| What's the story with the new town houses going up in Towen 13:10 - Mar 5 with 2983 views | bluelagos |
Opposite side of the river from Burrell Rd
Shed loads going up - but no online sales coming up when I had a look at rightmove.
Anyone know the score? |  |
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| What's the story with the new town houses going up in Towen on 13:20 - Mar 5 with 2897 views | Zx1988 |
As Sitters says - Build-to-Rent.
Since new ground rents have been abolished, these schemes have become the new doyenne of pension funds etc.,
Why sell a house for £250k, when you can bag an RPI-linked annual rental income of at least £12k£-18k in perpetuity, whilst retaining the asset and enjoying growth on its value? [Post edited 5 Mar 14:16]
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| What's the story with the new town houses going up in Towen on 13:58 - Mar 5 with 2754 views | backwaywhen |
Today’s luxury, tomorrow’s slums……watch this space , Mcdonals will be rammed everyday lol. | | | |
| What's the story with the new town houses going up in Towen on 15:17 - Mar 5 with 2621 views | soupytwist |
On the Burrell Road topic, why has the NCP car park that was next to the Silverton builders' merchants closed?
That's taken a couple of hundred parking spaces out of action on matchdays. |  | | |
| What's the story with the new town houses going up in Towen on 15:39 - Mar 5 with 2574 views | Illinoisblue |
Ones with balconies will have prime views of the abandoned shopping trolleys in the river at low tide. |  |
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| What's the story with the new town houses going up in Towen on 16:02 - Mar 5 with 2514 views | hype313 |
| What's the story with the new town houses going up in Towen on 15:17 - Mar 5 by soupytwist |
On the Burrell Road topic, why has the NCP car park that was next to the Silverton builders' merchants closed?
That's taken a couple of hundred parking spaces out of action on matchdays. |
Yep, not sure why, bit of a pain when communiting to London too |  |
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| What's the story with the new town houses going up in Towen on 17:10 - Mar 5 with 2413 views | DJR |
| What's the story with the new town houses going up in Towen on 13:20 - Mar 5 by Zx1988 |
As Sitters says - Build-to-Rent.
Since new ground rents have been abolished, these schemes have become the new doyenne of pension funds etc.,
Why sell a house for £250k, when you can bag an RPI-linked annual rental income of at least £12k£-18k in perpetuity, whilst retaining the asset and enjoying growth on its value? [Post edited 5 Mar 14:16]
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That doesn't seem to me to be the answer to the housing crisis, and I imagine the rents will be very steep*.
The FAQs are interesting.
https://www.merchantsyard.co.uk/faq
So you're a buy-to-let landlord
Yes and no. The first difference is size. Most buy-to-let landlords are private individuals managing less than 10 homes whilst operators like us often manage thousands of rental homes. The other difference is that most private landlords have ‘day-jobs’ which is a polite way of saying they are unable to provide the same level of professionalism and rapid response times that we offer to our residents.
*The following suggests only 20% will be affordable, and affordable doesn't really mean affordable.
https://www.gov.uk/guidance/build-to-rent
20% is generally a suitable benchmark for the level of affordable private rent homes to be provided (and maintained in perpetuity) in any build to rent scheme. If local authorities wish to set a different proportion they should justify this using the evidence emerging from their local housing need assessment, and set the policy out in their local plan. Similarly, the guidance on viability permits developers, in exception, the opportunity to make a case seeking to differ from this benchmark. [Post edited 5 Mar 17:19]
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| What's the story with the new town houses going up in Towen on 17:42 - Mar 5 with 2301 views | Zx1988 |
| What's the story with the new town houses going up in Towen on 17:10 - Mar 5 by DJR |
That doesn't seem to me to be the answer to the housing crisis, and I imagine the rents will be very steep*.
The FAQs are interesting.
https://www.merchantsyard.co.uk/faq
So you're a buy-to-let landlord
Yes and no. The first difference is size. Most buy-to-let landlords are private individuals managing less than 10 homes whilst operators like us often manage thousands of rental homes. The other difference is that most private landlords have ‘day-jobs’ which is a polite way of saying they are unable to provide the same level of professionalism and rapid response times that we offer to our residents.
*The following suggests only 20% will be affordable, and affordable doesn't really mean affordable.
https://www.gov.uk/guidance/build-to-rent
20% is generally a suitable benchmark for the level of affordable private rent homes to be provided (and maintained in perpetuity) in any build to rent scheme. If local authorities wish to set a different proportion they should justify this using the evidence emerging from their local housing need assessment, and set the policy out in their local plan. Similarly, the guidance on viability permits developers, in exception, the opportunity to make a case seeking to differ from this benchmark. [Post edited 5 Mar 17:19]
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Rents will probably be very silly, but people may well pay them.
