We discovered that London not only dominates the list of the priciest Airbnbs in the UK with six properties among the top 20, but also boasts the most expensive offering across the nation. This is Cheyne Place, an eight-bedroom family home, nestled in the heart of Chelsea commanding a staggering £11,500 per night.

These are the 20 most expensive Airbnbs we found in the United Kingdom:

Key takeaways from our report:

• England holds 14 of the 20 priciest Airbnb rentals, Scotland claims 5, while the remaining one is tucked away in Wales.
• London leads with six properties within the top 20, followed by Gloucestershire, which secures two spots.
• An eight-bedroom family home in Chelsea ranks as the most expensive Airbnb in the UK, charging £11,500 per night, whereas an 1840s gothic castle near the Brecon Beacons emerges as the “cheapest” option on the list (£4,777 per night).
• Henry’s Townhouse in Marylebone, Central London, once the residence of English novelist Jane Austen’s brother Henry, stands out as the most extraordinary rental within the top 20, priced at £5,940 per night.
• Interestingly, a 7-day holiday at the family home in Chelsea (£80,500/week) would cost the average Brit over two years’ worth of full-time earnings (£34,963/year).
• The average monthly rental price in the UK as of February 2024 is £1,262, meaning a 7-night stay at Cheyne Place could cover more than five years’ worth of rent.

More information about the UK’s top 20 most expensive Airbnbs is available in the full report here. It also features a map, showcasing the priciest listings in 15 major urban areas nationwide.

The post UK’s Priciest AirBnb is 8 Bed Family Home in Chelsea for £11.5k Per Night first appeared on Property Insider.

This is down from a peak of 10.3% observed in 2Q 2022, according to the latest report from the Building Cost Information Service (BCIS).

The estimate is the consensus of the BCIS TPI Panel based on analysed Delphi survey results and does not necessarily represent the views of individual participants.

The range of responses reported on tender price movement between 4Q 2023 and 1Q 2024 was between 0.0% and 0.8%.

Similarly to the last quarter, the panel reported overheads and profit, as a percentage of the contract sum, at an average of 5.3%.

Dr David Crosthwaite, chief economist at BCIS said: “With contraction in construction demand, the knock-on effect is inevitably fewer opportunities and a greater keenness to tender. We’re forecasting annual growth in tender prices to continue to slow this year, but to rise by 17% over the next five years.”

Through their survey responses and in discussion, panellists pointed to various pertinent factors in the industry and wider financial climate impacting on tender pricing.

When asked how easy it was to get contractors to tender, the panel pointed to a slightly increased eagerness in 1Q 2024 compared with the previous quarter. On a scale of 1 to 5, where 1 means cannot get anyone to tender through to 5 meaning contractors are very eager to tender, the majority (58%) selected 4.

Panellists reported anecdotally on tenders coming in at and under cost plans, with contractors eager to fill their order books for up to a year’s time. This is also reflected in overheads and profit percentages, which panellists reported were starting to come in below levels observed previously. One panel member noted that while there is noticeably increased interest in new opportunities, caution persists, and contractors are looking carefully before committing.

What’s in the pipeline?

One-third of respondents reported a slight reduction in anticipated projects going to tender in the next 12 months, compared with the previous 12 months. A total of 42% said their pipeline was unchanged from 4Q 2023 to 1Q 2024, while 17% said it had increased slightly.

Reflecting on the decline in new orders outlined in recent ONS data, panellists commented that, while there is generally no fierce competition for tenders in the market, there is also not a huge amount of work available. There was a suggestion that it’s not always easy to determine whether constraints on the supply or demand side are pulling hardest.

Resources and supply chains

As materials cost inflation has cooled, panellists have reported fewer issues with pricing levels. Among materials highlighted by respondents, there was said to be continuing issues with semiconductors, as well as concrete and M&E product cost increases, but otherwise a stabilisation of steel prices.

Attacks in the Red Sea were highlighted as a possible risk to inflation. However, panellists reported that they had seen very little effect on tender pricing. While one panellist reported some increases in material costs, another said the effects had only been seen in longer lead times, and that the net cost of diverting ships around the Cape of Good Hope is not much more when the cost of transiting the Suez Canal is factored in.

