Gross mortgage lending in the UK held steady in May and was an estimated £16.5 billion, according to the latest data from the Council of Mortgage Lenders.

This is identical to April’s gross lending total and is 12% higher than May last year when it was £14.8 billion.

‘Market indicators point to a slowdown in activity levels, in part associated with new mortgage rules, but it is unclear how lasting this will be,’ said CML chief economist Bob Pannell.

‘Implementation of the new regulatory regime is likely to have disrupted the normal patterns of activity, creating statistical “fog” around the published figures. As this lifts over the coming months, a clearer picture as to any lasting impact of the MMR rules on lending activity should emerge,’ he added.

David Newnes, director of Your Move and Reeds Rains owned by LSL Property Services, pointed out that the lending landscape is weathering a significant transformation. ‘This is calming the pace of growth in the mortgage market, as stricter borrowing criteria and affordability checks lengthen the process and moderate home loans. Annual growth in house sales cooled in May, prices are beginning to level out and even dip at the top end of the market in London,’ he explained.

‘However it is still very early days in the shadow of the regulatory change and we need a period of time before we can fully understand the impact of the overhaul. The mortgage market is still healthily on the road to recovery, with gross lending 12% higher than May last year,’ he said.

‘At the lower end of the mortgage market, first time buyer demand is still buoyant and supporting activity levels and market confidence. With inflation falling to a four-year low, and with renewed signs that the Chancellor George Osborne will not curtail Help to Buy ahead of time, many households are seizing their opportunity to get onto the property ladder,’ he added.

Duncan Kreeger, director of lender West One Loans, believes that the new mortgage rules are playing a part. ‘Mortgage lending is treading water while millions scramble for homes. New affordability rules, such as we’ve seen introduced recently via the MMR are certainly playing a part. But the volume of lending is not the problem, more of it wouldn’t solve the nation’s housing crisis,’ he said.

‘The problem is there aren’t enough homes to go around. And despite some baby steps, we are facing a serious lack of development. The link between lending and building has been broken. Increasingly alternative lenders are funding development and increasing the stock of homes on the market. The future lies in improving affordability, not in pumping up house prices without justification,’ he added.

According to Peter Williams, executive director of the Intermediary Mortgage Lenders Association (IMLA), the new mortgage rules have justifiably tightened the screw on lending to ensure it is permanently focused on affordability. ‘Early indications show mortgage activity has temporarily slowed and is clearly following an entirely different trajectory to UK…

Residential real estate inventory in the United States is down for the fourth month in row and home values are also falling, the first decline in two years.

Inventory declined year on year in 21 of the nation’s 35 largest metro with Houston, San Antonio and Boston experiencing the biggest decreases in supply of for sale homes. The cities saw inventory falls of 26.6%, 23.7%, 23.4% respectively.

According to the latest figures from real estate firm Zillow, US home values in April were down 0.1% from March while homes listed for sale were down 0.4% annually.

The firm says that after rising at the end of 2013, for sale inventory has fallen for four straight months in 2014. In many metros, inventory is tightest in the lower end of the market, which represents the homes most commonly sought by first time buyers.

‘First time home buyers are ready to buy, but unfortunately, aren’t able to take advantage of the spring shopping season and low mortgage rates because of the lack of homes for sale in their price range,’ said Zillow chief economist Stan Humphries.

‘This shortage of inventory is driven by a couple factors, most notably by stubbornly high negative equity, particularly at the lower end of the market, which is preventing many sellers from listing their homes,’ he added.

Among the 35 largest metros covered by Zillow, home values in a dozen were down in April from March, and were flat in two more. Year on year home values rose 5.3% in April.

For the 12 month period from April 2014 to April 2015, national home values are expected to rise another 2.2% to approximately $173,971, according to the Zillow Home Value Forecast.

Large metro areas expected to show the most appreciation over the next year include Riverside with growth of 12.6%, Las Vegas 8.7% and Seattle 8%.

National rents dipped slightly in April from March, down 0.3% to a Zillow Rent Index of $1,311. Year on year, national rents were up 2.3% in April.

Activity in the UK housing market has bounced back from the effects of new mortgage affordability rules, according to the latest report from chartered surveyors Connells Survey & Valuation.Property valuations activity has returned to growth, up 3% on a monthly basis as of May after a 15% month on month fall previously in April.

First time buyers form a significant part of renewed overall growth and the firm said that the total number of valuations for first time buyers is now up 9% compared to April, growing on a monthly basis considerably faster than any other section of the market. This leaves new buyer valuations activity at levels 8% ahead of May 2013.