I'm a surveyor and registered valuer, and got looking at the new build-to-rent development which has gone up at Rackheath, near Norwich, the other week.
The units there are being let for well above what would be considered to be the market rent for non-BtR properties in the local area, and they seem to be very heavily leveraging the fact that these are new properties, with an apparently professional management setup.
For example, you could have a new 114sqm four-bedroom semi-detached BtR townhouse with no garage for £1,925pcm, or a slightly older 153sqm five-bedroom detached house with a double-garage for £1,700pcm.
The mind boggles. | |
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| What's the story with the new town houses going up in Towen on 17:50 - Mar 5 with 2267 views | DJR |
| What's the story with the new town houses going up in Towen on 17:42 - Mar 5 by Zx1988 |
Rents will probably be very silly, but people may well pay them.
I'm a surveyor and registered valuer, and got looking at the new build-to-rent development which has gone up at Rackheath, near Norwich, the other week.
The units there are being let for well above what would be considered to be the market rent for non-BtR properties in the local area, and they seem to be very heavily leveraging the fact that these are new properties, with an apparently professional management setup.
For example, you could have a new 114sqm four-bedroom semi-detached BtR townhouse with no garage for £1,925pcm, or a slightly older 153sqm five-bedroom detached house with a double-garage for £1,700pcm.
The mind boggles. |
Thanks for that info.
Will there be service charges, an issue less of a problem the newer a development, but still an opportunity to fleece the tenants?
If not, then presumably the higher rents reflect this because the supposed high quality property management has to be paid for somehow. [Post edited 5 Mar 18:01]
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| What's the story with the new town houses going up in Towen on 18:49 - Mar 5 with 2170 views | Zx1988 |
| What's the story with the new town houses going up in Towen on 17:50 - Mar 5 by DJR |
Thanks for that info.
Will there be service charges, an issue less of a problem the newer a development, but still an opportunity to fleece the tenants?
If not, then presumably the higher rents reflect this because the supposed high quality property management has to be paid for somehow. [Post edited 5 Mar 18:01]
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Good question. I wouldn't have thought so, at least, not payable by the tenants.
As far as the landlord is concerned, I would imagine that they will own the estate in its entirety, so would be responsible for the upkeep of communal areas.
That said, it would be no different to any other modern estate and, in my experience at least, rents are no higher on a modern development with service charges, than they would be for a similar property elsewhere. | |
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| What's the story with the new town houses going up in Towen on 19:21 - Mar 5 with 2097 views | Swansea_Blue |
| What's the story with the new town houses going up in Towen on 13:20 - Mar 5 by Zx1988 |
As Sitters says - Build-to-Rent.
Since new ground rents have been abolished, these schemes have become the new doyenne of pension funds etc.,
Why sell a house for £250k, when you can bag an RPI-linked annual rental income of at least £12k£-18k in perpetuity, whilst retaining the asset and enjoying growth on its value? [Post edited 5 Mar 14:16]
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I can’t believe it’s that simple, is it? If you can get a guaranteed 5-8% return while sitting on an almost guaranteed improving asset, I’m in! |  |
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| What's the story with the new town houses going up in Towen on 19:27 - Mar 5 with 2064 views | TractorWood |
| What's the story with the new town houses going up in Towen on 17:42 - Mar 5 by Zx1988 |
Rents will probably be very silly, but people may well pay them.
I'm a surveyor and registered valuer, and got looking at the new build-to-rent development which has gone up at Rackheath, near Norwich, the other week.
The units there are being let for well above what would be considered to be the market rent for non-BtR properties in the local area, and they seem to be very heavily leveraging the fact that these are new properties, with an apparently professional management setup.
For example, you could have a new 114sqm four-bedroom semi-detached BtR townhouse with no garage for £1,925pcm, or a slightly older 153sqm five-bedroom detached house with a double-garage for £1,700pcm.
The mind boggles. |
BtR are going up everywhere on this build and they will come logic. I'm not convinced it is what people want.
Cambridge has some large schemes emerging. Some units are on for £4k pcm. Absolutely bonkers. You'd have to have more money than sense to even consider it.
