Sandbanks tops Britain’s list of most expensive seaside towns

Sandbanks, the Dorset destination known for its waterfront mansions and views over Poole harbour, has topped a new list of Britain’s most expensive seaside towns.

A home in the coastal location now stands at more than £750,000, rising 26 per cent in the past 12 months and remaining comfortably above the second most expensive seaside town, Aldeburgh.

Over the last decade the average house price in Britain’s seaside towns has risen almost a third from an average £185,428 in 2009 to £239,138 in 2019, equating to an average increase of over £5,000 a year, according to the new data from Halifax.

Seaside townRegionHouse price
1. SandbanksSouth West£785,426
2. AldeburghEast Anglia£526,064
3. LymingtonSouth East£502,253
4. PadstowSouth West£482,015
5. DartmouthSouth West£449,685

“The South East coast continues to be home to the most expensive seaside towns in the country, while many of the least expensive are in the north, particularly in Scotland,” said Halifax managing director Russell Galley.

He added: “Despite a clear north-south divide in property prices among seaside towns, the continuing price growth in many northern seaside towns over the years suggests the popularity of coastal living isn’t exclusive to the south.”

The South East has witnessed the largest growth in seaside town prices, accounting for the majority of the top 20 seaside towns with the biggest house price growth during the last 10 years.

Source: By Sebastian McCarthy

DANGIWA, OTHERS EXPRESS DIVERGENT VIEWS ON NEW MINIMUM WAGE

Housing experts have expressed divergent views on the new N30,000 Minimum Wage Bill, which was signed into law last Thursday, by President Muhammadu Buhari.

The new minimum wage is effective April 18, as announced by the Senior Special Assistant to Buhari on National Assembly Matters, Sen. Ita Enang.
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr Ahmed Dangiwa, said that the increase in minimum wage by the Federal Government would boost access to mortgage and housing affordability by Nigerian workers.

Dangiwa said that the new minimum wage would enhance access to housing by workers, mostly the low and medium income earners, who were contributors to the National Housing Fund (NHF) Scheme.“FMBN is the foremost mortgage bank that provides affordable mortgage for the contributors to the NHF scheme.
“We honestly commend this initiative by the Federal Government, it is a welcome development,” he said.

Though workers were excited by the new minimum wage, some Nigerians, however, have been nursing fears that the long awaited wage increase, when signed into law, may bring about inflation.

A housing expert, Mr Festus Adebayo, who is the President of Housing Development Advocacy Network, said that the new minimum wage might be a long journey to achieving low cost housing because of possible inflation.“I congratulate Nigerian workers; but what we need is more than minimum wage to be home owners as civil servants,” Adebayo said.

An Economist, Mr Lawrence Nze, who also commended the Federal Government over the development however, disabused the minds of Nigerians who were thinking that the salary increase would prompt inflation.

Nze, an Agric Business Officer with Access Bank, explained that though there would be flow of cash that could make demands go up, the new wage increase would boost the welfare of citizens and overshadow inflation.

Source: By The Tide

1,697 Building Development Permits Approved By FCTA

The Federal Capital Territory Administration (FCTA) has approved 1,697 building permit applications out of 1,870 submissions made by developers within the year 2017 to 2019.

Those given approval represent about 90 percent of the total request, which cover, residential, commercial buildings, recreational development, government offices and telecommunication masts among others.

Coordinator, Abuja Metropolitan Management Council (AMMC), Umar Shuaibu disclosed this while briefing newsmen on the activities of the council in the last two years.

He said the approvals are estimated to have impacted positively on the economy through creation of about 4,060 jobs in the city across all professions especially in the built industry.

Shuaibu noted that in its efforts to ensure compliance with the Abuja Master Plan, the AMMC engaged in removal of developments without approval and shanties, which are defacing the Federal Capital Territory.

‘’Within the period under review, a total of 327 illegal development/shanties were removed in the city, the removal served as deterrent to developers who intend to build without approval’’.

He disclosed that the agency has commenced installation of Closed Circuit Television cameras in 67 identified black spots where criminals freely operate in the metropolis.