There was agreement that, where there have been price increases, it was likely to be as much about incorporating risk into prices, as about actual increases in freight costs.

With labour availability highlighted as a challenge by several respondents, the panel agreed the effects of reduced demand in the market, but not equally across sectors, is in evidence. While M&E does not have any slack, other sectors do, which is showing in fewer vacancies and wage growth in construction being relatively lower than other industries.

Differences between project size, work type and sectors

Nearly two-thirds of panel members reported differential movement between building work and mechanical and electrical work (M&E). Those who said there was a difference stated M&E is seeing higher price levels for a variety of reasons, but particularly because of a lack of available specialist contractors and because demand has not dropped in the sector.

Risk of insolvencies to the supply chain

After the risk of insolvencies in the industry were raised by the panel, particularly around supply chain capacity, there was a suggestion that groundworks firms have been particularly affected because they are more exposed to the sectors which have experienced reduced demand.

For more information about BCIS, please visit: www.bcis.co.uk.

The post Annual Growth in Construction Tender Prices Continues to Ease first appeared on Property Insider.

TE Buyer Assist is Taylor Emmet’s proactive approach to conveyancing, which will lead to completions finalising up to four weeks quicker than the industry average.

Leveraging the latest digital technology to provide rapid onboarding within 48 to 72 hours of a purchase agreement, the dedicated team at Taylor Emmet commence work on transactions immediately, irrespective of the receipt of a contract pack from the selling solicitors. This allows for an early-stage review of the property title and application for relevant searches, thereby identifying and resolving pertinent legal issues at the earliest opportunity to expedite transaction times.

Taylor Emmet has also introduced a unique ‘Buyers Protection’ cover within TE Buyer Assist. This reassures clients that, should a transaction not reach completion for any reason, Taylor Emmet will waive the upfront legal costs and offer free searches on the subsequent purchase.

Neil Riley, Conveyancing Partner, at Taylor Emmet said: “We’re excited to introduce TE Buyer Assist to the marketplace. We understand that buying a property can be stressful, and we aim to take that stress away and get our clients moving as quickly as possible.

“Not only does this service aim to fast track moving home it also offers our clients peace of mind through our ‘Buyers Protection’ cover. Unfortunately, for a variety of reasons a transaction might not reach completion and as such a client may choose to buy a different property.

“We believe that this service, coupled without commitment to clear and timely communication, has the potential to completely change the home buying process.”

For more information about TE Buyer Assist, visit: https://www.tayloremmet.co.uk/personal/residential-conveyancing/buyer-assist/

The post Taylor Emmet Launches Ground-Breaking Service for Home Buyers first appeared on Property Insider.

BCIS is forecasting R&M output will fall 7% in 2024 before recovering in 2025 and beyond, but warned the economic backdrop remained uncertain and that recent inflation had cut into existing maintenance budgets in all sectors, particularly in the public sector.

Dr David Crosthwaite, chief economist at BCIS, said: “We argue that this fall in the repairs and maintenance sector can’t be allowed to happen, as there are many urgent issues that need addressing.  

“R&M is integral to improving the quality of our buildings and creating environments that people can live, work and flourish in. 

“Therefore, in this election year, we are calling for all the main parties to prioritise R&M.  

“We urge the current government to fulfil its promises in the areas where it has allocated funding, as well as investing more in green collar skills to ensure we have an adequately skilled workforce to achieve these aims.

“We also ask any subsequent government to follow through on the current government’s commitments.”

There were few sectors that escaped unscathed in 2023, from the negative impact of high borrowing and low consumer demand.

Housing was the most affected, as inflationary pressures and persistently high mortgage rates slowed down activity.

However, R&M was one sector that performed better than expected and drove growth – with growth of over 6% according to the latest BCIS forecast.    

BCIS has outlined the key areas political parties should prioritise in their manifestos and allocate funding accordingly. 

Ensuring social housing addresses both health and safety and energy efficiency concerns quickly and in equal measure, was top of the list.

However, BCIS cautioned these competing demands could potentially constrain the proportion of funds that councils are able to allocate to day-to-day repair and maintenance. 

