Rental Britain as an Asset Class
|
|
- Janis Franklin
- 7 years ago
- Views:
Transcription
1 Rental Britain as an Asset Class Savills Development Services Seminar Series Chair: James Coghill, Head of Residential Capital Markets, Savills Thursday 6 September 2012 savills.co.uk
2 Welcome Savills Residential Capital Markets Team James Coghill Head of Residential Capital Markets & Affordable Housing Investment Andrew Brentnall Head of Funding & Development Peter Allen Head of Residential Investment Marcus Roberts Head of Student Investment & Development
3 Rental Britain as an Asset Class Are the market dynamics now right for institutional investment in the Private Rented Sector? The Speakers: - Sir Adrian Montague 3i Group - Martin Towns PRUPIM - Lucian Cook Savills Research
4 Rental Britain as an Asset Class Government s housing and planning package to: Help deliver up to 70,000 new homes (affordable & FTB) Provide 140,000 jobs and boost to construction industry With 50bn debt guarantees for infrastructure & housing... they provide a comprehensive plan to unleash one of the biggest homebuilding programmes this country has seen in a generation David Cameron, Prime Minister.
5 Rental Britain as an Asset Class The new measures include: Flexibility on s106 affordable housing requirements The Infrastructure (Financial Assistance) Bill (Debt Guarantees) 10bn for housing (HAs and developers) 40bn for infrastructure Extra 300m for affordable developers (to cover shortfall from planning?) 200m for market rent sites 280m extension of FirstBuy for 16,500 FTB New loft conversions and conservatories for all!
6 Rental Britain as an Asset Class Sounds sensible? Viability issues resolved? Is affordability just about deposits? Debt guarantee for developers a significant step. Government guarantees for RPs? Extra funding always welcome for affordable housing - but what about delivering mixed and sustainable communities?...will make it easier to build a new home, easier to buy a first home and easier to extend a home. Nick Clegg, Deputy Prime Minister.
7 Rental Britain as an Asset Class Lucian Cook September 2012 savills.com
8 The rise & rise of private renting The number of private rented households in the UK stands at 4.8 million (est). 5 years ago it was 3.4 million. 10 years ago it was 2.5 million. The average deposit for the first time buyer in the UK in 2011 was 26, years ago it was 12, years ago it was 6,300. 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Private Rented Sector Households in the UK FTB Deposit as a % of Income 120% 100% 80% 60% 40% 20% 0% Source: CLG, CML
9 Buying cheaper Buying more expensive Relative costs of buying v renting 140% Interest Only Repayment Mortgage 120% 100% 80% 60% 40% 20% 21% 0% -20% -40% -60% -11% Source: Savills, Rightmove
10 % of adult population The demographic drivers Generation Rent Boomers & Downsizers Aspiring Upsizers Location of the 20% of LAs with the highest concentration of Generation Rent & 10 year growth 45% 40% In the top 10% of local authorities 40% of the adult population are in generation rent 35% 30% 25% 20% 15% 10% Source: 2011 Census
11 Constrained supply In 2007 the number of outstanding buy-to-let mortgages increased by 189,600. In 2011 that figure had fallen to 63,500. Since the credit crunch, the number of private housing completions have fallen by 46% Increase in O/S buy to let mortgages Increase in UK's private rented stock This underpins rental growth 50 forecasts. 0 Source: CML, CLG, Savills
12 Rental growth forecasts Rental Growth Forecast Disposable Income per capita % 1.8% % 2.9% % 4.1% % 4.6% % 4.5% Total 20.5% 19.2% Source: Savills, Rightmove, Oxford Economics
13 In summary Private-rented households in the UK to rise by a further 1.1m (23%) over the next five years. The amount of rent paid by private tenants to rise from 48 billion to 70 billion. 200 billion needs to be invested in the private rented sector. We only expect 25% of this will come from buy-to-let mortgage finance. Opportunities for funds & institutions, property companies and private equity. Linked to contractors, developers & managers.
14 Build to let - the silver bullet?
15 Housing Completions and Approvals Housing Transactions ( 000s) Development constrained by market capacity 70,000 UK Private Housing Completions Planning Approvals (GB) England Private Housing Completions UK Housing transactions (RHS) , , , , , , Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 11 Q3 11 Q1 0 Source: DCLG
