Halkalı Halı Yıkama Beylikdüzü Halı Yıkama Bahçeşehir Halı Yıkama seocu

Freddie Mac invests $61 million in housing for families displaced by Hurricane Harvey

Freddie Mac, which re-entered the Low-Income Housing Tax Credit market last year for the first time in nearly 10 years, is making another investment in affordable housing.

The government-sponsored enterprise announced Monday that it closed a LIHTC fund with National Equity Fund and made three investments, totaling more than $61 million.

The new fund is Freddie’s fifth LITHC fund since re-entering the market last year.

According to Freddie Mac, the first three investments from this new fund will help provide supportive housing for individuals experiencing homelessness and families displaced by Hurricane Harvey.


Specifically, the investments from the new fund will go towards (details from Freddie Mac):

Aiding those displaced by Hurricane Harvey: A $15 million LIHTC equity investment in Houston’s New Hope Housing’s Dale Carnegie development will provide high-quality housing and supportive services to 170 individuals and families displaced by Hurricane Harvey.

Addressing Homelessness on Skid Row: A $19.6 million LIHTC equity investment in Skid Row Housing Trust’s Flor 401 Lofts development in Los Angeles will serve nearly 100 veterans and special needs individuals experiencing homelessness with both housing and supportive services.

Serving Homeless Veterans in South Los Angeles: A $26.5 million LIHTC equity investment in Hollywood Community Housing’s Florence Mills Apartments will help provide supportive housing in South Los Angeles — an area with a very high homeless rate. Thirteen of the 74 units will be designated for homeless veterans.


According to Freddie Mac, it chose to partner with NEF on the new fund because of the nonprofit’s “deep expertise with the LIHTC program, its commitment to serving communities in need, and its ability to support Freddie Mac’s mission of delivering liquidity and stability to underserved markets.”

David Leopold, vice president of Targeted Affordable Sales & Investments at Freddie Mac, said that NEF has a more than 30-year record of making investments in affordable housing, adding that the GSE is “proud” to aid NEF in its mission.

“We believe that extraordinary things can happen with great partners, and NEF’s partnership with Freddie Mac demonstrates that motto to be true,” said Reena Bramblett, NEF’s senior vice president of equity placement. “Freddie Mac’s investments provide life-changing opportunities for the individuals and families that call these LIHTC properties home.”

Source: Housing Wire

How non-implementation of local building materials’ policy is worsening housing delivery

A major paradigm shift in the use of indigenous building materials for housing design and construction may take long to come, following the inability of the Federal Government and its agencies to implement the new National Housing Policy.

Under the 2017 National Housing Policy, the government was urged to pursue vigorously the adoption of functional design standards that will facilitate cost reduction, affordability, acceptability and sustainability, which will respond to the cultural and regional peculiarities of potential users; expand and improve the manufacturing base for building materials production from all available local materials and evolve a more efficient distribution system.

According to the policy, the development of appropriate capacities to achieve sufficiency in the production of basic building materials and components of acceptable quality from local resources will stimulate effective economic growth and development; and structured manpower development programme for domestic requirement and international engagement.

The document further called on the authorities to encourage the expansion of existing industries producing building materials from local sources such as clay, bricks, concrete products, timber, glass and tiles.

It wants collaboration with other developing countries in the development of technical know-how for building materials manufacture; and encouragement in regional spread of building materials industries to stabilize cost as well as widen distribution.

Notwithstanding the good intentions of the stakeholders to ensure a robust indigenous building materials market, the absence of effective indigenous technology for the production of building materials, new building materials factories due to high cost of finance; inadequate and inefficient Infrastructural facilities (roads and rail transportation, water, sanitation, and power supply have worsened the plights of manufacturers and investors.

Besides, the recommendations of the policy for government to encourage the production and use of locally manufactured building materials by: providing incentives to, and creating the enabling environment for the private sector in order to encourage rapid flow of funds into building materials manufacturing through tax relief, accelerated depreciation and generous capital allowances are not adhered to.

There is also minimal support in providing matching grants for investments into research in the use of local materials for building materials manufacturers; providing loans at reduced rate of interest to manufacturers who will in turn supply self-built housing cooperatives and developers of low-income housing with their products at reasonable prices; attracting foreign participation into the building materials industry; and using local building materials for public projects at all tiers of government.

The Building Materials Producers Association of Nigeria (BUMPAN) formed to promote and encourage the production of building materials has remained in comatose.

The association is supposed to lay a solid foundation for the development of robust, effective and economically viable small and medium scale industries for the production of building materials.

Other strategies that are enshrined in the document such as strengthening the administrative, regulatory and institutional framework to ensure certification, registration and control of professional practices; supporting an integrated action programme for the organization of the informal building materials marketing sector; restructuring and adequately fund the Nigerian Building and Road Research Institute (NBRRI); and encourage establishment of building materials testing laboratories by the private sector have not been supported by the government.

