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House prices fall in England and Wales for third month in a row

House prices in England and Wales fell for the third month in a row in April and the annual rate of growth is just 1% above a year ago, having fallen for 11 months in succession.

The latest index figures show that annual growth is well down on its last peak of 9% in February 2016 but if London and the South East is excluded from the calculation prices are up 3% year on year.

The data from the Your Move index also shows that prices fell by 0.1% from March to April to an average of £302,252 but some parts of the country are proving to be more resilient, particularly in the North.

A breakdown of the figures shows that annual growth was led by Wales with a rise of 4.8%. Within Wales, Cardiff and Swansea recorded a rise of 9.7%, the Vale of Glamorgan was up 10.2%, Torfaen up 10.4% and Monmouthshire up 11.3%.

However the index report points out that the annual growth figures in Wales could be affected by the introduction of a new Land Transaction Tax in April, with the amount to be paid rising for properties in the £400,000 to £925,000 price bracket and therefore buyers may have brought forward their purchase to avoid the higher rates of tax.

The next biggest growth was in the North East of England and the East Midlands, both up 3.9% annually, the North West up 3.6% and the West Midlands up 2.7%. Within these regions prices in Merseyside increased by 3.9%, in Tyne and Wear by 5.4% and Birmingham they were up 5.2%.

At the other end of the scale, Windsor and Maidenhead in the South East recorded the biggest annual fall in prices at 9.2%. Meanwhile in the South East in general prices were flat month on month and up just 0.4% year on year.

London was the only place to see prices fall year on year with a decline of 2.5% and prices also fell month on month, down by 2.1%, taking the average property price to £601,808, some £15,415 lower than a year earlier.

The index shows that in London price falls continue to be concentrated at the top of the market. Eight of the 11 most expensive boroughs in the capital have seen prices drop in the last year, including Westminster, the second most expensive borough, down 13.3%, Wandsworth, down 13.6%, and the City of London, down 31.4%.

Among cheaper areas only mid ranking Southwark, down 17.5%, comes close to such falls. The big exception to the rule is Kensington and Chelsea, right at the top of the market, where prices are up 23.7%, but the report points out that this is due to a small number of extremely expensive £10 million plus properties. Ignoring this, the top 11 boroughs would be down 5.8% annually on average.

At the bottom of the market in London it is less volatile and, overall, more positive. Price growth for the cheapest 11 boroughs is up on an annual basis by 0.1% and the cheapest four boroughs have all seen modest annual increases. Overall, two thirds of London’s 33 boroughs have seen prices fall in the last year, and almost the same saw prices decline over the month, with monthly prices down 2.1%.

‘London remains the exception, rather than the rule when it comes to the strength of the market in the major cities of England and Wales, which remain strong. The market remains slow, though, when it comes to the number of transactions,’ said Oliver Blake, managing director of Your Move and Reeds Rains estate agents.

Propertywire

Ugwuanyi committed to affordable housing, says ESHDC boss

The Management of Enugu State Housing Development Corporation (ESHDC), has unveiled its in-house quarterly Magazine, Housing Tide, following the corporation’s commitment to propagate the housing policy of Enugu State Governor, Ifeanyi Ugwuanyi, towards providing affordable housing for the people.

The 52-page magazine, which is the authoritative source of the corporation’s information, especially in the areas of subsisting houses and location of serviced plot for sale, according to the General Manager, Chukwuemelie Agu, was part of the innovative measures adopted to project and promote the good works of the governor in other spheres of the economy.

He said Governor Ugwuanyi’s administration, through the corporation, has done a lot in housing estates such as Citadel, Heritage, WTC, Valley, Rangers 1 & 2, Transparency and Sandview springing up with decent facilities in the cities and rural areas. He disclosed that the establishment has designed more programmes to accommodate the interest of the masses.

While unveiling the maiden edition at the Board Room of the corporate headquarters, Agu said “the governor’s housing policy has received resounding commendation within the state and beyond”, stressing that “the management established this quarterly magazine, Housing Tide, to further highlight, document and promote the administration’s efforts in the sector.”

He said: “Historically, the housing policy of this administration marks a paradigm shift from the old order, as evidenced in the number of affordable housing estates.

“The magazine will, apart from being self-sufficient, serve as another stream of Internally Generated Revenue (IGR) for the corporation. This magazine, which is the corporation’s flagship, will promote a more effective interface with the public and disseminate the laudable achievements to the consciousness of the people, even as the 2019 general election beckons and beyond.

“It will equally foster good relationship between ESHDC and its clients, the media community and the general public. Issues raised in the media will be addressed in a manner that government’s interest, policies and actions are constantly portrayed in a good light.

