The director of a Stockport-based building firm has been fined after workers on a house refurbishment were put at risk by the lack of any hot water to wash off dust and contaminants.

Roland Couzens, 67, from Macclesfield, was prosecuted by the Health & Safety Executive (HSE) after it emerged that the bricklayers, plasterers and a roofer could have suffered skin burns or lead poisoning during the contract.

Trafford Magistrates’ Court heard that Couzens, a director at CSC Construction Ltd, had been overseeing a project to refurbish a row of Victorian terraced houses on Ashton Old Road in Openshaw between May and September 2013.

The company, which has since gone into administration, had been stripping the houses bare before plastering them and fitting them with new kitchens and bathrooms.

HSE carried out an inspection of the site on 4 September 2013 and found that one of the vacant properties was being used for the site office and to provide welfare facilities for the workers. However, there was no hot or warm water supply in either the kitchen or bathroom.

The court was told that bricklayers and plasterers were put at risk of suffering skin burns as they were working with cement and plaster but could not use hot water to clean themselves. A roofer working with lead could also have suffered lead poisoning from residues on his skin.

Couzens admitted to visiting the site several times a week during the project but failing to provide a hot water supply until after the HSE inspection, despite the need for hot water being highlighted in the company’s construction plan.

Roland Couzens, of Sugar Lane in Rushton Spencer, near Macclesfield, was fined £2,000 and ordered to pay £3,102 in prosecution costs after pleading guilty to a breach of the Health & Safety at Work etc Act 1974.

Speaking after the hearing, HSE inspector Matt Greenly said: “There were around a dozen people working on the site every day so it’s astonishing that they were without hot water for more than three months. Mr Couzens was brought in to oversee the project, including the health and safety of workers, but he failed to ensure this basic legal requirement was met.

“The houses were taken back to brick before being completely renovated so there were large amounts of dust, as well as the risk of workers suffering skin burns or lead poisoning from the components in the building materials.

“This case should act as a warning to companies and directors that we will not hesitate to prosecute if they do not act to ensure the health and safety of their employees.”

The number of home owners in the UK who can claim to be ‘property millionaires’ now stands at 484,081, almost 50% higher than last year, according to new research.

The latest Property Rich List 2014 from property listings firm Zoopla, shows that the 10 most expensive streets in Britain have seen property values grow 12.9% over the last year, compared to the rest of the country where average values have risen by 6.6% over the same period.

Overall there are 10,613 streets with an average property value of over £1 million, up 29% on 2013 and the value of the most expensive streets are rising at nearly twice the national average. Just under a third of these streets with average property values over £1 million are located in London.

There are now 12 streets with average house prices over £10 million, all of which are in London. The average property on Kensington Palace Gardens, the most expensive street, is now worth £42,730,706, some 162 times the value of the average British home currently valued at £263,705 according to Zoopla.

The Boltons in SW10 takes second place on this year’s property rich list with average house prices standing at £26,570,341, and Grosvenor Crescent in SW1 rounds out the top three with average property prices of £22,293,470.

Outside of the capital, the most expensive street in Britain is Sunninghill Road in Surrey, where the average home is currently worth £5,605,067. The two most expensive towns outside London are both in Surrey, with average house prices in Virginia Water at £1,186,262 and Cobham at £1,003,400.

W8 remains London’s most prestigious postcode, with average property prices in the area of £2.78 million. Neighbouring SW7, the next most expensive area in the capital, has average values of £2.48 million, while property values in third placed SW3 stand at £2.37 million. The rest of the top 10 is dominated by areas in South West, West and North West London.

‘London boasts all of Britain’s 20 priciest addresses. Prime properties in the capital have long been a magnet for the super wealthy looking for a safe investment asset. For the lucky few who can afford these stratospheric price tags, the fabulous mansions on streets like Kensington Palace Gardens and the Boltons are offering very strong returns,’ said Lawrence Hall of Zoopla.

‘However you don’t need to be a billionaire to get a chance to own the crème de la crème of property on offer. In Wales and the North East, you can still snap up a prime property in the region’s most desirable streets for little over £1 million,’ he added.

Existing home sales in the United States increased in July to their highest annual pace of the year, according to the latest report from the National Association of Realtors.

Total existing home sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, rose 2.4% to a seasonally adjusted annual rate of 5.15 million from a slight downwardly revised 5.03 million in June.

Sales are at the highest pace in 2014 and have risen four consecutive months, but remain 4.3% below the 5.38 million unit level from last July, which was the peak of 2013.

According to Lawrence Yun, NAR chief economist, says sales momentum is slowly building behind stronger job growth and improving inventory conditions.

‘The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market. More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise,’ he said.

Yun does warn that affordability is likely to decline in upcoming years. ‘Although interest rates have fallen in recent months, median family incomes are still lagging behind price gains, and mortgage rates will inevitably rise with the upcoming changes in monetary policy,’ he explained.

The median existing home price for all housing types in July was $222,900, which is 4.9% above July 2013, the 29th month in a row when year on year prices have increased.

Total housing inventory at the end of July rose 3.5% to 2.37 million existing homes available for sale, which represents a 5.5 month supply at the current sales pace. Unsold inventory is 5.8% higher than a year ago, when there were 2.24 million existing homes available for sale.

Distressed homes, known as foreclosures and short sales, accounted for 9% of July sales, down from 15% a year ago and the first time they were in the single digits since NAR started tracking the category in October 2008.

The data shows that some 6% of July sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 20% below market value in July, while short sales were discounted 14%.

Yun said that the deepest housing wounds suffered during the recession are beginning to fully heal. ‘To put it in perspective, distressed sales represented an average of 36% of sales during all of 2009. Fast forward to today and rising home values are helping owners recover equity and strong job creation are assisting those who may have fallen behind on their mortgage due to unemployment or underemployment,’ he explained.

All cash sales in July were 29% of transactions, down from 32% in June and representing the lowest overall share since January 2013 when it was 28%. Individual investors, who account for many cash sales, purchased 16% of homes in July, unchanged from last month and July 2013. Some 69%…

The cost of a first time buyer owning a home in the UK is now on average £110 per month lower than renting or £1,316, new research shows.

The average monthly mortgage costs associated with owning a three bedroom house for a typical first time buyer in the UK stood at £677 in June 2014, some £110 lower than the average monthly rent paid on the same property type at £787.

This compared to five years ago when the average cost of buying was £37 a month more at than the typical rent paid at £734 compared to £697, according to the research from the Halifax.

The building society, one of the UK’s biggest lenders, says that the significant fall in the monthly cost associated with buying compared to renting has been driven by the decline in the average mortgage rate since 2009.

The mortgage rate for a first time buyer has fallen to an average of 3.09% from 4.92% in June 2009, helping to reduce the average monthly mortgage payment by £57 or 8%. In the past year the difference has grown from £93 to £110, although the average buying cost has grown by £25 this has been more than offset by average rental costs rising by £42.

Regionally, buying is currently most cost effective compared to renting in London, Wales and the West Midlands with the average first time buyer taking out a new mortgage to finance house purchase in the West Midlands paying 12% less per month than the typical private tenant. Only in the East Midlands are first time buyers still better off renting.

