Ashley from MyPropTech
@proptechpioneer
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CEO and Co-Founder of MyPropTech, Corporate LiveWire's Property Investment Platform of the Year 2022/23
London
Joined April 2020
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There will be mainly losers in
#ukhousing
over the next 24 months. But the financial inequality created will be the biggest issue.
Acting for buyer who bid on a whole building - GDV at start of yr. £15.5 m - their offer £8m.
They are the only bidder....
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Watching BBC documentary - the most striking thing is how long the same issues have been going on for and how little has been done.
The UK needs another Whitepaper on housing or sometype of complex report to explain the issues everyone knows which exists.
#houisngcrisis
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@moving_charlie
@alexgroundwater
interesting piece of intel for you.
Had a call with a buyer in Hong Kong this morning, they purchased a new build in Manchester - it got valued yesterday for mortgage.
Down valued by 28%!! IMV northern mkts will fair much worse than SE in LT.
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Been saying this was going to be an issue for sometime now!!
Soaring rents pose a ‘threat’ to London’s competitiveness as youngsters are priced out
In addition, removal of non-dom status will make it very expensive to attract senior talent.
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In London at the moment there are 169 apartment developments with more than 10 unsold apartments - which complete this year.
Its been a long-time since it was such a strong buyers market in London.
#ukhousi
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More than 100 councils to meet in crisis summit over ‘crippling’ temporary accommodation costs - councils are expected to attend an emergency summit next week to discuss the financial crisis facing local authorities over soaring demand for temporary accommodation.
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WeWork is closing another site in London 52 Bedford Row. WeWork will close the site (28,892 sq ft) this month.
The building was let for 20 years in 2019...
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UK is heading for a rental crisis.
Landlords sell up in Great Britain as buy-to-let market sours.
“The story of this slowdown is a double-digit fall in transactions rather than a dramatic price correction, which has been kept in check by weak supply"
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@CallumCMason
I don't see why this would be an issue? The removal of NF evictions (which is fine) means that LL's will be entering long term (potentially decades) relationships.
Covenant strength & track record are going to be more important for LL's when selecting a tenant.
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London Rental Case Study
Elephant Park, London SE1.
Rent increases since Q3, 2020
# Studios -⬆️52%
# 1 Beds - ⬆️ 38%
#2
Beds - ⬆️ 36%
# 3 Beds - ⬆️ 19.8%
#ukhousing
#HousingCrisis
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Just received some great data on Airbnb usage in the UK which seems to reinforce what I have been saying about many BtL LL's switching to SL's instead of doing AST's..
#housingcrisis
Detail post coming soon need to crunch the data.
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Indeed - now is a great time to be in the market for new build.
New-build buyers negotiating £75k discounts with builders paying stamp duty as sales slump
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Literally 0 chance of this happening. England simply doesn't have the capacity to build anywhere near this number of homes.
Housebuilding must be trebled to 500,000 to match demand, study warns via
@MailOnline
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DEAL AGREED!
Super excited to have agreed our first Single Family Housing (SFH) investment deal in the UK!!
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Just heard of another SME developer who has gong in to administration.
At this rate there will be very few developers to build when the market recovers.
#ukhousing
#HousingCrisis
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[Bad idea]
MPs urged to resurrect Help to Buy before the next general election
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Inland Homes set to appoint administrators - this is a worrying trend for the future of UK housing supply.
I have seen c. 10 developments in administration in the past few weeks.
#HousingCrisis
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In London, there are 9,609 (unsold) apartments in due to complete in 2023. In Q1, there were 270 sales to local purchasers. If developers sold at the current rate only to UK homebuyers it would take 8.9 years to sell them.
#ukhousing
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More than half of the biggest 50 developers in 2020 have now gone into default.
How China’s property crisis has unfolded, from Evergrande to Country Garden via
@ft
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British brickmaker Forterra has announced plans to consult staff on redundancies after its May decision to mothball its Howley Park factory in the face of falling demand from housebuilders. These businesses are very difficult to get back online once closed. supply issues coming.
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Starting to see many developments (particularly up north) being sold with rental guarantee.
My advice - if its got a rental guarantee - the property is overpriced! Be vary wary.
#propertyinvestment
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The reason the
#ukhousing
crisis will never be solved is it requires politicians to be honest with the public, which both sides are too scared to do for fear of losing votes.
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This, will get much much worse...
English homes more expensive and in worse condition than most developed nations - report
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Rising rates and 100% mortgages could be a recipe for disaster for buyers, but just the shot in the arm agents and banks need...
Major blow for homeowners as BoE set to raise interest rates tomorrow
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This is going to be an issue.
Help to Buy is a ticking time bomb that 'could soon explode'
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@BeadleBen
Too many ppl under estimate the valuable role private landlords play in a highly functioning economy.
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@emmafildes
@thetimes
@HarryYorke1
@melyork
Most new houses are sold as FH and most new build have 0 ground rents already.
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Further pressure on UK rents ahead.
