ultimately purchasing their homes as mortgage availability improves.

The report also calls for the Government and developers to provide more for the ‘inbetweens’, a segment of society they identify as having incomes between £12,000 and £25,000 whose income puts them outside of the social housing bracket but often in near impossible positions in trying to secure a mortgage. This is where Homes and Communities backed products come into play. Rent to HomeBuy, for example is where customers can rent at 80% market rent whilst they save up to buy between 25% and 75% of their home for upto five years. This is available nationally at homes in Manchester and Plymouth. There’s also HomeBuy Direct (which is finishing in September) which is allows customers to get straight onto the property ladder through obtaining a mortgage for just 70% of their home with the remaining 30% obtained through an interest free equity loan. They give customers the option to either ‘try before they buy’, renting their home at a reduced rate for up to five years, or go into shared home ownership with less financial burden.

Overall I think this report’s done wonders to help catapult the issue of home ownership back into the public eye. I now think its the responsibility of developers and the Government to maintain these efforts and broaden the offering nationally; be that in terms of price, tenure, size and location.

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Posted in Leeds, Richard Oakes, Saxton, Urban Splash | No comments »

Leeds needs? High quality homes

Friday, March 5th, 2010

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You may have seen the report in today’s Times newspaper about Leeds, a much debated city which seems to have retained a perception for a few years now that there’s a massive case of oversupply, something the report author claims is simply untrue.

One of the areas of the report that caught my eye was the reference to the fact that the recession and constraints on consumer finance mean that owner occupiers are buying for the long term. It also claims that investors are buying tenanted properties rather than off plan. The author says that this is down to investing for ‘longevity’. If this is the case, and it’s a trend that this report substantiates, then what Leeds really needs is high quality, good size homes that appeal to a broad audience, not just single dwellers.

It’s something we’ve focussed on at Saxton in the East Bank area of the City – a scheme that’s referenced in the report. At Saxton, where we’re converting two former council blocks, we’ve made efforts to create homes, not profit-maximising flats. We’ve expanded the size of the original floorplates, extending outwards to create more spacious apartments. We’ve catered for customers who want outdoor space too - ground floor homes offer private gardens and next year there’ll be allotments available. Furthermore there’s also extensive communal garden space planned, with lush landscaped areas for residents to enjoy. In bringing the more traditional suburban elements into the City we believe that we can add value and help people buy for the long term.

The report also makes reference to the fact that properties need to be well managed and that’s something we too have recognised, the majority of homes in our portfolio are now managed by our in house team.

One final point is that we believe in making high quality homes affordable and that’s why at Saxton, using our relationship with the Government’s Homes and Communities Agency we are offering HomeBuy Direct. It’s a scheme which offers customers an interest free loan for up to 30% of the property’s value, enabling people to buy at Saxton for as little as £70,000 and then staircase into it.

If you’re interested in Saxton or HomeBuy Direct drop us a line at live@urbansplash.co.uk.

Posted in Affordable homes, Leeds, Richard Oakes, Saxton, Urban Splash | No comments »

Come join us! Job opportunities at Urban Splash

Tuesday, December 8th, 2009

Well, what an interesting year 2009 has been… I never imagined that we’d be sat at the end of the year looking for two new people to expand our residential team! But an impressive growth in demand for renting Urban Splash homes, coupled with a steady stream of sales enquiries, means that we’re on the hunt for new people. We want to find Manchester’s best property people!

First, we’re looking for a sales liaison officer. Based in our Timber Wharf office in Manchester, we want a bright, chatty, personable candidate who will fit right into our buzzing sales operation. The purpose of the role is to give our customers the right impression from the start and reflect the quality of the home they’re buying with our service! We want someone approachable, chatty, and ready to go the extra mile – or more – to make sure our customers’ experience of buying through Urban Splash is positive from start to finish.

Secondly we need a property manager. This role’s for somebody who’s got the relevant qualifications and wants a new challenge at Urban Splash. We want someone who’s organised and whose meticulous approach to management means that our buildings will remain spick and span! We want somebody who can arrange property inspections, oversee all of our building contractors and cleaners. Our chosen candidate will also be great with people and facilitate and facilitate residents meetings at our schemes; representing Urban Splash and answering all the questions that our customers may have.

So if you, or someone you know, could shine in one of these roles, then visit http://www.urbansplash.co.uk/about-us/join-us/vacancies for more information about the positions, and to apply.

Posted in Richard Oakes, Urban Splash | No comments »