UK & IRELAND
portfolio
N
E
W
H
O
M
S
2019
EXPLORE
Disclaimer – Prices correct at time of going to print
developing?
Thinking of
buying?
Read research and commentary on all sectors of the UK’s housing market
Read insider knowledge and advice to guide you through the buying process
What have our clients said about us?
RETURN TO MAIN MAP
view new developments
Poole
View developments in
South West & Wales
26
68
83
55
South East
London
East of England
Midlands, North West & Scotland
Thinking of developing?
VIEW RESIDENTIAL DEVELOPMENTS IN:
BACK TO TOP
BOTTOM
(Source: Savills database Jan - Sept 2018)
33%* of our leads and 50%* of buyers for our new homes originate from Savills and not via property portals.
SCROLL DOWN
George Cardale, MRICS Head of Residential Development Sales +44 (0) 1179 100 351 gcardale@savills.com
Developing?
Welcome to our latest edition of our Regional New Homes Portfolio, showcasing a selection of the finest new homes for sale across the UK. At Savills we pride ourselves on selling a wide range of new developments from apartments in town, family houses in the country, through to waterfront homes and niche boutique developments. Our residential development sales teams comprise over 230 experts across 24 teams providing specialist knowledge and services for the consultancy, sales and marketing of new homes in the UK. We cover all aspects of the new homes and developments market, from open market sales to investment sales in the UK and South East Asia. Our teams work alongside our development and planning teams providing a joined up approach to ultimately achieve maximum value for our clients. I am confident that our teams can maximise the visibility of your development to both a local and global market. For further information please do contact our regional sales teams directly or use our contact form and we will be in touch.
Read what developers across the UK have said about their experience with Savills
Fully-integrated services for landowners, developers, occupiers and investors
The latest property market news and opinions from our renowned industry experts
learn more
Testimonials
Opinion
Insight
Services
Welcome to the
Hannah Lansdowne Director | Residential Development Marketing & New Business hannah.lansdowne@savills.com +44 (0)20 1234 5678
Last year we sold over 4000 new homes and 94% were sold off plan
The Savills brand, with its distinctive yellow and red logo, has a major presence in the British property industry and helps to promote confidence and trust. It delivers kudos when you sell your development through savills. We invest heavily in our brand and we are recognised as the lead Property Superbrand for the last 9 consecutive years. For more information on selling a new build home or related services click here.
We provide bespoke and fully-integrated services for landowners, developers, occupiers and investors across the development life-cycle. Our team of over 600 professionals across the UK offers an exceptional end-to-end service from identifying the right sites, gaining relevant planning permission through to advising and managing the design and build process through to selling or leasing developments.
We work with our clients throughout the process from conception to completion, ensuring that the scheme is optimally suited to the market. We will prepare a tailored sales and marketing strategy for your scheme with the aim of generating leads and converting those leads into sales quickly.
At Savills our aim is to add value to the development and sales process. Our teams specialise in providing consultancy advice on a range of residential schemes, from high end, boutique developments to large mixed-use regeneration projects. Last year we sold over 4000 new homes and 94% were sold off plan.
Our Services
Since the launch of our new look Savills website at the end of April 2018 – end of October 2018, we have received;
Source: Google Analytics Jan – Dec 17
(Source: Savills database 1st Qtr 2018)
Source: Google Analytics May 2018
Source: Google Analytics Jan – Sep 2018 vs Jan – Sep 2017
Source: Google Analytics, September 2018
Source, Google Analytics Jan – Oct 2018
Source Connexity Hitwise, September 2018 – based on a custom category of estate agents including Knight Frank, Strutt & Parker, Hamptons and Jackson Stops & Staff
We have seen a 12% increase in website traffic to new homes listings on our site during the first quarter of 2018.
30%* of our leads and 50%* of buyers for our new homes originate from Savills and not via property portals.
The result was 94% more leads for our clients properties than the previous year.
The number of visits our website received for new homes pages exceeded 1.18 million last year, 39% more than the previous year.
We are continually increasing our investment into our digital media strategy driving traffic to the savills website, including SEO, Facebook/Instagram advertising, PPC and digital display advertising. 35% of online visitors to new homes originated from paid for digital marketing activity.
Our online property search is optimised for use on the iPhone and iPad, attracting over 800,000 mobile and tablet visitors per month.
savills.co.uk frequently receives over 1.3 million visits per month conducted from 212 territories around the world
market share
53.93%
With the majority of searches now starting on the internet, at Savills we are proud to be the most-visited independent agency website in the UK, with 53.93% market share for web visits vs our competitors.
Generating more leads for our clients
View a full list of our services
Get a FREE up-to-date Market Appraisal of your development
Through our wider team, from the very beginning of the process, we can provide a service that can drive extra value out of a scheme. In the early stages we offer design, sales and marketing consultancy, during the sales phase we can provide guidance on the look and feel of a marketing suite and the elements which drive success as well as providing fully trained and qualified site sales staff. Towards the end we offer consumers services such as finance, insurance, development lettings, buyer care and our corporate services teams can assist the buyers from snagging right through to finding a tenant.
From start to finish...