The funds bank rolling these are gambling on thin margins, I bet. They are therefore starting the rents silly and then conceding terms, frees and fit outs etc |  |
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| What's the story with the new town houses going up in Towen on 19:40 - Mar 5 with 2020 views | bluelagos |
| What's the story with the new town houses going up in Towen on 19:27 - Mar 5 by TractorWood |
BtR are going up everywhere on this build and they will come logic. I'm not convinced it is what people want.
Cambridge has some large schemes emerging. Some units are on for £4k pcm. Absolutely bonkers. You'd have to have more money than sense to even consider it.
The funds bank rolling these are gambling on thin margins, I bet. They are therefore starting the rents silly and then conceding terms, frees and fit outs etc |
The bit I don't get - surely the type of person who can afford these rents (you have to be a high earner to even consider 2k+ rent) will likely be looking to buy their own pads?
So the tenants are unlikely to be staying long term. If rents really are that high would be amazed if they were fully let out. Ipswich isn't prime London (where demand is much higher and there's always people after short(ish) term rentals.)
Then again - what do I know - you'd think they've done their homework. | |
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| What's the story with the new town houses going up in Towen on 19:48 - Mar 5 with 1986 views | lazyblue |
| What's the story with the new town houses going up in Towen on 13:58 - Mar 5 by backwaywhen |
Today’s luxury, tomorrow’s slums……watch this space , Mcdonals will be rammed everyday lol. |
That’s what’s happened all over Ipswich sadly | | | |
| What's the story with the new town houses going up in Towen on 20:00 - Mar 5 with 1910 views | TractorWood |
| What's the story with the new town houses going up in Towen on 19:40 - Mar 5 by bluelagos |
The bit I don't get - surely the type of person who can afford these rents (you have to be a high earner to even consider 2k+ rent) will likely be looking to buy their own pads?
So the tenants are unlikely to be staying long term. If rents really are that high would be amazed if they were fully let out. Ipswich isn't prime London (where demand is much higher and there's always people after short(ish) term rentals.)
Then again - what do I know - you'd think they've done their homework. |
I think they are aimed at the medium earning young professional. Again not convinced Ipswich has sufficient of those to fill these units who wouldn't prefer to buy. Anyone I know would rather buy somewhere relatively modest and get a foot on the ladder than live somewhere swank that some corporate landlord is coining it in on.
Agree. London is a different economy. I could see your scheme in Norwich working if it was a bit cheaper. Norwich has a relatively weak paying job market but its property is cheap and there are good jobs in a very livable city.
Cambridge will always let eventually due international students, AstraZeneca, Uni property empire and sheer scarcity. Prices are bananas in Cambridge: https://www.rightmove.co.uk/properties/154116989 | |
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| What's the story with the new town houses going up in Towen on 20:04 - Mar 5 with 1887 views | Pinewoodblue |
| What's the story with the new town houses going up in Towen on 20:00 - Mar 5 by TractorWood |
I think they are aimed at the medium earning young professional. Again not convinced Ipswich has sufficient of those to fill these units who wouldn't prefer to buy. Anyone I know would rather buy somewhere relatively modest and get a foot on the ladder than live somewhere swank that some corporate landlord is coining it in on.
Agree. London is a different economy. I could see your scheme in Norwich working if it was a bit cheaper. Norwich has a relatively weak paying job market but its property is cheap and there are good jobs in a very livable city.
Cambridge will always let eventually due international students, AstraZeneca, Uni property empire and sheer scarcity. Prices are bananas in Cambridge: https://www.rightmove.co.uk/properties/154116989 |
10 units are up for sale, first time buyers only. Presumably if the rentals don’t shift more could be sold or perhaps purchased by IBC |  |
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| What's the story with the new town houses going up in Towen on 20:21 - Mar 5 with 1822 views | Zx1988 |
| What's the story with the new town houses going up in Towen on 20:00 - Mar 5 by TractorWood |
I think they are aimed at the medium earning young professional. Again not convinced Ipswich has sufficient of those to fill these units who wouldn't prefer to buy. Anyone I know would rather buy somewhere relatively modest and get a foot on the ladder than live somewhere swank that some corporate landlord is coining it in on.
Agree. London is a different economy. I could see your scheme in Norwich working if it was a bit cheaper. Norwich has a relatively weak paying job market but its property is cheap and there are good jobs in a very livable city.