“Security responsibility rests on various security agencies in the country, but in this case, we are working with the agencies to ensure lives and properties are safe in the territory. The 67 identified spots where crimes of kidnappings, theft, rape and armed robbery are been carried out on a daily basis are now to be given special attention. We have acquired CCT cameras to assist the security personnel to crackdown these criminals”, he said.

By Anthony Otaru

Liberia: Italian Company To Build 10,000 Housing Units In Montserrado, Margibi, Bomi Counties

MONROVIA – An Italian company based in Liberia, Tecno Construction Limited headed by its President and Chief Executive Officer Leonardo Inghileri, is expected to construct a 10, 000 housing unit in three counties as part of President George M. Weah’s Pro poor housing project.

The project when completed will bring relief the citizens residing in the targeted counties.

The Government of Liberia and Tecno Construction Ltd signed a Memorandum of Understanding for the construction of 10,000 housing units in Montserrado, Margibi and Bomi counties as to improve the living construction of Liberians.

The construction company is currently awaiting the conclusion of the deal to kick start the projects.

The company has accepted to pre-finance the project as to get the work done faster in the counties.

Tecno Construction is also registered with the Liberian Business Registry and in partnership with a Liberian-based construction firm, Farafina Investment Group Inc.

Farafina Investment Group will provide local expertise for the construction works as a means of providing jobs for Liberians.

Many Liberia is one of the many African nations that are faced with housing problem, with Tecno Construction partnering with Farafina Investment Group in collaboration with the National Housing Authority are making it possible for the Government of Liberia’s quest to provide affordable housing to Liberians happens.

According to information, the first phase of the project will include the construction of 1,500 units of large housing (3 bedrooms).  With the construction of additional 500 units of medium-sized housing (2 bedrooms) and another 500 units of small sized (1 bedroom).

Phase 2 of the project will be the construction of 1,500 units of large bedrooms (3 bedrooms); 500 units of medium-sized housing (2 bedrooms) and another 500 units of small-sized housing (1 bedroom).

The third phase will include the construction of 2,000 units of large housing (3 bedrooms) among others.

However, Tecno Construction Ltd boss Leonardo Inghilleri expressed his appreciation with the deal in order to bring facelift to many Liberians and will work with the National Housing of Authority to have this project speedy done.

Meanwhile, Tecno in partnership with Farafina Investment Group last week sponsored the friends of Koijee to carry on the Weah for clean city campaign.

CEO Leonardo Inghileri, Farafina Investment Group General Manager, Beni Diogo Kouyate where part of the campaign.

Source: Frontpageafricaonline

Affordable Housing: Family Homes Funds, NISH Inaugurate Cooperatives Committees

NISH Affordable Housing Limited and Family Homes Funds have inaugurated 2 technical committees that will look into the problems faced by cooperatives in Nigeria, especially access to funding.

This was announced by the organisations at the first edition of their quarterly workshop on cooperative housing in Nigeria at the Shehu Musa Yaradua Centre, Abuja, from 2nd to 3rd May 2019.

The technical committees are: (1) Saving Schemes Committee and (2) Special Purpose Vehicle (SPV) Committee on Cooperatives.

According to the MD/CEO of Nish Affordable Housing, S K Yemi Adelakun, at the end of the 2-day successful workshop on cooperative housing, the participating stakeholders decided to inaugurate 2 technical committees that will help bring about solutions to some of the challenges that were identified in the workshop.

‘’There are two technical committees. The Saving Schemes Committee will in addition to some of what we have agreed on in this workshop go ahead to study more on how cooperatives can through self-help raise funds through saving schemes.

‘’The second committee which is the Special Purpose Vehicle will dwell more on how to bring about the conglomeration of existing cooperatives in Nigeria, establish them under a single but collective platform which will further help their cause. Even Nish is a part of cooperatives that will join-in under that body for the sake of harmony and collective results because no one can do it alone,’’ he said.

On the objectives of the 2-day workshop which are to organise, empower, and acquaint cooperative leaders with Innovative Cooperative Housing Principles and sensitise them on how to aggregate members’ equity contributions through savings scheme towards effective and sustainable delivery of affordable housing to Cooperators, and to also strengthen the governance capacity, transparency and accountability of housing Cooperatives through information and communications technology, Adelakun expressed his satisfaction with what has been achieved and the commitment shown by the cooperatives.