In addition to our 25 new homes teams across the UK, we have a dedicated team specifically focused on driving applicants towards your development. We use our extensive database to source past clients and applicants and engage their interest towards your developments using targeted calling. In 2017, Savills Client Care team made some 92,000 calls, helping to sell over £50m worth of property.
UK based international sales and marketing team
Dedicated client care teams
Savills specialist UK based international sales and marketing team provides our clients leading advice to promote residential developments to an international audience. They can provide cost effective marketing solutions to ensure your scheme reaches the right audience in the right way. The international team facilitated an increase in sales of over 70% YoY via our specialist teams located in key locations across the Globe
Thinking of Developing?
Talk to Us
Over 600,000 visits, of whom Downloaded over 3900 new homes brochures Viewed over 6200 new homes videos 2800 people contacted us directly from our website via mobile phone or via our contact forms
35% of our new homes traffic originated from our paid for digital and social marketing activity on google/facebook and Instagram
In 2018 YTD* our new homes teams have registered over 32,000 new applicants.
33% of them and 50% of our buyers have originated from a Savills Source** and not via property portals.
*Jan – Mid Oct 2018 Savills Reapit Database **Includes Savills website, previous clients, database, local office network, for sale boards and paid for digital and social advertising.
• xx
We understand the importance of research to ensure our teams are fully informed about the market. Savills Residential Research is a dedicated team with an unrivalled reputation for producing well-informed and accurate analysis, property research and commentary on all sectors of the UK’s housing market. Find our latest research below.
download pdf
more information
House prices rose slightly in April, according to Nationwide, partially reversing the previous month’s fall. The 0.2% rise in April is in line with average monthly growth over the past 2 years, and with our forecast for UK house price growth of 1.0% in 2018. Surveyor price expectations have dropped to their lowest level since 2012, according to the RICS survey. This modest national average masks a more positive picture across most of the country. Transaction levels appear stable across most regions and are higher than they were three years ago. Activity levels and price growth remain weakest in the south and particularly in London, where there were 22% fewer transactions over the last year compared to the same period three years ago. London is also expected to see an economic slowdown in 2018, narrowing the growth gap between the capital and the rest of the country. But surveyor sentiment about supply and demand stabilised in April. The RICS survey suggests the downward trajectory of market activity in London may be coming to an end: surveyors reported rising demand for the first time in a year. Despite some improvement in surveyor sentiment, the GfK consumer confidence survey recorded the 28th consecutive month of negative outlook by consumers on their personal finances in April. This followed the announcement of disappointing Q1 2018 GDP growth of only 0.1%. The ‘Beast from the East’ gets the blame for this loss of productivity, prompting Oxford Economics to revise their annual GDP growth estimate down from 1.7% to 1.5%. These poor results led the Bank of England not to make the anticipated base rate hike in May, leaving it at 0.5%, with commentators now expecting the next rise in August.
Housing Market update - May 2018
Modest price growth supports stable activity
Price growth flat, but signs of an increase in activity
Housing Market update - November 2018
House prices showed no change in October , according to Nationwide. This puts year to date growth at 1%, in line with our forecast for 2018. We have recently published our updated forecasts to 2023, which predict 14.8% growth for the nation over the next 5 years. You can read the full report here: http://sav.li/cfl. The number of surveyors seeing falling house prices slightly exceeded the number seeing rises, according to the September RICS survey. Most surveyors continued to report falling numbers of new enquiries and new instructions. Surveyor optimism seen early in the summer has translated into two comparatively strong months of transactions in July and August , with August having the highest number of new loan completions since 2007. A return to greater negativity amongst surveyors suggests this uptick may be short lived. But the 7 month decline in transaction volumes has stopped for now. One driver of transactions is the Help to Buy equity loan scheme, which supported approximately 1 in 8 first time buyers in Q1 2018. The scheme’s extension was announced in last week’s budget: it will now continue until 2023 but will be restricted to first time buyers only from 2021. It will also have new maximum value caps, set regionally. Since the scheme’s start in 2013, 170,000 homes have been bought using it, the majority (81%) being first time buyers. This extension has provided much needed clarity, and has been welcomed by most major housebuilders. Other major announcements were for a stamp duty cut for shared ownership purchases and an additional 1% stamp duty for non resident buyers. See our full response to the Budget here: http://sav.li/cgq Annual house price growth was strongest in the Forest of Dean, Stirling and Burnley, all at approximately 10% growth over the 12 months to August. London remains the weakest performer, due in large part to Brexit impact on sentiment, with Kensington & Chelsea, Westminster and Camden showing the largest annual falls of 9%, 7% and 5% respectively. Annual rental growth for the UK remained at 0.9% in September, according to the ONS. The East Midlands continued to show the strongest annual growth of 2.9%, followed by the South West at 2.1%. London has been the weakest performer, with rents 0.3% lower than this time last year, though we forecast higher rental growth in London than other regions over the next 5 years.
In the past year, house prices in Scotland have risen by 5%, making it the strongest-performing part of the UK. This, in turn, has supported land price growth
Spotlight: What next for housebuilding?