Cambridge will always let eventually due international students, AstraZeneca, Uni property empire and sheer scarcity. Prices are bananas in Cambridge: https://www.rightmove.co.uk/properties/154116989 |
I think there's a lifestyle element to it as well; freedom to move where you want, when you want, aimed at the generation used to swapping anything and everything the moment they get bored of it. How long until they start marketing it as 'housing by subscription' or other such guff?
You will own nothing and be happy. | |
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| What's the story with the new town houses going up in Towen on 20:24 - Mar 5 with 1804 views | Zx1988 |
| What's the story with the new town houses going up in Towen on 19:27 - Mar 5 by TractorWood |
BtR are going up everywhere on this build and they will come logic. I'm not convinced it is what people want.
Cambridge has some large schemes emerging. Some units are on for £4k pcm. Absolutely bonkers. You'd have to have more money than sense to even consider it.
The funds bank rolling these are gambling on thin margins, I bet. They are therefore starting the rents silly and then conceding terms, frees and fit outs etc |
I'm not sure there's that much risk in it for the builders/funders.
Even if they can't achieve silly rents on the places, they can still let them at the local rack rents or, if worst comes to worst, flog the units for a tidy profit on the build costs. | |
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| What's the story with the new town houses going up in Towen on 06:28 - Mar 6 with 1504 views | Benters |
Believe it or not I could knit one purl one in my yoof. |  |
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| What's the story with the new town houses going up in Towen on 10:17 - Mar 6 with 1307 views | football |
| What's the story with the new town houses going up in Towen on 18:49 - Mar 5 by Zx1988 |
Good question. I wouldn't have thought so, at least, not payable by the tenants.
As far as the landlord is concerned, I would imagine that they will own the estate in its entirety, so would be responsible for the upkeep of communal areas.
That said, it would be no different to any other modern estate and, in my experience at least, rents are no higher on a modern development with service charges, than they would be for a similar property elsewhere. |
Service charges will be annual amounts for each property in addition to rents and enable a management company to keep the upkeep of the site - that's normal how it works on all new estates. If a RLS is responsible for the properties, it may be that they cover the cost, but that is unlikely | | | |
| What's the story with the new town houses going up in Towen on 11:35 - Mar 6 with 1209 views | DJR |
| What's the story with the new town houses going up in Towen on 10:17 - Mar 6 by football |
Service charges will be annual amounts for each property in addition to rents and enable a management company to keep the upkeep of the site - that's normal how it works on all new estates. If a RLS is responsible for the properties, it may be that they cover the cost, but that is unlikely |
Let's hope it's not FirstPort who had such a bad reputation that they had to change their name a few years ago and have now been suspended from their trade body.
https://www.leaseholdknowledge.com/firstport-suspended-from-its-trade-body-the-p
I first came across them about 10 years ago when my mother was considering buying an over-60s flat. Their record at that time was so poor that I steered my mother away from buying a leasehold property. Instead she opted for a small semi-detached bungalow in good condition for the same price, and thus she saved thousands in service charge. [Post edited 6 Mar 11:40]
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| What's the story with the new town houses going up in Towen on 11:50 - Mar 6 with 1140 views | DanTheMan |
| What's the story with the new town houses going up in Towen on 17:42 - Mar 5 by Zx1988 |
Rents will probably be very silly, but people may well pay them.
I'm a surveyor and registered valuer, and got looking at the new build-to-rent development which has gone up at Rackheath, near Norwich, the other week.
The units there are being let for well above what would be considered to be the market rent for non-BtR properties in the local area, and they seem to be very heavily leveraging the fact that these are new properties, with an apparently professional management setup.
For example, you could have a new 114sqm four-bedroom semi-detached BtR townhouse with no garage for £1,925pcm, or a slightly older 153sqm five-bedroom detached house with a double-garage for £1,700pcm.
The mind boggles. |
> four-bedroom semi-detached BtR townhouse with no garage for £1,925pcm
Bloomin' heck. |  |
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| What's the story with the new town houses going up in Towen on 11:59 - Mar 6 with 1096 views | DJR |
| What's the story with the new town houses going up in Towen on 11:50 - Mar 6 by DanTheMan |
> four-bedroom semi-detached BtR townhouse with no garage for £1,925pcm
Bloomin' heck. |
Especially in Norfolk.
As it is, I would have thought renting 4 bedroom houses in the private sector is not a common occurrence, outside of relatively wealthy expats and the like.
Even in prosperous Tunbridge Wells, there are only 4 such properties currently for rent, and one of those is only £1,800 per month.
More likely, people renting with a family would choose a smaller house and make children share a room. [Post edited 6 Mar 12:12]
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