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High hopes for London housing as Hammond takes aim
Housing is now the government’s number one priority. Not only has the Chancellor allocated £7.2bn towards the construction of new homes (more funds than for any other key national infrastructure), there’s a clear focus on getting those homes where they’re needed most, which should include London and the South East.
At first glance, real estate is hardly a tech-fuelled industry: building design evolves at a glacial pace, construction relies on traditional methods, and the transaction process has barely changed for centuries. However, take another look: in a few short years, a mix of individuals, start-ups and established businesses have harnessed new technologies to address inefficiencies and generate new ideas.
Understanding the Manchester Residential Design Quality Guide
Deloitte Real Estate’s Manchester Planning team has played an integral part in the preparation of the draft Manchester Residential Design Quality Guide and will continue to advise Manchester City Council as the document is developed up to its publication in early 2017.
Broadening the Composition of London’s housing supply
I attended the excellent London Planning & Politics conference recently and joined a panel debating the key policy interventions to tackle London's housing crisis. My theme was the need to broaden the composition of housing supply in order to achieve the 50,000 per annum new homes that London needs.
In publishing "A City for all Londoners" the Mayor of London has reaffirmed many of his manifesto pledges (https://www.london.gov.uk/sites/default/files/cfal_oct_2016_fa_rev1.pdf). The document, known in GLA circles as "Towards a London Plan", acts as a prospectus for how to deliver the Mayor's pro-development vision for meeting London's ever growing housing, economic and infrastructure needs, while protecting the things that Londoners value and trying to meet as much of the city's growth demands within London itself.
The newly published Greater Manchester Spatial Framework is already making headlines, principally because it suggests making the first substantial changes to the green belt that we have seen in a generation.
One of the largest generations in history is about to move into its prime years. By 2025, they will grow to represent 75% of the workforce. Millennials are poised to redefine the world around them; their perspectives will change the way we buy, sell and carry out business.
“Rough winds do shake the darling buds of May
And summer’s lease hath all too short a date”
Shakespeare seems to have been as familiar with the language of leases as he was with the language of love (and no one before or since has combined this knowledge to such poetic effect).
Commissioning and preparing an asset valuation for financial reporting should involve a three way dialogue between the client, valuer & auditor.
Richard Spence, a Director within Deloitte LLP’s Real Estate’s Valuation, Assurance and Professional Advisory Team discusses the plethora of valuation regulations, accounting standards, codes, manuals, and guidelines and the key issues which often arise when an organisation is commissioning or relying on asset valuations for financial reporting purposes.
Deloitte’s latest CFO survey shows that business confidence has fallen to banking crisis levels in the aftermath of the Brexit vote, but the impact on property markets has not been as drastic. Our current prediction is one in which property and construction activity slow, but not to the extent of the crash witnessed during the global financial crisis. Whilst we are aware of only a handful of major projects being stopped or stalled post-Brexit, it would appear to us that the economic indicators and actions taken by some firms to date show that it is inevitable that the decision to proceed or not on many projects will now be affected by reduced appetitive for capex and heightened risk affecting investors, occupiers and developers. An article in the Financial Times recently suggested a third of commercial deals could be in doubt, which is significant and supports our view.