The housebuilding industry has once again been under scrutiny this year, with another government review tasked with looking at the challenge of increasing delivery rates. Encouragingly, the Letwin Review has concluded that landbanking is not an issue affecting housing delivery, instead focusing on the lack of product diversity in the industry. Certainly, more variety of product will help with market absorption, but it is not the only answer; our research also identifies the roles of competition and pricing, alongside a greater variation of tenures. The conclusions of the Review also have potential to impact land value uplift, at a time when land value capture is becoming a hotly debated topic. The Review has been a welcome addition to the discussion around boosting delivery, but ongoing policy support and funding for smaller developers, affordable tenures and infrastructure requirements will be needed to make its aspirations a reality. We await Sir Oliver’s final recommendations this autumn with great interest.
Changing shape: Our new five-year forecasts reveal interesting patterns in prime property
Spotlight: Prime UK Residential
There is no getting away from it. We have prepared this report at a time of heightened political and economic uncertainty. It would be an understatement to say it makes forecasting a tricky process. The terms of the UK’s divorce from the EU are yet to be agreed. The domestic political landscape is unsettled. There is a range of scenarios for exchange rates, interest rates, economic growth and wealth generation. It would be easy to write off the prospects for price growth in the prime housing markets. Yet, much of the uncertainty has been present since the day of the Brexit vote. The prime housing market may not have flourished. But neither has it wasted away. As Frances Clacy explains, the market has been price sensitive and become much more needs-based, especially given the increased costs of buying from successive stamp duty changes. But where sellers have priced stock to reflect these costs and underlying buyer caution, it has continued to sell. Last year, we envisaged these fickle market conditions would remain until a Brexit deal was done. We pencilled that in for 2019/2020. Thereafter, we expected a return to price growth, albeit weaker than in previous cycles. That prognosis accounted for rising interest rates and a higher tax environment. Now, we are pushing back that recovery to reflect the likelihood of an extended transition period once the Brexit deal is hammered out. We cannot be sure talks will follow this path. But a no-deal Brexit would do little for either the UK or the EU. That alone is likely to oil the wheels of negotiation. Assumptions settled, we tend to start our forecasting in central London. It is only one part of the prime housing market jigsaw, but by putting together its pieces, it is easier to tackle the rest. As Katy Warrick says, when prime housing in central London has looked like good value, it has historically bounced back at pace. A general election in 2022 could interrupt this, while the recent announcement of further stamp duty costs for overseas buyers at the Conservative Party conference is likely to temper it. Market conditions will change over the next five years. The patterns of the prime housing market might not be easy to predict but, taking the medium-term view, there is a place for cautious optimism. Mat Oakley reminds us that, on the evidence of office take up, the city will remain “a major part of large companies’ European and global networks”. So, our central London forecast has an interesting shape. In turn, that shape affects the pattern of our forecasts for other prime property in London and the UK.
Standard housing need methodology needs rewriting following release of new household projections
Policy Response: Calculating Housing Need
The standard housing need methodology, a cornerstone of the Housing White Paper, needs a re-write following publication of the new household projections on 20th September. It has brought starkly into the spotlight that relying too much on household projections to assess housing need is inappropriate. Local Planning Authorities, housebuilders, land promoters and developers are in limbo until the Government concludes its promised consultation on how to change the methodology. The standard methodology has always had three flaws: the overall number is too low; the need is not sufficiently focused on the most unaffordable regions; and there are some very unaffordable areas with very low housing need due to suppressed household formation. With the new household projections, the standard methodology generates a geographic distribution of housing need that does not respond adequately to the challenge to improve housing affordability. Our recommended approach, first published in October 2017, is more resilient to changes in the household projection methodology. It reduces the impact of suppressed household formation and results in a housing need for England of 290,000 homes per annum, within 3% of the Government’s housebuilding target. The distribution of housing need also responds to the challenge to improve housing affordability.
Market adjusts to lower land value in London
Market in Minutes: Residential development land
Residential development land values in central London have fallen, in contrast to office development land values which remain broadly flat. In the past six months, residential land values in central London have fallen by 4.9%, taking them to 16% below their 2014/2015 peak. This is, in part, due to falls in house prices in the prime London markets, which fell 3.3% in the past year and are now 11% below their peak. It also takes into account other factors, including build-cost inflation, sales rates and an increasingly complex policy environment.
Have we entered a new age of institutional residential investment?
Report: Investing in Private Rent
Institutional investment in the UK residential property market has been a slow burn. Much talked about and vaunted for the last 20 years, only in the last five years has it truly gained traction. Compared to the student housing sector, institutional investment in privately rented homes for the wider population remains relatively immature. But it is developing fast, with a switch in focus to stock built specifically for the rental market. The amount of operational Build to Rent stock has increased by 26 per cent in a year. The amount under construction has increased by 33 per cent. The case for investment has been made many times before: restricted access to home ownership entrenched by mortgage regulation; changing lifestyle choices underpinning growing rental demand; potential for secure, inflationary income streams from an asset underpinned by a strong track record of capital growth, and so on, and so on.
