Buy to leave - Revision history

Designing Buildings at 05:22, 22 October 2020

2020-10-22T05:22:11Z

← Older revision		Revision as of 05:22, 22 October 2020
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	* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].		* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].

−	[[Category:~~Planning_permission~~]] [[Category:~~Property_law~~]] [[Category:News]] [[Category:~~DCN_News~~]] [[Category:Property_development]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:News]] [[Category:Planning_permission]] [[Category:Property_law]] [[Category:Property_development]]

Editor at 10:27, 2 July 2018

2018-07-02T10:27:04Z

← Older revision		Revision as of 10:27, 2 July 2018
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	* Buy-to-let mortgage.		* Buy-to-let mortgage.
	* Empty dwelling management orders.		* Empty dwelling management orders.
		+	* Empty housing in London - documentary.
	* Ground rent.		* Ground rent.
	* Help to buy.		* Help to buy.
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	* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].		* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].

−	[[Category:Planning_permission]] [[Category:Property_law]] [[Category:News]] [[Category:Property_development]]	+	[[Category:Planning_permission]] [[Category:Property_law]] [[Category:News]] [[Category:DCN_News]] [[Category:Property_development]]

Editor at 15:07, 5 June 2018

2018-06-05T15:07:31Z

← Older revision		Revision as of 15:07, 5 June 2018
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	* Affordable housing.		* Affordable housing.
	* Buy-to-let mortgage.		* Buy-to-let mortgage.
		+	* Empty dwelling management orders.
	* Ground rent.		* Ground rent.
	* Help to buy.		* Help to buy.

Designing Buildings at 11:59, 1 March 2017

2017-03-01T11:59:33Z

← Older revision		Revision as of 11:59, 1 March 2017
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	* Financial Times - [http://www.ft.com/cms/s/0/6954f798-cb2c-11e5-a8ef-ea66e967dd44.html Buy to leave]		* Financial Times - [http://www.ft.com/cms/s/0/6954f798-cb2c-11e5-a8ef-ea66e967dd44.html Buy to leave]
	* The Guardian - [http://www.theguardian.com/society/2016/may/25/sadiq-khan-condemns-foreign-investors-london-homes-gold-bricks-housing-policy Sadiq Khan condemns foreign investors]		* The Guardian - [http://www.theguardian.com/society/2016/may/25/sadiq-khan-condemns-foreign-investors-london-homes-gold-bricks-housing-policy Sadiq Khan condemns foreign investors]
−	* Islington.gov - ~~[http://www.islington.gov.uk/islington/news-events/news-releases/2014/12/Pages/PR6044.aspx~~ Islington sets out proposals to halt "buy-to-leave"].	+	* Islington.gov - Islington sets out proposals to halt "buy-to-leave".
	* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].		* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].

	[[Category:Planning_permission]] [[Category:Property_law]] [[Category:News]] [[Category:Property_development]]		[[Category:Planning_permission]] [[Category:Property_law]] [[Category:News]] [[Category:Property_development]]

Editor at 15:31, 26 May 2016

2016-05-26T15:31:39Z

← Older revision		Revision as of 15:31, 26 May 2016
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	However, this has drawn criticism from some, including the real estate firm Savills who argue that the focus should be centred on the lack of affordable housing, and that if buy-to-leave is prohibited then developers may be unable to finance suitable levels of provision.		However, this has drawn criticism from some, including the real estate firm Savills who argue that the focus should be centred on the lack of affordable housing, and that if buy-to-leave is prohibited then developers may be unable to finance suitable levels of provision.

−	The new Mayor of London Sadiq Khan has said that he wants to use planning powers to restrict buy-to-leave, and announced that he will try to persuade foreign investors to put capital into helping build affordable homes through his new agency Homes for Londoners.	+	The new Mayor of London Sadiq Khan has said that he wants to use planning powers to restrict buy to leave, and announced that he will try to persuade foreign investors to put capital into helping build affordable homes through his new agency Homes for Londoners.

	Critics of buy to leave highlight the policy adopted in Manhattan, where the majority of housing units are ‘co-ops’, with a board who generally do not permit purchasers who are not full-time residents. In Switzerland, non-resident foreigners wishing to purchase property must have a Swiss work permit or apply for a special licence before they can do so.		Critics of buy to leave highlight the policy adopted in Manhattan, where the majority of housing units are ‘co-ops’, with a board who generally do not permit purchasers who are not full-time residents. In Switzerland, non-resident foreigners wishing to purchase property must have a Swiss work permit or apply for a special licence before they can do so.