He also enjoined other cooperatives to key into the initiative because the task of bringing about affordable housing in Nigeria is clearly beyond the government.

Also adding his voice, the MD/CEO of Family Homes Funds, Femi Adewole said that the expectations for organising the workshop were not only achieved but even surpassed.

‘’Like we have said, the purpose is to rally everyone together and look at what we can do on our own. The cooperatives have a lot of role to play in affordable housing in Nigeria and this workshop, which is going to be quarterly has already increased that realisation, which is a fulfilment of our purpose,’’ he added excitedly.

By Ojonugwa Felix Ugboja

National Workshop On Housing Cooperatives Organized By NISH & FHF In Pictures

NISH Affordable Housing Limited and Family Homes Funds have convened the first edition of their quarterly workshop on cooperative housing in Nigeria.

The event which took place today at the Shehu Musa Yaradua Centre in Abuja was well attended by representatives of a number of cooperatives in housing from across the country.

According to the MD/CEO of NISH, S K Yemi Adelakun;

“the objectives are to organise, empower, and acquaint cooperative leaders with Innovative Cooperative Housing Principles and sensitise them on how to aggregate members’ equity contributions through savings scheme towards effective and sustainable delivery of affordable housing to Cooperators. The workshop is also designed to strengthen the governance capacity, transparency and accountability of housing Cooperatives through information and communications technology,’’ he said.

Below are picture coverage of the event:

 

Housing Shotages May Worsen as Nigeria’s Population Hits 201m

The explosive increase in Nigerian’s population against the non- commensurate increase in housing provision is worsening the already poor standard of living of the greater population. The above is the summation of Mr. Patrick Obi Ekwemozo, a textile dealer in Lagos. 

Ekwemozor, a starter in the real estate business who has been following the housing problems in the country said, “government ought to declare state of emergency in the housing sector in order to ameliorate the people’s hardship. The problems of the housing shortage has reached the climax dimension and it seems that government don’t act until they are affected. This does not show that government cares for the people”.

Recently, the United Nations Population Fund (UNFPA) said that Nigeria’s population has hit a new high of 201 million. UNFPA made the revelation in its 2019 state of the world population report. UNFPA said Nigeria’s growth rate has been at an average of 2.6 per cent from 2010 to 2019.

According UNFPA, the fertility rate among Nigerian women has dropped from 6.4 in 1969 to 5.3 in 2019; this means an average Nigerian woman gives birth to at least five children. Global fertility rate, or the average number of births per woman stood at 4.8 in 1969; 2.9 in 1994; and 2.5 in 2019.

The report also noted that contraceptive prevalence rate among Nigerian women aged 15-49 is only 19 per cent. He said that the decision making organ on sexual and reproductive health and reproductive rights among these women has averaged at 51 per cent between 2007 to 2018.

“This means 49 per cent of Nigerian women still do not have the power to decide on their sexual and reproductive health and reproductive rights. The UN agency estimated that Nigeria’s population has grown from 54.7 million in 1969 to 105.4 million in 1994 and 201.0 million in 2019. Of this 201 million, 44 per cent or 88.44 million are between the ages of 0 and 14, while 32 per cent, 64.32 are within the ages of 10 and 24,”the report stated.


The reports revealed that “reproductive rights are still out of reach for too many women, including the more than 200 million women who want to prevent a pregnancy but cannot access modern contraceptive information and services”.

“Ultimately, almost all of the 4.3 billion people of reproductive age around the world today will have had inadequate access to sexual and reproductive health services at some point. In 1969 world population reached 3.6 billion, up about 1 billion from only 17 years earlier, leading to the establishment of UNFPA.

The UN agency has succeeded in reducing fertility rates worldwide by about 50 per cent. In the least developed countries, fertility was about six births per woman in 1969.

Maduka Nweke

How Foreigners Helped Cool Australian Housing

There’s a familiar refrain in Australia when public discussion turns to the country’s eye-wateringly expensive housing market: Foreigners are to blame.