Transport improvements trigger higher demand
Market in Minutes: New Homes and Infrastructure
Transport has a key role to play in the delivery of new homes. As people look to move to a new area, a transport hub can fuel residential demand and, consequently, house price growth. Stations that have seen the largest increase in passenger use over the last two years are those that have seen larger volumes of new homes delivered – areas such as Aylesbury Vale Parkway and Didcot Parkway. Areas such as these have, on average, seen house price growth that is 5% higher than neighbouring areas over the past five years. As people continue to move out of London, improvements to infrastructure can provide an opportunity for developers to take advantage of the demand for new homes in commuter locations.
Briefing Note: Draft revisions to the National Planning Policy Framework
Today the Government published its draft revisions to the National Planning Policy Framework (NPPF) for consultation, one year on from the publication of the Housing White Paper (HWP). This announcement is the biggest shake-up of planning policy since the introduction of the NPPF in 2012. Both the Prime Minister and Secretary of State spoke at the launch, highlighting the current political importance of housing and planning. In the full report, we look at the extent to which key policy proposals from the HWP have made it into today’s revisions to the NPPF. It illustrates a real consistency of approach from Government. The main addition to the HWP proposals is the announcement on viability, with a Draft Planning Practice Guidance for Viability also published. More detail and clarification will come in the revisions to the Planning Practice Guidance to be published later in the week, including how the standard approach to housing need will work. It’s only when we see these details that we can assess the potential impact of the changes on the delivery of new homes and how far they are likely to take us towards solving the housing crisis. The consultation runs until 10th May.
Welcome to the 2018 Savills Cross Sector Outlook, in which our team of research experts forecast the top performers and key trends across each sector
Spotlight: UK Cross Sector Outlook
The uncertainty over the UK’s future relationship with the EU will continue to cast a shadow over economic growth throughout 2018, leading to a more cautious outlook amongst investors across all sectors. However, although sentiment and activity may be subdued, it doesn’t mean investment will stop. Property remains a safe haven for capital preservation, and demand for prime, secure investments will be as keen as ever. Yields on many commercial property sectors, for example, are higher than those in much of Europe. Although the pace of recovery will be dictated, to a large extent, by Brexit, investors are exploring new opportunities. So, while the mortgaged buy-to-let sector is in decline, there is fresh impetus in the multifamily market. In the commercial sector, a shortage of prime stock is leading investors to seek secure income in alternative assets. Even in the rural and farming sector, which is highly sensitive to the outcome of Brexit negotiations, assets such as renewable energy and agritech offer potential for future gains. Given the economic climate, making the right investment is crucial. This report outlines the findings of our expert research teams across the commercial, residential and rural sectors. We believe it will help inform your future investment decisions.
As risk aversion remains a major trend, income-producing asset classes such as warehouses and student accommodation will grow in popularity.
Summary
Commercial
The decline in mortgaged buy to let investors will create opportunity in the build to rent market, while investment focus will shift to the regions.
Residential
With uncertainty dictating rural market sentiment into 2018, scale, efficiency and diversity of income will play a key role.
Rural
Rented sheltered housing does not meet the needs of 25% of older households. Social landlords can help plug the housing gap and produce an attractive new revenue stream by building shared ownership retirement housing.
Spotlight: Housing for Older People
Different people, different products
The open market and social landlords are not meeting the needs of around 25% of older households. International benchmarks suggest we should provide purpose-designed housing for 15% of elderly households. This means we need 1.4 million of these homes in the UK. The open market provides housing for older people that have housing equity and can afford to downsize into a purpose built property. Around 40% of households could afford to downsize and have at least £50,000 left over, assuming they can find one of these scarce properties. Social landlords provide for the least well-off, by offering rented sheltered housing for older people. This accounts for a further 35% of the elderly population. This leaves a housing gap of 300,000 “squeezed middle” households*, wealthy enough to own their own home but not wealthy enough to leave it. There may be space for them in rented sheltered housing, but this is seen as a last resort due to (often unfair) perceptions of low quality and poor design. Homeowners will often only move into sheltered housing if health or financial pressures force them to. Meanwhile, older households are left with their wealth tied up in ageing properties they are not able to maintain or heat, with little cash available to help pay for care costs.
New home transactions are growing, but slower than before. And with lower investor demand, it’s more important than ever for developers to know who is buying new homes and where they are buying them.
Spotlight: New homes: new perspectives
The potential saving in upsizing from prime central London to popular destinations such as Oxford and Cambridge
£1.5 million
The average purchase pricefor a UK investor in 2017, down from £296,000 in 2015
£269,000
The percentage of Savills new homes buyers moving out of London that were upsizing
50%
Sales over £600,000 grew 12% between 2015 and 2016, compared with 31% the year before. Prime developers should target their product to specific customer groups to maintain high sales rates. Help to Buy continues to support the core new build market. Housebuilders must deliver housing below the £600,000 cap in desirable markets to access these buyers. 99% of Savills first-time buyers purchase properties under this value.