“Housing Tide is an in-house tabloid of ESHDC, which aims to promote other government’s policies, highlight ESHDC projects, programmes and events as well as the pronouncements/activities of the management of the corporation. Furthermore, it dwells extensively on ESHDC activities within the confines of government’s housing polices, and, also, presents a generous content from the activities of institutions and organisations involved in housing and real estate development within Enugu State and beyond.”

Continuing, the Housing Tide’s boss said the magazine is segmented to accommodate health, law, housing crime/court, metro, interview, news, features, issues, governance, events, site visits and pictorials.

The quarterly tonic, which is a must-read for financial/mortgage institutions, real estate bodies/developers, religious bodies, academic institutions, legal bodies, blue-chip industries, cooperate bodies, communities and investors will circulate nationwide.

Daily Sun

‘Homeowners’ Charter has raised value of properties in Ogun’

Homeowners’ Charter Programme has improved the physical and social infrastructure as well as value of properties in Ogun State, Governor Ibikunle Amosun said.

Amosun stated this during the 31st edition of the presentation of Certificates of Occupancy and Building Plan Approval to another batch of beneficiaries, at the Arcade Ground, Oke-Mosan, Abeokuta.

Represented by Commissioner for Health Dr. Babatunde Ipaye, the Governor said, findings show that that value of landed property had increased, just as land owners now build with confidence as a result of availability of land title documents.

“With the C of O, there is a significant improvement on our physical infrastructure and the value of houses skyrocket from the day you have the document.

“Also, when you know that you are the true owner of your house, it gives you confidence’’, Amosun said.

He observed that those who did not believe in the programme are beginning to see that the administration meant business, calling for continued support of government policies and programmes to fulfil promises made to the people.

The Homeowners’ Charter Programme Analyst, Mr. Adetayo Oni, said the government was determined to offer continuous and efficient services to all qualified applicants, urging beneficiaries to spread the good news about the programme.

Speaking on behalf of the beneficiaries, Mr. Sola Adegbenro from Ifo Local Government Area, thanked the government for keeping to its words, saying the documents had made them confident owners of their property.

The Nation

OBASEKI, AMBODE, ABUBAKAR TO ATTEND 12TH ABUJA INTERNATIONAL HOUSING SHOW

Edo state Governor, Godwin Obaseki, Gov. Darius Ishaku of Taraba State and Gov. Mohammed Abubakar of Bauchi State are among a host of State Governors expected at the 12th Abuja International Housing Show.

The Show which is the largest housing and construction finance stakeholders’ forum in West Africa will hold 16th-19th July, 2018 at the International Conference Centre in Abuja.

Others expected at the Show are Governor Akinwunmi Ambode of Lagos State, Gov. Benedict Ayade of Cross River State and the Governor of Kaduna State, Nasir El-Rufai.

The Minister of Power, Works and Housing, Babajide Raji Fashola will serve as the Chief Host of the Show and will be assisted by the two Ministers of State in the Ministry Baba Shehuri and Suleiman Hassan.

The theme for this year’s expo is Driving Growth and sustainability in Nigeria Housing and Mortgage Markets-improving structures and policies for impact.

Confirmed to speak at the show are Femi Adewole, Managing Director of Shelter Afrique, Kenya, Kecia Rust, Executive Director and Founder, Centre for Affordable Housing Finance In Africa and Agnes Tokunbo Martins, Director, OFID, Central Bank of Nigeria.

Adeleke Samuel, Housing TV

 

 

OBASEKI, AMBODE, ABUBAKAR TO ATTEND 12TH ABUJA INTERNATIONAL HOUSING SHOW

Edo state Governor, Godwin Obaseki, Gov. Darius Ishaku of Taraba State and Gov. Mohammed Abubakar of Bauchi State are among a host of State Governors expected at the 12th Abuja International Housing Show.

The Show which is the largest housing and construction finance stakeholders’ forum in West Africa will hold 16th-19th July, 2018 at the International Conference Centre in Abuja.

Others expected at the Show are Governor Akinwunmi Ambode of Lagos State, Gov. Benedict Ayade of Cross River State and the Governor of Kaduna State, Nasir El-Rufai.

The Minister of Power, Works and Housing, Babajide Raji Fashola will serve as the Chief Host of the Show and will be assisted by the two Ministers of State in the Ministry Baba Shehuri and Suleiman Hassan.

The theme for this year’s expo is Driving Growth and sustainability in Nigeria Housing and Mortgage Markets-improving structures and policies for impact.

Confirmed to speak at the show are Femi Adewole, Managing Director of Shelter Afrique, Kenya, Kecia Rust, Executive Director and Founder, Centre for Affordable Housing Finance In Africa and Agnes Tokunbo Martins, Director, OFID, Central Bank of Nigeria.