Experts say, the non-adherence to the content of the policy is impacting negatively in the housing delivery, which should reduce the housing gap.

According to them, since the aim of the housing policy is to solve housing problems, there is the necessity to enhance the workability of the policy in order to achieve the goal.

Consequently, they stressed the need for periodic review of the housing policy to make it functional and acceptable.

The immediate past president of Nigeria Institute of Architects, (NIA), Tonye Braide, said the policy is a mere paper work as there are many cheap materials coming from China, which are competing with the local materials.

According to him, government should come out with a better policy as the price of the local materials are still high, which is reducing the local component needed for housing delivery.

He lamented a situation where materials that come from outside the country is cheaper and of higher quality, which will not help in mass construction of housing and ultimately reduce the housing deficit.

He said: “ it is not right that some body will carry materials all the way from China and it will be cheaper than the one manufactured locally.

“Like the project, we are doing in Akwa ibom, there is no local content element in the project.

“In the presentation of proposal, you have to put it that construction will use local content and local labour but in practice that is not the case.

“I feel that there must be a conceited effort than the lip service we are seeing in the implementation of the policy”, he added.

For NIA second Vice President, Enyi Ben-Eboh, there is a noticeable difference to the extent that such materials like cement are locally available. “To a large extent, there are areas in basic housing that foreign components are utilised.

“ One of the few aspects is roofing aluminum sheets where we still depend on foreign materials imported.

He also said the foreign doors from China is becoming common. If you look at the cost in relation to a wooden door, which may not be as durable, people will still prefer Chinese metal doors.

“To that extent, the government may have to look into how some of these materials that are unfavourably competitive with local ones can be either made to pay higher tariff or allow incentives for local manufacturers to be able to compete to achieve mass housing and eventually reduce the housing deficit.

According to him, affordable housing thrives on mass production.

“Whatever is manufactured, if it is done over a large quantity ,the prices come down, so if most of these components are produced locally like cement, it can meet the housing demand in Nigeria.

“We will get to a time when local product outweighs demand, then competition will come and the price will begin to come down.

“Presently, if you assemble available materials for a two bedroom bungalow, the price will still not be affordable to those who wants it.

“You found out that those who can afford a two bedroom bungalow are senior civil servants who do not need that level of housing .

“For the people below level seven and downwards, they cannot afford the local materials based on their salaries”, he added.

Speaking also on the local content consideration of the policy, an official of the Nigerian Building and Road Research Institute (NBRRI), Razaq Babatunde Lawal said the institute has been able to develop building materials like Pozzolana, a cementious material, Mardotile roofing, and other varieties of machines but mass-producing it for the housing industry, has been a big challenge.

“Pozzolana is an ancient materials of construction that is coming back in view of its advantages and need to have an alternative cementitious material apart from over dependence on ordinary Portland cement hundred per cent.

The material like Pozzolana was developed and used in the past but it is now staging a come back become of its affordability and its usefulness as a building material.

Pozzolana materials include volcanic ash, power station fly ash, burnt clays ash from some burnt plant materials; siliceous earths. When mixed with cements, it activates the cementing properties to reduce cost of concretes made from composite materials often referred to as blended cement”.

According to him, the product reduces cost of efficiency of mortar and concretes, improves workability of mortar and concrete, reduces heat of hydration and reduction on effects of alkali aggregate reactivity.

He disclosed that the first pozzolana plant in Nigeria has been commissioned and ready for investors to show interest.

Lawal who works in the Engineering Materials Research Department (EMRD) said “NBRRI has developed interlocking block making machine in which the blocks made don’t necessarily need to use mortal while plastering yet you will have very aesthetic building.

We have developed fiber-reinforced material for roofing of buildings. We have also improved on it by increasing the size with about 5mm in thickness, longer and reduce the laying time. NBRRI has all the professionals in the building environment and has developed various machines for the built sector.

The institute, he said hasn’t been able to mass-produce the materials and equipment because its mandate is solely to carry out research.

He explained that while it carries out research, the institute expects the public, based on exhibitions attended that investors should reach out to it and develop the products to the next level in terms of commercialization and forming partnership through proposals.

He stated that the fund to mass-produce its products might not be available. However, he said with institutional, private and foreign supports, the commercialization of its materials could be possible.

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads. With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer. In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent. Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects. The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units. CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up. “In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years. CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.” “As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa. “The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.” The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable. The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units. To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide. IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.

“Government has tried by going into pilots of the inventions but as a research institute over the years, we just write papers and it remains on the shelf if the products of the efforts is not commercialized”. Now we are having pilot plans in some universities. Through research we can avoid emissions by stopping the use of cement and start using alternative material. Cement industry and construction firms can partner with us through programmes on affordable housing and when they are using their cement, they could think of Pozzolana”, he said.