The results of this collaborative survey highlight what today's buyers prioritise when looking for a new-build home
Beyond location, location, location: priorities of new-home buyers
We are without question at a defining moment for UK house building. The industry is facing a series of very important challenges. As well as the pressure to deliver more homes, we also need to focus on raising quality, a task made more demanding by current and projected skills and workforce shortages. We are also seeing major demographic changes and an increasingly diverse market with first-time buyers, upsizers, relocators, downsizers and those needing specialist accommodation, each with their own particular needs. How we respond to this complex and increasingly discriminating market lies at the heart of this important new research taken forward in collaboration between the NHBC Foundation and Savills. With feedback from over 5,400 new-home buyers across Great Britain, it explores what was important to them when they made their purchase. It identifies a set of core priorities and shows what is most important to different types of buyers. Unsurprisingly there are significant variations between the priorities of different groupings. First-time buyers are naturally concerned about affordability and the availability of Help to Buy is of high importance to them. Access to transport, including trains and buses, is of greater importance to those buying in central urban locations than those buying in suburban locations who attach greater priority to car parking. Upsizers have a particular interest in access to good local schools, while downsizers, who also tend to be older, put a greater emphasis on energy efficiency and access to local NHS services. Reaction from reviewers confirms the timeliness of this report as a contribution to the better understanding of the different buyer categories and what they are looking for. It tells us that the traditional approach, characterised as a disproportionate focus on the production of family homes alone, may no longer be a tenable business strategy.
I hope that this latest research will prove to be of widespread interest, and also prove helpful to all those involved in the range of activities which together determine the shape and character of future housing developments.
Rt. Hon. Nick Raynsford Chairman, NHBC Foundation
Housing associations have a vital role to play in solving the housing crisis...
* ‘Core’ margin refers only to social housing lettings, excluding market and shared ownership development and other social programmes. ** ‘The sector’ as represented by 202 associations for which we have analysed financial reports, representing over 95% of all stock owned.
Marginal Gains: Enabling Development Through Efficiency
...But they need to increase their housing output by a factor of four if they are going to deliver the sub-market rental homes we need. This isn’t helped by limits on grant or the rent cut (-1% each year for four years from April 2016). The last year has seen an impressive effort by associations to minimise the impact of the rent cut on operating margins and development capacity. But as the rent cut continues, the difficulty of maintaining investment in new homes will grow. Core margin* across the sector** increased by an average of over two percentage points in 2016/17 – from 32.3% in 2015/16 to 34.5% – despite being the first year with a 1% rent cut. This performance was delivered by a small increase in receipts – with newly built homes more than offsetting the impact of the rent cut – along with reductions in cost per unit. And it was broadly achieved across the whole sector, with LSVTs and northern-based associations delivering particularly large gains, but limited patterns regarding size of organisation. While this appears to be good news, there’s a big ‘but’. Many in the sector have highlighted that there were some one-off, large efficiencies to be made, to offset the rent cuts and protect development programmes in the short term. This low-hanging fruit can only be picked once, so future cost-cutting is likely to be more difficult.
Core margin improvements across the sector 2015/16 to 2016/17
Source: Savills Research using published accounts of 202 housing associations
Residential development land values in central London have fallen, in contrast to office development land values which remain broadly flat. In the past six months, residential land values in central London have fallen by 4.9%, taking them to 16% below their 2014/2015 peak. This is, in part, due to falls in house prices in the prime London markets, which fell 3.3% in the past year and are now 11% below their peak. It also takes into account other factors, including build-cost inflation, sales rates and an increasingly complex policy environment. Recently, there has been a trend to lower numbers of land sales in London due to the uncertainty over the impact of Brexit and falling values. In 2017, there were 15% fewer sales in London than in 2016 (according to Molior) and the first half of 2018 has continued to be slow. However, vendors have become more realistic in their pricing and there are more sites under offer and on the market. As a result, we expect there to be more land sales in London in the second half of 2018 compared with the first half. It remains to be seen whether increased transactional activity will continue into Q1 2019. In Westminster, and Kensington and Chelsea, development sites are increasingly being considered for alternative uses, such as hotel or office use rather than residential. This is due to falling house prices and more ambitious application of planning policies. Sites that have sold recently in this area have primarily been those with historic planning permissions that do not carry the same affordable housing requirements. In contrast, office development land values in central London remain unchanged over the past six months. Supply and demand remain in balance with low levels of speculative office development, and vacancy rates remain at historically low levels due to many tenants staying in place.
Scarcity of quality sites in Scotland In the past quarter, greenfield and urban land values in the UK have grown by 0.4% and 0.7% respectively, taking annual growth to 1.9% and 6.9%. Much of this growth has been led by Scotland where greenfield land values increased by 1.0% and urban values by 2.5% during the quarter. The increases in land value continue to be supported by house price growth. In the year to July, prices in Scotland grew by 4.8%, exceeding the national average of 3.8%. A scarcity of high-quality developable sites in Scotland, particularly to the west of the country, has led to increased competition for development land. In Glasgow, house prices grew by 7.7% in the last year and around 6% for the Greater Glasgow area. Yet, homes are still relatively affordable with house prices 4.7 times average earnings in Glasgow and 5.1 in Scotland, compared with 7.6 for Great Britain. Limited availability of secondhand homes is also supporting demand for new build homes. Having worked through their strategic land banks, housebuilders are now looking for more sites in the short to medium term across Scotland, increasing the competition for sites. There is particular demand for sites where homes will be priced up to the Scottish Help to Buy threshold of £200,000.
