Rishi Sunak, the Chancellor of the Chequer, delivered his first Budget Statement to the House of Commons earlier this month, outlining proposals for changes to taxations and included forecasts for the UK Economy. During this announcement, he also made several pledges to support the housing market, which we have summarised and provided a brief overview below.

Stamp Duty Surcharge non-UK Residents:

It was confirmed that a new stamp duty surcharge of 2% for non-UK residents buying a property in England and Northern Ireland will be introduced from 1 April 2021. This new stamp duty surcharge was initially outlined the Conservative Party’s 2019 General Election Manifesto.

What does is stamp duty surcharge mean of non-UK residents?

Properties that exchange after the 11th March 2020 will be impacted by the 2% surcharge if the property is due for completion after April 2021. However, regardless of when the completion date may be, if you exchanged on the property before 11th March 2020, the current understanding is that the new additional 2% surcharge will not be applicable. The UK Government is still yet to provide further guidance regarding this additional surcharge.

 Grenfell Building Safety Fund:

The Chancellor also introduced a Grenfell building safety fund of almost £1bn, which will be used to remove ACM cladding from residential buildings taller than 18 metres. Further guidance regarding this is due to the published regarding how residents, leaseholders, or developers could access the funds etc.

 The Affordable Homes Programme and the Housing Infrastructure Fund

A £12.2billion extension to The Affordable Homes Programme which will now run until 2025, was also pledged by the Chancellor. This programme was initially introduced in 2016 and was scheduled to end in 2021. In addition to this, the Housing Infrastructure Fund will also be allocated an additional £1.1billion to build almost 70,000 new homes in high-demand areas.

The Treasury Green Book review

The Chancellor announced plans to review the rulebook that government uses to appraise and evaluate spending decisions. This could create a significant geographical change in the distribution of funds, which have previously been heavily directed towards London and the south/east regions of the UK. In future, public investment will be set to deliver wider economic, environmental and social benefits across the country as a whole.

All the above measures outlined by Rishi Sunak are aimed to provide support and restore confidence to the UK housing market. If you are looking to make some changes to your investment portfolio or would like to find out more about how the 2020 Budget announcement may affect you, please contact our team at reception@complete-ltd.com.

The Loom at Vulcan Mill | Manchester

With completion of our next Manchester development on the horizon, Nicola Smith, Associate Director, took a tour of the site to provide an update on progress at The Loom at Vulcan Mill.

Located in the one of the most sought-after neighbourhoods in Manchester, New Islington, The Loom is the last phase of the Vulcan and Albion Mills transformation, consisting of 101 one and two-bedroom apartments. It is only 100 meters from New Islington tram stop, making ease of accessibility to the heart of the city and the many universities within. The Loom provides residents with convenient living and a touch of modernity that is becoming tantamount throughout the city of Manchester.

All of the apartments at The Loom will be finished to an extremely high specification throughout yet keeping with Vulcan Mill’s original design. The development should prove to be exceptionally popular with young professionals and international students, due to its proximity to the city centre and the local amenities.

As the regeneration of New Islington continues to grow, along with many other neighbourhoods, the private rented sector (PRS) in Manchester is gathering pace as several new and forecast PRS developments throughout the city and fringes continue to get underway and investors continue to enjoy strong yields and returns. We have witnessed excellent results with our previous developments across Manchester. In 2019 our team achieved excellent rental values for our clients, with an average increase of 3% in rents and the average rental yield being 5.63% – which is fantastic news for our investors.

If you would like to find out more information about the Loom at Vulcan Mill and how we can assist with the handover, lettings and management and furnishing of your investment, please email us at enquiries@complete-ltd.com or call us on +44(0) 203 551 9899

Complete Prime Residential Area Guide | Woolwich

Nestled on the south-eastern banks of the river Thames, Woolwich is perfectly placed to offer residents quick access to London’s wealth of opportunity without the hustle and bustle of city living. Recent regeneration initiatives have provided a new lease of life to this historic destination in south-east London.

History of Woolwich

Woolwich has a rich history which dates back to the Iron Age and it remained a relatively small settlement until beginning of the 16th century, when it began to develop into a maritime, military and industrial centre. Since this time Woolwich has been home to many maritime and military establishments including: Woolwich Dockyard, the Royal Arsenal, the Royal Military Academy, and the Royal Artillery Barracks.

Living in Woolwich

Woolwich’s large-scale regeneration scheme started back in 2003 with a focus around the area close to the Royal Artillery Quays. This was swiftly followed by the new town centre square which is overlooked by a futuristic development above a giant Tesco.

The population of Woolwich is fast approaching 65,000 with the average age of a Woolwich resident currently at around 31 years old. As you may expect from an area where the majority of residents are in their early to mid-30s, Woolwich has become a thriving commuter town.

Woolwich is embarking on a new chapter as the capital’s next landmark cultural destination. As of October 2018, the Royal Borough of Greenwich’s ambitious plans to create an arts destination in Woolwich’s Royal Arsenal moved a step closer. Planning permission was granted for the first phase of the multi-million pound restoration of the historic buildings, once complete it will create a 15,000sqm complex of theatres, dance studios and places to eat. This landmark destination for the arts is due to open in 2020, with many big-name tenants including, Punchdrunk the world-renowned theatre company, Chineke! Orchestra Europe’s first majority black and minority ethnic orchestra, Protein Dance and the Woolwich Print Fair, are all poised to make the Woolwich Creative District its home.