‘The most severe effects of the MMR have been proved as temporary, while the benefits will last much longer. Disruption over the transition period between old and new regimes was expected, and temporary problems seen by some lenders have now been almost entirely resolved. We expect solid, steady growth in the market over the rest of 2014,’ said John Bagshaw, corporate services director of Connells Survey & Valuation.

‘The new rules introduced in April ensure that progress via mortgage lending is sustainable and that progress continues. Today the property industry is proving it remains on an optimistic trajectory led by first time buyers,’ he added.

He also pointed out that while the good news for first time buyers this contrasts with more muted activity from established home movers. The total number of valuations carried out in May for home movers who already own their home is down marginally by 1% since April. This also leaves home mover valuations activity down by 1% compared to May 2013.

‘Property remains in short supply and although prices are rising, many established owners are content to stay in their current home. Most households still feel firmly in recovery mode, gradually rebuilding lost financial security. But true optimism is set to return. Personal finances should start to feel the effects of a wider economic recovery this year, which should breathe a gradual wave of life into each step of the property ladder,’ Bagshaw explained.

Buy to let activity has also fallen by 1% on a monthly basis, though this leaves the total number of buy to let valuations at levels 11% higher than in May 2013, due to strong growth in the buy to let sector previously in the last 12 months.

Remortgaging has recovered from a sharp dip in April, with activity in May up 4% on the previous month. This has boosted annual growth in the number of remortgaging valuations to 5%, in line with the housing market as a whole.

‘Some have suggested the post-MMR world would see a buy to let boom, since such lending is not subject to the same strict rules as mortgages for owner occupiers. But so far this…

Rents in England and Wales have increased 11% annually as demand also rises with the pace of growth in London showing no signs of slowing, according to the latest rental index.

London tenant demand has increased at more than 11 times the rate of supply and overall demand is up 14% year on year while the supply has only increased by 7%, the Sequence national rent report shows.

It means that the average rent is now £784 but in London it is £1,468. Month on month this is a rise of 1% for the country as a whole but on the capital city rent growth slowed to 0% on a monthly basis.

But the pace of the London rental market shows no sign of slowing down with new agreed tenancies up 34% annually and in the rest of the UK there has been a 20% year on year increase in new tenancies.

‘Demand to rent across the country remains insatiable with the number of tenants seeking to rent up 14% annually in May and 5% on the month. This demand still isn’t being met by supply,’ said Stephen Nation, head of lettings for Sequence, which includes Barnard Marcus, William H Brown and Fox & Sons.

He pointed out that with new rental properties available down by 7% on last year, this means that monthly rents will continue their upward trajectory and in May rents were up 11% on May 2013.

‘The London market remains the most competitive across the UK and successful tenants need to move swiftly to secure a property. New agreed tenancies soared 34% annually in the Capital. Rental increases are more subdued than the national average, remaining flat on the month but up 7% annually. This is partly because we are seeing some new supply edging into the market,’ explained Nation.

‘Buy to let mortgages remain our most popular mortgage product but applications are subdued in May, down 9% annually and 4% on the month. This can be attributed to a number of factors including the initial knock on effect of MMR and some uncertainty around interest rate rises,’ he added.

The index report also shows that nationally tenant viewings are up 10% annually and 3% on the month in May, which shows that tenants are particularly active in their search for their ideal home.

New agreed tenancies are up 20% annually and 3% on the month. Due to the level of monthly growth being the same for these two market indicators, the ratio of tenant viewings to new tenancies agreed remains 7.6/1 in May when compared to April, but on an annual basis the ratio is down from 8.3/1 in May 2013. This shows that tenants recognise the need to move fast in this market.

London viewings soared 36% on the month and decreased marginally on the month by 3% and new agreed tenancies are up by 34% annually and 1% on the month. As a result of the monthly dip in viewings and growth in…

The developer behind the Capital Square scheme, which last week was confirmed as the preferred location for BBC Wales’ new headquarters, has questioned the need for the Welsh Government to develop its own office space in the capital.

A Mace joint venture has bought land owned by retailer Selfridges in Glasgow city centre to redevelop it into a mixed use scheme.

Located in the Merchant City area of Glasgow, the proposed development will include homes and shops.

The scheme is being promoted by Candleriggs, a 50/50 joint venture between the investment arm of Mace and funds managed by Mercer Real Estate Partners. Richard Murphy Architects is taking the lead on design and JLL is advising on planning.

The aim is to submit a planning application by the end of 2014.

Mace development director Mike Myles said: “We are incredibly excited to have acquired the site and we look forward to developing proposals in conjunction with Glasgow City Council and local stakeholders. We are fully committed to developing a high class scheme that will positively contribute to the Merchant City”.

