News

Important dates for 2023

31st March – Average energy bills set to increase under Energy Price Guarantee (EPG)

One of the biggest news stories of the last year was the cost of living crisis.

In response, the government introduced an Energy Price Guarantee to limit increases in the energy price cap on domestic energy prices.

The EPG introduced in October 2022 is set to last until the end of March, at which point it will be increased to £3,000 for ‘typical’ annual consumption of energy.

As a result, average prices for energy bills are set to increase by a further 20% in April.

 

April – Government’s ECO scheme expanded to all property types with EPC rating of D-E

From April this year all property types – including rented and social housing – will be eligible to benefit from the government’s ECO+ scheme if they have an EPC rating of D-E.

The ECO+ scheme is part of the government’s Help to Heat initiative that seeks to provide funding to vulnerable and low income households for improving the energy efficiency of their homes.

Landlords with properties with energy ratings of D-E can apply to the scheme for help with better insulating their properties. However, those in the general eligibility group will be limited to higher-cost measures which are likely to require a customer contribution.

 

April – Capital Gains Tax threshold to be cut

As part of the Autumn Statement last November, the Chancellor announced that the capital gains tax threshold will be reduced to £6,000 in April 2023.

This is significant for anyone looking to sell their second home or buy-to-let property, as you will be more likely to pay capital gains tax on any profit you make after this date.

However, there is still some relief in place for those looking to sell a rental home. Private Residence Relief is available for people who have previously lived in the property as their main residence – only requiring you to pay capital gains tax on the months where it was your second home.

 

1st April – New tax relief rules for landlords operating holiday lets

Currently, people who own second homes in England are able to access small business rates relief and avoid paying council tax by declaring an intent to let it out as a holiday let.

This is due to change in April when all second homeowners must prove that the property was rented out for a minimum of 70 days a year, and available to be rented out for 140 days a year, in order to apply for small business rates relief.

 

Other things to Keep in Mind in 2023

The Renters’ Reform Bill (England)

In November last year Michael Gove was reappointed to the position of the Secretary of State for Levelling Up, Housing and Communities, and has since reaffirmed his commitment to The Renters’ Reform Bill in 2023.

The Renters’ Reform Bill promises to improve rental standards for tenants across England. Some of the main proposals include: the introduction of a private rented ombudsman, the creation of a landlord register, and the end of Section 21 evictions.

We will be keeping landlords informed of any updates throughout the year.

 

Changes to EPC regulations in England and Wales still planned for 2025

All rental properties in England and Wales currently require an EPC rating of E or above (unless exempt).

However, the government plans to enforce a new minimum EPC rating of C for all rental properties as part of its commitment to reach net-zero by 2050. The current proposal in parliament would see this new rating introduced for all new tenancies in 2025, and then for all existing tenancies in 2028.

We would therefore encourage landlords to start thinking about what they need to do to comply with the new regulations, as any serious upgrades are likely to take a bit of time.

 

The Making Tax Digital scheme has been delayed to 2026

Previously, the Making Tax Digital scheme for Income Tax Self-Assessment was due to be mandated next year for some landlords and self-employed people.

The scheme seeks to introduce digital record-keeping and tax-filing for individuals and businesses. The aim is to make it easier for people to get their tax right – improving accuracy and reducing tax lost to avoidable errors.

However, its introduction has been postponed for landlords and self-employed people until 2026. The scheme will also be phased in according to income level, with those with an income of more than £50,000 first affected.

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Plans in for £290m London gasworks resi project

Plans have been submitted for a major redevelopment of a gasworks site to create 640 flats in Wandsworth, London.

 

Housing scheme will also include bars, restaurants and a creative workspace. 
Housing scheme will also include bars, restaurants and a creative workspace.

 

Joint venture developer SGN Mitheridge has submitted hybrid plans for the site, which is one of the last undeveloped sites in Wandsworth town centre

The mixed-tenure scheme is to be developed with four main buildings ranging from 10-30 floors and will cost around £290m to build over six years.

103m tall A1 building forms part of the detailed planning application

Masterplanner shedkm has designed the plans with a team that includes MAX Architects, Carmody Groarke, BD Landscape Architects, Atelier Ten and Whitby Wood Engineers.

The gas holder’s inflating steel structure that dominated this area for over 60 years has been removed.

The 45m deep, 67m diameter circular concrete lined foundation of the old gas holder will be retained to use embodied carbon and improve sustainability of the scheme, which will be built around the underground structure.

15-storey B2 buildings in the detailed application will circle the formed gasometer foundations

The project also creates a new riverside park, with 200m of the River Wandle, formerly inaccessible, opened up for the first time.

 

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Countryside gets go-ahead for London suburb estate rebuild

Countryside Partnerships and housing association Riverside have secured planning permission to redevelop the Calverley Close estate in the London suburb of Beckenham.

 

Architect HTA designed the estate rebuild
Architect HTA designed the estate rebuild

 

The estate rebuild, which will be phased over 10 years, will see 275 new homes, comprising 96 homes available to buy and 179 affordable homes for the estate’s existing residents.

With planning permission now granted preparatory works will start on the site in spring 2023 with construction due to commence in October 2023.