The lower costs of owning compared with renting, together with lower mortgage rates and an improving economy may have contributed to a 29% to the number of buyers getting on the housing ladder for the first time. In 12 months to June 2014 there were 301,300 house purchases made by first time buyers, compared to 233,400 a year ago, almost double compared to five years earlier. First time buyers now account for 45% of all house purchases, compared to 38% in 2009.

‘It is clearly encouraging that since 2009 there has been a significant decline in the cost of buying a home for those for those trying to get on the housing ladder. The improvement is due to a combination of lower mortgage rates and rising private rents. In contrast, market conditions for renters have deteriorated as rents have risen over the same period,’ said Craig McKinlay, Halifax’s mortgage director.

‘Buying costs have been remarkably stable for much of the past five years making home ownership a more attractive option. With greater availability of mortgages that require smaller deposits, the property ladder has also become even more accessible for those who can afford the monthly costs of owning but had previously not been able to save the necessary deposit,’ he added.

Homes close to the top 30 state schools in England have the largest price premium and cost on average 8% or £21,000 more, new research shows.

And it is in the postal district of the Beaconsfield High School in Buckinghamshire where parents face paying a premium of £483,031 or 154% compared to the average house price in neighbouring areas.

The research by Lloyds Bank also shows average property prices in the postal districts of the top 30 state schools in England, defined as those secondary schools that achieved the best GCSE results in 2013, have now reached £268,098 compared to their county average of £247,143.

Five of the 30 top state schools are in locations that command a house price premium of over £115,000 compared to their surrounding locations. Homes within the postal district of Sir William Borlase's Grammar School in Buckinghamshire command the second highest premium with house prices in the postal district of SL7 at a premium of £184,058 or 59%.

However, half of England's top 30 state schools are in locations where the average property price is below the average of those in neighbouring areas. With an average price of £134,261, properties in the postal district of Devonport High School for Girls in Devon PL2 are 38% or £83,375 below the county average.

In cash terms, the largest discount can be found in the area close to Reading School where the average house price in RG1 of £212,994 is £107,979 lower than the Berkshire county average.

Those on average earnings are finding it difficult to purchase a property close to many of the best state schools. The average house price of £268,098 in the postal districts of the 30 best performing state schools is almost eight times average gross annual earnings of £35,157 compared to the 7.4 average across England.

Homes within the postal district of the Beaconsfield High School are the least affordable with the typical property price of £796,909 in this part of Buckinghamshire are just over 18 times gross average annual earnings in the area. Houses in the postal district of the Sir William Borlase's Grammar School, also in Buckinghamshire, are the second least affordable at 11.4 times average annual earnings.

In contrast, properties in the postal district of the Heckmondwike Grammar School in Kirklees are the least expensive in this survey at £99,063 and are the most affordable with a house to price ratio of 3.2.

The postal districts of the top performing secondary state schools in six of the nine English regions command a house price premium compared to their county average. The South East has the largest premium with average house prices in the postal districts of the top 10 state schools in the region trading 27% or £72,314 above the average house price in their county.

This is followed by East Anglia with a premium of 25% and the North West with a premium of 24%. In contrast, homes in the East Midlands and the South West that are close…

A baby born today in the UK faces paying £3.4 million for their first property based on historic house price increases, new research shows.

At the current rate of property growth, if a child is born in 2014, by the time they reach the average first time buyer age of 35, the average house price in 2048 will be an astounding £3.4 million.

Even children of 10 years old today, face paying over £1.6 million for a property, requiring a deposit of over £320,000, according to the research from online estate agent eMoov.

It also shows that if you have a child who is currently four years old, they will most likely need £2.4 million and by 2032 the average 20% deposit needed to buy a property will equal the price of the average price of a property in 2014.

Some 67% of parents polled by eMoov stated that they will have to financially aid their children get on to the property ladder.

A house worth the national average of £205,199 by the end of 2014 is estimated to be worth £3,391,474 in the year 2048 if the historical pattern continues in property.

‘Our research shows the staggering truth about the rise of property prices within the UK over recent times. Property prices are always on the move but viewed over decades our research shows an annual rise of 8.6% since 1954,’ said Russell Quirk chief executive officer of eMoov.

‘If the trend continues then the bank of Mum and Dad will become even more important for the next generation of home owners,’ he added.

Unscrupulous letting agents that are charging tenants and landlords for the same service such as checking references or alterations to contract extension agreements, new research has found.

They are charging for the minutest changes, even when revisions to the contract amounted to just a change of a date, says the research published by insurance firm Direct Line for Business.

The research revealed how a South London letting agent charged a landlord £670 for a simple contract extension, which only necessitated a change of date, while the tenant was charged £90 for the same action.

The research also highlighted the variance in fees landlords pay when they rent out their property through an agent. While on average landlords are charged 11% of the revenue they receive on a monthly basis if they rent out their property through a letting agent, the research found a range from as low as 5% to a high of 17%.

When calculating the yield they hope to generate, landlords should consider the range of additional charges involved in renting out a property. The research revealed the cost of a letting agent completing an inventory on a property ranged from £65 to £300, property visits from £20 to £100 and the charges for managing a checkout from £30 to £125.

Other charges landlords often encounter include paying for the cost of running credit checks on prospective tenants, reviewing references and checking tenants into a property.

‘Whilst most letting agents are transparent and fair, a minority are doing an injustice to the majority through double dipping activities,’ said Jasvinder Gakhal of Direct Line for Business.

‘That aside, it is important landlords consider all the costs they will face when estimating the yield for a property. Taking into account agents’ fees, taxes and unbudgeted costs such as emergency property repairs, landlords can easily pay out expenses of 25% of their annual rental income for a property,’ he explained.

He pointed out that letting through an agent can take the hassle out of the rental process and provide additional legal protection in the event of an incident but research shows it pays to shop around for the best value as charges and services can vary significantly from one agent to another.

To help landlords keep track of charges paid, ongoing expenses and to assist in calculating the yield on their portfolio Direct Line for Business has launched a new landlord app, Mobile Landlord. It enables landlords to manage up to five properties on the go through a single online, mobile portal. Mobile Landlord is free to download and available on both iOS and Android.

With the bank holiday weekend underway it has been revealed that more home owners in the UK are attempting DIY without professional help and two million have damaged their property as a result.

The most commonly ‘botched’ DIY tasks are painting and decorating, applying bath sealant and tiling and home owners have paid out £67 million to put right their DIY disasters, according to research from LV= home insurance.

They survey found that one in 10 had to claim on their home insurance as a result of damaging their property doing DIY and 5% have to call in professionals to repair damage caused by their own botched attempts, a figure which has increased year on year since 201o.

The jobs most likely to go wrong include painting and decorating, 32%, applying sealant around a bath or shower 18%, tiling 16%, plastering 13% and filling a hole or crack in the wall 12%.

