North-Wales based house builder starts major build-to-rent rent schemes

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Build-to-Rent:

Redrow has teamed up with property investment company Realstar to
provide two major build-to-rent schemes costing more than £180m, in
London.

Redrow is to start with planning for 513 new rental homes in the
Southall and Colindale districts, which when completed are to be
professionally managed under the UNCLE brand.

UNCLE is a residential rental company owned and managed by the
Realstar Group, a Canadian real estate investment and property
management business with more than 40 years experience in the
industry. The company owns and manages in excess of $6 billion of
assets. In Canada, Realstar is an established estate company owning
over 25,000 apartments across the country.

Since launching in the UK in 2002, the company has invested in the
primary healthcare, student accommodation, hotel and rental
residential sectors, including co-ownership of 13,000 hotel rooms
throughout the UK.

These new developments will be the house builder’s third and
fourth PRS schemes, as Redrow aims to diversify its offering into
private rental homes.

The £119m deal at Redrow’s Colindale site in North London will
involved the construction of 347 new flats.

Redrow’s announcement follows on from an £82.7m deal which
Redrow announced with M&G Real Estate last year. This brought a
further 186 new rental homes to Colindale Gardens as well as 211
homes sold to L&Q in 2016.

Located in the Burnt Oak and Colindale Opportunity area, Colindale
Gardens is a £1.2bn new community, which is being created by Redrow
on the site of the former Peel Centre Metropolitan Police training
college.

More than 2,900 new homes are to be built over the next ten years.

At Southall in West London, Redrow will also deliver 166 one, two-
and three-bedroom apartments in a £64m deal with Realstar.

The site sits adjacent to Redrow’s existing scheme The West
Works, where the housebuilder is currently delivering 302 new homes
as part of a mixed-use scheme.

Mark Parker, Managing Director of Redrow London, says:

“Both Colindale and Southall are quickly defining themselves as
new property hotspots as they undergo significant inward investment.�

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Landlords back merger plans

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Landlords have backed plans for its two largest representative bodies to merge to provide a stronger voice for the private rented sector. Following meetings held today, members of the Residential Landlords Association (RLA) and the National Landlords Association (NLA) have voted for the two organisations to unite to form the National Residential Landlords Association (NRLA).  […]

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Does Multi occupancy/HMO affect property value?

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There are two flats in a converted terraced property of which I own the ground floor flat. The other first floor flat (FFF) is owned by another leaseholder. I bought the freehold over 10 years ago with the previous leaseholder who then sold up and it was transferred to the current leaseholder and hence we both now own the freehold jointly.

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Universal Credit: Report finds direct payments effective in curbing rent arrears

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A report published today by the Smith Institute, commissioned by Southwark Council has found that direct payments of benefit to landlords contributed most to reductions in rent arrears. The report findings show that there has been a noticeable decrease in the levels of arrears for those claiming Universal Credit in 2018, compared with those transitioning […]

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#DepositDoctor: “Can I hold my tenant’s deposit?”

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This week’s #DepositDoctor blog, written by RLA partners the Tenancy Deposit Scheme answers a popular question from landlords, “Can I hold my tenant’s deposit?” Types of deposit protection With the protection of deposits being a legal requirement since 2007, it’s worth remembering the obligations placed on a landlord to protect a tenancy deposit and of […]

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How to: Deal with condensation

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It is starting to feel like Autumn outside, and as the weather gets cooler you may become aware of more condensation in your rental property. Condensation occurs where moist air comes into contact with air or a surface, which is at a lower temperature. It can form on any surface, and may not be noticed […]

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Rent controls that aren’t so tough landlords sell up?

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The Fabian Society, a left wing but not Marxist think tank, has released new research claiming private renters support for rent controls is motivated by more than just saving money, but also to tackle insecurity and unfair treatment. However, renters want rent controls that make a difference

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One third fall in number of vulnerable people sleeping rough

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New analysis shows that the government’s Rough Sleeping Initiative is having a significant impact on reducing the numbers of vulnerable people sleeping rough on the country’s streets. It has provided £76 million to 246 councils across the country to date

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It’s official – tenants are facing higher rents…

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Rent Increases:

Tenants higher facing higher rents because the demand for private rented housing is outstripping supply in most areas, that’s according to the Royal Institution of Chartered Surveyors (RICS) research.

Landlords are being discouraged from investing while others are selling their rental properties in what is already an undersupplied marketplace, driving up rent prices.

Government policy over the last three years, in the form of punitive taxation changes and a challenging regulatory regime for landlords, is leading to a scarcity of suitable accommodation at an affordable price.

In their latest survey of the housing market, as reported by the RLA, RICS says that demand for private rented housing has increased for an eighth month in a row. This comes as supply continues to fall, a trend which RICS says stretches all the way back to 2016.

RICS warns that: â€œGiven the consistent imbalance between rising demand and falling supply, rents are seen being squeezed higher over the next three months.â€�

The warning mirrors that of Professor David Miles, a former member of the Bank of England’s Monetary Policy Committee, who says in an exclusive article for the Residential Landlords Association that â€œrents are likely to be higher as supply gradually shrinks.â€�

David Smith, Policy Director the Residential Landlords Association, said:

“The Government’s approach to the private rented sector is hurting but it is not working. Despite its efforts to boost homeownership, demand for new rental properties is continuing to increase.

“It is plain wrong to be making landlords the scapegoat for the housing crisis. Ministers need to change tack and introduce a range of pro-growth measures to boost the supply of homes for private rent. If they fail it will be tenants who lose out as they face less choice and higher rents.�

·  RICS’ latest UK Residential Market Survey for August 2019 can be accessed here

·  Professor David Miles’ article for the RLA can be accessed in full here

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Property118 Landlord Insurance Achieves National Recognition

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Our landlord insurance partner – The Home Insurer – has been announced as a finalist in the 2019 Insurance Times Awards, marking it out as one of the very best landlord insurance brokers in the UK.

The Insurance Times Awards are the gold standard in the insurance industry and gaining a place as a finalist is reserved for the very best providers.

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