He observed that for the past 11years, interventions from the institute were not been felt, however, the current crops of leadership are desirous to let Nigerians feel its activity through development of exceptional building materials for building construction in the country.

Managing Director of Bolyn construction Nigeria Limited, a brick manufacturing company, Elder Rufus Bamgbola Akinrolabu said government has shown lack of political will to implement housing policies.

He lamented that government’s direct involvement in the housing sector over the years has led to politicisation of policies and programmes including those relating to housing, to the detriment of Nigerians.

He blamed the situation on issue of corruption in system, which has made ‘nothing’ to be implemented in the previous years.

Akinrolabu, who is a manufacturer of low-cost housing equipment based in Lagos, explained that Nigeria’s housing problem could become a thing of the past if only the government and people will look inwards and use the local materials that God has blessed the nation with.

“Many of the policies require money to implement and with the fall in the global price of oil, where is the money? Nigerian government has no business in housing because everything has been politicised. if you politicize everything and you go to the national assembly, ask them to budget funds and the money is appropriated and at the end of the day, the money is shared. How can policies be implemented when the government has no money”, he said.

Source: Chinedum Uwaegbulam

 

Help-to-buy scheme pushes housebuilder profits to £2.3bn

Britain’s biggest housebuilders paid out £2.3bn in dividends in their most recent financial year, as the help-to-buy subsidy pumped up their profits and house prices.

The nine biggest housebuilders listed on the London Stock Exchange declared the dividend payouts in their last full financial years, according to an analysis by AJ Bell, an investment platform.

Help to buy, introduced in 2013 and recently extended until 2023 for first-time buyers, was one of the flagship policies of the coalition government. Former Conservative chancellor George Osborne hoped to boost home ownership among young people, as house price growth far outpaced wage growth

However, many economists believe the scheme boosted house prices without making a significant impact on the supply of new houses, enabling a profits bonanza for Britain’s biggest house builders and their shareholders.


In 2012, the final full year before the help-to-buy scheme was introduced, the top nine firms – many of which had been battered by the financial crash – paid dividends of only £57.7m, according to AJ Bell. Dividends declared in the companies’ most recent financial year were about 39 times greater.

Since 2013 the nine house builders have paid out nearly £8bn in dividends, while City analysts forecast another £5.2bn in payouts in 2019 and 2020. Furthermore, shareholders have also enjoyed appreciation in housebuilders’ share prices, which have been sustained by the promise of further profits.

Persimmon, half of whose sales were part of help to buy, was responsible for 2018’s largest giveaway. Its shareholders collectively earned £732m in dividends in the year ending in December, after the company earned more than £1bn in profits.

Taylor Wimpey declared dividends of slightly less than £500m during the same period. Barratt Developments declared £435m in the year ending in June 2018. Bellway, Berkeley Group and Bovis all declared dividends of more than £120m in their last full financial year.

The large profits of housebuilders have attracted heavy criticism, amid a continued housing crisis and rising homelessness. Persimmon’s former chief executive, Jeff Fairburn, resigned in November following public fury over his £75m bonus, which had been scaled back from £110m after investor outrage.

Register to be part of the conference at the 13th Abuja Housing Show click here

Greg Beales, the director of campaigns at the homelessness charity Shelter, said: “As all the big housebuilders announce soaring profits whilst the housing crisis worsens it couldn’t be clearer our housing market is broken. Whilst the big developers are doing better than ever, regular families are finding it harder and harder to afford somewhere to live.

“Disjointed schemes such as help to buy have only made things worse by inflating house prices and giving big developers a leg-up, while doing almost nothing to for those most in need of a genuinely affordable home.”

Under the help-to-buy equity loan, the government provides a low-interest loan worth up to 20% of the value of the property (or 40% in London) for prospective buyers of new-build homes, up to a maximum price of £600,000. The buyer needs to provide at least a 5% deposit and secure a mortgage for the rest.

A spokesman for the Home Builders Federation, an industry lobby group, said: “Home builders do not receive funding from help to buy but by supporting first-time buyers, the scheme has helped drive an unprecedented 80% increase in housing supply in five years, creating tens of thousands of jobs and boosting the UK economy to the tune of £38bn last year.”

However, the help-to-buy scheme has faced criticism across the political spectrum, from the Adam Smith Institute, a libertarian think tank, to the Labour party – although Labour is committed to keeping the scheme open until 2027 for first-time buyers below a certain income level.

Labour’s shadow housing secretary, John Healey, said: “Conservative ministers have given private housebuilders a free hand to make bumper profits off the back of homebuyers.