Some 49% said they have caused cosmetic damage such as spilling paint, 26% water damage and a further 16% resulted in electrical faults. Some 16% have also damaged the fabric of their property by, for example, putting their foot through the loft floor or smashing a hammer through a wall.

Most amateur DIY attempts start from a desire to save money. In total, 85% who attempted DIY did so because they thought it would be cheaper to do the jobs themselves rather than hiring a professional, while 22% thought the job would be relatively easy to complete.

Over ambition and lack of knowledge are among the main causes of DIY disasters. Among all those that caused damage in their home, 36% didn’t know what they were doing, 18% found the job was just too complicated and 24% blamed their tools for the job going awry.

The rise of online tutorial videos has exacerbated the problem, with complicated do it yourself looking too easy. Some 8% did the work after watching an online tutorial video as it gave them the confidence to have a go. And 29% have attempted to have a go at potentially dangerous tasks such as electrical repairs, 8% roofing work and 4% knocking through a wall. Some 3% have even attempted gas appliance repairs without professional help.

The firm pointed out that for specialist jobs involving gas, electrical, plumbing or structural work, it is essential to call in the professionals to ensure the work meets current safety and building regulations, otherwise home owners risk invalidating their home insurance policy if things go wrong.

It also explained that in the past five years 10% have made a claim on their insurance policy as a result of damaging their home through botched DIY and want to remind people it is important that they know what they are doing before they start a job.

‘August bank holiday is a key time for home owners to get out their tools and undertake some DIY, but home owners need to be realistic about how much they can achieve without professional help,’…

The introduction of Real Estate Investment Trusts in India will help deepen the country’s property industry and bring greater industry stability, it is claimed.

India has approved legislation allowing the creation of REITs, a long awaited move that should encourage the creation of big institutional grade buildings and give developers a ready outlet for projects, according to Shobhit Agarwal, JLL managing director of capital markets in India.

He pointed out that until now many institutional investors have been put off investing in Indian property because it is highly fragmented, sometimes with multiple members of an extended family owning a building in strata title fashion.

The Securities and Exchange Board of India (SEBI) has now outlined the basic rules for REITs and industry insiders said they are very similar to the REIT legislation in other Asian countries such as Singapore and Hong Kong.

The first talk about introducing REITs came as far back as 2008. But previous administrations dragged their feet on codifying them. Property professionals see their relatively sudden introduction after a consultation paper last October as a credit to the administration of new Prime Minister Narendra Modi and his BJP party.

Agarwal believes that the government is going out of its way to be business friendly and is putting through policies more quickly than previous administrations.

Indian REITs, like many others around the world, will be required to pay out 90% of their income from stable assets to investors. That will result in a twice yearly dividend. Only 20% of an Indian REIT’s assets can be invested in development, the riskiest end of the real estate industry, and the remaining 80% of the fund’s assets must be invested in income producing property.

Agarwal explained that since those projects, often office buildings or shopping malls, have already been developed and already have tenants, their income stream is relatively easy to predict. While they may increase in value, the REIT will hold them long term and won’t trade in and out of real estate.

‘This is not meant for speculators. These are for investors that are looking for steady returns as opposed to capital appreciation,’ he added.

The buildings must have multiple tenants to reduce risk to any one company, and there must be a single ownership structure for any building that is folded into a REIT. The REIT must also hold multiple buildings, and cannot have more than 60% of its assets in any one project. It must own assets worth US$82 million at the time of going public and must have an initial size of US$41 million on the stock exchange when it lists.

Now overseas investors will be able to access stable assets via REITs. JLL estimates that of the 370 million square feet of Grade A office stock in India, some 170 million is of REIT standards.

SEBI has also created a similar structure known as an infrastructure investment trust that will allow developers of infrastructure projects to sell those into a fund, with the same requirement to distribute…

The number of first time buyer sales in England and Wales rose to a seven year high in July and they are paying smaller deposits, new research shows.

There were 30,000 first time buyer sales last month, a quarter more than 24,100 a year before, according to the latest First Time Buyer Tracker from Your Move and Reeds Rains, part of LSL Property Services.

It was the highest number of monthly first time buyers since August 2007 and data from estate agency chains also reveals the average first time buyer deposit fell 10% year on year from £29,609 a year ago to £26,642 in June 2014, a drop of almost £3,000 in a year.

The average deposit fell as a proportion of average first time buyer income as a result. Twelve months ago, the average deposit represented 82.6% of a first time buyer’s income. In July 2014, that had fallen to 72%. The average first time buyer income stood at £37,000 in July compared to £35,843 a year ago.

Over the same period, the average first-time buyer LTV has risen from 79.5% to 82.9%, helped by the increase in higher LTV lending facilitated by Help to Buy.

‘The first time buyer market is still active, even as the wider property market is starting to show signs of cooling down. As the economic recovery gathers momentum, more buyers are finding themselves in a position where they can afford to own their own home,’ said David Brown, commercial director of LSL Property Services.

‘A whole generation of young buyers were trapped on the side lines of the property market as the economy recovered from the recession, struggling to save for a deposit whilst inflation remained stubbornly high, savings rates were stuck at a historic low, and real wages fell. But the recent increase in high LTV lending options, enabled by Help to Buy, has allowed them a shot at getting on the ladder at long last, and the number of first time buyers has climbed to a seven year high,’ he explained.

‘Any stalling of the mortgage market caused by the introduction of the new mortgage rules has mostly worked its way through the system. Lending is operating on full steam ahead once again, although the end to end process has tightened and elongated,’ he added.

The latest e.surv Mortgage Monitor found that more borrowers are taking out high loan to value loans as the stock of affordable properties is falling. There were 13,256 approvals on properties worth £125,000 or less in July 2014, some 13% fewer than 15,244 a year ago.

The index also shows that the average first time buyer purchase price has risen 8% over the last year and 6.5% over the last three months to £155,844 in July. Simultaneously, average first-time buyer mortgage rates climbed for the fourth consecutive month in July, up from 3.99% in March to 4.19% in July. In the…

House prices in the South East of England have recovered strongly since the economic downturn with homes in Surrey performing the best within the region, a new report from Savills shows.

It reveals that the market for new build property in Surrey is very positive, signalled by certain developments in Guildford achieving over £500 per square foot.

Across the county various sub-markets for new homes can be found, but in general the demand for property is such that in many areas of the county the market is more comparable to prime areas of West and South West London, including neighbouring boroughs such as Richmond and Kingston, than the rest of the South East.

In Woking, flats are the dominant new build type, and prices are more affordable than in Elmbridge or in Guildford. The average sale price of a new property was £264,000 in the year to March 2014 according to Land Registry data.

In Guildford development ranges from town centre flats and family housing to large detached houses in the surrounding villages. Across all new property types the average sale price over the same period in Guildford was £474,000.

To the north of the county is the affluent district of Elmbridge, where the most desirable new properties in locations such as Esher and St. George’s Hill can command values around £800 per square foot. The average value of a new detached house in Elmbridge was £1.73 million in the year to March 2014.

The report also indicates that smaller, niche developments have proved popular and can command premiums over equivalent second hand homes where they are able to offer something different to the existing stock.