Public figures from former Prime Minister Tony Abbott to populist entrepreneur Dick Smith to far-right Senator Fraser Anning all agree that immigration is a key reason why the country’s homes are some of the world’s priciest.

At the same time, housing appears to be a relatively minor issue ahead of the country’s federal elections this month, with climate and the economy driving political debate instead.

That’s less surprising when you consider that concern over overpriced accommodation may genuinely be receding. House prices are predicted to fall 20 percent in Sydney, according to National Australia Bank Ltd., and rents are now growing at the slowest pace in records dating back to the early 1970s:

The share of Australians saying that housing affordability is one of their top three issues has also fallen to its lowest level since before the last election in 2016, according to Essential Report polling:

Even for those on low incomes, things appear to be turning. While Sydney is still an alarmingly expensive city, the number of properties advertised for rent at 30 percent or less of a typical minimum-wage income has doubled in less than two years to more than a fifth of total advertisements, according to a report this week by Anglicare Australia:

Cheap at the Price
The share of rentals affordable to people on the minimum wage is rising in Sydney

One response might be to assume it’s because the great foreign invasion has finally been beaten back. In truth, it’s close to the opposite: The wave that broke across the country in recent years has bailed Australian governments and regulators out of their own policy mistakes.

Foreign — particularly Chinese — spending on Australian real estate has certainly been significant. Chinese investment rose more than 10-fold between 2010 and 2016 to hit A$32 billion ($23 billion), enough on its own to represent nearly 15 percent of total reportable external investment in the country, according to data from the Foreign Investment Review Board or FIRB, a government regulator. In recent years, about a quarter of all overseas real estate investment has come from mainland China. 1 That rises to a third or more if you include Hong Kong and Singapore — popular conduits for mainland investors.

Yet that spending has had little effect on the existing housing stock because of restrictions on overseas investment. Foreigners are normally allowed to buy established homes in Australia only if they have a residency visa; they must sell when that paperwork expires. Such purchases rarely account for more than a percentage point or so of the almost 500,000 home sales taking place each year.

Where overseas money does make a difference is in new housing, for which the rules are much more open. In the five years through June 2018, the FIRB granted 97,000 approvals for foreigners to buy undeveloped residential properties, with a total value of around A$179 billion.

That’s helped the country in two ways. First, home sales sit alongside tourism, education and the export of iron ore, coal, natural gas and gold as one of Australia’s biggest sources of foreign capital. Perhaps more importantly, though, those inflows have led to a boom in home-building that’s one of the main reasons the country’s housing bubble is now gently deflating.

As we’ve written, the construction splurge between 2015 and 2017 was a unique period in recent Australian history when housing starts ran consistently ahead of household formation. That was driven heavily by two reviled categories of investors, foreigners and baby boomers, who encouraged a wave of apartment-building that’s changed the skyline of the country’s cities.

While domestic investment was struggling to keep up with household formation, foreign investment helped spark Australia’s recent house-building boom

Note: “Domestic” represents housing starts, minus foreign investment approvals, minus household formation. Intended as a stylized representation: Dates of foreign investment approvals and housing starts don’t necessarily line up.

About 1.03 million homes were started in the five years through June 2018, an increase of 256,000 on the previous five years, according to data from the Housing Institute of Australia. The 97,000 approvals in the FIRB data account for about 40 percent of the excess, a sign that foreign capital led to more home-building than would otherwise have taken place.

Domestic regulators for many years sat on their hands rather than implement macroprudential measures to stop interest-rate cuts pushing the housing market out of control. They’re fortunate that foreign buyers spurred this increase in supply, so that housing is gradually rebalancing to become less ruinously expensive.

Election time in Australia is a traditional moment to blame foreigners, but the third of the population struggling to make ends meet in rented accommodation should heed that lesson. Regulators and domestic politicians in successive governments did too little to help make housing more affordable. It’s foreign investors and retirees who finally took the heat out of Australia’s property boom.

Source: by David Fickling

Fashola Housing

20m Housing Deficit: Fashola Refutes Claim, Says No Evidence

Minister for Works, Housing and Power Babatunde Fashola (SAN), Tuesday dismissed insinuations that Nigeria has twenty million housing deficit.

