In the second series of our Stamp Duty&nbsp;spotlight we&rsquo;ve dived into two vibrant and popular neighbourhoods south of the river: Deptford and Greenwich. Our property experts give their opinion on the area's cultural highlights, the types of properties you can buy and how to capitalise on the Stamp Duty holiday.
From the Royal Greenwich Park to Deptford Market Yard, South East London is a popular destination for those searching for their perfect home. From the surplus of historical attractions to the vast open green space, it&rsquo;s clear why the South East&nbsp;postcode is attractive to young professionals, families and those looking to add to their property portfolio.
<h2>Looking to buy in Deptford?&nbsp; </h2>
Deptford is home to first-time buyers, families and students alike. As one of South East London's arty quarters, whilst being conveniently connected for commuters, it is an enviable place to call home for young buyers and families looking for their new home in Zone 2. Deptford station (National Rail), Deptford Bridge (Docklands Light Railway) and New Cross (Overground) provide perfect links to the City and beyond to discover more of London&rsquo;s history, art and cultural hotspots.
 Join locals in a host of pubs and restaurants throughout this South East&nbsp;London neighbourhood, from late-night cocktails at Stockton to a selection of craft beers at The Dog and Bell. Rich in industrial history, it's easy to see how the area as influenced new homes in name and architect, such as the <a href="https://residential.jll.co.uk/sale-development/london-se8-5hz-a0O1I000001JvfkUAC">Deptford Foundry</a>&nbsp;What&rsquo;s more, the Grade II listed railway carriage ramp forms as part of the vibrant Deptford Market Yard.
The wealth of green spaces is another reason to add Deptford to your London property search. Enjoy riverside walks or a post walk run along Deptford Creek and Charlotte Turner Gardens.
&ldquo;Deptford is a place where people from all walks of life converge and form a community that takes immense pride in its slice of South East London. Whether it&rsquo;s exploring the galleries and markets or just taking a stroll around the many parks and green spaces.&nbsp; New build development in Deptford boasts an affordable London price point and many developments feature Help to Buy. If you are quick the recent Government Stamp Duty relief will apply until 31st March 2021.&rdquo;&nbsp;&nbsp;
Holly Stock &ndash; Director, Help to Buy
<h2 style="text-align: left;">Looking&nbsp;to buy&nbsp;in&nbsp;Greenwich?&nbsp;</h2>

The Royal Borough of Greenwich is an exciting place to live. Greenwich itself is a UNESCO World Heritage site with a rich naval history which attracts a plethora of tourists throughout the year. From the Cutty Sark, the National Maritime Museum and the Old Royal Naval College you can easily explore London&rsquo;s past and ties to the sea. 
Greenwich is a perfect place to call home for those who crave access to nature, something which has proved vital during lockdown. From the deer enclosure inside the Royal Greenwich Park to mudlarking alongside the banks of the River Thames. The Greenwich Foot Tunnel provides residents with an environmentally friendly route to work, along with the Docklands Light Railway and National Rail stations for a quicker commute. 
Traditionally Greenwich is viewed as a place for families with plenty of Georgian and Victorian townhouses which dot the roads adjacent to the park and throughout the town centre. However, the recent surge in modern-riverside apartments has attracted young professionals into the area at the iconic O2 Arena (formally the Millennium Dome) and within Greenwich town centre. The riverside is now home to a variety of restaurants and bars which has accelerated price growth within the area.
&ldquo;Greenwich truly is an outstanding and unique place to call home as it has something for every preference and every price band. The fascinating history of the area not only attracts tourists but also Hollywood directors as blockbusters are often filmed at the Old Royal Naval College which means rubbing shoulders with celebrities over Sunday Lunch is a frequent occurrence. The Royal Observatory at the top of Greenwich Park allows you step onto the Meridian line, where time is measured from. Where else in the world can you do that?
 We have seen a surplus of homes coming to the market with buyers taking advantage of the Stamp Duty&nbsp;saving. The area also has a wealth of homes available on the Help to Buy scheme which helps to get locals and young professionals onto the property ladder quicker than before.&rdquo;&nbsp;
Graham Lawes Greenwich Sales Director 
Discover the properties we have for sale below and find out how much you can save on the new Stamp Duty&nbsp;savings by using our Stamp Duty calculator <a href="https://residential.jll.co.uk/stamp-duty-calculator" style="text-align: left;">here</a>.
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Stamp Duty Spotlight: Deptford and Greenwich

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South East London, Deptford and Greenwich, stamp duty homes available to buy from JLL Residential.

With the new changes to the Stamp Duty and Land Tax we look at why these two areas in South East London are a great place to live and invest in.

Looking to buy in South East London? Read our Spotlight on Deptford and Greenwich here.