“Labour will turn the broken housing market on its head – putting low-cost new homes at the heart of our plan to rebuild Britain.”

The Office for Budget Responsibility, which provides the government’s official forecasts, in October said it expects the government to spend another £20bn on the help-to-buy scheme between the current financial year and 2022-23. The two-year extension of the scheme is expected to cost £7.3bn.

A Ministry of Housing, Communities and Local Government spokesperson said: “This government is committed to helping more people get on the housing ladder as we power through to delivering 300,000 homes a year by the mid-2020s. Our help to buy equity loan scheme has helped more than 190,000 households buy their home, helping to make the dream of home ownership a reality for a new generation.”

Source: Guardian

Letting adverts that discriminate against tenants on housing benefit could be banned

Ministers in England are set to meet representatives of landlord associations, tenant groups, property websites and mortgage providers in a bid to clamp down on discrimination against people on housing benefit in the private rented sector.

Housing Minister Heather Wheeler said that adverts which specify that a home will not be rented to people on housing benefit could be banned and she called on landlords and letting agents to stop saying No to DSS claimants.

 

She pointed out that out of 4.5 million households living in private rental accommodation, 889,000 receive housing benefit to help pay their rent. Yet the latest figures show around half of landlords said they would not be willing to let to tenants on Housing Benefit.

‘I will be meeting key stakeholders to tackle the practice of No DSS, to underline the need for immediate change,’ Wheeler confirmed.

Justin Tomlinson, Minister for Family Support, Housing and Child Maintenance, said that everyone should have the same opportunity when looking for a home, regardless of whether they are in receipt of benefits.

‘With Universal Credit, payments can be paid directly to the landlord, and we continue to listen to feedback and work with landlords to improve the system.

Landlords can already receive rent from tenants on Housing Benefit and Universal Credit, meaning payments can be paid directly into their accounts,’ he pointed out.

Wheeler also announced that some £19.5 million is to be provided to local authorities in England to provide homes for people at risk of losing their or who are already homeless, it has been announced

Wheeler said that it will help people to get into the rented sector and the funding will go to 54 projects around the country.

Councils will use the funding boost to help vulnerable people secure their own tenancy through support such as, paying deposits or putting down the first months’ rent and Wheeler said that th

African cities become the new home to over 40,000 people every day, many of whom find themselves without a roof over their heads. With that in mind, IFC has committed to do more to develop the property sector, both to provide new and affordable housing and to encourage an industry that requires significant building materials and has the potential to be a major employer. In May, IFC and Chinese multinational construction and engineering company, CITIC Construction launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in multiple African countries. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five full-time jobs – resulting in nearly 150,000 new jobs on the continent. Kenya and Nigeria are high on the priority list for the new effort. Kenya’s housing shortage is estimated at 2 million units, while Nigeria is in want of 17 million units. The soaring demand is being met by scant new supply. Africa’s housing market has few local developers with the technical and financial strength to construct large-scale projects. The IFC-CITIC Construction platform will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units. CITIC Construction has a proven track record in constructing and delivering large scale housing projects. The platform will start by developing homes in Kenya, Rwanda and Nigeria, expanding to other countries as operations ramp up. “In Angola, through planning, financing, construction and post-construction operation, CITIC Construction has successfully completed the 200,000 units housing program, new city of Kilamba Kiaxi, with relative infrastructure and utilities in four years. CITIC Construction has also founded the CITIC BN Vocational School in Angola which helps youth acquire the skills they need to become professionals”, said Hong Bo, Assistant President of CITIC Group and Chairwoman of CITIC Construction, “CITIC Construction will take advantage of our engineering experience and delivery capability to develop more affordable houses for Africa through the platform with IFC.” “As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing”, said Oumar Seydi, IFC Director for Eastern and Southern Africa. “The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units.” The new housing units will be constructed in accordance to IFC’s green building standards, delivering homes that are environmentally friendly and sustainable. The World Bank Group estimates that by 2030, three billion people, or 40 percent of the world’s population will need new housing units. To date, IFC has invested more than $3 billion in housing finance in over 46 countries world-wide. IFC focuses on regions where large portions of the population live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.is should give them an opportunity to make a home in a property they may otherwise not have been able to access.

‘I want everyone to have the security, dignity and opportunities they need to build a better life and at the heart of which is ensuring everyone can find a safe and secure home to call their own,’ said Wheeler.

‘This funding will make a huge difference in opening up the private rented sector to people who need it and give them the chance to rebuild their lives.

This helps strengthen the choices and opportunities available for those on benefits to secure the homes they and their families need,’ she added.

In a third move, local authorities can now also bid for a share of up to £26 million of Rapid Rehousing Pathway funding for 2019 to 2020.