16 Build to let - the silver bullet?
17 Meeting the requirement Income Yield & IRR requirements Scale & Management Development Viability
18 Buy to let gross yields 8.0% 7.0% 6.0% 5.0% 4.0% 7.0% 6.2% 5.3% 5.4% 4.4% 3.9% Lower Quartile Average Upper Quartile 7.7% 7.3% 7.3% 7.2% 6.7% 6.7% 6.8% 6.5% 6.6% 5.5% 5.6% 5.7% 5.7% 5.9% 6.0% 6.1% 6.2% 6.3% 4.9% 4.6% 4.7% 4.8% 4.8% 4.9% 5.0% 5.1% 5.1% 3.0% North West North East West Mids Y and H Wales East Mids South East East of Eng Outer London Inner London South West Source: Savills, Rightmove
19 Investment evidence Average Lot Size Average Number of Units Gross Initial Yield London 26m % Scotland 8m % Southern 4.4m % Eastern 2.3m % North East 2.6m % North West 11m % Y and H 1.4m % Large Regional & National 48m % UK 31m %
20 Let s build a rocket boys! Dedicated PRS Term (Years) 10 IRR requirement 9% Vacant Possession Value 150,000 Gross Rental 8,700 Net Rental 6,090 Rental Growth First Five Years 21% Annual Rental Growth thereafter 3% Total Capital Growth 32% NPV of rent and reversion 128,500 % of vacant possession value 86% Dedicating stock to the PRS for a fixed term can: accommodate investors IRR requirements; increase net initial yields; and improve the ability to fund gearing; BUT the trade off is a lower GDV which will affect development viability or mix That is affected by the length of the restriction and the investors IRR and requirements Gross Initial Yield 6.8% Net Initial Yield 4.7% N.B. Illustrative figures are subject to regional and local variation
21 Let s build a rocket boys! Dedicated PRS Term (Years) IRR requirement 9% 10% 11% Vacant Possession Value 150, , ,000 Gross Rental 8,700 8,700 8,700 Net Rental 6,090 6,090 6,090 Rental Growth First Five Years 21% 21% 21% Annual Rental Growth thereafter 3% 3% 3% Total Capital Growth 32% 32% 32% NPV of rent and reversion 128, , ,500 % of vacant possession value 86% 79% 74% Gross Initial Yield 6.8% 7.3% 7.9% Net Initial Yield 4.7% 5.1% 5.5%
22 Let s build a rocket boys! Dedicated PRS Term (Years) IRR requirement* 8% 9% 10% * reduced given investment period Vacant Possession Value 150, , ,000 Gross Rental 8,700 8,700 8,700 Net Rental 6,090 6,090 6,090 Rental Growth First Five Years 21% 21% 21% Annual Rental Growth thereafter 3% 3% 3% Total Capital Growth 90% 90% 90% NPV of rent and reversion 138, , ,500 % of vacant possession value 92% 81% 72% Gross Initial Yield 6.3% 7.2% 8.1% Net Initial Yield 4.4% 5.0% 5.7%
23 Let s build a rocket boys! Current Market 350 Affordable 150 Private Rental 0 Units 500 Vacant Possession Value 150,000 Market 100% Where is it most suitable? Stalled sites where the owner occupier demand is limited Sites where development finance is constrained Larger strategic sites where build to let will be a catalyst for private sales Affordable 50% Private Rental 80% Market 52,500,000 Affordable 11,250,000 Private Rental - GDV 63,750,000
24 Let s build a rocket boys! Current All PRS Zero Affordable Market Affordable Private Rental Units Vacant Possession Value 150, , ,000 Market 100% 100% 100% Affordable 50% 50% 50% Private Rental 80% 80% 80% Market 52,500,000-18,750,000 Affordable 11,250, Private Rental - 60,000,000 45,000,000 Delivering dedicated PRS stock can de-risk stalled large scale development and/or improve GDV and associated viability BUT 100% PRS schemes are unlikely to deliver sufficient GDV and may have issues of market absorption 0% affordable is unlikely to be politically acceptable in terms meeting local housing need & distorting development profit unless you further increase the rental period GDV 63,750,000 60,000,000 63,750,000
25 Let s build a rocket boys! Current All PRS Zero Affordable Two thirds less Affordable One third Less Affordable Market Affordable Private Rental Units Vacant Possession Value 150, , , , ,000 Market 100% 100% 100% 100% 100% Affordable 50% 50% 50% 50% 50% Private Rental 80% 80% 80% 80% 80% Market 52,500,000-18,750,000 30,000,000 41,250,000 Affordable 11,250, ,750,000 7,500,000 Private Rental - 60,000,000 45,000,000 30,000,000 15,000,000 GDV 63,750,000 60,000,000 63,750,000 63,750,000 63,750,000
26 Conclusions Increased demand for renting and prospects for rental growth are supported by but not entirely dependent on the current lack of mortgage debt. The current investment market is already differentiating between investment and owner-occupied values. To deliver scale needs new rental stock. The Montague proposals provide a framework for this. Their implementation relies on informed trade offs between investors return requirements, PRS planning restrictions and development viability. A informed and flexible approach to these issues provide a platform to the delivery of significant and long overdue institutional investment in the sector.
