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The results from this year’s local elections have started being announced and they have triggered calls for Rishi Sunak to change course.

This morning, Richard Holdman, the Conservative chair, admitted last nights local election announcements had been a ‘tough set’ for the party, which has suffered heavy losses including in the Blackpool South byelection with a 26-point swing to Labour.

When the results began pouring in at midnight, it was revealed the Conservatives lost more than 100 councillors, which has prompted industry experts to theorise that this election could be ‘one of the worst, if not the worst’ performance by the party in 40 years.

Counting is expected to continue into the long weekend, but so far, the Tories have lost 217 councillors across the country, compared with a labour gain of 91. 53 out of 107 councils have been accounted for.

This afternoon, Prime Minister Rishi Sunak finally broke his silence on the catastrophic vote swing after Sir Keir Starmer, the Labour leader, called for a general election.

‘Obviously it’s disappointing to lose good, hard-working Conservative councillors and I’m grateful to them for all their service in local government, keeping council tax low and delivering services for local people,’ Sunak said. ‘But we have still got lots of results to come as well.’

However, it seems Sunak’s optimistic tone isn’t replicated within his party. Whilst speaking to the BBC Radio 4 Today programme, Tory MP Andrea Jenkyns, said: ‘My stance always is the same, but I’m not sure that colleagues are going to be putting the letters in, so we’re working with what we’ve got. I think we shouldn’t have got rid of Boris in the first place, but we are where we are and it’s looking unlikely that MPs are going to put the letters in.’

Jenkyns added: ‘The last 24 hours, I think for Rishi, he’s got a message, he has been told by the electorate: wake up, be Conservative or we lose.’

Although, a survery of party members published by the ConservativeHome website suggested that 63% did not think Sunak should resign as party leader, regardless of what the final results were.

When it comes to the general election, Keir Starmer said: ‘This is a clear divide now. We have had 14 years of failure and decline. We just got chaos and division from the Tories.’

Image: Shutterstock 

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Raven Housing Trust have completed the first phase of construction on a new zero carbon development in Lewes, East Sussex.

Contractor and manufacturer, Boutique Modern, have laid the foundations and completed other preparatory works for the new development, which consists of 32 affordable one, two and three-bedroomed homes. The properties have been split into 18 maisonettes for affordable rent and a further 14 properties available for shared ownership.

The properties are also beneficial to the environment as well as people’s pockets. Raven is expected to fit each property with energy saving technologies such as solar panels and heat pumps to ensure they will have a zero-carbon footprint.

Against this backdrop, Raven is also using the latest modern methods of construction (MMC) from local, Newheaven-based company Boutique Modern, which factory-produces homes off-site. Workers will assemble the modules using cranes, then add roofs and building facades.

This approach reduces construction waste and the number of deliveries to site. As Boutique Modern’s factory is just 10 miles away, carbon emissions associated with transporting the homes will be kept to a minimum.

Commenting on the news, Ali Bennett, executive director of homes at Raven, said: ‘This latest development in Lewes is testament to Raven’s commitment to net zero carbon and sustainable development. With funding from Homes England and South Downs National Park Authority, this is a great example of partnership working to deliver much needed affordable homes.

‘By using Modern Methods of Construction, as well as integrating sustainable technologies such as solar panels, ground source heat pumps and electric vehicle charging points into every property in our new Lewes development, we’re making great strides towards our goal of net zero carbon emissions by 2050 and setting a benchmark for future projects.’

 Ali added: ‘We’re delighted to announce completion of the first construction phase and look forward to fulfilling the aspirations of 32 families awaiting the opportunity to call Lewes home.’

Situated on the former Pells Church of England School site, Raven’s new Lewes development is due to be fully finished by Spring 2025 – the first two properties will be show homes and open for viewings this summer.

Image: Raven Housing Trust

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A string of new student accommodation projects have been given the go-ahead in Bristol. However, developers have asked councillors to delay their decision on the latest one.

At the beginning of last month, a 500-bed student accommodation block had been given the greenlight to start construction near Bristol city centre. Developers claimed the new flats were urgently needed as the city is one of the ‘most undersupplied markets in the UK for purpose-built student accommodation’.