This extra investment can be used to fund innovative local schemes which help those sleeping rough and struggling with mental health problems or substance misuse issues.

The Private Rented Sector Access Fund will also support minimum tenancies or existing tenancies for a period of 12 months.

Source: Propertywire

How The Government Can Incentivize First-Time Buyers

Many people in the U.K. can’t afford to buy a house. And avocado toast usually isn’t to blame.

The number of young people owning a home in England has decreased to 38%, down from 55% in 2009, and up to a third of millennials (the so-called ‘Generation Rent’) face a lifetime of renting. This situation is hardly surprising when a house in modern Britain costs roughly 121 times as much as it did in the early 1950s.

This issue has been fermenting for decades; and left unnoticed, most industry experts agree that the problem is likely to get worse. Britain has arising population and a penchant for households with fewer people, both of which means demand for housing will keep on rising.

So, what can the government possibly do to correct things?

Click here to watch weekly episodes of Housing Development Programme on AIT

Green belt

One answer that often arises in discussions like these is that the country should be opening green belt land to housing development. There’s a reasonable argument to be made for this.

First introduced for London in 1938 and rolled out to England in 1955, green belt-designated land has remained relatively untouched while real incomes have tripled and demand for housing has grown dramatically.

Since supply has been rationed, land prices have increased, and this, in turn, has had a knock-on effect on house prices. 70% of the cost of building new houses is the purchase of the land (up from 25% in the late 1950s).

As proponents of opening the green belt for development argue, correcting this undersupply of land wouldn’t require widespread destruction of natural environments; you would only need a small fraction of it to satisfy housing supply.

But as critics argue, there’s always a risk of going too far. The government certainly shouldn’t permit building everywhere, and planning will be needed to preserve environmentally valuable land and lots of space for recreation. Just as importantly, local authorities need to be incentivized to make this all happen.

Housing density

One approach to bolster supply without sacrificing green space involves changing population densities – but again, incentivizing for high-density construction is a tricky challenge.

More-frequent use of density bonuses is one possible solution, which would allow developers to build more densely than under normal circumstances in exchange for providing some kind of public good, such as affordable housing. This would enable developers to build additional units and increase profit, while also increasing density.

Making wider use of inclusionary zoning policies – which require new units to include a certain number of affordable homes, as part of the development approval process – would complement this. Inclusionary zoning ensures that first-time buyers, who are often pushed outside of well-serviced dense urban areas, can afford to live inside popular U.K. cities.

Higher densities don’t necessarily mean unsightly high-rises. Medium-rise, higher-density buildings (in the region of 3–4 storeys) are said to provide the maximized density while negating a feeling of overcrowding and can be designed to be attractive and energy efficient.

A different kind of tax

Much like the green belt, council tax hasn’t changed since its introduction in 1993. As the Resolution Foundation thinktank explains, the tax is poorly correlated with the value of property and has not responded to changes in house prices. The original council tax bands – using 1991 valuations – have never been changed.

Land value tax, a policy of both Labour and the Liberal Democrats, may be one way forward. It’s a tax, not on the value of property, but on the land on which it would be built.

Not only does this have the potential to raise significant revenue, but it also serves a stimulus for positive behaviours in the market. As opposed to property tax, it doesn’t discourage people from improving their home. It disadvantages those with idle properties as well as speculators, and in and of itself, goes some way towards encouraging higher-density construction.

Changing the construction strategy

To accommodate for the current crop of young buyers priced out of the market, new houses not only need to be built with density in mind; they also need to be built quickly, and at scale . It’s difficult to see how this could happen with the way we build currently.

Offsite and modular construction must increasingly be part of the picture, with designs that respect the local architecture. Projects need not be exclusively focused on London; extending commuter towns and other big cities like Birmingham, Leeds and Manchester would be a sensible way forward.

Although most construction activity could come from the private sector, public-sector construction shouldn’t be dismissed outright. When the U.K. last built more than a million homes, Clement Atlee’s post-war Labour government was in power, and there was a massive council housing programme underway. Social housebuilding may need to play a part if we are going to achieve this output again.

Conclusion

Incentivizing first-time buyers through discounts for first-time property purchases is a short-term fix to a long-term problem. Rather than subsidising buyers, we need ways to encourage supply. To help first-time buyers, we need to address the root cause – supply – and not just the surface level problem – price.

Disparate parties will need to work together to make this a reality: homeowners want to protect their house prices; builders want to work to a budget and for a profit. Other public bodies will have their own agendas and budgets. But to really benefit first-time buyers, everyone needs to be singing from the same hymn book.