27 The Private Rented Sector An Institutional Perspective 6 September 2012
28 Introduction Why might institutions invest? Issues for institutional investors What might make the sector more attractive? Summary
29 Why might institutions invest? Long term rental growth prospects Diversification Lower downside risk than other property sectors? Greater liquidity (more granular asset base)?
30 Prospects for Rental Growth Demand vs. Supply (Great Britain) 350, , , , , ,000 50,000 Forecast 0 Rising demand for housing Increased population Reduction in average household size/ rise in single-person households Limited new supply of housing Downturn effect Planning constraints Is buying affordable? Reduced mortgage availability Finding a deposit Change in Number of Households Housing completions Source: CLG, N.B. Scotland household numbers estimated from data points Solid prospects for rental growth, BUT location specific
31 Diversification Residential property is not strongly correlated with commercial property Correlations with other asset classes are also weaker than they are for commercial property This suggests that adding residential to a portfolio could reduce risk and potentially enhance returns International investors seeking diversification; institutional investment in residential is already significant in many countries
32 Diversification and performance? Total Returns by Asset Class Consistently outperforms commercial property Residential Property Commercial Property Equities Gilts Performs relatively better than commercial against other asset classes Lower volatility of returns Lower downside risk in recent years Source: IPD Annual Digest, IPD Residential Digest N.B. Residential total returns from taken from IPD Annual Digest, from from IPD Residential Digest
33 Issues for institutional investors Yield (and total return) Scale Management Tax/Regulatory (risk of change)
34 Yield (and total return) Typically institutions seek income ahead of capital growth A c. 3% net income yield not attractive in itself Low income yields can be justified if rental growth prospects are sufficiently strong Other benefits: Typically relatively low void rates (compared to commercial) Diversification and lower downside volatility Historic stability of (total) returns is an attraction
35 Yield (and total return) Composition of Total Returns ( ) 16% 14% 12% 10% 8% Relatively low initial yield Less income security? Shorter leases (Incorrect) perception of higher voids than commercial 6% 4% 2% 0% Residential Property Equities Gilts Commercial Property Capital Growth Income Return Total Return Greater loss between gross and net yield (than commercial) Return historically based on capital rather than income Source: IPD Annual Digest, IPD Residential Digest N.B. Residential total returns from taken from IPD Annual Digest, from from IPD Residential Digest
36 Scale Time commitment required to get comfortable with any sector so needs to be a real prospect of being able to commit funds Opportunities of scale are limited Scale is important to drive economies in management and running costs
37 Management Granular nature = time consuming = expensive Reputational risk? Typically institutions can t or don t want to manage directly; usually seen as a specialist sector Getting comfortable with a manager and documenting an agreement takes time, especially if it s a new sector for the investor Institutional fund managers can bring relevant experience from the commercial property fund management arena
38 Tax/Regulatory (risk of change) A stable tax and regulatory environment is important Institutions historically held residential, typically selling out after the imposition of rent controls Tax is already an issue in the form of irrecoverable VAT (reducing income yields) Current consultation on CGT charges for offshore entities holding residential property has created uncertainty
39 What might make the sector more attractive? Higher returns(!), through; Reducing gross entry costs Reducing running costs Build to rent (but most investors seek income, rather than a pure development exposure) Reduced affordable housing requirement Cheaper (government owned?) land, but needs to be in the right place! Access to opportunities of scale Continued professionalisation of residential property management
40 Summary Prospects for long term rental growth and relatively stable returns are key attractions Net income yields are still relatively low, but probably not an absolute barrier Diversification benefits Limited opportunities of scale could temper interest Are the barriers to institutional investment really that high?