For example, Mulberry Mews is a development of nine terraced houses in central Reigate, and has achieved values of around £500 per square foot according to Savills data. This compares very favourably with second hand values in the area, which average around £300 per square foot according to Hometrack. Low levels of stock in the general second hand market, particularly of high quality period properties, have reinforced the interest in new build developments.

‘Demand for new homes in the area comes from a range of sources. Older, equity rich downsizers are attracted by the prospect of lower maintenance and running costs, along with the peace of mind that comes from new, high spec appliances and a builder guarantee,’ said Nick Gregori, Savills research analyst.

‘This group are likely to have lived locally in a semi-rural location, and once they are retired or their children have grown up and left home a more urban environment becomes appealing. The centres of Guildford, Woking, Reigate and Farnham all have wide ranges of amenities such as restaurants and cafes, bars, theatres and shops,’ he explained.

‘Family buyers traditionally consisted of people moving up the ladder locally, but recently this has been supplemented by buyers moving out from London, who now make up a key component of the demand. Not only is a typical three bedroom family home in…

Richard Judge, currently chief executive of the Insolvency Service, has been chosen to head up the Health & Safety Executive.

Dr Judge will start his new role as HSE chief executive in November 2014.

He will take over from Kevin Myers, who has been acting chief executive since August 2013 when Geoffrey Podger stepped down after eight years in the role.

Dr Judge is a fellow of the Institution of Mechanical Engineers. Before joining the Insolvency Service in July 2012 he had a varied career in science and technology organisations spanning the nuclear, rail and environmental sectors. Between 2007 and 2012 he was chief executive of the Centre for Environment, Fisheries & Aquaculture Science, an agency of the Department for Environment, Food & Rural Affairs.

HSE chair Judith Hackitt said: “I am delighted to welcome Richard as our new chief executive and look forward to working with him. His valuable, considerable experience in both the public and private sector is a perfect fit for HSE, enabling us to take forward our commercial agenda whilst also ensuring we can build on our standing as a world-class regulator of workplace health and safety.”

Dr Judge said: “This is a great opportunity to lead the executive of a renowned and respected regulator that will soon celebrate its 40th year. I look forward to working with my new HSE colleagues, and with everyone who has a stake in delivering further improvements in Britain’s health and safety performance.”

Construction of the world’s biggest tidal array could start before the end of the year after securing government grants.

An initial four turbines will be deployed as a demonstration phase of the Pentland Firth Inner Sound tidal energy project. It is being developed by MeyGen Ltd, a joint venture between investment bank Morgan Stanley (45%), French-owned power generator International Power (45%) and tidal technology firm Atlantis Resources Corporation (10%).

The £51m project has been given £10m worth of grant funding from the UK government, £17.2m by the Scottish government’s renewable energy investment fund (REIF) and £3.3m from Highlands & Islands Enterprise (HIE). This is for the demonstration phase only.

When fully operational, the 86MW array could generate enough electricity to power the equivalent of 42,000 homes – around 40% of homes in the Highlands.

MeyGen won the rights to the scheme from the Crown Estate in 2010 with a 25-year operating lease.

HIE director of energy Calum Davidson said: “The MeyGen project is the first commercial scale tidal stream array to be developed and built out. HIE is delighted by today’s announcement as it gives a strong green light to the start of the construction phase of the project. It is a huge boost to the Highlands & Islands which is being rightly recognised as a global centre for marine renewables. We have world class wave and tidal conditions here, as well as expertise across the engineering and marine supply chain supported by a skilled and dedicated workforce.”

The board of Hyder Consulting has accepted an improved takeover offer from Dutch engineer Arcadis.

Hyder initially agreed a £256m deal with Arcadis at the end July. But the following week Japanese firm Nippon Koei lodged a £268.1m offer, prompting Hyder’s board to ditch the Dutch and accept the higher offer. (See previous report here.)

Arcadis has now offered a deal that values Hyder at £288m. It has also acquired 15.6% of Hyder’s existing issued ordinary share capital.

Hyder directors have also agreed to sell their combined 283,137 shares to Arcadis, which represents a further 0.7% of the ordinary share capital. They have also withdrawn their recommendation of the Nippon Koei offer.

Under the terms of the increased offer, Hyder shareholders will be entitled to receive 730p per share.

Arcadis chief executive Neil McArthur said: “Hyder is a unique company with a long history of being involved in the leading edge of design and engineering.” He said that the two companies were “highly complementary” both in geographic coverage and in expertise.

He added: “The combined rich histories, shared values and strong cultural fit make the two organisations natural partners where exciting career opportunities will be afforded by a stronger growth platform for staff in both companies.”

A steering committee, jointly led by Hyder CEO Ivor Catto and Arcadis director Stephan Ritter will create the detailed strategy and optimal operating model of the combined businesses.

Hyder CEO Ivor Catto said:  “The Hyder Board and management team is delighted that Arcadis has made this increased offer of 730 pence per Hyder share. Arcadis’ increased offer represents compelling value for Hyder shareholders.”

Miller Construction made a loss of £6.2m in the first half of 2014 before being sold to Galliford Try.

Galliford Try took over Miller Group’s loss making construction division on 9th July 2014 for £16.57m.

The first-half losses at Miller Construction continued a pattern seen the previous year, in which it reported a £4.6m operating loss for the full year. This year's construction losses were again attributed to “continuing delays on a limited number of historic contracts that had been procured competitively on the basis of price”.

At group level, Miller more than doubled its pre-tax profits in the six months to 30^th June 2014, making £8.3m profit, up from £4.0m for the same period in 2013.

Thanks to its house-building operations being busier, turnover increased by 40% to £175.4m (2013 H1: £125.1m).

Housing completions were 28% higher at 855 units (2013 H1: 667 units) and the average selling price improved 12% £198,000 (2013: £177,000), more due to different product mix than price inflation.

Group profit before interest and exceptional items was £19.1m, which is nearly treble the £6.6m figure for the same period last year.

At Miller Mining, poor weather at the start of the year impeded production and coal volumes sold were 13% lower. Profit before interest was £900k (2013 H1: £2.4m) but the mine remains strongly cash generative, Miller said.

Group chief executive Keith Miller said: "The group has performed well and benefited from continued improvements in the market. Miller Homes is showing strong margin growth and a substantial improvement in return on capital principally driven by higher volumes and the increased contribution from new sites. Miller Developments is experiencing positive occupier demand for its key strategic property assets. The disposal of Miller Construction in July allows the group to focus on the housing and commercial property markets which are showing strong signs of growth.

"In Miller Homes, trading continues to be robust across all of our regions in the UK, increasing our confidence in our ability to deliver improved margins and return on capital through enhancing the quality of the landbank and product mix, growing volumes with limited additional overheads and increasing the conversion of strategic land. We are targeting annual completions of 2,750 units in the medium term.”

Henry Boot has seen a strong rise in profits in the first half of the year despite a decline in revenues.

For the six months to 30 June 2014, Henry Boot’s profit before tax increased 81% to £13.4m (2013 H1: £7.4m)

Each of its business segments traded well in the period in line with the general economic recovery and returning market confidence, the company said.