One thing is certain: initiatives currently in place aren’t having the impact they should, and for the benefit of the wider economy, we need action now

Source: Forbes

How Technology Is Changing The Real Estate Market

Residential real estate, particularly the rental sector, has been notably slow to experience the same radical disruption that many other industries have seen with the digital age (e.g. retail, finance, transportation). Companies like Zillow and Redfin have democratized MLS listings and the home search process, but the way we buy and rent homes is still fundamentally the same as it always has been.

This has a lot to do with the fact that real estate is such a capital-intensive industry. It’s much harder to remove friction from a process that’s much more complicated (and has bigger stakes) than, say, ride-sharing.

Click here to watch weekly episodes of Housing Development Programme on AIT

I do think that’s going to change in the next five to ten years. Companies like OpenDoor are streamlining and digitizing the home-buying process in a way that we haven’t seen before, and Bungalow is leveraging technology to eliminate nearly all of the headaches of the rental experience for both homeowners and renters.

Residential real estate is going to catch up to other consumer experiences that we’ve become accustomed to in the 21st century, which is a good thing for all of us.

One important point, however, is that technology alone isn’t going to make a dent in the bigger issues surrounding housing in this country. It’s far more complicated than creating a great platform or a great app. We need innovative solutions that create more affordable housing stock.

My hope is that as Bungalow grows, we’re able to help keep cities affordable for early career professionals (and beyond). Tech is an important piece of that, and we’re excited about how emerging innovations can make the experience even better (e.g. using AI to help people find compatible roommates). But it’s not the whole picture.

Source: Forbes

NITP blames state governments over poor city master plan

The Nigerian Institute of Town Planners has knocked state governments over the poor and non-implementation of a proper master plan in the planning of cities across the country.

According to the institute, aside from the Federal Capital Territory, Abuja, no other city in Nigeria has been able to adequately implement a proper master plan in the construction of buildings and other infrastructures.

The institute noted that state governments were only making “piecemeal efforts” in terms of the implementation of a proper master plan in their domains.

Click here to watch weekly episodes of Housing Development Programme on AIT

The National President, NITP, Lekwa Ezutah, told our correspondent that although Owerri and Awka, the state capitals of Imo and Anambra, respectively, had some sort of comprehensive master plans, the plans had not been reviewed several years after they were introduced.

When asked to mention the number of states or state capitals in Nigeria that had proper master plans, Ezutah replied, “Apart from Abuja actually, I would rather say there have been piecemeal efforts in the others.

“Owerri has a comprehensive master plan. But a master plan that is supposed to be reviewed after about five years and you are still having it after 30 years without any review, is that ideal?”

He added, “So, you have master plans for some cities which need to be reviewed but are not being reviewed. Owerri has a master plan, but most of our cities don’t have such kind of document.

“It is either the master plan was started and not concluded or it was produced and not followed. Awka and Nnewi in Anambra State prepared a plan but the plans have been on the shelf. Nothing on the ground reflects those plans. These are issues.”

Ezutah said since about 1863, the planning of cities was formalised as a government activity, but despite the over 150 years that planning was introduced, “we don’t still seem to appreciate its usefulness.”

The NITP president observed that town planning in Nigeria was all about the approval of building plans, demolition of illegal structures and so on.

On the responses of policymakers when told about town planning, Ezutah said, “If the policymakers appreciate what town planning is all about; it will not be a secondary matter.”

He noted that the Nigerian Urban and Regional Planning Law was passed in 1992 and up till today the government had not set up a body in line with that law.

He said, “You can imagine how many years after this is. The law provides that the Federal Government should have a planning commission, the states should have planning boards and the local governments should have planning authorities.”

Real estate funds will boost economic activities —FDSH

The FSDH Research has said that a real estate fund is an investment vehicle that can be used to address Nigeria’s housing shortage and encourage economic activities in the real estate sector.

FSDH Merchant Bank stated this in its report on ‘Real estate fund — Investment vehicle to address housing shortage in Nigeria.’

It observed that there was a significant shortage of affordable housing in Nigeria.

The housing gap is estimated to stand between 17 and 20 million units, it stated.

Click here to watch weekly episodes of Housing Development Programme on AIT

“This means that Nigeria needs to build between 17 and 20 million housing units to ensure that Nigerians have this basic human need,” it added.

The report said, in monetary terms, Nigeria might require between N170tn to N200tn to bridge the housing gap if each unit costs N10m.

It stated, “Given the rising population in the country, the housing shortage keeps increasing. Meanwhile, the developments in the real estate sector of the Nigerian economy, which is where activities that will close the housing shortage will take place, have not been impressive.”

Economic activity in the real estate sector had been consistently contracting since Q1 2016, it said.

In addition, it added, investors (both retail and high net worth) could create wealth in real estate through regularly investing in a Real Estate Fund without investing directly in the brick and mortar.

“REF is an investment vehicle that pools resource together to invest in real estate, therefore, allowing individual investors to partake in the benefits of the underlying properties,” it added.