However, a new project to build a 484-bed apartment block on an empty plot of land in Malago Road, Bedminster, has been put on the backburner. Councillors in Bristol were due to decide on whether to grant planning permission for the development, but Watkin Jones – the development organisation leading the plans – have asked to delay the decision and it is now expected to be made in June.

Should planning permission be granted, the plans include three buildings, the tallest with 10 storeys, and aim to improve the access to the nearby River Malago.

Ahead of the meeting, planning officers have recommended that the council’s planning committee approve permission for the new flats.

One of the concerns that has been raised about the development – identified in discussions at Bristol City Council – is the amount of noise created from a nearby railway line, which could affect residents opening windows during the spring/summer months.

To combat this, the developer says it is planning to install mechanical ventilation, which works similarly to air conditioning.

Currently, the site remains empty, although it was previously occupied by a car wash and a charity providing temporary housing for homeless people. Up until 2023 an engineering works and foundry operated there, but this was demolished in 2009.

Image: Nathan Riley

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Stephanie Feigenbaum, Project Manager at REdirect Consulting, talks all these property and technology – an unlikely relationship that could transform the housing sector. 

Industry leaders in the property sector view AI and automation as major gamechangers, with more than 79% looking to adopt this technology in the next three to five years. This is according to a survey conducted by the UK PropTech Association (UKPA), the British Property Federation (BPF) and supported by REdirect Consulting, leading real estate technology consultants.

As the sector still faces concerns about cost, problems related to integration of legacy tech and the general complexity of traditional ways of working, how will these new and innovative technologies reshape the UK property sector as it tries to overcome barriers to adoption?

Overcoming industry barriers

Despite the clear advantages of digitally transforming and implementing new technology across the property sector, there is still some push back. Results from the survey reveal that the most common barriers for concern are organisational resistance to change, cost implications and transparency when it comes to return on investment. For the sector to reach the next level, it needs to leverage the benefits of implementing PropTech and see it as an investment for the long-term that will filter down into almost every stage of the business.

Another factor that comes into play with digital adoption is the privacy and security concerns associated with implementation, including storing data and aiding GDPR compliancy. Alongside this, businesses may worry about vulnerability to cyber threats with the potential risk of customer data being leaked. Stories in the public eye that have risen to the top of the news agenda in recent years including the Royal Mail and Hackney Council ransomware attacks, provide further cause for concern and emphasise the need to prioritise security considerations. While these examples can have an impact on digital utilisation, partnering with a provider to ensure these considerations are front and centre prior to going live will ensure your organisation is robust and fully protected.

How AI and automation will reshape the property industry

There are numerous of areas that AI and technology can positively influence the wider property sector. From improving building performance, decision-making and carbon emissions profile, to speeding up transactions and engagement with customers, there are a plethora of advantages that PropTech can bring. Our report suggests that AI will have a profound impact on the industry and set the stage for significant advancements in data analysis, decision-making, and automation. This comes in the form of predictive maintenance where AI can be used to analyse data from building systems, such as heating, ventilation and air conditioning (HVAC) to predict when maintenance will be needed and prevent sudden failure to equipment.

A common misconception is that artificial intelligence will replace employees and the human touch will be lost. But in fact, the technology has the power to not only streamline workflow and processes for property professionals but also give them more time to focus on the important details, interacting one-on-one with potential prospects – not bogged down in the admin and back-end processes. And according to Gitnux, AI has the potential to save the commercial real estate market an estimated 40% in time savings by automating tasks. 

AI, VR and smart IoT solutions

Almost six in ten respondents from the survey predict a profound impact from AI, setting the stage for significant advancements in data analysis, decision-making, and automation. In other areas, blockchain and Augmented Reality/Virtual Reality (AR/VR) are not perceived as overwhelmingly influential, but they are recognised for their ability to bring about notable changes and improvements. Whether it’s helping immerse potential buyers within a property before they put in an offer or reducing their carbon footprint from a decrease in travel, there are many benefits to utilising AR and VR.