41 Removing the barriers to institutional investment into private rented homes Adrian Montague
42 Background to the Review Rapid growth in the PR sector (3.6m households now; 2m early 80s) Much growth driven by smaller, buy to let landlords: only 1% of landlords own more than 10 properties Gap between housing demand and supply: 2009/10 115,000 completions vs. 232,000 average annual increase to 2033 Profound changes in the mortgage market Housebuilding is a major contributor to economic growth Very little build-to-let
43 The potential (1) For communities and planning authorities Longer term rented homes Better service to tenants Purpose-built accommodation to a high standard of specification and construction Meeting the needs of local communities Unlocking stalled sites
44 The potential (2) For investors Strong fundamentals Strong match with liabilities and potential for diversification Net yields still something of an issue Stable regulatory framework For developers Wide range of potential developers Housing associations have an important role
45 The barriers Lack of stock Novelty Doubts about yields The planning system The release of public land No strong Government lead All contributing to a lack of momentum: just too hard
46 Recommendations 1. Planning system Strong steer from Government regarding PR sector Land reserved for PR tenure S.106 obligations 2. Release of public land Continued pressure on realisations Identify a portfolio of strong pilot projects 3. Targeted financial incentives 4. Housing Task Force 5. Addressing the brand image of PRS 6. Reinforcing regulatory stability
47 Rental Britain as an Asset Class Savills Development Services Seminar Series Thursday 6 September 2012 savills.co.uk
Policy Response Buy to Let Tax Relief
Savills World Research Policy Response Buy to Let Tax Relief Autumn 215 savills.co.uk/research In his May budget the Chancellor announced a limit on mortgage interest relief for buy to let investors in
More informationSpotlight Bridging the Gap in Housing November 2013
Savills World Research UK Residential Spotlight Bridging the Gap in Housing November 2013 SUMMARY Over two million households excluded from the property market by the credit crunch Excluded households:
More informationPolicy Response The impact of new housing measures on development
Savills World Research UK Residential Policy Response The impact of new housing measures on development February 2016 SUMMARY Markets served by Help to Buy, Starter Homes and shared ownership are likely
More informationSpotlight Key Themes for UK Real Estate in 2015
Savills World Research Commercial, Residential & Rural Spotlight Key Themes for UK Real Estate in 2015 savills.co.uk/research Spotlight Key Themes for UK Real Estate 2015 THE UK REAL ESTATE MARKET IN 2015
More informationGrainger Strategy Update 28 January 2016
Grainger Objective A strategy to deliver improved shareholder returns Grow rents Simplify and focus Build on our heritage 2 Strategy review process The strategy review process Bottom up review of every
More informationIndustry outlook. Alex Jeffrey, Chief Executive M&G Real Estate MEMBER OF
Industry outlook Alex Jeffrey, Chief Executive M&G Real Estate MEMBER OF Part of the M&G Group Finding value in crowded markets Alex Jeffrey Nabarro 2015 Conference 20 October 2015 Investment themes Technology
More informationThe chain. Unravelling the links between sales
The chain Unravelling the links between sales Autumn 2015 The story so far Contents More homes have been sold without an onward chain in 2015 than in any of the previous years. The growth in the number
More informationWhy might charities invest in commercial property?
Why might charities invest in commercial property? James Lloyd Business Development Director Sarah Bate Director of Research and Investment Strategy Agenda Today s investment landscape the case for investing
More informationTHE ARLA REVIEW & INDEX
THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second
More informationPage 1. Grainger Trust plc
Page 1 Grainger Trust plc Contents Page No Grainger - an introduction 3-7 The market in which we operate 8-11 Grainger s core business regulated 12-14 Other parts of Grainger s business Equity release
More informationARLA Members Survey of the Private Rented Sector
Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Fourth Quarter 2013 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW December,
More informationProperty Data Report
Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform
More informationHelp to Buy. House Builder and Developer Participation Guidance. July 2014. Page 1 of 15
Help to Buy House Builder and Developer Participation Guidance July 2014 Page 1 of 15 Contents Ministerial Foreword page 3 Introduction... page 4 Help to Buy overview... page 5 Help to Buy registration...
More informationThis guide is aimed to help you consider the right choices before adding new or further buy to let property to your investment portfolio.
Buy to Let Guide It has now become common for a buy to let property to form part of an individual s investment portfolio. Property has always been easy to understand in that it is tangible and therefore
More informationA housing market to be proud of
A housing market to be proud of Introduction This document looks at the mortgage market and its vital contribution to delivering a successful housing strategy. Mortgage lenders play a key role in all housing
More informationG e t S t a r t e d o n Y o u r f i n a n c e s
M o r t g a g e N e w s l e t t e r W e l c o m e To this newsletter, which covers some of the key issues of the moment that affect mortgages and mortgage related products, and sets out how it may help
More informationProperty Data Report
Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform
More informationConsultation Paper CP11/16 Underwriting standards for buy-tolet mortgage contracts