Adeleke Samuel, Housing TV

 

 

Real estate still Nigeria’s fifth biggest contributor to GDP

Despite the economic challenges in Nigeria’s real estate sector, a new report by one of the nation’s online platform- PropertyPro has revealed that the sector still retained its position as fifth contributor to the Gross Domestic Product (GDP)

The report, which is focused on the trends of the Nigerian real estate market in the year 2017 and the first quarter of 2018, analysed how impactful the economic recession was in the real estate market.

The 2018 first quarter report by the firm, a member of Tolet Property Group also featured studies of emerging real estate market in Nigeria as a whole, high lighting activity and performance.

It also looked at trends and going prices for properties within the residential and commercial umbrellas of the real estate market.

According to the report, the year 2017 saw the Nigerian economy come out of the recession that had plagued the country since the first quarter of 2016.

The real estate industry has been in the fifth largest contributor to the Nigerian economy and a potential goldmine for investors; but as the Nigerian economy grew, the real estate industry’s contribution to GDP dwindled.

The sector ended 2017 with a -5.92% contribution to the country’s GDP; a significant drop from the 3.1% recorded in the 1st quarter.

Experts attributed this to the restrictions placed on the availability of foreign exchange that affected the construction industry, which is heavily import based, and the unstable economic climate, which has affected the general willingness to invest in the country’s real estate sector.

But the report said Nigerian real estate market has grown since the emergence of online real estate sites in the late 2000s.

The market has grown more in states experiencing a high rate of urbanization.

With the Country’s 4.3% increase in yearly urbanization concentrated in only a few states of the country.

In the report, which narrowed down to the most performing areas on the Nigerian real estate scene with major focus placed on selected areas in Lagos and Abuja, including certain areas in Ogun state, Port Harcourt (Rivers state) and Ibadan (Oyo state), Lagos appeared the most active state on the Nigerian real estate scene and also maintains the most listings and leads across all major online real estate platforms.

This was largely due to the high level of urbanization in the state. Ikoyi has the most expensive properties in Lagos for both sales and rent. For sales, the average cost of a three-five bedroom house is as high as 308,000,000 while the lowest priced properties in Lagos are situated in the Alimosho axis with three and five bedroom houses going for N28, 000,000 on average.

The report also put Abuja as the second most active area on the real estate scene but stated that it still way behind in real estate activity compared to Lagos.

“We monitored the most searched types of properties by Nigerians along with the price range that fell with the interest of online real estate end users” said Seyi Ayeni, the Chief Technical Officer.

The Chief Operating Officer and co-founder, Oladapo Eludire, also noted that “real estate investment always require lots of funding and when dealing in such high risk investment, gut feeling isn’t enough in making the best decisions. Such decision needs to be backed up by data.

Bertram Nwannekanma

 

Provide land for housing – Fashola tells Lagos

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has urged the Lagos State Government to provide land for National Housing Programme in the state.

The News Agency of Nigeria reported that Fashola made the call at the 2018 Ramadan Lecture of the Lagos branch of the Ansar-Ud-Deen Society of Nigeria.

The minister said the President Muhammadu Buhari led-administration was working towards making life more meaningful for Nigerians through carefully designed programmes and projects.

According to him, the National Housing Programme is one of the Federal Government’s efforts to address the country’s housing deficit.

He said, “Over 30 states have provided land for the housing programme and work has started in the states. We are appealing to the Lagos State Government to do same in Lagos.”

Fashola also said Buhari had approved the construction and reconstruction of roads, including the Lagos-Abeokuta road, Lagos-Ibadan road, as well as the Ikorodu -Shagamu road.

According to him, the roads would aid effective transport in the areas.

He added that the ministry was working hard to improve power supply and make prepaid meters available to Nigerians.

The National Chairman, ADS, Alhaji Femi Okunnu, urged the state government to exempt missionary schools from paying tax, as well as paying Land Use Charge.

Punch

Enugu CBN solar city takes off, state pledges support

The Governor of Enugu State, Chief Ifeanyi Ugwuanyi has pledged to support the construction of the first solar powered estate being built by CBN Cooperative in partnership with Geometrix Homes and Estates Ltd., in Enugu.

According to a statement, the governor made the pledge when the National Executive Committee of the CBN Cooperative led by its president, Mr. Isa Aminu Buhari and the Management of Geometrix Homes and Estates Ltd paid a courtesy call on him at the Government House.

Mr. Isa Aminu Buhari while briefing the g,overnor said the project which is one of the first set to be built across states with their partner Geometrix Homes and Estates Ltd is intended to be environmentally friendly and will solve the perennial energy problem which afflicts most homes in Nigeria.

