Latest news with #BarrattRedrow
Reuters
4 days ago
- Business
- Reuters
British home prices to rise 3.5% this year; government to miss 5-year building target
LONDON, May 29 (Reuters) - The outlook for British home prices has barely changed in the last three months on steady expectations for falling borrowing costs, according to a Reuters poll of property experts who said the government would achieve around two-thirds of its construction target. Labour Prime Minister Keir Starmer has vowed to build 1.5 million homes over parliament's term, which ends in mid-2029 at the latest, but the poll median found the government would manage around only a million. None of the 11 respondents to an additional question saw the goal being fully met. Responses ranged from 700,000 to 1.3 million. "The government's pledge of 1.5 million homes by the end of 2029 is a fantasy," said Russell Quirk at estate agency eMoov, who predicted a range of 950,000-1,050,000. "The top 10 house builders neither have the capacity nor the P&L (profit and loss) motivation to deliver." There were around 817,000 housing completions in the five years to 2024, according to government data. The last time there were more than 1 million homes completed in a comparable period was in 1976-1981. British homebuilder Persimmon (PSN.L), opens new tab did, however, say in March it would construct more houses this year and target improved margins after 2024 profit beat expectations, while rival Barratt Redrow (BTRW.L), opens new tab last month reiterated its target to build around 17,000 homes this year. With homes in short supply, the cost of buying one is expected to increase. Nationally, home prices were predicted to rise 3.5% this year, matching a February forecast but above predictions in another Reuters poll for overall inflation of 3.0%. Next year they will increase 4.0% and in 2027 3.5%, the May 19-29 poll of 19 housing market experts predicted. In London, house prices were seen rising 3.0% this year, 4.0% next and 3.8% in 2027. Asked what would happen to affordability for first-time buyers hoping to get on the property ladder, all but two of 15 said it would improve. "Generally, mortgage affordability will improve for first-time buyers over the course of 2025," said Scott Cabot at real estate services firm CBRE. "A continued fall in the base rate, along with an increasingly competitive mortgage market, will generally drive lower mortgage rates in 2025." The Bank of England is expected to stick to one interest rate cut per quarter this year, with the next likely in August and then in November, ending 2025 at 3.75% compared with 5.25% before the reductions began. Urban rents were seen rising even faster than home prices, making it harder for new buyers to save money for a deposit usually needed to get a mortgage. Many people, especially the young, prefer to live in cities. Nationally, urban rents were expected to increase 4.3% this year while in the capital they will rise 3.7%. "We expect rents to outpace inflation over the next few years, predominantly due to the lack of supply in the rental sector, but also due to higher costs eroding landlords' profit margins," said Aneisha Beveridge at estate agency Hamptons. The government's planned Renters' Rights Bill will put additional conditions on landlords while tax changes will also have an impact, prompting some to leave the market. Britain's housing market slowed in April after the end of a temporary tax break on home purchases which had seen buyers rush to complete transactions in previous months, the Royal Institution of Chartered Surveyors said earlier this month. (Other stories from the Q2 Reuters housing market polls)
Business Mayor
17-05-2025
- Business
- Business Mayor
Britain's best construction and property talent honoured
Britain's most dynamic names in property and construction were honoured this week at the Sunday Express Construction and Property Awards. Broadcaster Kate Garraway hosted the glittering celebration of excellence which saw Legacie emerge as the night's standout winner. It took home Property Developer of the Year for its projects across the North West, including Liverpool's Parliament Square regeneration scheme. The company's success at the Manchester event was further cemented when founder and CEO John Morley was named Male Property Champion. Building giant Barratt Redrow was named Housebuilder of the Year, recognised for its industry-leading standards, build quality and continued delivery of high-quality homes across the UK. Construction excellence was also in the spotlight, with G&G Joinery taking home Contractor of the Year for its track record in project delivery and commitment to innovation and health & safety. Finance played a central role in the awards, with Close Brothers Group named Best Property Lender, recognised for its flexible approach to development finance and support for ambitious residential and commercial schemes. Samantha Palin of Prospect Homes received a rousing ovation when she was named Female Property Champion of the Year. Her leadership, commitment to diversity, and influence in the housebuilding sector were praised as a benchmark for others. Demonstrating the