Growth expectations hit record high

The CBI has claimed the economic outlook for the next three months is “exceptionally strong”. A survey of 675 firms has revealed that growth expectations for the period are at their highest since 2003, when the employers’ organisation began collecting data. While manufacturers reported good progress, it was businesses in the retail and services industries which showcased the strongest output growth. “These latest growth figures, and the strong expectations for the next quarter, provide further encouraging signs of increasing vigour and confidence across the UK economy,” remarked Katja Hall, the CBI’s chief policy director.

Banks scale back property lending

The FT quotes research that suggests banks are reducing the amount they are lending to property companies, despite growing confidence in the market developing over recent months. Banks’ reluctance to lend has seen alternative investors step into fill the gap, including insurance firms, pension funds and private equity groups. According to research by EMW, net outstanding loans made by UK banks to property investment companies and developers have fallen 13% year on year, and now stand at £175bn – around a half of the figure of four years ago, which topped £247bn. Furthermore, figures published by CBRE indicate that commercial property rents have risen an average of 3% over the past year, and the average prime yield dropped 10 basis points in the first quarter of 2014 to 5.9%. Aleksandra Starczynska, an analyst at CBRE, said: “The improving economic picture in the UK is being directly reflected in the performance of the commercial real estate.”

Stamp duty helps government meet target

Government borrowing fell to below £107.7bn in the financial year to April 2014, according to new figures from the Office for National Statistics – lower than the £115.1bn borrowed the previous year. The government met its borrowing target thanks in part to an increase in stamp duty from property sales. Revenues rose by 44.5% to reach £1.1bn in March, with receipts for 2013-14 totalling £12.6bn. John Hawksworth, chief economist of PwC, said the improvement “reflected particularly strong growth in stamp duty as the housing market revived, up 37% on the previous year. There was also solid growth in VAT, income tax receipts and national insurance contributions as the UK economy recovered.” Meanwhile, the Bank of England’s Monetary Policy Committee (MPC) has raised its UK economic growth forecast for the first quarter of the year from 0.9% to 1%. Minutes from the MPC’s latest meeting reveal that growth in the second quarter is “expected to be only a little weaker”. The Committee also voted unanimously to keep interest rates on hold at 0.5%.

Business lending slows, property lending rises

Bank of England data shows that lending to companies of all sizes fell by £0.5bn in the three months to February, a drop of 2.1% compared with a year earlier. The number of mortgage approvals over the same period continued to increase however, raising fresh fears of a housing bubble and concerns over the state of the economic recovery. However, the banking trade association BBA said although net lending was down, a high proportion of loans were being approved. ScotiaBank reported: "lending to the real estate sector has sharpened in recent months as borrower repayments have started to increase, aided by improvements in the performance of the market."

Britain tops survey of most attractive places to invest

According to a survey by EY, a flood of property investment in Britain this year will push up prices even further as investors seek a safe haven for their cash. The consultancy firm, has described the UK as "leagues above" the rest of Europe in terms of the quality of residential and commercial property investment. Its survey of property company CEO’s showed that 69% believed Britain would see the highest deal volumes this year, with Spain a distant second with 16% and Germany judged to be the third most attractive place to invest. Dean Hodcroft, head of EY's UK and Ireland real estate division, described London as a "magnet for world talent", benefiting from geographical advantages, political stability and market transparency, placing it above other global cities such as New York

Letting agent regulation on the cards

Kris Hopkins, the housing minister, has confirmed that the Government will oblige letting agents and property management companies to join one of three approved compensation schemes. The schemes will have the power to investigate complaints about hidden fees or poor advice. The move comes after the Property Ombudsman received record levels of complaints made against them by tenants and buy-to-let landlords. Mr Hopkins said: "All tenants and leaseholders have a right to fair and transparent treatment from their letting agents. Most are happy with the service they receive, but a small minority of agents are ripping people off, and giving the whole industry a bad name."

Construction output shrinks

Output in the construction industry fell sharply in February as extreme weather halted work on building sites, official figures have shown. Output fell by 2.8% to £270m compared with a month earlier, the ONS said. But in the three months to the end of February, construction output grew 0.3% compared with the previous quarter. Despite signs of improvement, the construction industry remains 13.2% below its pre-recession peak. The ONS said the heavy rain and flooding that marked the wettest winter on record had caused delays in building work. It added that repairs of flood damage had not yet filtered through to its data.

'Woefully inadequate' facilities for disabled must improve - minister

Football clubs across Britain must urgently redress the "woeful" lack of facilities for disabled fans at many stadiums, says a government minister.

Mike Penning, the disabilities minister, has written to every professional club in the country to highlight their legal obligations. "I'm blowing the whistle on discrimination against disabled people by football bosses," said Penning. The Premier League says its clubs aim to provide good disabled facilities. "All Premier League clubs have arrangements in place to provide access and facilities for disabled fans," read a statement. "The highest standards of access are generally at clubs with new grounds, but all clubs, even those working within the constraints of older stadia, work hard to make sure that disabled fans can attend matches and enjoy their football." Penning has confirmed he wants to meet Football Association chairman Greg Dyke about the issue. Only last month, a BBC report revealed that only three Premier League stadiums provide the required number of wheelchair spaces.

Joyce Cook, chair of Level Playing Field,  formerly known as the National Association of Disabled Supporters, added: "The experience of disabled football fans varies across the country. That's not acceptable and it's time all football clubs took their legal obligations seriously."

Asbestos and Air conditioning presentation

Following our seminar on Asbestos and Air conditioning at the National Star College today, for those that missed it or would like a copy of the topics covered. Please refer to our website where you can download the presentation notes.

http://www.nickbevan.co.uk/Company/Events.aspx

PLANNING

Perverse planning decisions The Commons Communities and Local Government Committee has warned that the Coalition’s planning reforms have led to perverse behaviour by local authorities trying to meet set targets. The MPs decided to hold an investigation into the planning regulations, which introduced a “presumption of sustainable development” to force through more house building, after research by academics at Cambridge University warned that there could be issues with the way it is being enforced. The research warned that “some local planning authorities engage in poor practice in order to meet planning targets”. Dr Gemma Burgess, the author of the report, said some councils were refusing applications simply to make a decision within the statutory period.

Saving newts – at a price!

Gallagher Estates has revealed that it has spent more than £1m on catching newts – because they are a protected species. Around 150 great crested newts have had to be relocated from land in Milton Keynes set aside for new homes. Each newt has cost the developer an average of £6,700.

Nick Bevan become the first Commercial Agency in Cheltenham to advertise on Rightmove.

In order to provide maximum exposure when marketing our client’s property we now appear on the 6th most viewed webpage in the UK.

Oliver Workman from Nick Bevan’s Commercial Agency Department Said ‘Nick Bevan are always open to new and innovative methods of marketing to ensure our clients receive the best service. The initial feedback has been positive with a freehold sale achieved as a direct result of using the online property portal.’

http://www.rightmove.co.uk/estate-agents/agent/Nick-Bevan-Consulting-Limited/Cheltenham-108916.html