Revenue was lower at £65.8m (2013 H1: £81.8m) as a one-off £15m land sale last year was not repeated. However, operating profits were 79% higher at £14.0m (2013 H1: £7.8m) as a result of several land sales and combined development property sale profits and valuation gains of £2.1m, compared to a combined deficit of £0.3m in 2013.

Henry Boot’s land and property development arms continue to be busy. At Markham Vale, its 200-acre business park venture with Derbyshire County Council, two factory developments totalling 50,000 sq ft are due for completion imminently and the construction of two industrial units, totalling 150,000 sq ft, is expected to start by the end of the year.

A retail warehouse scheme in Livingstone is also expected to start soon, while in York there is continued good progress with the redevelopment of the former Terry's Chocolate Factory.

Chairman John Brown said:  “Commercial development activity is now at its highest level since 2007 with new, pre-let developments achieving hurdle rates of return, expected to commence in the second half of the year. The combination of this increased level of commercial development, our strategic land sites with well over 10,800 permissioned housing units available for future sale and the solid returns from the construction segment should strongly support growing shareholder returns into 2015 and beyond.”

The construction division has now won enough orders to achieve its budgeted turnover for the year and is on course to hit profits targets. The 2015 order book is also starting to build, the company said, and prospects were good thanks to various frameworks in the health and education sectors.

Banner Plant has also seen a further improvement in activity in the first half. “Utilisation and, more recently, rates have improved slightly which, if maintained through to the year end, should result in the delivery of a better result than 2013,” Mr Brown said.

Architecture practice Aukett Swanke has recruited Beverley Wright from CH2M Hill to be its new group finance director.

She starts on 15^th September. Current incumbent Duncan Harper will stay on for a month to hand over.

Ms Wright has more than 25 years finance experience within construction and engineering firms, including 16 years at Mowlem plc before joining Midas Group in 2005 as group finance director.

She moved to CH2M Hill in 2006 as commercial and financial director Europe, becoming international commercial director in 2013.

Aukett Swanke chief executive Nicholas Thompson said: "We are delighted to welcome Beverley to the board. She brings a wealth of commercial experience to Aukett Swanke along with significant financial expertise both in the UK and internationally. Beverley will be a valuable addition to the executive team as we pursue our growth objectives. "

London home buyers are willing to pay a substantial premium to live near a tube or train station with homes within 500 meters commanding some £42,000 more compared to one 1,500 meters away.

On average, London houses closest to Circle line stations are the most expensive while those nearest the Metropolitan line are cheapest, according to the research by the Nationwide Building Society.

The Nationwide examined how the proximity to a tube or railway station impacted property prices in Greater London after taking account of other property characteristics, such as property type, size and local neighbourhood type.

‘Our research illustrates that people are willing to pay a significant premium to be close to a station, and suggests that this premium has increased relative to two years ago when we last explored the issue,’ said Robert Gardner, Nationwide's chief economist.

In general the premium that buyers are willing to pay increases as you move closer to a station. A property located 1,000 meters from a station commands a 4.9% premium, whilst at 750 metres this increases to 7.6% and 10.5% for a home 500 meters from a station.

The report points out that just 6% of properties in London are more than 1,500 meters away from a station, and the vast majority of these are in outer suburban areas, where stations tend to be more spread out serving larger catchments.

Excluding the City of London, Camden is the borough best served by the tube and rail network, with 85% of properties within 500 meters of a station. Whilst Camden has always benefited from a high density of tube stations, it has also recently seen improved rail services thanks to London Overground. However, it is also one of the most expensive areas of the capital, with average prices currently around £843,000.

Havering, Bexley and Barking and Dagenham are amongst the least connected boroughs, with fewer than 20% of properties within 500 meters of a station. Average house prices tend to be lower in these areas, but this also reflects that they are further away from central London.

Amongst the outer boroughs, Brent stands out as having good transport connections, with more than 50% of properties within 500 meters of a station. Brent benefits from access to a number of tube lines, with the Metropolitan, Jubilee, Piccadilly and Bakerloo all passing through.

The research also looked at which tube line is associated with the highest house prices. The Circle line serves the capital’s most expensive areas taking in much of central London and also parts of west London. Average house prices are over £800,000 in areas where the nearest station is on the Circle line.

Average house prices are least expensive where the nearest station is on the Metropolitan line. This probably reflects that the line stretches towards the outer suburbs, with only a short section in central London.

The Nationwide has conducted similar research for Manchester and Glasgow, looking at the impact of rail links on local property prices. ‘London home…

The level of England’s new housing construction activity in the April to June quarter of 2014 was unchanged on the first quarter but up 18% year-on-year.

The latest statistics show that there were 36,230 new housing starts in England between April and June. Although this is the same amount that was seen in the previous quarter, it represents an increase of 18% on the same quarter last year.

It brings the total number of starts over the last 12 months to 137,780, which is a 22% increase on the previous year and the highest level of house building since 2007.

The government said that the construction sector had now been growing for 15 consecutive months, and is currently experiencing the sharpest rise in house-building orders since 2003. Companies are taking on new workers at the fastest rate since 1997, it said.

Seasonally adjusted house-building starts are now 112% above the trough in the first quarter of 2009 but remain 26% below the last peak seen that was seen in the first quarter of 2007, just before the bubble burst.

Seasonally adjusted completions are estimated at 29,540 in the second quarter of 2014, 6% higher than the previous quarter and 7% higher than the same period last year.

Annual housing completions in England totalled 114,440 in the 12 months to June 2014, an increase of 7% compared with the previous 12 months

Last year successful applications for major housing schemes were up 23%, and planning permission was granted for 216,000 new homes.

Housing minister Brandon Lewis said that the figures were evidence that the government’s long-term economic plan to improve the housing market is working. He said: “Wherever you look across the housing market, the signs of progress are clear. House-building in England is up by over a fifth compared to last year, orders for building materials are rising at the quickest pace for 11 years, and companies are hiring new staff at the fastest rate since 1997.”

He said that “improving the housing market will remain a vital part of our long-term economic plan”.

The GMB union is organising a strike ballot of 45 members employed by Kier Refuse Services in Kings Lynn and West Norfolk in a pay dispute.

Since its acquisition of May Gurney last year, Kier is responsible for waste and recycling services for Kings Lynn and West Norfolk Borough Council.

The company has made a final pay offer to its workforce of a 1.75% increase over 15 months in response to a claim for 4% over 12 months.

The ballot of members closes on 27th August 2014 and members are being asked to support strike action to secure a better offer.

GMB regional officer Glenn Holdom said: "This insulting pay offer does not reflect the effort put in by the operatives to fulfil the conditions of the contract. Even then it is a 15 month deal because they want to change the anniversary date to 1st July.

“The company response is not acceptable to our members and they view this as the straw that has broken the camel’s back.

“There have been a number of aggravating issues on this contract such as round imbalances, increased working hours and level of agency staff being used since the TUPE transfer from Veolia in April 2013.”