strength of the next generation of talent, Nexus Residential took home both Residential Property Developer of the Year and Innovator of the Year, recognised for its environmentally conscious approach to housing and commitment to low-carbon building design. Meanwhile, Jarron Developments was named Build-to-Rent Developer of the Year, applauded for its role in rejuvenating a derelict site and transforming it into a £120million mixed-use scheme. CERT Property was recognised with Best Proposed Regeneration Scheme for its 35-storey tower in Salford Quays. The awards also celebrated innovation in energy, with Next Energy Solutions winning the coveted Retrofit Project of the Year for its nationwide work delivering solar and renewable systems. Global investment powerhouse RWinvest was crowned Investment Agency of the Year, praised for its strategic market insight and ability to secure major property investment deals. Kate Garraway said: 'This was an incredible evening, full of ambition, achievement and truly inspiring stories. The companies and individuals recognised here tonight are helping to shape the very skylines of our country – and doing it with purpose, innovation and heart.' Express editor-in-chief Tom Hunt spokesperson added: 'We're proud to shine a light on the businesses and leaders that make Britain's construction and property sectors so resilient, forward-thinking and inclusive. These awards celebrate those raising the bar across the industry – from development and finance to sustainability and leadership.' Other winners included Ai Law and MSB Solicitors, who were jointly named Legal Team of the Year, while DIY giant Wickes took home the Outstanding Supplier Award alongside Warwick North West. A poignant moment came as Jimmy Hassall, founder of J&J Bricklayers, received a standing ovation upon being awarded the Lifetime Achievement Award, honouring a decades-long contribution to the industry. Property Developer of the Year Legacie Residential Property Developer of the Year Nexus Residential Construction Business of the Year Eric Wright Group The Barratt Redrow Outstanding CSR Award Frank Rogers Outstanding Commitment to ED&I RWinvest Female Property Champion of the Year Samantha Palin (Prospect Homes) Male Property Champion of the Year John Morley (Legacie) Real Estate Agency of the Year Quay Property Outstanding Supplier of the Year Award Wickes & Warwick North West Architecture Business of the Year Hodder+Partners Legal Team of the Year MSB Solicitors & Ai Law Property Deal of the Year Jarron Developments, Metalworks Investment Agency of the Year RWinvest Consultancy Team of the Year Tyler Grange Innovator of the Year Nexus Residential Best Property Marketing Campaign Centurion Village, Barratt Redrow House Builder of the Year Barratt Redrow Development of the Year Parliament Square, Legacie Contractor of the Year G&G Joinery Retrofit Project of the Year Next Energy Solutions Best Property Lender Close Brothers Group Build to Rent Development of the Year Jarron Developments, Metalworks READ SOURCE
Leader Live
03-05-2025
- Business
- Leader Live
Redrow's Construction Safety Professional of the Year win
Barratt Redrow's Charlotte Mallon, from Mold, was given the accolade at the North West Construction Health & Safety Group's (NWCHSG) eighth annual awards, held in Liverpool. Charlotte, 35, has worked for the homebuilder for the past 18 years, most recently in the role of Group HS&E (health safety and environment) operations manager for the North. Based at Redrow's head office in Ewloe, Charlotte covers developments across North Wales and northern England, ensuring health and safety practices are adhered to. Read more: Post Office announces 'unplanned' closure in Flintshire village The NWCHSG's objective is to promote reduction in the risk of accident and personal injury. Its Construction Safety Professional of the Year award recognises an outstanding individual who uses their passion and charisma to raise the profile of health and safety and inspires the next generation and others around them. "I found out I was shortlisted for the award last month," said Charlotte. "I was very surprised as I had been nominated by former colleagues and had no idea. "I was then shocked again to see my name on the screen as the winner, there was so much talent in the room. I have such a supportive team, so this isn't just for me its an award for us all. Read more: North Wales directory start-up shortlisted for second award "Thank you to all the team and also our group health, safety and environmental director Darren Shattock for all his support." Darren added: "The NWCHSG provides a fantastic opportunity for construction industry professionals of all designations to network with like-minded individuals with the common goal of improving construction safety performance - something which Redrow has supported and been part of for many years. "I am very pleased and proud of Charlotte winning this award. It is very much deserved, congratulations." • To find out where Redrow is building in the region visit or to find out more about a career at Redrow visit
Times
22-04-2025
- Science
- Times
Can a heat pump give you a hot bath on a cold day?