Consultation Paper CP11/16 Underwriting standards for buy-tolet mortgage contracts March 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:
More informationFirst Property Group plc. Commercial Investment Real Estate Investing through the cycles
First Property Group plc Commercial Investment Real Estate Investing through the cycles Table of Contents Liquidity: Property vs. Equities vs. Bonds Costs of Buying Commercial Property The Need for Yield
More informationSpotlight Key Themes for UK Real Estate in 2016
Savills World Research UK Commercial, & Agricultural Spotlight Key Themes for UK Real Estate in 2016 Cross sector report back to fundamentals Focusing on the income producing potential of property asset
More informationLondon Borough of Havering. Draft Planning Guidance Note on Affordable Housing. Commuted Sum Payments
London Borough of Havering Draft Planning Guidance Note on Affordable Housing Commuted Sum Payments May 2016 Affordable housing circumstances where Havering Council will use commuted sum payments to the
More informationJuly 2014. UK Commercial & Residential Property Markets Review: July 2014 1
July 2014 UK Commercial & Residential Property Markets Review: July 2014 1 UK Commercial & Residential Property Markets Review: July 2014 2 UK COMMERCIAL & RESIDENTIAL PROPERTY MARKETS REVIEW: JULY 2014
More informationTAXATION OF PRIVATE LANDLORDS
TAXATION OF PRIVATE LANDLORDS The Tax Position of the Small Private Landlord The private rented sector is possibly the only sector of the economy where the tax and regulatory systems work to prevent the
More informationFactsheet Empty Homes
Factsheet Empty Homes From the Shelter policy library October 2004 www.shelter.org.uk. All rights reserved. This document is only for your personal, non-commercial use. You may not copy, reproduce, republish,
More informationOutlook for Australian Property Markets 2010-2012. Perth
Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012
More informationFIRST-TIME BUYERS ALMOST 10% BETTER OFF BUYING THAN RENTING
NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01 HRS ON SATURDAY 14 FEBRUARY 2015 FIRST-TIME BUYERS ALMOST 10% BETTER OFF BUYING THAN RENTING The Halifax Buying vs. Renting Review tracks the costs of buying
More informationLet s work together. Intermediary product guide.
Let s work together Intermediary product guide. Launched in 2009, Aldermore champions Britain s businesses. We offer straightforward banking products and services to small and medium-sized businesses and
More informationWorking Paper 29 Overcoming barriers to institutional investment in residential property By Jacqui Daly (Savills)
Working Paper 29 Overcoming barriers to institutional investment in residential property By Jacqui Daly (Savills) copyright Greater London Authority February 2008 Published by Greater London Authority
More informationMaking Homes Affordable Labour s Plan for Housing
Making Homes Affordable Labour s Plan for Housing Labour Making Homes Affordable.indd 1 10/02/2016 15:47 Every person should have access to good quality, secure, affordable housing, appropriate to their
More informationSchroder Property Multi-let industrial estates: more than just your average manufacturer
Schroder Property Multi-let industrial estates: more than just your average manufacturer July 201 For professional investors and advisers only Introduction Eleanor Jukes, Senior Property Research Analyst
More informationIntroducing CrowdLords for LandLords. Crowdfunding for the Buy-to-let market - directly connecting LandLords and Investors
Introducing CrowdLords for LandLords Crowdfunding for the Buy-to-let market - directly connecting LandLords and Investors What is Crowdfunding? Crowdfunding is the concept of using a combination of several
More informationPPI. Retirement income and assets: how can housing support retirement? 15 September 2009. www.pensionspolicyinstitute.org.uk PENSIONS POLICY INSTITUTE
Retirement income and assets: how can housing support retirement? 15 September 2009 www.pensionspolicyinstitute.org.uk Retirement income and assets: how can housing support retirement? Niki Cleal, John
More informationFinance Bill 2015-16:
Finance Bill 2015-16: - Impact of clause 24 on private landlords August 2015 C Norris Head of Policy, NLA About the NLA: The National Landlords Association (NLA) is the UK s leading organisation for private-residential
More informationDefining Housing Equity Withdrawal
Housing Reserve Equity Bank of Australia Bulletin February 23 Housing Equity The increase in housing prices in recent years has contributed to rising household wealth and has helped to underpin continued
More informationYour step by step buy-to-let guide
Your step by step buy-to-let guide by The Frost Partnership First time buy-to-let? Need help choosing a property? Financing your property Legal advice Considering the costs Will I make any money? Choosing
More informationArbon House, 6 Tournament Court, Edgehill Drive, Warwick CV34 6LG T. 0845 250 6001 F. 0845 250 6069 E.info@arla.co.uk www.arla.co.
Written views for the London Assembly Housing Committee investigation into the impact that rent stabilisation measures would have on London s housing market from the Association of Residential Letting
More informationHousing market trends. SELHP 5 th December 2013 Selina Clark
Housing market trends SELHP 5 th December 2013 Selina Clark Key points > 86% of housing markets below peak 2007 levels (50% more than 10% below) > Low turnover and low mortgage rates a major support to
More informationMarket Survey UK Agricultural Land 2015
Savills World Research UK Rural Market Survey UK Agricultural Land 2015 savills.co.uk/research The farmland values are derived from Savills Farmland Value Survey, which is a comprehensive record of the
More informationCreated in association with. Buying to let. A guide to the UK market. What expats need to know.