One in ten rental homes will be lost this year as landlords flee market
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If you are thinking about buying a new build property, you currently have a huge amount of leverage...
New-build property sales plunge in latest blow to housing market
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One of the things which is never talked about in the
#housingcrisis
is UK wage growth - the UK is a long way behind most other countries.
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This was very, very predicatble.
The construction of new homes in London has frozen, as high interest rates and sticky inflation batter sentiment among the city’s housebuilders via
@markets
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I suspect the big resi crash that some are hoping for wont materialise in the way mny ppl think.
IMV housing mkt much more likely to stall than crash; low transactions, low capital growth, low new supply, and persisent rental growth.
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Landlords now making a loss as profits have ‘evaporated’ - inews
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A client of ours (major developer) is about to buy their first development site in more than 2.5 years..
Land discounted by 30'ish % - food for thought for thos thinking all developers are
#landbanking
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Could these tired empty old department stores make very cool residential developments in city centres?
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Ppl ask me why I think int investors will return to the UK - the reason is simple, UK property is about to go on SALE.
# £ ⬇️ 24.14% over past 10 yrs
# Mortgage Rates ⬇️ soon to be (at or around) 5%
# Developer discounts ⬆️ now possible to get 10% (or more)
#ukhousing
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More future supply housing supply issues being created...
Bellway consulting on proposals to cut 90 jobs as housebuilder hit by slump in demand
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UK could slip back into 'Victorian age' gap between rich and poor, new report says - Sky News
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Met a small developer late last yr, told them they should disount in volume to investors/buyers to get through their WIP.
They told us they didn't need to because their part of the mkt was resiliant. They are now in administration, I guess they were wrong...
#HousingCrisis
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'Leasehold allows humankind to stoop to its very worst — why no concrete reform?'
@HarryScoffin
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@agazdecki
Anyone that thinks they want to do it should do it and stop procrastonating. It will be the hadest and most rewarding thing they do regardless of whether or not they suceed or fail. Haven't hit the success bit yet but its been a truly illuminating process.
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We have done a deep dive into the UK Airbnb Market - it seems many small landlords now see Airbnb as a better alternative to AST's. Full analysis on the link below.
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Transaction volumes will fall much more than prices..
Foxtons says property sales have plummeted by almost a quarter
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@CommonholdNow
@joedouglas90
These costs have been built into block management for yrs, referral fees on everything from insurance, electricity to broadband. There are too many undisclosed referral fees in the real estate industry generally... These fees artificially inflate the cost of property...
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Affordability Crisis means rent rises cannot continue at this pace - Savills
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So does BtL no longer stack up? In this post I am taking a deep dive into the numbers to examine the reality
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This is why there is a supply issue in the NB market and why developers will not increase supply anytime soon in England (esp London) - sales are very, very low.
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Terms agreed on another deal! Best MyPropTech deal so far! It will be the third time we have agreed it this year!
But even better the 100 + vulnerable tenants in situ will have a high quality long-term landlord who wont turf them out!
#ukhousing
#HousingCrisis
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@moving_charlie
They dont say what the first word is? How is one supposed to follow their advice?
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For most young home buyers this is the only way they will be able to afford to purchase a home.
One-in-four new UK homeowners opt for ‘marathon mortgages’ to cut payments
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Gentle reminder to anyone thinking about buying a new home.
We are currently 2.5 months from calendar year end, most developers will looking now for serious buyers to close deals.
Good deals to be done...
#ukhousing
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Interesting article - there are c. 900,000 people anticipated to move to the UK with a BNO Visa from Hong Kong over the next 5 years. A significant proportion will buy a house off-plan before they arrive.
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@AngelaRayner
Agreed!
What is the Labour plan for LH?
When will it be replaced?
What will happen to existing LH's?
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‘I want to get out’: two landlords on the ‘broken’ property rental market
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Delighted to have just agreed another portfolio of houses to take to market along the British Riviera in Grismby (we like to think of as the Knightsbridge of the North!).
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Interesting article in HT about how other countries have changed planning rules to increase housing supply. I just don't think UK is open to looking at works in other countries - if it isnt a British idea not interested.
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Labour brands social housing commitment ‘long-term aspiration’ after it does not appear in key policy document
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Berkeley has halted investment in new development due to planning and regulation concerns.
Instead they will focus on “financial strength” in “volatile and unsupportive” operating environment.
Housing supply cruch is coming....
#HousingCrisis
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Good news for property buyer's who want to negotiate buying a property in 'real terms'
Inner London flat prices have fallen by 24% ‘in real terms’ since 2016
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Labour committed to regulating estate agents
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‘I don’t sleep, I feel unwell’: how London’s brutal rental market is ruining tenants’ mental health - Evening Standard
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Unfortunately this was probably inevitable. I suspect this will have a much bigger impact on London than other major cities around the world.
WeWork files for bankruptcy amid office market downturn via
@ft
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Its come to my attention that some new build buyers are paying deposits in excess 10% don't do it.