Glasgow City Council leader Gordon Matheson backs the scheme. He said: “It’s great news plans for the redevelopment of the Candleriggs site are now progressing. Local residents and businesses are delighted the site has been cleared over recent weeks and are looking forward to seeing it brought back to life.

“The plans for the Candleriggs site will, I am sure, be of the very highest quality and very exciting. The council and the local community will look forward to working with Mace and Mercer Real Estate Partners on their plans, which when complete will strengthen Merchant City’s position as a jewel in Glasgow’s crown.”

Lovell is building a £5m development of 58 affordable homes for social housing provider Riverside as part of the ongoing regeneration of the Raffles estate in Carlisle.

The project is a partnership between Riverside, Carlisle City Council and Lovell. The Homes & Communities Agency is providing funding support.

The new homes – due for completion in early 2015 – will be a mix of bungalows and two-, three- and four-bedroom houses, which will all be for affordable rent. 

Over the past decade, Lovell has built 262 new homes on the estate. Regional director Nigel Yates said: “We’re delighted to be working with Riverside and Carlisle City Council on this latest phase of development at Raffles, helping provide modern, well-designed affordable homes for local people.  Lovell has now worked at Raffles for more than a decade and it has been highly rewarding to see how the area has changed. We are all extremely pleased to have started work on this most recent phase in the estate’s continuing transformation.”

Willmott Dixon has begun work on a £120m retail scheme designed to regenerate the Yorkshire town of Beverley.

Numerous national high street retail chains have already signed up for space on the 10-acre Flemingate centre, which is being developed by Hull-based Wykeland Group.  There will also be a cinema and a multi-storey car park.

It is scheduled to open to the public by Christmas 2015.

Willmott Dixon regional managing director Anthony Dixon said: “Flemingate is a fantastic scheme for the whole region, attracting inward investment that will bring long-term economic and leisure benefits to Beverley.  We have a strong track-record in the county and are looking forward to delivering a truly great shopping and leisure facility.”

East Riding of Yorkshire Council leader Stephen Parnaby welcomed the start of work. He said: “The development and planning process for this land began way back in 2005, if not earlier, and the company is to be congratulated for now being able to deliver such an important scheme. It is just what the town needs.”

He added: “While  Beverley is a thriving, bustling community of independents shops which give the town its character and offer fantastic, artisan products they would not get elsewhere, but the town lacks the commercial space needed to accommodate large national retailers that have wanted to come here for many years but have not been able.”

A £22m contract to design and build a five-storey faculty building for Anglia Ruskin University in Cambridge is up for grabs.

The university is planning to develop a new Faculty of Science & Technology, with 8,800m² of teaching and staff space and is advertising for a design and build contractor.

The project will include a small amount of refurbishment and enabling work to existing university accommodation in order to facilitate the works of the new building. A contract notice was published today in the EU Official Journal.

See our Contract Leads section for further details.

Kier has won a £140m repairs and maintenance contract with Genesis Housing Association.

Kier will carry out planned maintenance and cyclical works such as painting and decorating at all Genesis properties – a total of 33,000 homes. It will also provide responsive repairs for 10,000 Genesis’ homes in East London and the East of England. The remaining properties will continue to be serviced by Genesis’ in-house team.

The contract will run for four years initially. Through the tender process, Kier has committed to using local subcontractors and suppliers, and to providing employment and apprenticeship opportunities to Genesis residents.

Kier and Genesis are now mobilising the contract, and will be phasing in the start of external painting work from mid-July, with responsive repairs starting in mid-October.

Kier executive director John Wilkinson said: “Our priority is to work with Genesis staff and their customers to achieve a first-class service that we can all be proud of. We have a policy of ‘walking in customers’ shoes’, and over the coming months we will work with Genesis and the tenant groups already set up in order to ensure the highest levels of customer service.”

Genesis Housing Association chief executive Neil Hadden added: “This is an exciting new partnership that will help to ensure we’re meeting our residents’ needs. Customer focus was key throughout the tendering process, and we’re confident that in Kier we’ve found a provider that understands the requirements of our customers and the values that run through everything we do.”

Wates Construction has started work on the £100m Central Square development in Leeds.

An 11-storey office building is being constructed on a former Royal Mail site between Whitehall Road and Wellington Street in the city.

The joint developer is Roydhouse Properties and Marrico. Completion of the development is scheduled for early 2016.

Designed by DLA Design, the 220,000 sq ft mixed-use scheme will comprise 25,000 sq ft floor plates of flexible Grade A office space, retail and leisure provision and 128 car parking spaces.

Wates director David Price said: “We have worked closely with Marrico LLP and project architects, DLA Design, to ensure that we make a prompt start in delivering Central Square. The presence of tower cranes across Leeds is fast becoming a symbol of resurgence in the city’s development and Wates is very proud to be the main contractor in a scheme that is sure to be central to this growth.”

