HOT TOPIC
UK Right to Rent checks: Implications for relocation
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LONDON OFFICE CONSTRUCTION HITS 20-YEAR HIGH
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he number of offices being built in London is at its highest in two decades, according to a recent survey by Deloitte Real Estate, which reports that work started on 51 office developments in the capital between October
2015 and March 2016. The office space under construction amounted to 14.2 million square feet
by the end of March, up by 28 per cent since September. Led by the finance, tech, media and telecoms sectors, the construction
boom represented an unprecedented number of new schemes, according to Will Matthews, head of research at Deloitte Real Estate. With many more sites under demolition, he expected almost 16 million square feet by the end of this year. However, tight supply would remain a feature of the market in the short
term, commented property consultant JLL. Buildings currently under construction include a new headquarters for
Facebook in the West End, a new office for the company owned by chef Jamie Oliver at King’s Cross, and Goldman Sachs’s new HQ in Farringdon. Deloitte’s report said the increase in activity might be partly due to
developers resurrecting schemes they had put on hold during the recession. Construction had also been boosted by the amount of refurbished space being developed alongside new buildings. Meanwhile, in a new poll of more than 1,000 Londoners by YouGov and
international property and infrastructure group Lendlease, Stratford and Queen Elizabeth Olympic Park has been voted the part of London likely to improve the most by 2020. More than 21 per cent of London adults chose it, twice as many as chose
any other area, putting it ahead of other prominent redevelopment districts like Croydon, the City, and Canary Wharf. The research follows the recent combined investment of more than £615
million in the first phase of The International Quarter by Legal & General and Deutsche Bank Asset Management through their respective purchases of the new Transport for London building and the Financial Conduct Authority’s new headquarters. Both buildings are now under construction by Lendlease and its joint
venture partner, LCR. The investment demonstrates the business community’s confidence in the future of Stratford, which is set to become London’s fourth business district.
ight to Rent checks came into force across England on 1 February. Before renting a
property, prospective tenants must have their immigration documents inspected to ensure that they have a legal right to reside in the country. Alex Duhamel, vice-president of
international client services at Cartus, explained, “These checks must be made within 28 days before the start of a new tenancy. They last for 12 months or until expiry of the assignee’s permission to be in the UK, whichever is later. This means that assignees can enter into a yearlong tenancy agreement even if their visa is only valid for six months, which is useful for short-term intra-company transfer moves expected to be extended at a later date. “All adult dependants will undergo
the same Right to Rent checks as the assignee. Therefore, any partners who are relocating, and children aged 18 or over, will need a valid visa.”
Surveyors anticipate temporary fall in UK house prices
S
urveyors believe that uncertainty around the Britain’s
European Union
membership will lead to a short-term drop in UK house prices. The latest survey from the Royal
Institution of Chartered Surveyors shows a net balance of 10 per cent of the nation’s surveyors who believe that prices are more likely to fall than rise over the coming three months. This is the first time since 2012 that more surveyors expect prices to drop than expect them to increase. However, the report said that any price
fall was unlikely to mark the start of an era of more affordable housing. Though affordability issues and the stamp-duty increase for buy-to-let landlords and second-home buyers had helped to curb housing demand in the short term, prices would resume their upward path in the longer term, primarily as a result of shortage of supply. The report predicted that prices would rise by an annual rate of 4.1 per cent for the next five years.
referendum on
8 | Re:locate | Summer 2016
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