An increasingly crowded land market Over the last year, the land market has become more crowded, with recent government funding announcements further opening up the market to housing associations, SMEs and local authorities. In September, Theresa May announced £2 billion of additional funding for affordable housing from 2022, providing the HA sector with confidence to invest in longer-term development projects. The announcement builds on the Strategic Partnership programme and supports land-led development instead of Section 106 acquisition. The government is encouraging HAs to be ambitious in ‘taking on and leading major developments’. Homes England launched a partnership with Barclays Bank to provide £1 billion of development finance to small and medium- sized housebuilders. By enabling greater access to finance, the Housing Delivery Fund aims to increase the number of new homes delivered by SMEs and the pace of delivery. Across parts of the country, we are seeing smaller and medium-sized housebuilders bidding on more sites, particularly those of fewer than 100 units. With better access to finance, we expect their presence in the land market to increase. The recent announcement by the PM of the lifting of the housing revenue account borrowing cap could remove a major constraint on council development. This could offer greater scope for local authorities to increase their building programmes, invest in larger sites and lead to more opportunities for partnerships and joint ventures. With local authorities able to set their own borrowing limits, Savills estimates that councils could build at least 15,000 homes a year (in the long term, subject to capacity) and will need land to do so. See Steve Partridge’s blog for more commentary
| Focal points Development news and analysis in brief
| Under pressure Central London residential land values continue to fall Source: Savills Research
| Land leader Glasgow has been at the forefront of growth in Scotland Source: Savills Research, HM Land Registry
The latest new homes property market news and opinions from our renowned industry experts.
The implications of the Oxford to Cambridge Expressway
Read More
The recent Government announcement regarding the preferred corridor for a new road between Oxford and Milton Keynes has received a mixed response. Before we consider the implications of the proposal, it is important to understand its history.
A closer look at the greenbelt
The Campaign to Protect Rural England (CPRE) has today published its annual report, The State of The Green Belt 2018, which outlines that there are currently 460,000 homes being planned to be built on land that will soon be released from the green belt.
Bristol's private rental sector is set to flourish
There has been significant interest in private rental sector (PRS) investment in Bristol in recent years, but relatively little activity to date. The reasons for this are manifold: a strong private residential market, which has never been oversupplied; a lack of relative scale; the strength of other regional markets, especially in London and the South East, as alternative investment locations; and a relatively affluent local population have all kept PRS operators on the back foot in the city.
Don’t take our word for it…
Developer of The Picture House Apartments
David Lewin Medinbrand Ltd
I'm very pleased with the service to date. Competent, knowledgeable and enthusiastic - and most importantly achieving sales.
Stephen Green Future Heritage
We have worked with the Savills team in Bath for several years and have always found their input to be constructive, creative and well informed.
Bath
Bernice McKenna Acorn Property Group
Savills work professionally and efficiently with us as part of a seamless team which enables us to maximise our results and achieve the best development and sales potential we possibly can. They have an exceptionally professional and knowledgeable team who provide us with the most detailed and up to date market information which assists us in designing developments which we know will match market demand.
Simon Peck Robert Weston Ltd
It has been an absolute pleasure working together with Jane and her team at Savills in Winchester. Overand above providing the professional and friendly service we have come to expect from Savills, Jane’s team in particular have taken us under their wing: taking personal interest in all aspects of our projects, from design input to finishing touches, gently steering us in the right direction, supporting us through the tough times and celebrating the highs with us.
Samuel Doswell Drew Smith Homes
Drew Smith Homes are always delighted to engage Jane Kennerley and her team to dispose of our newbuild homes; the commitment and hard-work of their residential development staff ensures that all aspects of sale from initial enquiry to completion are handled meticulously. Jane will maintain constant communication during every stage of the sales process to ensure that both us as client, as well as our purchasers, are well appraised and can subsequently progress matters in the most diligent fashion. We wouldn’t hesitate recommending the Winchester office as they befit the renowned service that Savills offer throughout the UK and beyond.
Rob Carter Millgate (Winchester) Ltd
Without doubt there is only one person in Winchester who I would trust with our New Homes. Jane is exceptionally well connected with the new buyers looking in Winchester and she consistently impresses me with her understanding of the state of the market and the requirements of her applicants. Dealing with Savills gives me the confidence that our properties are being promoted to both local, national and international house buyers but most importantly it is the team in Winchester that consistently exceed my expectations.
Winchester
Steven Allenby Sales Director Barwood Homes
Karen and her team manage to blend beautifully, the right balance between total professionalism and a genuinely personable, friendly service in everything that they do. We appreciate their straight talking, their attention to detail and most importantly the delivery of what they promise to provide. We really enjoy working with them.
Ian Ashcroft Director Lucy Developments
We’ve used the Oxford new homes team since Lucy Developments started in 2010. We’ve always been impressed by their realistic sales forecasting, their specification and marketing advice and the quality of service they provide, not just to us as the client but also to our purchasers.