The first block within the new scheme is set to be delivered in early 2025. This phasing has been planned so that existing residents will only need to move once.

Calverley Close Estate rebuild

Ray Toft, managing director, South London, Countryside Partnerships, said: “Following the residents ballot approval for the regeneration in 2021, we have worked tirelessly with residents, the council and local community to design a scheme that delivers for everyone, and so we are thrilled our plans have been approved.

“The redevelopment of the Calverley Close estate is a fantastic opportunity to deliver a significant number of quality homes for local residents, creating a vastly improved neighbourhood and integrating existing and new communities.”

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Plan for London 36-storey Old Street tower

Developer Endurance Land has unveiled plans for a 36-storey office tower at Old Street roundabout on the City Fringe in London.

The developer will submit plans to Islington Council for the Kohn Pedersen Fox designed building at 99 City Road within the next few weeks.

New building will offer around 480,000 sq ft of office space and a 3,000 sq ft great room for conferences and public use

The site is presently the headquarters of satellite communications group Inmarsat, which is planning to vacate the existing 1980s office building at the site.

Existing 10-storey Inmarsat HQ office building

This building will be partially demolished with around 60% of the existing building structure retained to reduce concrete use and shorten the construction programme.

The planned replacement tower will rise to around 160m and widen the pedestrian area around the site. It will also introduce green terraces and a winter garden at street level.

New tower will have a terracotta and glazed facade

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1,000-home North London scheme approved

Housing association Catalyst and development partner Hill Group have secured planning for a near 1,000-home mixed-use development in North London.

 

The new neighbourhood will be completely tenure-blind – meaning there will no discernible difference between the design of the private-sale and affordable homes from the outside.
The new neighbourhood will be completely tenure-blind – meaning there will no discernible difference between the design of the private-sale and affordable homes from the outside.

 

The site adjacent to St Ann’s Hospital in South Tottenham will also provide enhanced green spaces, shops, and other commercial uses, including affordable workspaces, while retaining and restoring several historic hospital buildings.

Hill will deliver 239 homes within the first phase which gained detailed approval. Outline plans for an additional 756 homes will be built over future phases.

Work is set to begin in Spring 2023 with consultation on future phases starting later that year.

The first homes are expected to be complete from 2025, with the final development completion expected in 2030.

The location was originally purchased by the Mayor of London using some of his £250m Land Fund to acquire land to deliver more affordable homes for Londoners.

Catalyst was selected by the Mayor to develop the site in late 2020.

The existing Peace Garden at the heart of the site will be trebled in size to include new public realm areas, play space, and further green space; and a network of new green spaces will be created around the existing trees.

There will be a mix of tenures on the site, including private sale, London Affordable Rent, London Living Rent, and Shared Ownership.

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John Lewis £500m funding deal to build 1,000 rental homes

John Lewis Partnership has sealed a £500m joint venture deal with investor abrdn to fund and build 1,000 rental homes at three sites.

 

The sites include building over redeveloped Waitrose stores in Bromley and West Ealing in Greater London, as well as replacing a vacant John Lewis warehouse in Mill Lane, Reading.

(L-R) Planning applications for Bromley and West Ealing will be submitted early next year after local consultations.

Planning for the redevelopment of Mill Lane, Reading will follow later this year

John Lewis has committed to deliver 10,000 homes in the next 10 years – 5,000 of these will come from schemes on the Partnership’s own property portfolio.

It said it has already identified around 20 sites that it will extend or redevelop with build to rent schemes, and then become the landlord once housing is built.

John Lewis said the build-to-rent residential property market in the UK is forecast to double in size, with 30,000 new homes completed annually by 2026, according to research by the property firm Savills.

In London alone there is a shortfall of 75,000 rental properties.

Nina Bhatia, executive director for Strategy and Commercial Development at the John Lewis Partnership, said: “We continue to work with the local authorities and communities to evolve our plans and expect to announce more details for West Ealing and Bromley in due course, before aiming to submit our first planning applications next year.

“A first public consultation for the site in Reading is expected in 2023. Residents can expect homes furnished by John Lewis with first-rate service and facilities.”

Neil Slater, Head of Real Assets, abrdn, said: “The critical lack of quality rental accommodation in the UK needs to be addressed, so we are delighted to partner with the John Lewis Partnership to provide the required institutional investment.

“The ambitions and responsible ethos of our brands both strongly align, and our partnership should offer investors long-term returns and give residents confidence in a top-quality living experience.”

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350-homes approved around iconic London Tube station

A major housing scheme around West London’s Hounslow West Tube station has gained the planning green light.

 

HKR architect designs also deliver a new customer passageway to platforms, while ensuring that the station’s Grade II-listed ticket hall is preserved and kept at the centre of the scheme
HKR architect designs also deliver a new customer passageway to platforms, while ensuring that the station’s Grade II-listed ticket hall is preserved and kept at the centre of the scheme

 

The 348 new homes project is being developed by Transport for London’s commercial arm along with housing association A2Dominion are developing the near 350-homes project around the Picadilly Line tube station.