It also called for the government to prioritise measures which would make existing homes more environmentally friendly, such as the recent announcement that the government has granted £16 million to fund energy saving measures and sustainability initiatives under the Green Home Finance Accelerator programme. 

Recent proposals to speed up the planning process from the government have also highlighted the lack of skills across planning authorities in energy efficient retrofitting, with just 16% of local authority staff feeling ‘very confident’ in this area, according to a recent survey from Historic England. An appropriately skilled and trained workforce is required to future proof our buildings.

The RAAC concrete crisis will have a cost impact across the public sector, including hospitals and schools. The government has also announced it intends to set out plans and measures to decarbonise the UK’s entire education estate.

The DfE’s ever-growing to-do list coupled with the urgent need to address pressing remediation works highlight just how essential it is to allocate funds to non-residential and public R&M this year.  

Businesses that wish to encourage their workforce back to the office will increasingly need to consider how they can improve the quality of the working environment.

As minimum energy efficiency standards (MEES) regulations are tightened, pressure will also mount to improve the ratings of Energy Performance Certifications (EPC) given to buildings – a move that will meet both government requirements but also the expectations of customers and employees who increasingly place a high value on green credentials.  

For more information about BCIS, please visit: www.bcis.co.uk.

The post BCIS Calls for Government to Prioritise Repair and Maintenance first appeared on Property Insider.

Fees for leasehold property sales and purchases grew at a slower pace by 3.72% and 3.82% respectively.

Now in its 4th year, Property Solvers’ annual research of legal practices (in England and Wales) has revealed that average residential conveyancing fees for a freehold tenured property sale and purchase in early 2024 stood at £1,187.98 and £1,265.65 respectively (inclusive of VAT).  

This represents increases of 6.16% (for freehold home sales) and 6.88% (for freehold purchases) relative to similar data collected in early 2023.

After what were rather aggressive price hikes between 2022 and 2023 (well above annual CPI), average conveyancing costs for a leasehold property sales saw somewhat subdued increases over the last year.  Prices rose by 3.72% for sales (from £1,351.71 in 2023 to £1,401.99 in 2024) and by 3.82% for leasehold property purchases (from £1,436.92 in 2023 to £1,491.83 in 2024). 

The property sales company approached 100 conveyancing firms for direct quotes.  It was assumed that a mortgage was being redeemed upon sale completion or the property was being purchased with a mortgage. Property values in the quote request never exceeded £300,000 for purchase or sale. Also, the fees do not include disbursements (telegraphic transfer charges, searches, ID checks etc.).  

Remortgaging costs – based on a secured home loan of £225,000 (75% loan to value on £300,000) saw an average cost rise of 7.68% (from £643.51 in 2023 to £692.92 in 2023). According to Property Solvers, leasehold supplementary costs tend to lie at between £200 and £350.

Ruban Selvanayagam of Property Solvers commented: “continued inflationary pressures on wages and other overheads involved in running conveyancing practices continue to drive fees upwards – albeit at a slower pace than in recent years.”

“We were coming across quotes going well into the £2,000s for freehold sales / purchases and nearly reaching £3,000 for leasehold property purchases – often reflective of the firms’ well-established reputation and their ability to process transactions quicker,” he continues.

“However, we continue to discourage sellers and buyers from using conveyancers with pricing that appears to be unusually inexpensive. Whilst more conveyancers are embracing AI and other streamlined process, you’ll often find that the “low fee” firms tend to be overloaded with cases – resulting in an inferior quality of service,” he concludes.

The post Conveyancing Fees Grow by 6.88% Over the Last 12 Months first appeared on Property Insider.

The most recent data from BCIS indicates a fall in construction output as recessionary pressures hit the industry. While the cost-of-living crisis continues to impact the repair and maintenance sector, the cost of borrowing has affected the new work sector, with high financing costs becoming a major barrier to investment. BCIS predicts new work output to fall by 5% in 2024.

Dr David Crosthwaite, chief economist at BCIS, said: “Persistent low growth has become characteristic of construction, as it has the wider economy, and it is highly likely that the industry is currently in a recession.