In Nigeria, the report said, REFs were traded on the Nigerian Stock Exchange, just like stocks/shares.

They could, therefore, be purchased through stockbrokers, just like other stocks/shares.

According to the report, every REF must have a fund manager that manages the fund to ensure the best return to shareholders.

It stated, “REFs are real estate working for the investors. The holder of a REF will earn a share of the income from the real estate investment through dividends without actually having to buy, manage or finance any housing projects.

“REFs are required to distribute at least 90 per cent of their taxable income as dividend. As a result, it provides constant income for shareholders.”

The report said there was no minimum amount to invest in a REF, adding that it was suitable for all investors.

REFs have not gained much popularity in Nigeria in terms of the numbers available and their size relative to the size of the Nigerian economy.

The report said there were currently only three REFs listed on the NSE which are Skye Shelter Fund, Union Homes Real Estate Investment Trust and UPDC Real Estate Investment Trust.

According to the Securities and Exchange Commission, the total value of the assets of all three funds stood at N43.74bn as of 18 January 2019; this represents about 0.03 per cent of Nigeria’s total Gross Domestic Product, it added.

The FSDH Research noted that the assets had recorded weak growth over the last five years, perhaps due to the slow activity in the real estate sector in general.

The inadequate information on how REFs worked and how investors could take advantage of the investment opportunities in them might also explain why REFs were not growing as they should, the FSDH said.

It stated, “FSDH Research believes REFs can be used as one of the measures to boost activity in the real estate sector. As patronage for REFs in Nigeria increases, more funds would be available to buy and develop more real estate properties. Consequently, the real estate sector would begin to experience increased activity.”

Source: Punch

Uncertainty is never good for the property market – in any country

Brexit is a decision made by Britain to leave the European Union (EU). The main reason was related to immigration matters. However, Britain’s current Prime Minister Theresa May is facing huge obstacles carrying out what has been negotiated with the EU and the deal is supposed to be finalised by March 29 this year. Imagine what this does to the world’s top six largest economies.

Brexit has been affecting Britain’s property market negatively due to the “uncertain” future of the country.

According to an article, house prices in some of the most expensive areas in the capital have fallen by almost a quarter over Brexit.

Click here to watch weekly episodes of Housing Development Programme on AIT

The demand for London homes in Kensington, Chelsea and the city of Westminster has reduced dramatically over the past year due to higher taxes and Brexit.

The average house value in the exclusive postcodes have fallen to £500,000 (RM2,665,592) until November, according to Your Move.

On average, London’s ten most expensive boroughs are down by 9%. In some upmarket areas such as Hammersmith & Fulham and Camden, it has fallen by more than 10%.

The article also quoted the recent case of a five-storey mansion in Belgrave Square, regarded as prime property, that was sold for £60 million in December even though it was initially listed at £100 million.

Are there uncertainties in the Malaysian market too? To answer “no” would mean one is not objective.

During uncertain times, people are unwilling to invest. When this reluctance to invest continues, the number of jobs created reduces and the vicious cycle continues. However, the government is doing what it can to ensure our economy is moving forward.

As of now, Malaysia continues to be rated as “Investment grade” by all international rating agencies. Finance Minister Lim Guan Eng said even the deficit numbers were in check for 2018 because the SST enabled the government to collect more than what they budgeted for.

As for GDP growth, the predictions are all within a range of 4.5% to 4.9%.

Source: FMT

How to Sell Your House Without a Real Estate Agent in 2019

If you want to save as much as 7% of the sale price that your real estate agent and the buyer’s agent will share as their commission, you might want to sell your home yourself. Here’s how:

Step 1: Prepare Your House to Be Marketed

You can’t just let total strangers wander around inside your home, checking for storage space – they are looking at its potential for their lifestyle, not yours.

So what can you do with the things you have in places potential buyers will want to consider for their own things? Get a storage unit to house the things you won’t need while your home is on the market. A place to hide all those things currently sitting in your garage, your attic, your basement, in closets, or even in a crawlspace. Advisers generally recommend removing about a third of such things from your home – anything you don’t use every day. And if you store it in a portable unit, it can all be brought to your new home.

Removing personal photographs and other personal memorabilia allows prospective buyers to imagine themselves living in your house, making it easier to focus on your house’s highlighted features. By the same token, don’t distract from the house itself with art, as your taste may not be the same as a buyer’s.

Deep-clean the house – scrub the kitchen counters and appliances, shampoo the carpets, clean tile or linoleum floors, and dust the shelves.

Remember that a dark or poorly lit home feels depressing. Use natural and artificial light, and even perhaps a fresh coat of paint, to brighten up the interior of your home.