The homes, delivered across four buildings, will be a mixture of one, two and three and four-bedroom properties, providing options for all types of households.

They will be a mixture of shared ownership, which offers an affordable route into homeownership, and London Affordable Rent, the level of which is set by the Mayor of London and is substantially below open market rents, helping to provide low-cost rented homes to support low-income households.

Hounslow Development 1002 CGI FINAL

Plans also involve a new public square, improved pedestrian routes

There will also be 950 sqm of retail space, which will help support the wider local economy.

Steven Waite, Director of Technical and Commercial at A2Dominion said: “Our relationship with Transport for London is bringing a fresh perspective to sustainable housing, with a focus on green energy and transport links to the rest of London.”

Anjna Farmah, Property Development Manager at Transport for London, said: “The development has been designed to preserve the appearance of the Grade II-listed station, while providing improved customer access to platforms.

‘There will also be a range of improvements for the local community, including commercial spaces, a new public square, as well as better pedestrian routes and improved cycle parking.”

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1,500-home London Cavalry Barracks scheme approved

Inland Homes has gained planning consent for a planned £600m scheme to redevelop the Ministry of Defence’s former Cavalry Barracks site in Hounslow, West London.

 

The mixed use scheme was designed by architect TB Bennett
The mixed use scheme was designed by architect TB Bennett

 

The former 37-acre home of the Irish Guards will be redeveloped as a mixed-use scheme comprising 1,525 homes and around 2,700sqm of commercial space.

Inland’s asset management division is acting on behalf of the third-party project investor. The deal will rank as the group’s fifth transaction with the MoD and its largest to date.

Under the asset management model, in return for its land and planning expertise and the management of the project, the group has, to date, accrued fees at achieved project milestones of £19.5m.

Inland will continue to act on behalf of the project investors to finalise the terms of the Section 106 agreement, which is expected to be signed within the next few months and then support the investor through the site disposal plan, which will crystallise the value and facilitate the payment of the fees. 

As part of the approved plans, 14 Grade II listed and 9 locally listed buildings will be retained and 10.6 acres of open space provided.

Nish Malde, interim chief executive officer at Inland Homes, said: “The historical significance, location and scale of the Cavalry Barracks make this an exceptional brownfield site and we are delighted to have worked with the London Borough of Hounslow to have secured a resolution to grant planning permission on behalf of the project’s investor.

“We look forward to finalising the terms of the section 106 as quickly as possible so that the next phase of the Cavalry Barracks’ story can begin.”

Cavalry Barracks is one of the largest brownfield sites in London

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Ballymore and TfL strike deal to redevelop town centre

Regeneration expert Ballymore and Transport for London’s development arm have struck a deal to redevelop Edgware town centre in North London.

 

 

The 7.5-acre Broadwalk Shopping Centre, acquired by Ballymore in 2020, is key to unlocking the regeneration of the town centre.

By working with TfL, which owns much of the neighbouring land including the bus station and bus garages, the project will be able to reach its full potential.

The development will deliver an improved bus station as well as garages and will make it even easier to travel around Edgware while accessing the main shopping and residential areas. Ballymore will hold a majority stake in the strategic partnership.

John Mulryan, group managing director at Ballymore, said: “We have long been committed to partnerships, working successfully with organisations to create new homes and mixed-use communities across London.

“We are looking forward to collaborating with TfL and Barnet Council to deliver our shared vision of creating an outstanding place for modern urban living, with thriving commerce, new and integrated public spaces, improved connectivity and public transport, new leisure and cultural offerings and a variety of new homes.”

Stephen McDonald, Director for Growth at Barnet Council, added: “We are pleased to see this project take another step forward – a crucial part of the council’s overall plans to reinforce and enhance Edgware’s status as a major town centre to better serve the needs of those living and working here.”

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Hill gets go-ahead for North London estate

Planning permission has been granted to rebuild the large Douglas Bader Park estate in Colindale, North London.

 

Home Hill LLP will transform the 1970s estate to create over 750 new homes
Home Hill LLP will transform the 1970s estate to create over 750 new homes

 

House builder The Hill Group together with housing association the Home Group will deliver the transformation of the 1970’s estate to provide over 750 homes, ensuring existing residents benefit from new high-quality homes.

This 10-year programme will now start imminently with the delivery of the first phase of 38 affordable homes.

Construction will take place in three phases and include the demolition of all current residential units on site.

Architect Levitt Bernstein has designed the 3.9 hectare site to create a green neighbourhood centred around a new urban square.

In total 272 affordable homes will be delivered alongside 481 homes for private sale.

The affordable homes will be delivered as part of the first two phases and will include houses, maisonettes and apartments to cater for all members of the existing local community.

Andy Hill, Group chief executive of The Hill Group said: “As one of the schemes to be balloted under Mayor Sadiq Khan’s mandate to allow residents a vote on estate regeneration, achieving planning success for the Douglas Bader Park estate is a significant achievement.”

Sustainability and well-being will be a key focus of the development. Around 20% of all parking spaces will be provided as EV charging points and there will be over 1,500 cycle parking places. All homes will benefit from photovoltaic panels and air source heat pumps.

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