“The question everyone is asking is: when will the Bank of England lower borrowing rates, and crucially, by how much?

“The industry is crying out for some clarity and commitment to a planned pipeline of work – both to boost investor confidence and to ensure the necessary resources are in place on the supply side. We really need the government to prioritise infrastructure investment as what it is – a key lever of economic growth.”

The BCIS Materials Cost Index shows the inflationary impact on construction resources has diminished, leaving labour as the biggest cost driver on projects.

The latest figures from ONS’s Average Weekly Earnings dataset show construction wages increased by 4.0% in the year to November 2023 and BCIS is forecasting labour costs to soften mid-2024 and return to trend thereafter, rising by 18.5% over the next five years.

Amidst a stagnant economy, high borrowing costs and rising tensions in the Middle East, the industry is still facing a range of challenges in the year ahead.

Dr Crosthwaite added: “The last thing the industry needs now is more uncertainty, but it being an election year of course adds this into the mix, not just at home but across 76 countries worldwide.

“What’s happening in the Red Sea could well have inflationary impacts on material costs if the cost of shipping increases and supply shortages materialise.

“When demand picks up again, we’ll have a new set of problems to deal with, like how to plug the labour supply gaps and skills shortages that are likely to arise with increased activity in the sector.”

For more information about BCIS, please visit: www.bcis.co.uk.

The post Construction Slowdown Predicted as UK Economy Stagnates first appeared on Property Insider.

This marks the largest online project ever undertaken by the Best Estate Agent Guide, aimed at promoting industry excellence and empowering homeowners to make the right choices on their property journey.

The campaign encouraged consumers to look for the coveted gold and silver medals when selecting an agent and signposted the Best Estate Agent Guide as the number one resource to use for their search.

The social media posts were displayed to 5,485,500 people, raising the profile of both the Guide and the agents listed in it to homeowners across the UK.

Peter Knight, founder of the Best Estate Agent Guide, said: “Our campaign has been a resounding success and we are absolutely thrilled that so many people have been reached by our messaging.

“It’s not just about numbers; it’s about educating consumers and providing them with the knowledge to make informed decisions. The Best Estate Agent Guide strives to bring transparency and excellence to the forefront, and this widespread engagement reinforces our commitment to providing valuable insights for every homeowner in the country.

“Now, more than 5.4 million people will recognise that agents who display these medals truly are the best in the business and that a listing in the Guide is the only way to know you are choosing the right partner for your move.”

To find out more about the Best Estate Agent Guide, visit: https://bestestateagentguide.co.uk

The post Over 5m Homeowners Reached in Best Estate Agent Guide’s Campaign first appeared on Property Insider.

The development will comprise 790 beds across three buildings and feature amenities that are becoming increasingly desirable to the student population, including a cafe, co-working space, gym, yoga studio, cinema room, garden terrace and games area with table tennis, air hockey, fussball, shuffleboard and a gaming booth. The site is conveniently located on Alfreton Road, which is a 10-minute walk from the Nottingham Trent University campus, around a 10-minute bus ride from the University of Nottingham Jubilee Campus and approximately a 15-minute walk from the city centre.  

The site adjacent to the PBSA blocks will see the delivery of 19 high quality affordable homes. The three-bedroom family homes will contribute to the Council’s housing delivery targets and provide accommodation for residents on low incomes in a crucially underserved area.

The site was acquired in September 2021 and construction began in December 2023. Practical completion is expected in time for students entering the 2025/26 academic year.

Kevin Davidson, Managing Director and Rahul Malde, Senior Manager at Puma Property Finance, commented: “We are delighted to be working with HGP again and undertaking our first financing with the highly experienced developer, Olympian Homes, in what is our largest debt funding transaction to date. PBSA remains one of our core lending sectors as the shortfall of student accommodation continues to increase. Having financed schemes across the UK, including Scotland and Northern Ireland, this deal represents an opportunity to deliver much needed accommodation in another strong university city. We continue to have robust appetite to support further PBSA schemes for credible developers in strong locations across the UK.”