Editor at 15:31, 26 May 2016

2016-05-26T15:31:13Z

Editor at 15:26, 26 May 2016

2016-05-26T15:26:18Z

← Older revision		Revision as of 15:26, 26 May 2016
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−	[[File:~~Stgeorgeswharf~~.jpg]]	+	[[File:StGeorgeWharfTower.jpg]]

	The term ‘buy to leave’ or ‘buy to leave empty’ refers to the practise of purchasing dwellings as investments and leaving them unoccupied in the expectation that their value will rise.		The term ‘buy to leave’ or ‘buy to leave empty’ refers to the practise of purchasing dwellings as investments and leaving them unoccupied in the expectation that their value will rise.

Editor at 14:56, 26 May 2016

2016-05-26T14:56:50Z

← Older revision		Revision as of 14:56, 26 May 2016
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		+	[[File:Stgeorgeswharf.jpg]]
		+
	The term ‘buy to leave’ or ‘buy to leave empty’ refers to the practise of purchasing dwellings as investments and leaving them unoccupied in the expectation that their value will rise.		The term ‘buy to leave’ or ‘buy to leave empty’ refers to the practise of purchasing dwellings as investments and leaving them unoccupied in the expectation that their value will rise.

Editor at 14:52, 26 May 2016

2016-05-26T14:52:49Z

← Older revision		Revision as of 14:52, 26 May 2016
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−
	The term ‘buy to leave’ or ‘buy to leave empty’ refers to the practise of purchasing dwellings as investments and leaving them unoccupied in the expectation that their value will rise.		The term ‘buy to leave’ or ‘buy to leave empty’ refers to the practise of purchasing dwellings as investments and leaving them unoccupied in the expectation that their value will rise.

−	~~This~~ has become a particular ~~problem in~~ London where the rapid rise of house prices has seen investors~~, often from overseas,~~ buying dwellings off-plan before they reach the housing market with no intention of occupying them. This has left some new developments fully sold, but apparently virtually empty. A 2013 Evening Standard article suggested that the 14-storey Bezier development in London had 127 apartments, but just 75 were listed as having occupants registered for council tax. Ref [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty]. It has been suggested that up to half the homes in some new developments in EC1 have no occupants listed on the electoral roll.	+	Buy-to-leave has become a contentious issue in light of the UK housing crisis, with a particular emphasis on London, where the rapid rise of house prices has seen investors buying dwellings off-plan before they reach the housing market with no intention of occupying them. This has left some new developments fully sold but apparently virtually empty.

−	At a ~~time when there~~ is ~~an acute housing shortage~~ in the UK, ~~this~~ is ~~a practise~~ that the ~~government is attempting~~ to ~~tackle~~.	+	Investors, very often from overseas, facing persistently low interest rates on traditional savings and investments, and relatively poor rental returns for letting out property with high capital values, have come to see London real estate as a ‘safe haven’, where they can rely on long-term capital appreciation without having to let out the property.
		+
		+	Criticism is also leveled at buy-to-leave because purchasers often prefer new-build units in managed blocks. If a large proportion of properties in a building are left empty, the provision of services can be impaired to the detriment of owner-occupiers.
		+
		+	Along with many other voices expressing concern, London’s Evening Standard has criticised the practice, claiming it is so prolific is has created ‘ghost towns of the super-rich’.
		+
		+	A 2013 Evening Standard article suggested that the 14-storey Bezier development in London had 127 apartments, but just 75 were listed as having occupants registered for council tax. It has been suggested that up to half the homes in some new developments in EC1 have no occupants listed on the electoral roll.
		+
		+	Another high-prolife symbol of buy-to-leave is One Hyde Park, where reports indicate that at any one time it is only 30% occupied, with some of the apartments having never been occupied at all.

	In the 2014 budget, the chancellor announced that Stamp Duty Land Tax (SDLT) would be charged at 15% on residential dwellings costing more than £500,000 bought by some companies and collective investment schemes.		In the 2014 budget, the chancellor announced that Stamp Duty Land Tax (SDLT) would be charged at 15% on residential dwellings costing more than £500,000 bought by some companies and collective investment schemes.
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	In addition, local councils have been given the power to withdraw council tax discounts for unoccupied properties.		In addition, local councils have been given the power to withdraw council tax discounts for unoccupied properties.