Don’t forget the outside of your home – the first thing most buyers will see. Trim and shape hedges, edge the lawn, refresh mulch beds. If your siding is older, consider pressure-washing it, along with your walkways and driveway. You could even paint a fresh coat on your trim and shutters. Everything matters to buyers, even something like the brass on the front door. And know that flowers, particularly near the entrance, add color and make a home appear inviting.

Step 2: Price Your Home Competitively, to Sell

Use the internet to get an idea of sales prices for comparable homes in your neighborhood and price yours accordingly. That’s what real estate agents and tax assessors do anyway. Don’t forget, your goal is to sell your home, not to price it out of a desire to keep it.

Step 3: Get a Flat Fee Listing from the Multiple Listing Service (MLS)

The Multiple Listing Service, or MLS, contains the nation’s most comprehensive list of real estate for sale. In addition to being available to agents, the MLS is also available to prospective buyers for search purposes in some areas. While the MLS is local to your area, once listed on the MLS of your area, your listing may feed to national real estate websites such as Zillow (ZG – Get Report) and others. Services exist that will charge you a few hundred dollars to list your property on the MLS. Search online for “Flat Fee” MLS to find similar services in your area.

Step 4: Market Your Property

Besides just listing your home on the MLS, you should advertise using “for sale” signs, brochures, advertising online, and building a web site to market the property. The ‘For Sale By Owner’ website FSBO.com offers home-selling packages for homeowners. The packages include items like brochures and yard signs. There are costs involved in advertising the sale of your home, but they will be a fraction of an agent’s commission.

Step 5: Hold an Open House

You don’t need an agent to hold an open house to advertise the sale of your home. You can do it yourself. Advertise your open house like any real estate agent would, by posting it online and placing signs in your neighborhood.

Provide some light refreshments and set out brochures around the home that visitors can take with them. Recent studies have shown the scent of baking cookies does not, contrary to a popular belief, help sell a home. However, recognizable scents such as citrus, pine, basil, cedar, vanilla and cinnamon have been found the most desirable by buyers.

Step 6: Know the Selling Points of Your Property

When writing your advertisements for websites or brochures, make sure to include basic information about the house: the price, number of bedrooms, number of bathrooms, lot size, location, and any specific details that make the house special to potential buyers – its age, style, building materials, yard, garden or trees are just a few such items.

Look at other listings on real estate websites, Craigslist, or other sites to get an idea of the details sellers and agents are including. For example, they might mention things you didn’t think about, like oversized windows, stainless steel appliances, and granite countertops.

Step 7: Negotiate With the Buyer Yourself

You’ve found a buyer. Now what? A buyer will submit a contract to the seller. The seller can accept the offer, or revise the contract with the seller’s preferences and resubmit it to the buyer. Until both parties agree and sign a contract, the process continues. Most states have a standard contract for real estate purchases. If you are not familiar with the contract, as with any contract, you should have it reviewed by an attorney.

Step 8: Be Sure to Comply With All Laws in Your Area

Some laws apply to the sale of a home no matter where you live, such as the Fair Housing Act. The Fair Housing Act stipulates that sellers cannot discriminate against buyers for reasons including race, religion, and sex. While you can find contracts and other agreements online, they aren’t specific to your unique situation, so it would be a good idea to have a real estate attorney review all documents and contracts related to your home’s sale.

Step 9: Pick the Right Time to Sell Your Home

The best time to sell a home is usually spring and summer. However, because of that, buyers can be pickier as more homes will be on the market at those times.

What Does a Real Estate Agent Actually Do?

Real estate agents do essentially four things to earn a commission. An agent lists your house on the local MLS, markets your house with fliers, brochures, ads and a website; arranges showings of your house and may host open house events; and acts as an intermediary when negotiations between a buyer and seller are entered, and accompanies you at the closing. Agents don’t get paid until they close a deal, so it is in their best interest to close a deal.

Here Are 5 Tips for Selling Your Home:

  • Prepare your house to be marketed. Remember, you’re looking to make your house appealing to a new buyer, not just a comfortable place to visit like a guest.
  • Price your house competitively, especially during the spring and summer when most homes are sold.
  • Get a flat fee listing on your local MLS, so that your home can be searchable online by agents as well as prospective buyers, nationwide.
  • Market your house by listing it online, with a website, photographs, and even yard signs and curb appeal as well as by “staging” it as a potential home for buyers inside.
  • Know your home’s selling points. You know your home better than anyone else, so you know what inspired you to buy it in the first place and what you’ve done to it that might inspire someone else to want to buy it.

Source: The Street

japon seks - ajans seks - esmer seks - public agent seks - seks hikayeleri - sohbet numaraları
mersin escort | mersin escort
Translate »
escort sakarya escort edirne escort kayseri escort konya escort ısparta escort bornova
Kıbrıs gece kulüpleri