If you ditched your gas boiler for an air source heat pump, could you still get a steaming hot bath on a chilly day? The world's biggest climate change laboratory, near Manchester, has put it to the test for the first time. Inside a giant chamber that can mimic everything from minus 20C snow storms to 40C heatwaves, scientists at the University of Salford have tested whether heat pumps can meet the daily hot water needs of the average family. It is part of a series of tests at Energy House 2.0, the university's £16 million laboratory, to see how typical new-build homes will perform in every weather the climate emergency is set to bring. With gas boilers to be phased out in new homes, the team has already tested which electrical heating systems will keep you warm without big energy bills. An air source heat pump worked best, paired with underfloor heating downstairs and radiators upstairs. It was up to three times cheaper to run than infrared heaters — electric panels that heat you directly, rather than the air around you. In the latest tests, the researchers compared two rival heat pump systems in a three-bedroom house built inside the laboratory by Barratt Redrow, Britain's biggest housebuilder. They simulated a range of cooler days — with temperatures of 5C, 7C and 14C — to check whether the taps could maintain a steady flow of hot water for washing up, cleaning and a 'worst-case scenario' (think teenagers) of multiple long baths and showers, says Professor Lubo Jankovic, who led the work. The first system tested is typical of what could be fitted in a flat or terraced house, which lacks outdoor space for a bulky external air source heat pump. It consists of a standalone 195-litre Cürv HP200M3 cylinder with a built-in air source heat pump, which supplies hot water only — not heating. It is designed to work alongside infrared heaters. About the size of a fridge-freezer, the Cürv cylinder can fit inside a tall 60cm-wide kitchen cabinet. It sucks in air from outside through a vented duct, then amplifies the ambient heat in the air to heat water for all taps. It used less energy and was more efficient than the rival system in supplying hot water. In typical British winter weather of 5C, the Cürv cylinder consumed 5.61kWh of electricity per day. That would cost £1.52 at the current electricity price cap. It meant the hot water delivery efficiency was 204 per cent, with 1kWh of electricity producing 2.04kWh of heat. (A gas boiler, by comparison, has about 90 per cent efficiency.) At 14C, the Cürv system needed slightly less power to run (4.15kWh per day), costing £1.12. Its hot water delivery efficiency increased to 256 per cent. The second system is typical for a three-bedroom family house. It supplies both hot water and heating through an Vaillant Arotherm air source heat pump outside, linked to a 236-litre Vaillant Unistor storage cylinder inside the home. This Vaillant system passed the hot water test in all weathers. However, the colder it was outside, the less efficient the heat pump became at supplying hot water. At 5C, it used an average of 8.58kWh per day for hot water, costing £2.32. Its hot water delivery efficiency was 184 per cent. When the temperature rose to 14C, its electricity consumption dropped to 6.62kWh per day, costing £1.79. This raised the Vaillaint system's hot water delivery efficiency to 238 per cent. Both systems can comfortably fill a hot bath in normal 5C winter weather, the study concluded. 'We are delighted that our research can provide reassuring information to consumers about the forthcoming transition from gas boilers to heat pumps,' Jankovic said. But which system is best? 'The Vaillant system is more stable and reliable, while the Cürv system provides a more compact, energy-efficient alternative,' the scientists wrote. At 5C, hot water would be 80p per day cheaper coming from the Cürv cylinder than from its Vaillant rival. However, the Cürv cylinder is designed to be paired with infrared heaters, which would cost around £8.10 per day to run at 5C, the researchers found last year. That would bring your daily Cürv bill to almost £10 per day for hot water and heating. By comparison, the Vaillant air source heat pump provided heating for £2.83 per day in 5C weather. Adding its £2.32 hot water cost would bring your total Vaillant heat pump bill to just over £5 a day. That's half the running cost of its rival system. Yet both systems have their place. Developers are fitting air source hot water cylinders paired with infrared heaters — like the Cürv system — in flats that are so well insulated that they need little heating, says Oliver Novakovic, technical and innovation director at Barratt Redrow. 'We're going to be putting in air source heat pumps in homes. The goal is that our customers would pay similar bills than they would on gas, to ensure that they wouldn't really have change in how they use the home,' Novakovic says. 'We are close to equalising on bills with gas boilers.' But he adds: 'It's very important to install air source heat pumps and the services correctly to ensure they perform as it says on the tin.'
Yahoo
15-04-2025
- General
- Yahoo
UK households issued 'five' instructions to save £700 on water bills
Water bills have risen by an average of £10 per month, as Brits were slapped with another cost increase amid rises in energy bills, council tax, broadband costs and more. The amount of water you use directly impacts teh amount you spend on it, so in order to save month you need to incorporate a number of new habits into your daily rountine. While we all enjoy spending that extra few seconds in the shower each morning, those seconds turn into minutes and those minutes into money. Read more: Thousands of pensioners could be owed £8,000 back payments following HMRC review Danielle Michalska-Morris, Technical Innovation Manager at housebuilder Barratt Redrow, has shared some simple home changes to help reduce water usage and lower costs. From the survey, almost half of Brits (47%) try to fix leaks or drips quickly in a bid to reduce water wastage. Major leaks such as a burst pipe can be easy to notice and rectify; however, slow leaks such as a dripping tap or leaky loo can waste between 200 and 400 litres of water a day if left unchecked. This wastage of 300 litres a day can add up to £519 extra to annual water bills. Leaving a tap running typically wastes approximately 6 litres of water per minute, with the survey finding that more than half of Brits (53%) are guilty of doing so when brushing their teeth. This habit could be adding up to £41 onto annual water bills per person. In a home of three people, this equals £123 extra. An average-length shower (8 minutes) with a standard mixer showerhead (approximately eight litres/min) uses up to 64 litres of water each time. For three people, this totals to 192 litres per day. However, if each person showered one minute less each time for every day of the year, this would save £42 on water bills. A less common practice is to only run appliances with full loads, with 87% of Brits not currently doing this. The average UK washing machine typically uses between 35 and 50 litres per cycle on an eco-wash, whereas a dishwasher uses 10 litres per eco cycle. Using each of these appliances an extra time each week could add up to £15 onto an annual water bill. Outdoor tasks such as washing the car and watering the garden can use up to 2,500 litres of water each year, which could cost homeowners up to £12 on their water bills annually. Another option is to use leftover water from other tasks to water the garden, a practice that almost a quarter of Brits (23%) have now adopted.