GMB is involved in a separate dispute with Kier Group across the UK as it is one of the backers of the now-defunct Consulting Association that contractors used to blacklist workers they considered undesirable. Kier is now one of eight firms behind The Construction Industry Compensation Scheme, which the unions are also against as they see it as a way to pay off victims cheaply to avoid more costly court judgments.”

Home sales in Spain are increasing but price are continuing to fall with the latest data from the Notaires showing transactions up 16% compared to a year ago.

But the same set of figures show that prices are down 5.7%, although the general opinion is that the Spanish property market is well on its way to recovery.

Apartments saw the biggest jump in sales activity with an increase of 11.6%. The average price per square meter was €1,214, a 5.7% drop from a year and 35.7% below prices in 2007.

The Notaires said that the jump in sales is a normalisation in the wake of changes in tax laws, but it also represents a stabilisation of monthly sales. For example, the number of sales from January to June was similar to the number of transactions in the same period of 2013, at 29,171 in 2014 compared to 27,958 in 2013.

Meanwhile a village in Spain with the country’s oldest population is so desperate for people to come and live and build new homes that it is selling building plots at bargain prices.

It is possible to buy land to build a home in the village of Olmeda de la Cuesta, 100 miles from Madrid, from €160 for 60 square meters, rising to €1,300 for 205 square meters and there are eight plots available.

‘We want to attract more people so that the village does not disappear. Buyers can build a house of up to three floors and can put in a garden. Some plots have caves that can be used as wine cellars,’ said mayor, José Luis Regacho, who is one of the youngest residents at the age of 47.

The village once had 500 residents but now there are only 15 permanent residents and 20 home owners that return for weekends and holidays. The average age is 75. It has a church, a medical clinic that is staffed once a week and a bar. The local school closed 40 years ago, due to a lack of students.

It is the second time that the village has sold bargain plots. Last year six plots were sold for between €600 to €3,500 but this time the prices are much lower.

However there is a downside. ‘This isn't a place where people can move and expect to find a job. There are really no work opportunities here,’ said Regacho who commutes weekly to his job in a city 30 miles away.

‘It would be perfect for people who want a quiet place to relax or to get away from daily life. Or a writer who wants a quiet place to work or an artisan who wants a place to make and store products,’ he added.

More homes are being built in England with housing starts up 18% in the second quarter of 2014 compared to a year ago, the latest construction data shows.

Housing and Planning Minister Brandon Lewis announced that there were 36,230 new housing starts between April and June, bringing the total number of starts over the last 12 months to 137,780, a 22% increase on the previous year and the highest level of house building since 2007.

He pointed out that government efforts to help people onto the housing market are working with almost 40,000 households have bought a home through Help to Buy, with over 80% of sales going to first time buyers purchasing new build homes.

He said that the direct result is a new generation of home owners and a 34% increase in private house building during the first year of the scheme.

At the same time the construction sector has been growing for 15 consecutive months, and is currently experiencing the sharpest rise in house building orders since 2003, while companies are taking on new workers at the fastest rate since 1997.

He also pointed out that a growing pipeline of new projects is also emerging from the reformed planning system. Last year successful applications for major housing schemes were up 23%, and planning permissions were granted for 216,000 new homes.

Also published were the latest figures for Right to Buy, which allows people to buy their council homes. In the second quarter some 2,845 council owned properties were sold, a 31% increase on the same quarter last year, and bringing the overall number of homes sold under the reinvigorated Right to Buy to nearly 22,500.

Receipts from additional sales are now being recycled into building new affordable homes. In the last quarter councils received £211 million, and started work on 675 new homes, bringing the total number of replacement homes started to almost 3,700. More than 480,000 new homes have now been delivered since July 2010, including almost 200,000 affordable homes.

‘Wherever you look across the housing market, the signs of progress are clear. House building in England is up by over a fifth compared to last year, orders for building materials are rising at the quickest pace for 11 years, and companies are hiring new staff at the fastest rate since 1997. Hardworking tenants are also voting with their feet and taking up the Right to Buy,’ said Lewis.

‘This progress did not happen by accident. It bears testament to our efforts to reform the planning system and help home buyers while paving the way for house builders to boost their output. But there’s still more to do, and improving the housing market will remain a vital part of our long term economic plan,’ he added.

However, some property industry experts are pointing out that this is still nowhere near the number of new homes that are needed. ‘The tide is gradually moving in the right direction but the UK property industry can’t forever compare itself…

Property sales in the UK fell by 1.3% in July compared with the previous month but were 13.5% higher than the same month last year, the latest data from HMRC shows.

The seasonally adjusted estimate for July was 101,190 for residential properties and 9,330 non-residential transactions.

Meanwhile, the number of registration applications received by the Land Registry in July totalled over 1.4 million with the South East submitting the most.

There were 359,687 applications in respect of registered land, 653,293 were applications to obtain an official copy of a register or title plan, 202,740 were searches and 80,360 were transactions for value.

The slight fall in transactions revealed by HMRC is nothing to worry about, according to experts who point out that there is usually a slowing in the summer months.

Indeed, Peter Rollings, chief executive officer of Marsh & Parsons, believes that the market is returning to more natural and orderly trading conditions. ‘Buyers and sellers are finding the property market a less intimidating environment than it seemed a few months ago. The number of house sales may have fallen in the month to July 2014, but it still represents a steady and sustainable increase of activity when compared to the picture a year ago,’ he said.

‘In the short term, the introduction of more stringent borrowing regulations and affordability criteria in the spring tempered the market. But all the ingredients are in place to ensure the continued vigour and vitality of the housing recovery,’ he explained.

‘A surge in supply of available properties is soothing competition and keeping house price growth in check. Buyers and sellers alike have a bigger selection of choice available to them when looking to step onto the housing ladder or trade up, sending budding shoots of consumer confidence all the way up the chain,’ he added.

The Competition & Markets Authority (CMA) has approved Wolseley UK’s purchase of Fusion Provida UK and Utility Power Systems.

Fusion Provida UK (FPUK) and Utility Power Systems (UPS) have been acquired from the Fusion group. FPUK supplies utility infrastructure products and UPS supplies and hires out pipe jointing equipment to utility contractors. With close to 200 employees, the businesses operate from 11 depots around the UK, including a national distribution centre and national sales office in Chesterfield, Derbyshire.

The deal was originally announced on 1^st April 2014 but has now received formal clearance from the competition authorities.

Wolseley UK managing director Steve Ashmore said: “The acquisition gives Wolseley UK an excellent opportunity to expand its presence in the utilities supply chain. It is a strong next step in our strategy to grow in this marketplace and trade in areas where we are equipped to win.

“Fusion Provida UK and Utility Power Systems’ great customer service and expertise fit well with Wolseley UK’s strategy and values. Working alongside our Burdens business and led by Burdens’ managing director, Keith Dorling, they can help us fulfil our potential in the infrastructure and utilities marketplaces.”

Fusion has decided to focus on its core manufacturing activities – electrofusion fittings, polyethylene pipe jointing equipment and tooling, black pipe extrusion and fabrications.