He conceded that Nigeria has housing challenges, but added that housing challenges are universal phenomenal.

The minister told reporters in Ilorin, the Kwara state capital at the end of a capacity building workshop for Federal Controllers of lands and housing in the country.

The theme of the training is “learning and development for greater stature.”

READ ALSO: BREAKING: SENATE PASSES 2019 BUDGET

Mr. Fashola revealed that the ministry had removed the mandatory 10 percent equity contribution before accessing loan from the National Housing Funds (NHF).

He said: “First of all I don’t believe that 20 million housing deficit number. Nobody has owned up to it. It is a number of no origin, I say so. So the person who did that data should come up and take ownership of it.

“But that is not to say that there is no housing challenge. We have it, every country in the world has it. Its level and degree is a function of so many things. It is perhaps, more pronounced in the urban centres as it is in the rural areas. But even in the urban centres there are still empty houses even where there is a problem of shelter.

“What we are doing is to try and complete ongoing projects that we met. We have started our own national housing programme. The idea is to design a product that Nigerians accept and can afford. One of the reasons why we have a number of empty buildings and houses is that some of these buildings are acceptable or are not affordable or both.

Housing

So we are trying to create a model that will be acceptable for the people. “Some of the other thing we are doing is to grant funding for people who contribute to the National Housing Fund (NHF) by way of mortgage. That is happening. We are improving access by reducing the amount you have to contribute. Those who wanted to borrow up to five million naira for example, their equity contribution was about 10 percent.

“We know that some people will not have N500,000 to contribute and deposit, we have removed that. They can borrow and what they should have contributed is now capitalized into what they will pay.

“That opens the door of access. You are not denied because you did not have the fund to self-contribute. We have also reduced the amount of which you are borrowing five million Naira and above from 15 percent down to about 10 percent.”

On consents and title documentation, the minister said that “we are also dealing with backlogs of title documenting and transactions, such consent to transact land. This is also a barrier to access. If you cannot finish the documentation, you might probably not get the funding. If you don’t have the title you might also be denied access to funding.

“So we have those backlogs of consent and certificate of occupancy (C of Os). As at April 19th this year, we signed 2,400 certificates of occupancy, we issued 1,214 consents to transact business on land.

These are things, some of which have been pending since the 1990s. We are attacking housing challenge in many fronts.”

On the power to revoke the licenses of DISCOs, he said: “The power to regulate DISCOs rests with the Nigerian Electricity Regulatory Commission (NERC) not in the ministry. It is a power vested by law, so the ministry cannot interfere with that power. It is a statutory power. The ministry is only saddled with policy directive which I have given in documents, letters and all of that. Don’t forget that before the privatization, the ministry had well over 50,000 staff. The staff strength of the ministry is now 779.”

By Adekunle Jimoh

Who Will Lead the Revolutionary Development in Nigerian Housing Sector

Conversations are raging over how to finally establish a lasting and realistic solution to Nigeria’s age-long housing deficit. Nigeria’s housing deficit of up to about 17 million is a constant cause for concern and even embarrassment for housing sector stakeholders, especially those who are committed to making a difference.

There are a lot of stakeholders’ forums in Nigeria. Prominent among them is the Affordable Housing Development Group, established by FESADEB Media, a company with significant impact on the Nigerian housing sector, including the annual Abuja International Housing Show, Housing Development Programs on major TVs and radio stations. On these platforms, stakeholders engage in passionate discussions about the way forward for housing in Nigeria and Africa.

But beyond these discussions, some members have tasked the group and other stakeholders’ groups in the country to move from advocacy to action. There is a new emphasis for the stakeholders to entrench their own ‘Next Level’ of ideas and implementation.

While speaking with Housing News, Fola Alade, CEO of Rapid Shelter Nigeria, charged all stakeholders to not only begin an agenda setting campaign for the government, but to also convert their passion to a portfolio of housing projects across Nigeria.