Alongside AI there are other developing technologies within the smart buildings and internet of things (IoT) space. By implementing IoT technologies, low-cost wireless devices can be connected around properties to collect data to enable complete remote asset management monitoring to enhance operational efficiency. These devices can detect a broad range of issues within properties such as temperature, humidity, mould growth, Legionella bacterium and water ingress. This not only provides transparency and valuable insight for industry professionals but it also allows them to be proactive rather than reactive, directing resources where they are needed most. This means that potential problems can be escalated as soon as they arise and be quickly rectified. This can be particularly beneficial across the rental market where there is a duty of care to protect tenants from property defects including mould or damp that can be harmful if ingested.

Proactive monitoring for a more sustainable future

The property sector is already making great strides in addressing existing pain points with organisations reporting how the new technology is having a marked improvement in these areas. From enhancing ESG and sustainability goals to data management and operational performance of properties, survey respondents indicated the key improvements that the tech is offering. Utilisation of this monitoring technology can help the property sector meet its ESG and sustainability targets as energy usage within buildings can be monitored to ensure it is operating at peak efficiently, becoming more environmentally friendly while lowering costs for tenants and homeowners.  

It’s clear to see the big impact PropTech is having on the wider property market in helping to improve operational efficiency and enhancing ESG data collection. Revolutionising business processes using AI and other evolving technologies will become crucial for informing business decisions in the property sector for years to come. 

Images: Stephanie Feigenbaum, Markus Winkler and Alex Knight

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Zina Smith, Marketing and Communications Manager, Campbell Tickell, asks Maggie Rafalowicz, Director, Campbell Tickell, how for-profit organisations are helping to address social housing need. 

  How are for-profit registered providers (FPRPs) helping address the housing supply crisis?

Legislation to allow a class of for-profit registered providers in England was put in place in the Housing and Regeneration Act 2008 to help address housing supply problems. FPRPs now play an increasingly important role. Unlike traditional housing associations, they don’t have the same degree of challenges with existing properties, allowing them to focus on building good-quality new homes. They also bring different funding sources to the table.

It is estimated that FPRPs will own more than 40,000 homes by the end of 2024, with more than a quarter of these general needs. Some FPRPs are now among the biggest developers of social housing in the country.

While some FPRPs may be backed by short-term players, others, such as Legal & General Affordable Homes and Octopus (through their NewArch RP), are committed to long-term involvement in social housing. We are seeing increasing emphasis on the quality of property management, recognising that building homes is only part of the solution – properties and communities need to be effectively managed and residents need support.

Despite some nervousness about FPRPs, particularly from local authorities, we’re seeing a growing acceptance of their role. This is accompanied by an understanding from FPRPs of the importance of partnership working and a willingness to engage with councils long-term.

What are some of the challenges of collaboration between for-profit and traditional housing providers?

The primary challenge in promoting collaboration between for-profits and non-profits is recognising their shared purpose: to provide affordable social housing.

There is concern though among non-profit organisations about seeing profits going to shareholders, which necessitates clear understanding of what each entity aims to achieve. Finding common ground is critical, despite differences of approach.

Of course, the challenges for councils are by no means just about for-profit entities. There have been many examples where housing associations have not invested in certain areas because it didn’t align with their business plans, leaving local authorities facing difficulties in sourcing social housing and meeting local demand.

FPRPs can bring a new focus and opportunities to the table, but naturally each organisation will have its own priorities in terms of investment and return.

What were the takeaways from the joint event held by Campbell Tickell, Trowers & Hamlins, Devonshires and Social on for-profit providers last December?

This was the second year we have run an event focusing on the relationship between for-profit providers and non-profits. Initially the discussion was about the principle of joint working. At the second event, it was more about exploring joint working initiatives to find mutually beneficial opportunities.

Key takeaways included the importance of sustainability – particularly social housing’s contribution to the ‘S’ in ESG (Environmental, Social, and Governance) for investors. Discussions revolved around how for-profit entities could contribute to sustainability efforts, such as retrofitting, decarbonisation, and ensuring the right homes are in the right places. At the same time, the role of new funding partnerships to improve existing homes was explored. Whether through direct funding or by helping free up the balance sheets of housing associations, partnerships could support retrofitting work and more cost-effective retrofit programmes.