There are three long-term supply agreements in place between FPUK and Fusion Group for: electrofusion fittings; black polyethylene pipe and fabrications; and pipe jointing equipment, tooling and associated spares.

Two brothers from Stoke-on-Trent, described as having little or no experience of building and construction work, have been sent to prison sentences after exposing site workers to asbestos.

Akram Hussain, 52, and Inam Hussain, 47, were refurbishing a former print works on Scotia Road, Burslem. At least seven workers are known to have been exposed to asbestos on the project since February 2012, with one of them aged just 17 at the time.

Stafford Crown Court heard yesterday (20th August) that neither was qualified or experienced in construction, demolition or refurbishment work, nor were they licensed to remove asbestos.

Akram Hussain is a snooker hall manager and Inam Hussain a taxi driver, although they have been carrying out the work on the building for around 10 years.

The Health & Safety Executive (HSE) prosecuted the brothers after an investigation found that work was being carried out without the necessary asbestos surveys and without a construction, design and management (CDM) co-ordinator in place, which is required if work is to take more than 30 days.

Despite repeated visits from HSE inspectors and numerous enforcement notices warning them of their failings, the brothers continued to refurbish the building and disturb asbestos material, putting workers at risk.

A prohibition notice was issued on 17th February 2012 stopping all asbestos-related work. A ‘direction to leave undisturbed’ was also issued for the building until HSE had provided written confirmation that work could continue.

However, several lorry-loads of waste contaminated with asbestos were removed from the site and taken to an unlicensed waste disposal site in Stoke-on-Trent.  Workers were also witnessed leaving the site covered in dust and not wearing appropriate protective clothing.

A further prohibition notice and an improvement notice were served on Akram Hussain on 25th February 2012 when inspectors again found work being carried out without an asbestos survey or a CDM.

A separate prohibition notice was also served on Inam Hussain on 18th May 2012 for the non-licensed removal of the asbestos from the building. An improvement notice was served at the same time for the ongoing failure to appoint a CDM co-ordinator.

An asbestos survey was later carried out, but work inside the building continued to disturb materials containing asbestos.

The court heard that the HSE knows of at least seven workers being exposed to asbestos in the building. Many more could have been exposed during the course of the refurbishment project over the years.

Akram Hussain and Inam Hussain both pleaded guilty to breaching section 3(2) of the Health and Safety at Work etc Act 1974. Akram Hussain was given a custodial sentence of 22 months and ordered to pay costs of £43,000. Inam Hussain was given a custodial sentence of 14 months.

HSE inspector Lindsay Hope said after the hearing: “The Hussains have shown a willful disregard for the health and safety of workers and others. Our investigation uncovered a catalogue of serious errors, safety failings and a disregard of the laws around the safe and correct removal of asbestos.

“This was an appalling case of failing to properly plan, manage and resource this project, which led to workers being exposed to risks to their health from asbestos.

“It is essential at the outset of a building refurbishment to first seek specialist advice regarding the possible presence of asbestos within that building. Only with the full knowledge of what is present, or not, can any asbestos then be dealt with safely.

“Failure to identify and deal with any asbestos can lead to it being damaged and people then breathing in the fibres. The Hussains failed in their duty by choosing to ignore the dangers of this hidden killer.”

New mortgage rules introduced in the UK in April have contributed to an acceleration in bridging lending in the 12 months to the end of June, it is suggested.

Growth in bridging lending has increased to 24% per year, up from 18% before the new MMR rules and annual gross lending has reached a record £2.17 billion, with £470 million lent in just last two months.

The data from the latest West One bridging index also shows that loan volumes are up 28% year on year and borrowers see interest rates close to historic lows, averaging 1.14% over the last two months.

‘Bridging is firing on all cylinders. And this is down to a number of positive factors all coming into alignment over the past few months. Thanks to the constructive approach of the financial regulators, the new MMR affordability assessments don’t apply to most bridging loans. Due to the nature of short term secured finance, the loan term is almost always less than a year and interest is often rolled up,’ said Duncan Kreeger, director of West One Loans.

‘By contrast, post-MMR delays in the mainstream market have crept into many areas of buy to let and commercial lending. So many property investors are now more actively choosing to bypass the usual lenders from the start as the high street is forced to focus its attention on simpler cases,’ he explained.

‘This is combining with a growing awareness about what bridging finance can get done, thanks in no small part to the growing expertise of specialist brokers. As the variety of borrowers grows in line with the sheer numbers of inquiries, we don’t expect this acceleration to reverse any time soon,’ he added.

The index report suggests that the most recent spurt of growth in the bridging market is being driven by progress in both the size and number of loans being written. The average loan size now averages £475,500 over the 12 months to 01 July, a 14.8% improvement on the previous twelve months, when the average loan was for £414,000.

Greater loan volumes have been even more significant, with a 28.2% improvement over the last 12 months. This is driven in particular by a 13.5% increase in loan volumes on a bimonthly basis, the two months from 01 May to 01 July, compared to the two months before the Mortgage Market Review.

‘Property prices are rising, creating both an opportunity for investors and a challenge for those in need of affordable homes or workplaces. Bridging lenders are responding with the finance that can help ease the squeeze on supply, in loan sizes that are more than keeping up with the property market and in volumes that will make a real difference,’ said Kreeger.

He pointed out that average loan to value ratios have increased to a 12 month average of 47.3%, up considerably from the low of 46.5% witnessed over the previous 12 months, ending 01 July 2013.

Costain has decided not to bid for any more contracts in the waste sector after getting its fingers burnt in Manchester.

Costain started a £400m contract in 2009 to design and build a network of waste treatment facilities in Manchester for Viridor Laing. Of the 46 waste facilities to be provided under the contract, design faults have been identified at four sites, including one site that remains to be completed. The additional costs incurred here widened the operating losses in Costain’s natural resources division.  

“Excluding these costs the division generated an operating profit and is trading in line with expectations,” the company said.

It added: "The group is not pursuing any further contracts in the waste sector."

Costain’s infrastructure division, by contrast, is performing strongly, buoying up the business as a whole.

Revenue for the six months to 30 June 2014 increased 14% to £529.1m (2013: £462.9m) and group underlying operating profit was up to £11.2 million (2013: £10.7 million).

Pre-tax profit rose 87% to £5.8m (2013 H1: £3.1m). Even stripping out exceptional items –

 such as the £3.7m cost of trying and failing to acquire May Gurney last year – the adjusted profit before tax increased by 8% to £9.1m (2013 H1: £8.4m).

New business won during the first half year has pushed the order book, as at 30 June 2014, up 10% to a record £3.2bn (2013: £2.9bn). More than £950m of revenue has been secured for 2014, compared to £850m this time last year.

In the infrastructure division, revenue increased 36% to £358.7m (2013 H1: £262.8 million) while operating profit rose to £16.9m (2013 H1: £14.4m). The forward order book for the division has grown to £2.2bn (2013: £1.7bn) and the level of tendering activity remains high, the company said.