Oxford
James Hopkins Executive Chairman Hopkins Homes Ltd
I have worked with Richard for more than 20 years and value his no nonsense, straightforward approach as well as his wide-ranging knowledge of East Anglia and the new homes market. Hopkins Homes have instructed Savills on numerous schemes and we are consistently impressed with the professional, dedicated service Richard and his team provide.
Simon Muirhead ICIOB Director Badger Building Ltd (E. Anglia)
We have and continue to work with Frances selling a number of our residential developments in Norfolk and Suffolk. We have always found her local market knowledge, customer service and attention to detail to be exemplary. We would not hesitate to recommend Frances and Savills and thank them for their continued hard work.
Norfolk
Guy Macklin Managing Director Derek Warwick Developments
George has really helped us get involved with Savills. This relationship started with New Homes and has quickly progressed to the land, licensed leisure and planning teams through George’s careful introductions. The professionalism and expertise in Savills is second to none and I am grateful to have this resource on tap for our business.
Mark Ruckwood Managing Director Pathways Developments
I have known George for over 5 years now and in that time he has been nothing but a true property professional and trusted advisor to all of us here. His introductions to the heart of the Savills teams has resulted in 2 land purchases, both of which we will be re-selling with him
Steve Griffin Construction Director Roxan Construction Ltd
Over recent years, our business has been associated with many of the well-known Marketing Agents across the South Coast, however Savills and in particular George Long’s drive and enthusiasm as marketing and sales professional sets him apart from his competitors and is in a league of his own. His guidance and expertise certainly made a huge difference in achieving our goals and we are most grateful to him.
Dorset
Jonathan Lewis Group Sales Director Weston Homes PLC
A dedicated and professional New Homes team that always deliver
Hattie Bacon Sales & Marketing Director Enterprise Property Group
We have worked with the New Homes Team at Savills for many years and have always found them to be extremely professional, communicative, efficient and helpful. The personal attention to detail and the quality of service has always been excellent
Cambridge
Simon Baston Director Loft Co
The New Homes team have represented Loft Co on various schemes. They intuitively understand property at all levels; demonstrating full comprehension of the whole process from inception through to sales. Our company works in a complex and niche market and we need someone who can think laterally and be extremely professional with boundless energy - Caroline and the team fits our remit every time.
Lawrence Dovey Director Doublet Holdings
We dealt with the new homes team on our development ‘The Retreat, Llandaff’. From start to finish the team greatly assisted from helping choose finishes, advising on marketing, dealing with enquiries and converting sales through to handover and liaising with buyers; they gave professional advice with a personal touch, not just to ourselves but to the purchasers of the apartments.
Cardiff
Seb Kemp Oakford Homes
Oakford Homes have been working with the Savills Residential Sales team in Guildford for over 12 months on our development called Abingworth Meadows in Thakeham. Working closely with both Jo Judge and Harvey Herrington, they have provided clear and concise market knowledge, not only in the surrounding area but also across the wider region. In addition, they continually provide creative and fresh marking ideas in order to help attract potential purchasers to Abingworth Meadows and at the same time promote the Oakford Homes brand.
Nikki Gibbard Helical Bar
Savills always deliver and their advice and consultancy has proved to be invaluable at each stage of the project. From well-researched and considered market advice to expert design consultancy and the fulfilment of last minute requests for reports, they always deliver on time and on point. The team are extremely professional yet hugely enjoyable to work with.
Hinesh Chawda Life Less Ordinary (LLO)
We have worked closely with Daniel in our development in Guildford. It has been refreshing to work with someone who is really driven to sell and looks for innovative ways to market real estate. We are always kept up to date with progress and feel that he has provided a professional and personal service throughout. Only wish he was working at the local estate agents in our other development.
Guildford
Nicky Chapman & Bellway Kent Division Sales Team
Savills Sales Team Just a little note to say a BIG thank you for all your hard work and support at ‘1811’ this year. Many Thanks
Kent
Gordon Coster Ambassador Group
We are currently working with Jennifer Goldie on our most prestigious project to date, Park Quadrant Residences, where Jennifer continues to impress us with her extensive market knowledge, professionalism and enthusiasm. Her forward thinking attitude was key when engaging with buyers who experienced our Virtual Reality headset, a key tool for securing sales during the first phase of the development. We will continue to be a sound business relationship with Savills and look forward to working on future projects with Jennifer and her team.
Graham Aggett Applecross Creations
I have been very impressed with Carole's professional approach and her detail on design, specification and supporting sales research.
John Dickie, Director Dickie & Moore Homes Ltd
We have worked with Jennifer Goldie on several projects and always found her knowledge, professionalism and enthusiasm a major asset in the marketing and selling process.
Glasgow
Lee Barnard Sales & Marketing Director Hopkins Homes
Jeremy Prior Hill House Invest
Sensible and pragmatic advice and a service delivered with a passion for providing the highest levels of professionalism to both client and purchasers. Always happy to go that extra yard which few other agents are prepared to do – this is why Savills are the agent of choice.
The Savills’ new homes team offer us a first class service. Their knowledge and expertise in selling new homes is market leading and their service invaluable. The team are a joy to work with and are always focussed on the job in hand.