Created in association with Buying to let. A guide to the UK market. What expats need to know. Contents. The UK rental market: The UK market has seen a growing number of people renting their homes in recent
More informationFor many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:-
1. Executive Summary For many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:- Ø A place to live, with security of tenure.
More informationTHE ALTERNATIVE INVESTMENT FUND MARKET FROM A PENSION FUND PERSPECTIVE
THE ALTERNATIVE INVESTMENT FUND MARKET FROM A PENSION FUND PERSPECTIVE With a great deal of focus recently being on the long-term sustainability of pension funds, many funds are looking to develop their
More informationOnline Investments. Our Fund Range and Investments
Online Investments Our Fund Range and Investments Why is it important to read this document? This document explains the funds available for you to invest in through our Investment ISA, which is a Stocks
More informationHow To Get Through The Month Of August
London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than
More informationWhy own bonds when yields are low?
Why own bonds when yields are low? Vanguard research November 213 Executive summary. Given the backdrop of low yields in government bond markets across much of the developed world, many investors may be
More informationInvesting in residential property. A British Property Federation guide for asset allocators
Investing in residential property A British Property Federation guide for asset allocators 2 Acknowledgements We are grateful to the following for all their contributions and assistance in compiling this
More informationHelp to Buy Buyers Guide. Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014
Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014 What is Help to Buy? Help to Buy is equity loan assistance to home buyers from the Homes
More informationExecutive Summary Aspiration Age
Executive Summary Aspiration Age Delivering capital solutions to promote greater choice and independence for older people part of One Housing Group 2 Executive Summary Aspiration Age Executive Summary
More informationFastest rent rises on record
STRICTLY UNDER EMBARGO UNTIL 00:01 FRIDAY 17 th JULY 2015 June 2015 Fastest rent rises on record Annual rent rises hit 5.6% across England and Wales the fastest increase since records began in 2009 Rents
More informationSchroders Property and UK Pension Schemes
June 2009 Schroders Property and UK Pension Schemes By Mark Humphreys, Strategic Solutions and Mark Callender, Head of Property Research Introduction Although classified as an alternative asset, property
More informationCML guidance for lenders the role of LPA receivers
CML guidance for lenders the role of LPA receivers Introduction This guidance has been produced for CML members and outlines the basic circumstances and considerations of appointing a Law of Property Act
More informationThe Money Statistics January 2015
The Money Statistics January 2015 Welcome to the January 2015 edition of The Money Statistics The Money Charity s monthly roundup of statistics about how we use money in the UK. These were previously published
More informationright up your street.
buy to let landlords guide right up your street. More and more people are renting. As a landlord you ve got enough to think about, without worrying if you ve made the right financial choices. Our advisers
More informationReal Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?
Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good
More informationQuantitative easing explained. Putting more money into our economy to boost spending
Quantitative easing explained Putting more money into our economy to boost spending 2% INFLATION TARGET 1 2 Stable inflation promotes a healthy economy 14 UK money spending 12 Low and stable inflation
More informationReshaping housing tenure in the UK: the role of buy-to-let. Rob Thomas, Director of Research
Reshaping housing tenure in the UK: the role of buy-to-let Rob Thomas, Director of Research May 2014 1 Key findings: Higher demand has been the main driver of growth in the private rented sector over the
More informationInvestment Bond. Funds key features. This is an important document. Please keep it safe for future reference.
Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to
More informationWhat can property offer an institutional investor?
What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification
More information3 UK housing market outlook: the continuing rise of Generation Rent
3 UK housing market outlook: the continuing rise of Generation Rent Introduction and summary In this section we review recent trends in the UK housing market and present projections for house price growth
More informationAIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance. For the year ended 31 December 2015. Company number: NI018800
AIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance For the year ended 31 December 2015 Company number: NI018800 Contents Page Financial and Business review 1. 2015 Performance
More informationQuarterly Update January 2014. Lothbury. Review of 2013. Investment Management
Q4 Quarterly Update January 2014 Lothbury Property Trust Review of 2013 Investment Management Overview Lothbury Property Trust Fund Description Lothbury is an offshore Trust investing in UK real estate.