The first 10% is protected by the warranty provider if the developer fails, anything above that amount is not protected.
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Of the world's ultra wealthy 54% of their wealth is invested in real estate or real estate linked assets...
Food for thought for those who think UK property mkt isnt a garage sale for wealthy
#HousingCrisis
#ukhousing
via
@visualcap
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This is going to get a lot worse...
We might get to the ironic stituation where ppl are demanding the govt to do something to encourage more LL's back to the market.
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Estate agents told to adapt strategy and prepare for 'higher for longer' interest rates
Many EA's will need to find ways to generate new revenue, as transaction volumes likely remain very low in 24/25 & 26.
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@moving_charlie
Deal with almost exclusively w/portfolio landlords, very few want to purchase a property with a tenant in situ - especially if its an older prop and needs work done to get the property to EPC C. It just makes more sense to get VP and put on the mkt with VP - it is what it is.
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This is the
#housingcrisis
in a nut shell.
1 - Demand for housing has increased rapidly in most advanced economies. New housing supply is severly falling behind demand.
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@mikecosgrove
The issue is a huge crash may also result in them not having jobs too... If houseprices crash by say 30% houseprices will be the least of most ppls issues.
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@mikecosgrove
I get the fact that it is tough for lots of LL’s and owner occupiers with mortgages increasing. But you have to plan for contingencies when you buying and have a long term plan winning in property investment isn’t a race to have the most properties.
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'Property-gurus' selling tax avoidance and/or get rich schemes will send you broke or on the wrong side of HMRC.
Buy
#investmentproperty
which provides a +ive cashflow after tax, cap appreciation is long-term.
If you want to double your money, roll the dice on BTC.
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Two thirds of renters believe they don’t earn enough to save a deposit...
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Loading
#ftb
's up with debt or making it easier for developers to sell property to them with govt stimulus packages is not the best way to help people get onto the housing ladder - it is by reducing the cost of the property.
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A quarter of landlords plan on selling in the next 12 months
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House prices to fall and rents to rise in 2024, forecasts suggest - BBC News
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For those hoping for a 'Property Crash' be careful what you wish for! It doesn't mean home ownership is more likely. Home ownership in England is high compared to what it was - BTR (PE) funds see the market very differently...
#HousingCrisis
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The institutionalisation of housing is coming to the UK.
Matter Real Estate launches single-family rental fund. The £110m recapitalisation fund is for 560 single family rental (SFR) homes developed and managed by Placefirst.
#ukhousing
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It seems pretty clear housing is not a priority for UK government.
New Housing Minister is ... a former housing minister
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Every property I have purchased was during turmoil:
# Hong Kong - 06 'when mkt had peaked'
# Adelaide - blocks of apts when literally when they couldn't give them away
# London - day of Brexit result
#property
buyers need to look at current mkt as an opportunity
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Major housebuilder sees property sales slump amid challenging conditions
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Does anyone have any housing market good news?
Pocket Living records fourth consecutive loss
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Social housing provider Square Roots has posted a £808,000 loss in its first year as a registered provider.
Food for thought for all talking about increasing social housing...
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Metro Bank customers are urged not to take their money out as bosses say they need to raise £600million to bolster its balance sheet
What do problems at Metro Bank mean for its customers? via
@MailOnline
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I am just going to keep saying this. New housing supply is the biggest issue facing the housing mkt - its not a price correction.
Major planning approvals slump to a decade low
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@mikecosgrove
They should do neither. LL’a took investment risk when they purchased it comes with territory, re s24 they have had 6 years to plan for it - they should have been monitoring their investments.
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The Rent Reform Bill will mean tenancies will ultimately become tenancies is perpetuity.
What happens if a potential tenant requires a guarantor but cannot find someone to guarantee them in perpetuity?
#HousingCrisis
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@HenryPryor
No but if you needed a license to trade and then they lost it for LIFE they would no longer be able to act as agent again. It would serve as a greate deterrent to others acting in such a way.
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@moving_charlie
This is not really our market, our experience is its currently very tough:
# v few serious buyers at the moment
# sellers (developers) under pressure but very few willing to discount enough to meet mkt
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The provision of truely affordable housing will be the defining issue of the next generation...
#housingcrisis
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@that_stocks_guy
I just cannot get my head around that decision - if you have to sell them dont do it at a discount.
OR if at discount include a restrictive covenant on the Title preventing them being let in the private rental market....
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@AnnaClarke_____
Completely agree, rent controls ironically likely to lead to an increase in rents, reduction of new supply, reduction in existing stock and 0 incentive for LLs to maintain and or upgrade properties
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If you were ever thinking about getting into real estate investing. Now is pretty good time to start watching the market...
Those who can buy cheaply over the next 12 - 18 months will look back fondly. The key will be not overpaying...
#PropertyInvestment
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Redrow set to close some sites in SE and make some staff redundant in central office...
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Barratt's and Bellway have both reported significnat slips in sales rates, both will also constrict new supply into 24 & likely 25.
Now is certainly a buyers market in the new build housing market.
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