−	~~However~~, the ~~practice has persisted, and in December 2014, Islington council announced that it would consult on a [http://www.islington.gov.uk/services/planning/planningpol/pol_supplement/Pages/prevent~~-~~wasted-housing.aspx?extra=25 draft supplementary planning document] (SPD) intended to tackle the spread of buy to leave properties in the~~ borough by requiring ~~owners of~~ new ~~properties~~ to ~~ensure they are~~ occupied for at least 14 days in any three month period. This would be achieved through a section 106 agreement, the provisions of which could be enforced through the courts.	+	In late-2015, the Labour-run North London borough of Islington adopted a Supplementary Planning Document requiring all new homes built within its boundaries to be regularly occupied in an attempt to curtail the practice. Owners must ensure occupy their property for at least 14 days in any three month period. This would be achieved through a section 106 agreement, the provisions of which could be enforced through the courts.
		+
		+	They have suggested that, “If a property is left unoccupied for more than three months, the council would be able to take legal action such as seeking an injunction from the High Court against the owner… Persistently breaking the injunction could lead to a fine, prison and even seizure of the empty property.”
		+
		+	However, this has drawn criticism from some, including the real estate firm Savills who argue that the focus should be centred on the lack of affordable housing, and that if buy-to-leave is prohibited then developers may be unable to finance suitable levels of provision.
		+
		+	The new Mayor of London Sadiq Khan has said that he wants to use planning powers to restrict buy-to-leave, and announced that he will try to persuade foreign investors to put capital into helping build affordable homes through his new agency Homes for Londoners.
		+
		+	Critics of buy-to-leave highlight the policy adopted in Manhattan, where the majority of housing units are ‘co-ops’, with a board who generally do not permit purchasers who are not full-time residents. In Switzerland, non-resident foreigners wishing to purchase property must have a Swiss work permit or apply for a special licence before they can do so.
		+
		+	= Find out more =

−	They have suggested that, “If a property is left unoccupied for more than three months, the council would be able to take legal action such as seeking an injunction from the High Court against the owner… Persistently breaking the injunction could lead to a fine, prison and even seizure of the empty property.” Ref [http://www.islington.gov.uk/islington/news-events/news-releases/2014/12/Pages/PR6044.aspx Islington sets out proposals to halt "buy-to-leave"].<br/>	+	=== Related articles on Designing Buildings Wiki ===

−	~~James Murray, Islington Council’s executive member for~~ housing ~~and development, said; "Our new proposals would make sure that all new homes in Islington are occupied~~ - ~~we want~~ to ~~send a message that ‘buy~~-to~~-leave’ is unacceptable~~."	+	* Affordable housing.
		+	* Buy-to-let mortgage.
		+	* Ground rent.
		+	* Help to buy.
		+	* Housing Strategy for England.
		+	* One Hyde Park.
		+	* Property development finance.
		+	* Right to buy.
		+	* Right to rent.
		+	* Section 106 agreements.
		+	* Social housing.
		+	* Social rented housing.
		+	* What is a mortgage?

−	~~It is not clear how this policy would be policed or whether a prison sentence would really be a reasonable penalty.~~	+	=== External resources ===

−	The ~~consultation closed at 5pm on Friday 30 January 2015~~:	+	* The Guardian - [http://www.theguardian.com/society/2016/may/24/revealed-foreign-buyers-own-two-thirds-of-tower-st-george-wharf-london Foreign buyers own two-thirds of St. George's Wharf]
		+	* Financial Times - [http://www.ft.com/cms/s/0/6954f798-cb2c-11e5-a8ef-ea66e967dd44.html Buy to leave]
		+	* The Guardian - [http://www.theguardian.com/society/2016/may/25/sadiq-khan-condemns-foreign-investors-london-homes-gold-bricks-housing-policy Sadiq Khan condemns foreign investors]
		+	* Islington.gov - [http://www.islington.gov.uk/islington/news-events/news-releases/2014/12/Pages/PR6044.aspx Islington sets out proposals to halt "buy-to-leave"].
		+	* Evening Standard - [http://www.standard.co.uk/news/london/scandal-of-the-buytoleave-investors-who-keep-flats-empty-8702570.html Scandal of the 'buy-to-leave' investors who keep flats empty].

−	[[Category:Planning_permission]]	+	[[Category:Planning_permission]] [[Category:Property_law]] [[Category:News]] [[Category:Property_development]]
−	[[Category:Property_law]]	+
−	[[Category:News]]	+

Designing Buildings at 13:25, 23 February 2015

2015-02-23T13:25:02Z

← Older revision		Revision as of 13:25, 23 February 2015
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	It is not clear how this policy would be policed or whether a prison sentence would really be a reasonable penalty.		It is not clear how this policy would be policed or whether a prison sentence would really be a reasonable penalty.

−	The consultation ~~closes~~ at 5pm on Friday 30 January 2015:	+	The consultation closed at 5pm on Friday 30 January 2015:

	[[Category:Planning_permission]]		[[Category:Planning_permission]]
	[[Category:Property_law]]		[[Category:Property_law]]
	[[Category:News]]		[[Category:News]]