More informationA guide to mortgages
A guide to mortgages Contents An Introduction to mortgages 3 What is a mortgage? 4 Choosing a mortgage - where to start 5 What to consider before getting a mortgage? 6 Mortgage and repayment types 8 Interest
More informationBristol Housing Market in 2015 A Summary. In brief: Housing Stock
Bristol Housing Market in 2015 A Summary In brief: Demand is up and there continues to be an undersupply of new homes, both for ownership and rent. There is evidence to suggest that, during the last year,
More information3.6 million households now privately renting
Private Rented Sector 3.6 million households now privately renting The Montague Review. The Private Rented Sector is a stable, well established and growing investment class with improving net income Generation
More informationBuy-to-let mortgage lending and the impact on UK house prices: a technical report
Buy-to-let mortgage lending and the impact on UK house prices: a technical report Buy-to-let mortgage lending and the impact on UK house prices: a technical report Ricky Taylor National Housing and Planning
More informationPage 69. Sutton Living Business Plan and Loan Agreement. Mary Morrissey, Strategic Director of Environment, Housing and Regeneration
Page 69 Agenda Item 5b Report to: Opportunity Sutton Limited Sub- Committee Date: 4 August 2015 Report title: Report from: Ward/Areas affected: Chair of Committee/Lead Member: Author(s)/Contact Number(s):
More informationKames Property Income Fund Adding value through secondary property
Kames Property Income Fund Adding value through secondary property January 2015 Alex Walker Fund Manager, Property Investment John Dear Assistant Fund Manager, Property Investment % Where are we in the
More informationAN INTRODUCTION TO REAL ESTATE INVESTMENT ANALYSIS: A TOOL KIT REFERENCE FOR PRIVATE INVESTORS
AN INTRODUCTION TO REAL ESTATE INVESTMENT ANALYSIS: A TOOL KIT REFERENCE FOR PRIVATE INVESTORS Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca Rules of thumb and financial analysis
More informationAdelaide CBD Office Market
SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions
More informationBuy-to-let guide about tax
Perrys Chartered Accountants Buy-to-let guide about tax Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Perrys Chartered
More informationResidential Property in the UK A Guide to UK Tax on UK Residential Property
Residential Property in the UK A Guide to UK Tax on UK Residential Property When buying or selling a residential property, you should seek tax advice as early as possible. The main UK taxes to consider
More informationNorthern Rock plc: Half Year Results 2011
Press Release 3 August 2011 Northern Rock plc: Half Year Results 2011 Northern Rock has continued to build momentum during the first half of the year and considerably improved its position over 2010 The
More informationApproved by Management Committee 24/03/11 Strategy Document
ELHA POLICY Date Issued May 2007 Last Revised March 2011 Department Asset Management Title Asset Management Strategy Objective To outline the Association s strategy for managing its assets Responsible
More informationYour Choice Equity Loan Scheme
Your Choice Equity Loan Scheme Assisting aspiring homeowners to get on to the property ladder Catalyst Housing (Catalyst) is a leading housing association delivering affordable homeownership products across
More informationIMAGE. Buy to Let Guide. What to consider before turning your pension into a buy-to-let investment
IMAGE Buy to Let Guide What to consider before turning your pension into a buy-to-let investment Withdrawing money from pension pots to fund a buy-to-let investment could potentially become a more popular
More informationSpotlight The Future of Manchester December 2015
Savills World Research UK cross-sector Spotlight The Future of Manchester December 215 SUMMARY Manchester is facing a decade of strong growth but the city needs to build more to meet demand Lower property
More information3.6 million households now privately renting
Private Rented Sector 3.6 million households now privately renting The Montague Review. The Private Rented Sector is a stable, well established and growing investment class with improving net income Generation
More information09 February 2012. Housing Strategy Team Welsh Government Rhydycar Business Park Merthyr Tydfil, CF48 1UZ. Dear Sir/Madam
09 February 2012 Housing Strategy Team Welsh Government Rhydycar Business Park Merthyr Tydfil, CF48 1UZ Dear Sir/Madam Re: Older people s housing and a new Housing Bill for Wales Thank you for the opportunity
More informationYour business finance is in. good hands... www.gocommercialfinance.com 01446 506 508. Commercial & buy-to-let mortgages
Your business finance is in Commercial & buy-to-let mortgages good hands... Asset, development & residential development finance Business loans, stocking finance, cash flow finance & bridging finance All
More informationDTZ Insight Public administration employment Major office markets weather the storm
DTZ Insight Public administration employment Major office markets weather the storm 27 October 2010 Contents Introduction 2 Trends in office based employment 3 Impact on office markets 8 Appendix 1: Methodology
More informationThe case for UK Private Rented Sector
The case for Private Rented Sector Contacts: Robin Goodchild International Director Global Research & Strategy robin.goodchild@lasalle.com Andrew Stanford Residential Portfolio Manager andrew.stanford@lasalle.com
More informationUNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE
UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment
More informationRent to Buy 2015 to 2017
Rent to Buy 2015 to 2017 BIDDING PROSPECTUS September 2014 Rent to Buy Contents Page Number Ministerial Foreword 2 Chapter 1 Overview of the fund 3 Chapter 2 The funding model 4 Chapter 3 Bidding requirements
More informationWALSALL COUNCIL. West Midlands Property Alliance Using assets for growth. 1. Old Square retail development, Walsall. 1.
