Election hustings date for Wales

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Policies affecting landlords and the private rented sector will be debated at an election hustings event in Cardiff this Thursday (December 5). Organised by the RLA, representatives of the three main parties will discuss plans for the sector and answer questions from the audience.  Speakers are; Baroness Debbie Wilcox, Leader of the Welsh Local Government Association, for Labour, Bablin […]

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3 bed 2 bath houses for only £138,000 – Hull

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PIP is delighted to launch 3 bed, 2 bath new build houses in Hull for the discounted price of only £138,000.

These properties have been discounted by 11% off current list prices and include flooring, turf and fencing included in the price.

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What do the party manifestos mean for the property industry?

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With the 2019 general election just around the corner, the
majority of Britain is focussed on the political sphere as the nation
speculates about how things will pan out on 12 December. All the major parties
have now launched their 2019 manifestos, outlining their key policies and
pledges. Each party’s manifesto presents different potential legislative
changes, which will impact buy to let landlords and the private rented sector
as a whole.

While Brexit has been the major focus for the 2019 election, housing
features prominently in the manifesto policy pledges from all parties. From
Labour’s rent control policies, to the Lib Dems’ Right to Buy reform and the
Conservatives’ ‘lifetime deposit’ scheme; there is a lot for the British public
to consider when it comes to housing that may influence their vote.

Each party’s manifesto has implications for a different
future for the private rented sector in the UK, and those operating within the
industry are making their decisions based on which policies benefit their
values.

Sean Hooker, Head of Redress at the PRS, offers
his insights into how the key party pledges on housing will impact those
involved in the property industry in his reflective article, ‘Promises
promises promises! What do the party manifestos mean for the property
industry?’ Sean provides an overview of the pledges which relate to
the property world that each political party has included in their 2019
election manifesto. He also delves into the key messages from the campaigns and
discusses some of the implications of the main proposals in each manifesto.

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Concerns over councils investing in retail properties…

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Retail Investments:

A recent trend for
hard-pressed local councils to supplement their income by borrowing
to invest in commercial property could be a dangerous short-term fix
warns central government.

The Treasury is
attempting to steer local authorities away from this strategy, some
of which have purchased retail premises occupied by struggling high
street businesses. The result, thinks the Treasury, could be councils
being forced into bankruptcy.

Fall-out from High
Street businesses going bust, creating high vacancy rates in many
towns, results in rapidly falling local property values. Last week
interest rates from the Public Works Loan Board were increased by one
percent last week to reflect the increased risk, the Sunday
Telegraph reported.

As interest rates
rise, the cost of borrowing for local authorities could skyrocket,
while potential loss of income from long-term vacancies could
jeopardised the solvency of many a local council.

In the face of
struggling retail centres some councils have been snapping-up
shopping centres – five have been sold to councils since 2016,
while property companies have been exiting the sector. Whilst these
councils may have experienced a welcome initial income yield, this
often proves short-term; prices are low for a reason, and property
investing expertise is often lacking.

A recent deal involved Hammerson offloading the St Oswald’s retail park in Gloucester to the local council for £54m as the leading property company continued its own strategy of dumping retail shopping centres. Likewise, Mole Valley district council in Surrey bought an Asda site in South Wales for £11.5m, according to reports by The Sunday Telegraph.

Large property
companies are experiencing a torrid time in retail, with values
collapsing as more retailers go to the wall: Hammerson, British Land
and Intu have all seen their portfolio valuations and profits
decimated as their retail tenants close stores, seek rent reductions
or trigger controversial company voluntary arrangements (CVAs) to
rationalise and restructure.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Concerns over councils investing in retail properties… | LandlordZONE.

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