Essex and Suffolk
Graham Aggett Applecross Creation Ltd
Edinburgh
As a property developer with well over 30 years’ experience, I have been delighted with the professional attitude and service provided by the Savills team in Edinburgh. This service includes providing market research for new developments and detailed information on comparable sites when pricing support is required. The quality of the sales team is invariably appreciated by the customers which leads to good pre-sales and normally a good rate of sale in line with expectations. I have continued to recommend Savills to other developers and private individuals on the basis that I believe they are currently the best selling agent in the market for both new homes and existing properties. The success of the Savills website statistics is a good testament to the market perception of their brand.
North & scotland
south east england
Midlands & east of england
south west & wales
residential development
property portfolio
L
D
Ireland
Residential property transactions are the most significant any of us ever undertake. But whether you’re buying as an investment or for your next home, purchasing an apartment in town, a house in the country, Savills team of experienced estate agents can guide you through process.
Insider knowledge and passionate advice from agents who know their patch inside out.
Welcome to our latest edition of our Regional New Homes Portfolio offering some of the finest new homes for sale throughout the UK. Whether you are considering a family home, a buy-to-let, accommodation for the children near the UK’s top universities, a pied à terre or an apartment with fabulous amenities, we have a variety of developments both completed and off plan for you to choose from. From viewing properties and finding your next home, to finalising your mortgage and the completion of sale, our residential development sales teams will be on hand to advise you every step of the way. For further information please do contact our regional sales teams directly or use our contact form Many thanks for choosing Savills for your search.
From viewing properties and finding your next home, to finalising your mortgage and the completion of sale, our residential development sales teams will be on hand to advise you every step of the way. With over 25 dedicated new homes teams across the UK all over the UK, our teams know your desired area inside out. We’re passionate about our patches, and can give you first-hand insider knowledge of what it’s like to live in your chosen area and how to find the right new home for you.
Buying?
In-depth research and analysis into residential development property market trends, forecasts from our specialist research teams, and market leading commentary to help you make the right property decisions.
• Market in Minutes: Prime country residential October 2018
• Market in Minutes : Prime London residential October 2018
• Spotlight : Prime UK Residential
• Housing Market Update : June 2018
Pricing is key for competing interest
Market in Minutes: Prime country residential
On average, prices in the prime regional housing markets remained relatively flat, falling by just 0.6% in the third quarter of 2018. This reflects a general lack of urgency from prospective buyers, primarily stemming from the uncertainty surrounding both the Brexit negotiations themselves and what it will mean for the economy. Annual house price movements are now in low single-digit negative territory across southern England. That reflects a lack of impetus from a subdued prime London market, which has borne the brunt of successive increases in stamp duty. Markets beyond this – which have been less directly impacted by high stamp duty costs and are less reliant on equity flowing out of the capital – have continued to show low levels of annual house price growth.
Market in Minutes : Prime London residential
Values in London’s prime market fell by 0.6% in the third quarter of 2018. With uncertainty surrounding the shape that Brexit will take and its economic consequences, it is little wonder that the market remains price sensitive. Neither is it surprising that it has remained largely needs-based, with discretionary buyers only active when they can see that a property represents identifiably good value. The price correction in central London is now approaching the level seen in the early 1990s and in the wake of the global financial crisis. Although there has not been as marked a correction in the other prime London markets, it has still been material. As a consequence, property is beginning to look relatively good value, and well-appointed property that is appropriately priced continues to sell.
Capital expenditure Price movements to September 2018 Source: Savills Research
“We expect the market to remain price sensitive over the next two years, before a recovery fuelled by prime central London, and tempered by rising interest rates”
Next: Thinking of Developing
The latest new homes property market news and opinions, plus helpful guides and top tips from our renowned industry experts
Opinions
New dimensions in apartment living
The way we live is changing and we are demanding more from our apartments. A couple of decades ago an apartment meant a single floor. Now buyers have an array of options as the best new-build examples are designed to reflect and enhance our lifestyles.
The enduring appeal of our National Parks
There are 15 National Parks across the UK, all of which are protected because of their beautiful countryside, wildlife and cultural heritage. Sometimes known as ‘Britain’s breathing spaces’, they boast the most striking views our landscape has to offer.
Why delivering the right homes for first-time buyers is vital
First-time buyers are an ever growing proportion of the new build market and the sort of homes being built for them must adapt to remain in demand. With Help to Buy boosting the buying power of first time buyers coupled with changing priorities of this group, developers must look to future-proof the homes they are delivering.
View the full London Development Portfolio
gcardale@savills.com +44 (0) 1179 100 351
Click here to view regional office contacts
For more information contact:
George Cardale, MRICS Head of Residential Development Sales
Yes Please!
would you Like to receive future issues of the new homes portfolio?
Disclaimer
Produced by Real Media Group
* All prices are correct at time of print and subject to change ** Please note many of the images included in this document are computer generated images (CGIs) and are for indicative purposes only Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, images and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. 3. These particulars were prepared from preliminary plans and specifications before the completion of the properties. These particulars, together with any images that they contain, are intended only as a guide. They may have been changed during construction and final finishes could vary. Prospective purchasers should not rely on this information but must get their solicitor to check the plans and specification attached to their contract.
81
43
87
77
71
25
32
Explore a region