“The solar city project is situated at the reserved section of the Emene Industrial Layout. It is the second of a series of solar powered estates to be developed across the country by the CBN Cooperative in partnership with Geometrix Homes and Estates Limited” the statement indicated.

“The proposed estate comprises of over 170 plots sitting on a land area of over 14 hectares. It will be a fenced and gated neighborhood with asphalted streets, good drainage and well landscaped lawns. Other facilities such as internet backbone, security and cleaning services, etc will be provided. All the houses within the estate will be powered by solar energy along with street lights,” it said.

Chris Agabi

Traffic jam: Town planner canvasses bicycle use

A Professor of Urban and Regional Planning at the Federal University of Technology, Akure, Eno Okoko, has recommended the use of bicycles for short trips by the commuting population in cities across the country.

Okoko made the recommendation in the 98th inaugural lecture of the university titled, ‘Spatial interaction: The quintessence of urban mobility’.

He stated that bicycle as a mode of transportation for short trips was energy efficient, non-polluting and environment friendly.

According to him, because of its flexibility and ability to render door-to-door services in towns where the road condition does not permit an efficient operation of taxi or bus services, and its ability to beat long queues of vehicle on roads where the traffic situation is chaotic, bicycles have advantages over other modes of para-transit transport even in terms of travel time.

Okoko also called on governments and road builders to henceforth include bikeways in urban road designs as was the case in other countries.

“Some municipal authorities deliberately encourage communities to ambulate or walk in the city in order to reduce the population of cars. It has similar advantages as bicycling and requires no fuel other than a person’s most recent meal and it has old origin,” he said.

He also lamented what he termed lack of effective ‘pedestrianisation’ measures in most Nigerian cities, adding that pedestrians constituted about 22 per cent of all road deaths, the majority being school children, women and the elderly.

Okoko said the provision of pedestrian traffic facilities in city centres would ensure seamless spatial interaction and quintessential urban mobility.

He also stated that inappropriate activities such as street trading and unauthorised street parking should no longer be tolerated, and called on relevant agencies to implement parking regulations, provide parking spaces, and if need be, develop multi-storied and underground parking facilities.

The don further suggested the use of a national transport data bank to take care of transportation planning, traffic management and transportation modelling.

Maureen Ihua-Maduenyi

Stakeholders want facility management in school curriculum

The International Facility Management Association, Nigeria Chapter, has asked the government and other relevant stakeholders to include facility management in the country’s school curriculum.

The association stated this at an event to commemorate the World Facility Management Day, 2018 with students of the Government Technical College, Agidingbi, Lagos.

The President, IFMA Nigeria, Mr. Pius Iwundu, said there was a need to imbibe the passion for facility management in the young ones and also train as well as engage professionals in the field to manage the built environment.

According to him, incorporating facility management in the school curriculum for development purposes will help to improve the maintenance culture that will shape the future of the country’s economy in general and the passion for proper upkeep of the built environment in particular.

He said celebrating with the students was part of the strategy for capacity development and the need to inspire the next generation of facility managers.

The theme for the celebration was ‘Enabling positive experiences: Inspiring the technical students for a better tomorrow’.

Iwundu stated, “The often unexpected and disruptive influences in our global environment must be managed effectively to ensure stability and success in the sectors that rely on the results of the facility managers and their teams. This ensures that facilities meet high expectations to enhance life in the built environment, whether it is at work, rest or play.

“The public and private sectors should enable more positive experiences in the built environment or whatever people are directly impacted by facility management deliverables. We need to have passion for facility management.”

He noted that facility management was a multi-disciplinary profession that could ensure the functionality of the built environment by integrating people, place, process and technology.

Iwundu added, “Facility management is the fastest growing industry in the world today and must therefore be embraced by everyone for our built environment to reach its life expectancy and serve its purpose.

“In recent years, Nigeria has gradually moved and should continue to move away from state-owned and operated facilities and services in favour of outsourcing solutions, a practice that is now attracting investment and improving the efficiency and quality of facilities and infrastructure in order to finally move away from the challenges of reliance on breakdown rather than preventive maintenance; under-pricing and use of substandard construction materials and consumables; and lack of understanding in the concept of project lifecycle analysis and costing.”

A past President of IFMA Nigeria, Stephen Jagun, stated that technical knowledge was vital for the young generation.

According to him, students with technical knowhow stand a better chance of employability and job creation.

The Principal, Government Technical College, Agidingbi, and Director of Education, Lagos State Technical and Vocational Education Board, Belinda Odeh, said the state government recognised the importance of technical and vocational education, hence its resolve to create three more technical colleges before the end of the year.

Maureen Ihua-Maduenyi

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