The natural resources division, which is focused on the oil & gas, nuclear process and water markets, saw its revenue shrink 15% to £169.4m (2013 H1: £199.2m) and operating loss widen to £2.6m (2013: £100,000 loss), due largely to the aforementioned Manchester waste contract.

The Manchester waste treatment network that Costain built for Viridor Laing's PFI contract includes the country’s first thermophyllic mechanical biological treatment – anaerobic digestion plant (MBT) to treat waste and produce green energy.

The 42 facilities comprise five of these MBTs in all, as well as 24 household waste recycling centres (HWRCs), four in-vessel composting (IVC) plants, one materials recovery facility (MRF), seven transfer loading stations and two green waste facilities.

Government plans to drop planning permission currently required for residential short lets is raising concern among politicans, property professionals and residents in a central London borough.

Under the proposals will end the necessity to apply for planning permission currently required to let out a residential property for a period of less than 90 days in London.

However, Westminster City Council says it is extremely concerned about these proposals, which are a piece of red tape cutting which might be helpful to people who want to rent out their property elsewhere, but which take no account of central London's circumstances.

The rental sector in central London is constantly under pressure because tenants unable to afford to buy in the capital, rent over long periods and like the stability and financial security that a long term rental property provides.

According to Martin Bikhit, managing director of estate agents Kay & Co whose rental department acts on behalf of a large number of private landlords, believes the change will cause a severe lack of longer term permanent residential accommodation.

‘The number of people prepared to pay very high rents for short term lets will tend to push out would be long term tenants and owner occupiers. Permitting short term rents, will effectively blight properties, turning blocks into badly managed hotels and resulting in long term residents having to put up with unsocial noise, lack of security and loss of neighbourliness, not to mention potential issues with prostitutes and housing benefit fraudsters, and an increase in unauthorised rubbish dumping,’ he said.

Opponents cite a case in Barcelona, Spain where Airbnb was fined €30,000 for transgressing the short lets laws in Barcelona where concerns are being expressed that the city is being taken over by tourists.

According to Westminster City councillor Heather Acton the case highlights why deregulation would be a disaster for central London. ‘The property industry is right to be worried. The relaxation of laws around short term lets will cause major issues and disruption for Londoners. We are taking this issue seriously and are seeking assurances from the Department for Communities and Local Government that they are too,’ she said.

The council has recently written to the secretary of state stating its case for planning control to be retained locally. ‘The major impacts of short term letting will be felt in central London’s apartment blocks, flats, and estates,’ explained Acton.

‘It will cause issues for people living in Westminster who will have to suffer everything from refuse waste in corridors to thumping music all night. Westminster's flats and houses should be for residents and not be drawing holiday makers away from our hotels and hostels,’ she added.

On the day that school pupils across the country get their GCSE exam results, the Federation of Master Builders (FMB) is urging them to consider a construction apprenticeship instead of going back to school for A-Levels.

The FMB points out that the building industry is experiencing a serious skills shortage as the industry looks to fill 182,000 jobs in the next five years.

“There has never been a more exciting time to begin a career in construction and we’re keen to demonstrate that A-Levels are not the only way forward for young people on GCSE results day,” said FMB head of external affairs Sarah McMonagle.

The industry is crying out for new blood. During the recession 390,000 workers left the sector and over the next five years an estimated 410,000 workers will reach retirement age.

Provisional statistics show that there were 314,600 apprenticeship starts in the first three quarters of the 2013/14 academic year but only 13,320 of these are in the construction, planning and built environment sector. Year on year the number of apprenticeship starts in this sector are decreasing (13,730 in 2012/13 and 13,920 in 2011/12).

Ware Construction managing director Chris Ware is a former FMB Apprentice of the Year. He said: “From personal experience I can say that apprenticeships are an excellent route for school leavers. I finished my apprenticeship in carpentry in 2007 after leaving school at 16 when I finished my GCSEs. I started my own company in 2010 in the midst of the recession and I now employ seven full-time members of staff along with seven subcontractors and I own four vans and a variety of machinery.”

With just four weeks to go until the residents of Scotland get to decide whether to break up the United Kingdom, the UK government has announced a £1.2bn funding deal for Glasgow infrastructure.

Chief secretary to the Treasury Danny Alexander and cities minister Greg Clark visited Glasgow yesterday to sign the Glasgow and Clyde Valley City Deal with local council leaders and the Scottish government.

The funding is expected to bring in a further £3.3bn of private sector investment into the proposed infrastructure investment programme over the next 20 years.

The UK government will provide £500m of funding, with £500m provided by the Scottish government and a minimum of £130m from local authorities across Glasgow and Clyde Valley.

This funding will be used to enhance transport infrastructure, unlock new sites for housing and employment and improve public transport. Funding from the UK and Scottish governments will be paid over a 20-year period in annual instalments.

Projects agreed under the deal include:

a £16m UK government contribution to a new £64m Stratified Medicine Centre of Excellence, which will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus.

a £1.2m UK government contribution to a £4m MediCity Scotland facility to bring new healthcare services and medical technology to the market.

£1.7m UK government funding for a new £4m Centre for Business Incubation, Development & Recovery in Glasgow’s Merchant City.

The UK government has so far agreed 26 City Deals across the country, which is its way of injecting competition into the allocation of infrastructure funding and inducing local authorities to form partnerships with local private and public sector enterprises to formulate bids.

The referendum on independence for Scotland takes place on Thursday 18 September 2014.

Carillion has admitted defeat and ended its bid to persuade Balfour Beatty into a merger.

Balfour Beatty’s rejection this morning of Carillion’s third offer has prompted Carillion to give up and walk away.

Balfour Beatty said that unless Carillion accepted the sale of its US engineering subsidiary Parsons Brinckerhoff, then no deal could be agreed. Balfour’s board was also against Carillion’s proposed business plan, which envisaged a drastic reduction in UK construction activity.

In a statement this afternoon Carillion said: “The board of Balfour Beatty has not agreed to Carillion's proposal or to request an extension to the Put Up or Shut Up deadline which expires at 5pm tomorrow, 21 August 2014. Carillion therefore today announces that it is no longer pursuing such a merger.”

However, Carillion said that it still reserves the right to make another offer for Balfour Beatty, as allowed by the City Code on Takeovers & Mergers.

Carillion’s third and final offer was to hand Balfour Beatty shareholders a 58.268% share of the combined company.

The offer valued Balfour Beatty at £2,086 million. The two parties previously agreed an outline deal valuing it at £1,886 million, but that was before Carillion pulled out the surprise announcement that the deal only made sense if it could retain the revenues generated by Parsons Brinckerhoff.

Although the proposed deal has always technically been a merger, and has been presented as such, it was effectively a takeover, with all the top jobs going to Carillion executives. Philip Green would have remained chairman, Richard Howson CEO and Richard Adam CFO.

That Balfour Beatty’s board ever agreed to a deal in the first place indicates a willingness to surrender to takeover under the right terms.

Therefore this is not expected to be the end of the story.

Meanwhile, Balfour Beatty is still searching for someone to be its CEO. It has been without one for more than three months now, since sacking Andrew McNaughton on 6^th May.