James Lindridge, Development Director at Olympian Homes, commented: “We are thankful for the pragmatic nature of Nottingham City Council in supporting our vision and addressing the supply/demand imbalance of PBSA and affordable homes within Nottingham. We look forward to progressing works onsite and contributing to Nottingham’s ambitious growth plans. The transaction demonstrates the high level of investor confidence in the UK PBSA sector, despite the turbulent macro-economic backdrop. We have enjoyed working with both Puma and HGP and believe this will be the start of a strong, long-term partnership.”

Colin Bennee, Investment Director at Housing Growth Partnership, added: “Puma Property Finance has been a key finance partner and supporter of HGP, and we are delighted to be working with them again on this landmark development with joint venture partner Olympian Homes. HGP has strong appetite to invest in the PBSA sector, having recently supported new developments in Glasgow and Dundee, and we are looking forward to working closely with Olympian and Puma in delivering much needed PBSA beds in Nottingham.”

The post Puma Property Finance Announces Largest Loan To Date – £120m, 790-bed PBSA Nottingham first appeared on Property Insider.

The volatility of materials prices, which characterised 2022, has cooled, with labour becoming the new cost driver on projects. Wage awards have brought inflation-matching increases to trades, while skills shortages have been reported across the industry. 

Overall output, though, has held, albeit being buoyed by repair and maintenance work – new work will be down for the year, and is expected to decrease again in 2024. 

As the last few years have proved yet again, construction is incredibly vulnerable to external forces – shifting government policy, geopolitical developments, and the industry’s ongoing recovery from the pandemic will play no less a part in its required resilience in 2024 as it has this year. 

Output 

We’re forecasting new work output for 2023 to be down by just over 1%, and we foresee a bigger decrease next year. 

The beleaguered private housing sector has fared worst this year, down 9.7% in the first nine months of the year on the preceding three quarters. 

But overall contraction in the sector for 2023, forecast at -8.3%, is not as large a decrease as had been expected. This means a bigger fall is now forecast to come next year, before the sector returns to growth in 2025. 

The Chancellor’s Autumn Statement contained measures intended to provide a boost to housebuilding, in the shape of promised streamlining of planning processes and funding for schemes for tens of thousands of new homes, but they’ll do little to lower house buyers’ borrowing costs in the short-term. Mortgage affordability remains the fundamental hurdle. 

Infrastructure has shown positive growth in 2023, up 6.3% in 1Q2023-3Q2023 on the last three quarters of 2022. We’re forecasting a 4.6% increase overall for 2023, but New Orders data from the Office for National Statistics is concerning. 

Comparing this year so far with the last three quarters of 2022, new orders for infrastructure (primarily compiled from planning applications submitted to local authorities) were down 31.6%. 

The cancellation of the Manchester leg of HS2 dominated headlines in early October, but the impact of inflation on budgets has seen many projects cut back or delayed, including a two-year delay to the Lower Thames Crossing. We expect infrastructure new work output to decrease slightly next year, before returning to growth in 2025, and we continue to call for the government to prioritise a consistent, clear, and committed approach to the projects pipeline. 

Infrastructure planning was conspicuous in its absence from the Autumn Statement, though on the same day the Department for Levelling Up, Housing & Communities set out its next steps with measures due by spring and summer 2024. 

There was a flurry of activity around reinforced autoclaved aerated concrete (RAAC) at the beginning of the school year, generating many headlines around the prospect of school and hospital roofs falling in on their occupants, though not entirely without warning since the issue had been reported and was being monitored in many settings prior to the media frenzy. 

Indeed, existing spending programmes for hospitals and schools, as well as prisons, will help support continued growth in the public non-housing sector in 2024, though the recently discovered RAAC problems may require funding to be diverted in the short-term. 

With maintenance budgets in the public sector already under pressure, the RAAC situation has proved exactly why investment in ongoing maintenance work – to keep buildings operational and their users safe – is so crucial. 

Construction costs 

While the volatility of materials costs dominated 2022, much cooler prices have become the norm in 2023, with the BCIS Materials Cost Index entering negative territory in 3Q2023, with -1.0% annual growth, and predicted to fall further. Considering where we were last year, annual comparisons are expected to continue showing decline into 2024. 