How might motivations differ between for-profit registered providers and non-profits?

Obviously, motivations can differ between non-profits and for-profits. For many FPRPs, the focus might be for a steady, guaranteed income stream. This doesn’t invalidate their contributions to social housing – ultimately, it’s about providing a good-quality home and service.

Passion isn’t always synonymous with quality. Sometimes a less passionate entity can still deliver excellent service. The aim should be to provide quality homes and services and satisfy stakeholders, regardless of the profit orientation.

There’s a growing understanding of the important role FPRPs play in housing supply. There’s room for everyone in this sector, given the urgent necessity for diverse sources of funding and investment. As long as a good service is provided at a reasonable cost, the type of organisation becomes less significant.

What changes do you see in the registration process, compared to 10 years ago, when Campbell Tickell started registering for-profit entities?

The for-profit housing sector is becoming more professionalised. Previously the registration process was simpler, attracting those who may principally have viewed it as a viable business proposition. However, the landscape is changing. The registration criteria have become more stringent, and the sector is attracting a more diverse range of players. Some are drawn in by the ‘addictive nature’ of social housing – the ability to make a valuable contribution to society. And such individuals are found on the boards of FPRPs, contributing to a different, but effective, operational model.

Regulators, however, are treading cautiously. The profit-making aspect and different funding models have at times raised concerns. The sector’s dynamism is further amplified by the sales of some FPRPs to new owners. This makes regulators nervous, but can be beneficial if the new entity ensures it understands regulation and the sector’s ethos, and is committed to good service. This underscores the need for strict monitoring to ensure the sector’s integrity.

The for-profit housing sector is not just another market. It’s a space where good intentions and commitment to social housing should co-exist alongside profit-making motives. The sector, with its good governance and diverse players, is evolving, reflecting the complexities of the modern world.

What work is Campbell Tickell doing with for-profit providers?

There is considerable activity in the for-profit sector and our work with funds and FPRPs has grown markedly in response to demand. We have been offering support in various areas such as: new registrations; regulatory advice and preparation for in-depth assessments; helping form partnerships with councils, housing associations, and developers; and recruiting non-executives and senior executives.

Currently, we are developing a code of governance for FPRPs, similar to the National Housing Federation governance code that we also developed, but recognising the distinct nature of FPRPs, while demonstrating a commitment to high standards and good governance.

What conclusions can we draw about the for-profit sector space?

There is a significant role for the for-profit sector in the housing industry. In particular the importance of collaboration with local authorities and other housing associations to ensure the long-term maintenance and quality of homes.

There’s a need to invest more in building sustainable homes, which can reduce maintenance costs in the long run. As FPRPs grow, they will have increasing exposure to regulation and non-profit housing associations, and become progressively more integrated into the social housing sector.

This article was featured in the latest CT Brief – Issue 71. 

Image: Anthony Fomin

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According to data from the UK’s biggest building society, house prices fell last month as potential buyers continued to experience pressures on affordability.

Nationwide have released new figures that show house prices decreased by 0.4% in April compared to previous months. Currently, the average price of a home stands at £261,962 – some 4% below the peak experienced in summer 2022.

News of house prices falling has come after a string of lenders raised rates on new fixed mortgage deals after experts theorised the Bank of England will be slowly cutting interest rates. An example of this is Halifax, who has become the latest lender to announce higher rates, with a plan to put up the cost of its mortgage range by 0.2%.

Against this backdrop, it is estimated that around 1.6 million existing borrowers have relatively cheap fixed deals that will be expiring this year.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: ‘There are likely to be ups and downs in mortgage pricing in the weeks and months ahead but ultimately borrowers will have to get used to paying more for their mortgages as the days of rock-bottom rates have long gone.’

Experts who helped collected the Nationwide data have revealed that this is the second consecutive fall in monthly house prices. The figures are based on the building society’s own mortgage lending, which does not include buyers who purchase homes with cash or buy-to-let deals.

Year-on-year, research shows the pace of house price growth slowed from 1.6% in March to 0.6% in April.

As a result of sky-high mortgages, Nationwide have reported that first-time buyers have delayed their plans to purchase a property within the next five years.

Image: Paul Kapischka

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