‘’Through housing, we must change the narrative of Nigeria being the poverty capital of the world. Organisations like FESADEB have over 12 years’ experience in addressing the problem of housing through their recognizable platforms, but we need a collaborative effort to hasten the pace. Housing can be a great catalyst to ending poverty in Nigeria. 75% of Nigeria’s total population live in poverty. Any policy tailored to addressing the problems of these set of people which are the majority will go a long way to tackle poverty. 75% of our budget should go into solving the problems of low income people and those living in extreme poverty,’’ he said.

Speaking further, he stated that president Buhari needs to redeem his commitment to the poor by making them the focus of his administration. But Mr Alade was quick to add that the whole buck doesn’t stop at the president’s table.

‘’He is only one man. We need to support with our own policies and projects to compliment whatever he is doing or going to do with regards to the NEXT LEVEL agenda. The only NEXT LEVEL we should clamour for is the one that will lift the poor people from their current level of poverty to a better position where they can have access to basic needs like housing, healthcare, food and education.’’

According to him, if housing is what brings humans their dignity, then it is time for Nigeria to truly step up as the giant of Africa she professes to be and provide adequate and affordable housing for its huge population.

Critical Options for Providing Affordable Housing in Nigeria

According to Alade, there are two key strategies in meeting the housing demand in Nigeria. ‘’We either decide to build for people in their poverty or create a ladder through which they can climb out of poverty into relative prosperity. So, we choose to do the later. We are going to create employment, business and industrial opportunities that will enable the poorest people in our country be productively engaged, where they will use their sweat equity to get a house. We have to be realistic and think out of the box at this critical time,’’ he stated.

For him, the unemployment and poverty situation in Nigeria can be converted into an amazing opportunity. Through their sweat equity, poor people can use what they have to get what they want.

‘’That is why we are proffering a cashless housing solution, where you don’t need to pay to get the house, but you’d rather work to get it. You can work on the farm, construction site or whatever kind of legal labour to get a house. Site labourers earn minimum of N1500 daily. In 30 days, they will earn at least N40, 000 – N45, 000. So if you are deducting N15, 000 or N20, 000 monthly, at the end of the year, they can save up to N200, 000 to N24, 0000. And that is already 20 – 25% equity contribution to a N1million house.

Corroborating his views, Festus Adebayo, the promoter of Housing Television Programs in Nigeria, also stressed that every stakeholder should recognise their areas of comparative advantage, and offer self for project enrolment.

‘’There are options of what they can do. From land contributions to providing an off-takers network, to mortgages, to building materials at wholesale prices, there are a lot of ways everyone can come in. It is not enough to complain about the government’s inefficiency. As a people we can decide to take actions. When we mobilise ourselves en masse and see our efforts begin to yield, then government can follow suit and give the necessary support. As at today, we have sample houses of 1 bedroom at N1.6m to 2 bedroom for N3m by Hydraform. With more hands on deck, we can achieve more of this,’’ he said.

According to him, Individual and collective effort is what will set the agenda even for the new government before they come-in in May

Exploiting the Minimum Wage for Housing

According to Mr Alade, the real question now is how workers can get a house from the new 30, 000 minimum wage. He said that with a monthly deduction of N10 000, which is one-third of the N30, 000, it is possible to achieve.

‘’We can deduct N300 per day, which adds up to become N10, 000 per month. In one year, a worker can save up to N120 000. This can be called a ‘per day billing’ mortgage system. Even a couple can have a combine daily payment of N750 per day,’’ he said.

Cooperatives Strategy to Generate Off-takers

Another key strategy is unlocking the off-takers option through cooperatives and unions. Once these cooperatives can come together, rally themselves to fund a mass housing project, Alade said it will be easy for the building stakeholders to act on their demands and provide more houses.

‘’We cannot continue to wait for the Federal Mortgage Bank or Family Homes Fund because it will take a lot more time before their efforts are appreciable, especially with regards to the amount of deficit that needs to be bridged.’’

To make this work, he also harped on the need for accountability and transparency in the whole processes involved in ensuring that everyone including the poorest of the poor in Nigeria have their own home. If everyone can realise their place in changing Nigeria, it is his believe that a lot can be done in the shortest time.

By Ojonugwa Felix Ugboja

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