There are some excellent transport links which connects Woolwich with inner city London and major national rail services. London City Airport is short trip across the river Thames via the DLR for fat and convenient flights to other UK cities and major European cities.

The forthcoming Elizabeth Line (also known as Crossrail) service will further enhance the public transport offering for residents of Woolwich. Once introduced the Elizabeth Line will significantly reduce travel times into central London, with services taking just 8 minutes to reach Canary Wharf, 14 minutes to Liverpool Street, 21 minutes to Bond Street and about 50 minutes to get to Heathrow Airport.

Woolwich also has easy access to many greenspaces which includes Woolwich Common, and Woolwich Park. Greenwich Park, one of the largest single green spaces in south-east London is only a 15 minutes-drive from Woolwich.

Moving to Woolwich

Woolwich has maintained a lot of its architectural heritage while the recent regeneration in the area has generated interest in new and contemporary properties. Luxurious new developments have gone up and has brought an increase interest from people, who may not have initially thought about living in Woolwich.

Interested in moving to Woolwich? We can help, we have a number of schemes currently live in Woolwich town centre including The Regal and the soon to complete Wellington Quarter. Please contact a member of our London team on 020 3551 9900 to register your interest below. Alternatively, if you are looking to purchase or invest in a property in Woolwich, our partner company IP Global have a number of units available to buy including a selection of Help to Buy properties at Wellington Quarter, find out more information about Wellington Quarter here.

Register your interest for Wellington Quarter

River Wandle | Development Update

At the start of February, our Client Services team visited River Wandle Apartments in Hackbridge, south London and the team were able to provide us with the following update.

There has been significant progress at River Wandle Apartments since our last visit, largely to the exterior of the building and the units on the ground floor. The block and beam floor to the south end of the building is almost completed and will then make way for screeding to take place. Alongside this exterior blockwork has been finished and is ready for the windows to be fitted in March.

Further progress has materialised with the installation of partition walls on the ground floor units along with the mezzanine floors, which will host the bedroom space for these apartments.

Once completed River Wandle Apartments will be a striking new development forming a collection of high specification studios, one and two bedroom apartments. Each of the apartments are beautifully arranged and extremely stylish, with fully fitted kitchens, bathrooms and some apartments will feature a mezzanine level.

River Wandle Apartments is due for completion in Q3 of 2019 and we are anticipating the development will be extremely popular with tenants. Currently, we are estimating that the rental yields will be between 3.5% and 5.4%.

One of our most recent developments in the London Borough of Sutton, was the Old Gas Works on Sutton High Street and is approximately 2.2 miles from River Wandle Apartments. We believe that the tenant demographic between these two schemes will be very similar, due to the proximity between the two locations and the extensive transport links available to residents at Hackbridge.

Please find below a copy of our tenant profile for the Old Gas Works:

Old Gas Works Tenant Profile

Total number of tenants Average age Average income
37 32 £25,362

 

If you would like to find out more information about River Wandle Apartments, please contact the team on 020 3551 9900 or email reception@complete-ltd.com

*Our projected yields are subject to change in line with the current market conditions and are based on individual apartment specification which may vary. These rental yields are correct as of March 2019.

Quay Central | Liverpool

With works on site progressing along nicely, Nicola Smith, Associate Director for Manchester and Liverpool, took a tour of the site to bring an update on the progress on site at Quay Central.

Quay Central is in the heart of the Liverpool Waters masterplan, which will be transforming the historic Liverpool docks. With the ease of accessibility to Liverpool City Centre and the universities within the city, Quay Central is becoming a highly sought-after development as our network of local agents have already started marketing Quay Central and has a list of people waiting to view Quay Central upon completion.

We are estimating that rents at Quay Central will between £650 and £1,025 depending on the size and type of unit, which is respectively 37% and 52% higher than the current rental asking prices in Liverpool for one and two bedroom properties as per Zoopla’s latest area guide.

All the apartments at Quay Central will be finished to an extremely high specification throughout, which will prove to be exceptionally popular with young professionals and international students, due to its proximity to the city centre and the local amenities including the University of Liverpool, Liverpool John Moores University.

The private rented sector (PRS) in Liverpool is gathering pace as several new and forecast PRS developments in the city centre and fringes continue to get underway and investors continue to enjoy strong yields and returns. We have witnessed excellent results with our previous development in Liverpool, The Levels Our occupancy rate in the development is 100% and our team have achieved excellent rental values for our clients, the average monthly rent being £1,048 and the average rental yield being 5.20% – which is fantastic news for our investors.

We are estimating that Quay Central’s performance will be in line and possible exceed the results we’ve achieved at The Levels. If you would like to find out more information about the Quay Central and how we can assist with the management of your investment, please contact us on reception@complete-ltd.com or call us on +44(0) 203 551 9900.