According to the BCIS Private Housing Construction Price Index, house builders’ costs are expected to rise by 1.4% in the year to 4Q2023. Although this is significantly down on the peak annual inflation of 15.3% reported in 2Q2022 it is still likely eroding the development margins on current schemes. In 3Q2023, quarterly growth was negative for the first time since 2009, at -0.3% compared with 2Q2023. 

This year, therefore, we saw labour become the main cost driver on projects, though nothing as dramatic as the soaring materials cost inflation we witnessed, particularly in 2Q2022. 

We’re forecasting annual growth in the BCIS Labour Cost Index to be 6.9% in 4Q2023. Wage awards implemented in the summer and agreed for 2024 and 2025 have been inflation-matching, and so the pace of increased labour costs is expected to slow from next year onwards. 

With reduced output in the industry perhaps masking the full effects of shortages at the moment, there have been widely reported issues with sourcing skilled labour, including by the BCIS TPI Panel. Earlier this year, CITB published its estimate of 224,900 extra workers (44,980 a year) needed to meet construction demand between now and 2027.

Tender Prices 

Annual growth in tender prices followed a downward trend in 2023, with the BCIS All-In TPI falling from 8.6% in 1Q2023 to 3.5% in 4Q2023 on the same periods in 2022 respectively.  

Our TPI Panel, made up of cost consultants from firms involved in multiple tenders across the UK, has reported contractors are still sensitive to project risk profiles, and still selective about what they will tender for. 

Having said that, we have been tracking contractors’ appetite to tender and saw an increased eagerness in 4Q2023, with 60% of panel members reporting contractors being more and very eager to tender in comparison to the previous quarter, reflecting the overall contraction in demand in the sector. 

Two-thirds of panel members also noted that their pipeline of projects for the next 12 months had reduced, further reflecting a general slowdown. 

We expect annual movement in tender prices to continue to ease, reaching 2.1% at the end of 2024.

Comments from Karl Horton, chief data officer at BCIS

The post Building Cost Information Service Considers Outlook for Construction in 2024 first appeared on Property Insider.

Holiday Cottage Handbook LIVE will be a major new part of The Property Investor Show – which will take place at ExCel London on 19-20 April 2024. The biannual Property Investor Show is one of the largest and best attended events in the industry – attracting landlords, investors, and a range of exhibitors.

The October 2023 event attracted more than 5,600 visitors and 98 exhibitors. Six theatres hosted more than 90 seminars and panel sessions, which featured 120 high-profile speakers. Most attendees own multiple properties, with 36% owning 1-3 properties, 22% owning 4-5, 17% owning 5-10, and 24% owning more than 10. Click here to watch a video about last year’s event.

Holiday Cottage Handbook LIVE will include panel sessions and seminars focused on the short-term rentals industry. In addition, a host of brands in the short-term letting space will exhibit in a dedicated holiday rentals area.

James Varley, Founder, Holiday Cottage Handbook, said: “We are delighted to be hosting our first live event in collaboration with The Property Investor Show – a premier industry event that attracts thousands of visitors every year.

“Our platform is dedicated to sharing tips, trends, and best practices with short-term rental investors, hosts, and property managers – and we see this as the ideal forum to connect directly with our core audience. The fact this event is free to attend means we have the chance to meet existing fans of the platform and attract new ones. We believe this will be an ideal opportunity for anyone with an interest in holiday rentals to learn more about the industry, including the challenges and opportunities we are facing in 2024.”

Nick Clark, Managing Director, The Property Investor Show, said: “We are delighted to team up with Holiday Cottage Handbook and James Varley to present this major new feature at The Property Investor Show. There has been growing interest in short-term rentals over recent years – and this link-up will showcase all the major developments in the sector. We are sure this will attract significant interest from current and future investors, hosts, and property managers, as well as the many businesses dedicated to the industry.”

Holiday Cottage Handbook LIVE will be a major new attraction at The Property Investor Show, which will take place at ExCel London from 19-20 April 2024. Entry to the show is free. Click here to enter your details and receive an e-ticket.

The post Holiday Cottage Handbook LIVE to be held at ExCel London on 19-20 April 2024 first appeared on Property Insider.