WALSALL COUNCIL West Midlands Property Alliance Using assets for growth 1. Old Square retail development, Walsall 1.1 Background Prior to the onset of the recent recession, it was clear that the Old Square
More informationHelp to Buy Buyers Guide
Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy Page 1 of 27 Key information Buyers using this scheme must provide security in the form of a second
More informationAsset Investment Strategy and Business Case
Executive Report Report of Executive Head of Development Author: Marieke van der Reijden (Asset Development Manager) / Claire Morris (Head of Financial Services) Tel: 01483 444995 / 01483 444827 Email:
More informationWE HAVE A DIVERSE PORTFOLIO
33 WE HAVE A DIVERSE PORTFOLIO Core At the heart of our business are 7,300 regulated properties worth 1bn. These are tenanted assets which are bought at a discount to the vacant possession value, so have
More informationCrisis Policy Briefing Housing Benefit cuts. July 2012
Crisis Policy Briefing Housing Benefit cuts July 2012 Crisis Policy Briefing: Housing Benefit cuts 2 Overview Housing Benefit is vital in supporting people with their housing costs and in ensuring people
More informationDavid Miles Imperial College London
David Miles Imperial College London House Prices, Credit and the Wider Economy GLA, December 15 th 2015 1 12-2 Many forces at work that have a big impact on UK housing often a disproportionate effect on
More informationProperty Framework 2014-2018
Property Framework 2014-2018 Schedule of Services 1. Property consultancy services 2. Property Agency services 3. Estate Management services 4. Property Investment and Financial services 5. Valuation Services
More informationTIME:EIS. Targeting asset backed investments
Targeting asset backed investments Contents Welcome to TIME 3 The Enterprise Investment Scheme 4 Introducing TIME:EIS 5 Our EIS Team 6 Risks 7 About TIME Investments 8 Fees 9 Time for action 10 Important
More informationProperty Wealth Management
Property Wealth Management Your complete property partner Contents 4 Welcome 6 Property Wealth Management 8 Core Services 10 Commercial 12 Residential 14 Farms & Estates 15 Land Management 16 Development
More informationBriefing Paper on Equity Release
COUNCIL of MORTGAGE LENDERS Briefing Paper on Equity Release What is equity release? 1. Equity is the difference between any mortgage you may have and the value of your home. Equity release is a way of
More informationAUSTRALIAN UNITY INVESTMENTS Strong foundations. Innovative approach.
Australian Unity Investments 13 29 39 www.australianunity.com.au Victoria Level 4 114 Albert Rd South Melbourne, VIC 3205 New South Wales Level 15 60 Margaret St Sydney, NSW 2000 Queensland Level 4, Suite
More informationLondon New York Dubai : acquisition : sales : lettings : property & asset management : : investment : development : project management :
The election dust has settled. The London residential and commercial property market is set to charge ahead again almost before you can blink! Look forward to excellent growth prospects over the next 5
More informationAffordable housing expertise
we can find the land we can conduct a survey we can handle the conveyancing we can carry out the EPC we can arrange the mortgage and much more Affordable housing expertise Affordable housing expertise
More informationêéëé~êåü=üáöüäáöüí House Prices, Borrowing Against Home Equity, and Consumer Expenditures lîéêîáéï eçìëé=éêáåéë=~åç=äçêêçïáåö ~Ö~áåëí=ÜçãÉ=Éèìáíó
êéëé~êåü=üáöüäáöüí January 2004 Socio-economic Series 04-006 House Prices, Borrowing Against Home Equity, and Consumer Expenditures lîéêîáéï The focus of the study is to examine the link between house
More informationCan Equity Release Mechanisms fund long term care costs? Desmond Le Grys
2001 Health Care Conference Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys 1 Introduction 1.1 Scope This paper attempts to explain why equity release products have rarely been
More informationYour guide to YourChoice Open Market Home Purchase Equity Loan Scheme. Making your aspiration of homeownership a reality
Your guide to YourChoice Open Market Home Purchase Equity Loan Scheme Making your aspiration of homeownership a reality For eligible people living or working in the South Bucks District Council area Delivered
More informationPartnering with you to buy your home or investment property. Buying an Investment property
Partnering with you to buy your home or investment property Buying an Investment property Buying an investment property Investment property expenses To run a successful rental property you ll need a detailed
More informationThe Hidden Cost of Poor Advice: A Review of Investment Decision-Making and Governance in Local Government Pension Schemes ( LGPS ) Part 1
The Hidden Cost of Poor Advice: A Review of Investment Decision-Making and Governance in Local Government Pension Schemes ( LGPS ) Part 1 Universe and Data 99 Local Government Pension Schemes in England,
More information