Marrico was formed in late 2013 by Mark Barnes, Colin Fell and Richard Bland. Central Square is their first development in this new venture with Steve Parkin and Gurnaik Chima. They have several other schemes in the pipeline and are looking for further development and investment opportunities, they said.

The Highways Agency has handed Telent Technology Services a trio of contracts, together worth more than £15m to maintain roadside technology on the M25 and one motorways and trunk roads in the east region and the southeast

All three contracts run for five years.

Telent now manages all routine and reactive maintenance for more than 12,000 technology assets, such as emergency roadside telephones, message signs, traffic signal sites, Highways Agency weather stations and CCTV cameras. 

Telent already has contracts to maintain traffic signals for a number of local authorities across the region, including Kent, West Sussex, Peterborough, Southampton, Luton, Cambridge and Medway.

Five leading contractors will be working together on a £184m Highways Agency contract to convert a 17 mile stretch of the Manchester Orbital route to a ‘smart’ motorway.

Balfour Beatty, Carillion, Costain and a BAM Nuttall/Morgan Sindall joint venture will all have to cooperate on the project as partners, which involves putting in cameras, gantries and variable message boards onto parts of the M60 and M62 motorways.

At peak, 1,000 construction workers will be on the project.

Balfour Beatty will take the lead on the project, overseeing the work of the other three contracting partners.

The idea of so-called ‘smart’ motorways, previously referred to as ‘managed motorways’ is that variable speed limits can be set to maintain smooth, steady traffic flow, thus reducing or eliminating the accelerating and braking that leads to snarl ups. The signage also allows the hard shoulder to be opened up to traffic as an additional lane at peak times.

The contract is being delivered under the Highways Agency National Major Projects Framework. The collaboration agreement is intended to reduce individual contractor risk and encourage knowledge sharing and best practice.

The M60 between junctions 8 and 12 will be upgraded to a controlled motorway with traffic flows managed by technology interventions responsive to the volume of traffic on the network.  The M62 between junctions 18 and 20 will become a four-lane, all lane running motorway by adapting the hard shoulder for continuous use and using electronic signs to manage traffic flows.

Construction work will start in July and is scheduled for completion by autumn 2017. Work includes installing and refurbishing gantries, new static and variable signs, lighting, concrete safety barriers, drainage and surfacing works. Some 200 electronic signs and 24 new CCTV cameras will go up.

Balfour Beatty executive chairman Steve Marshall said:  “We have been working with the Highways Agency for 20 years and look forward to building on that successful relationship.  This scheme will benefit the 180,000 road users that pass through this section of the motorway network every day. We are committed to lead this project in a collaborative way with our partners, employing local people and businesses in our supply chain.”

Costain chief executive Andrew Wyllie said: “The upgrading of our road network infrastructure is essential to maintaining and improving connectivity amongst the various regions of the UK, and thus to enabling the nation’s economy to grow. We look forward to working in collaboration with the Highways Agency and with our partners to deliver this project, using the latest in new and innovative traffic management technology.”

Carillion chief executive Richard Howson said: “As a leading supplier to the Highways Agency we are delighted to have been selected for this latest Smart Motorway scheme.  We look forward to working with the Highways Agency and our delivery partners to increase capacity and improve journey times and safety on the M60 and M62.”

Balfour Beatty has been awarded a £16m contract by Network Rail Infrastructure to deliver a series of substations and associated civil works associated with the Crossrail project.

The contract involves the detailed design, construction and commissioning of eight 25kV auto transformer substations and associated civil works located between Shenfield and Pudding Mill Lane in the east and north east of London, and the Kensal Green auto transformer feeder station and Maidenhead, Berkshire.

Work starts this month and should complete in 2017.

The National Trust is holding a supplier engagement day on Thursday 3rd July for builders in the northwest region.

Building trades are invited to go along and meet building surveyors from the National Trust at its offices in Altrincham to learn about procuring work on some of the charity’s famous historic sites. Planned work involves extensions, repairs and refurbishments at estates in Cheshire, including Dunham Massey and Quarry Bank, as well as areas of the Lake District. The scope of opportunities includes roofing, scaffolding, utilities and timber and masonry repairs.

Phyllis Bayley, lead building surveyor at the National Trust, said: “As a national charity we look after a large number of listed and historic buildings across the UK, and are responsible for their upkeep. Local contractors have a vested interest in their own communities, including National Trust sites on their doorstep. This event will allow us to engage with skilled SME contractors in the region.”

The event, organised by Constructionline, is free but registration is recommended. For more information or to register interest, go to www.constructionline.co.uk/events.

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