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Looking to move to South East London? Explore our portfolio of homes, the local area and find out how much you can save with the new Stamp Duty rates.

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With the Stamp Duty Holiday in place between now and March 31st&nbsp;2021, we&rsquo;ve explored two neighbourhoods&nbsp;of East London, Canary Wharf and Stratford, to determine why they are great places to live and invest in. Whether you're a&nbsp;first-time&nbsp;buyer, downsizing, upsizing or looking to add to your property portfolio, discover our property experts&rsquo; opinions about two of East London&rsquo;s cultural hotspots.&nbsp;&nbsp;
Known for the&nbsp;iconic skyscrapers&nbsp;of&nbsp;Canary&nbsp;Wharf&nbsp;and&nbsp;the&nbsp;Queen Elizabeth II&nbsp;Olympic&nbsp;Park, East London is&nbsp;an enviable place to call home.&nbsp;From&nbsp;a morning at&nbsp;Billingsgate Fish Market,&nbsp;afternoon aperitifs at&nbsp;Roof East&nbsp;bar and fine dining at&nbsp;Michelin-starred&nbsp;restaurant&nbsp;ROKA,&nbsp;you're never short of things to do. The green spaces&nbsp;in the Isle of Dogs&nbsp;and the Olympic Park&nbsp;offer great outdoor areas for&nbsp;after work runs or weekend picnics.&nbsp;Not to mention excellent transport links, this London hub is perfect for all the family.&nbsp;&nbsp;
<h2>Looking&nbsp;to buy in&nbsp;Canary Wharf?&nbsp;&nbsp;</h2>
Perfectly situated on the water, Canary&nbsp;Wharf&nbsp;is a great location to benefit from&nbsp;serenity&nbsp;and connectivity.&nbsp;Local parks and the Crossrail Roof Garden act as a perfect reprise to escape the hustle and bustle of busy life in Canary Wharf.&nbsp;The Zone 2 setting is ideal for those working in the financial hub, the City,&nbsp;or students commuting across the capital,&nbsp;with convenient links via&nbsp;the&nbsp;Jubilee line&nbsp;and&nbsp;Docklands&nbsp;Light&nbsp;Railway.&nbsp; &nbsp;
&ldquo;The Wharf has&nbsp;vastly&nbsp;developed over the years,&nbsp;transforming&nbsp;from 17th&nbsp;century marshlands,&nbsp;to&nbsp;busy docklands in the&nbsp;20th&nbsp;century&nbsp;and&nbsp;today&nbsp;as the&nbsp;financial hub of the country with&nbsp;an&nbsp;iconic skyline. Buyers can find a varied range of properties in E14,&nbsp;such as&nbsp;new&nbsp;high-rise&nbsp;apartments&nbsp;with all the desired facilities for modern day living,&nbsp;but also warehouse conversions, low-rise riverside apartments and older estates for those looking for something a little bit different.&rdquo;&nbsp;&nbsp;
Mark Montes, Head of&nbsp;Sales Canary Wharf&nbsp;&nbsp;
<h2 style="text-align: left;">Looking&nbsp;to buy&nbsp;in&nbsp;Stratford?&nbsp;</h2>

Stratford has become a hotspot for people of all ages to live in since the 2012 London Olympics.&nbsp;From&nbsp;apartments once inhabited by famous athletes&nbsp;inside modern&nbsp;residential developments&nbsp;to warehouse conversions alongside the River Lea, Stratford caters for all property preferences.&nbsp;The mix of traditional and modern in Stratford is evident with the surplus of homes surrounded by garden squares.&nbsp;
&ldquo;Our<a href="https://residential.jll.co.uk/insights/research/has-covid-19-altered-our-housing-needs">&nbsp;latest research&nbsp;</a>indicates how green spaces and plenty of amenities on your doorstep are a must&nbsp;and&nbsp;you&rsquo;re never short of&nbsp;activities&nbsp;in Stratford.&nbsp;With the&nbsp;luscious&nbsp;Queen Elizabeth Park,&nbsp;Westfield&nbsp;shopping&nbsp;centre, boutique restaurants, bars and cafes&nbsp;all&nbsp;provide&nbsp;an ideal place for families to expand into larger homes and young professionals&nbsp;to make their&nbsp;first purchase, which the stamp duty cut has allowed both to do.&rdquo;&nbsp;
Michael Harvey, Senior Sales Consultant Stratford&nbsp;
Discover the properties we have for sale below and find out how much you can save on the new stamp duty savings by using our stamp duty calculator <a href="https://residential.jll.co.uk/stamp-duty-calculator" style="text-align: left;">here</a>.
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Stamp Duty Spotlight: Canary Wharf and Stratford

East London, Canary Wharf and Stratford, stamp duty homes available to buy from JLL Residential.

With the new changes to the Stamp Duty and Land Tax we look at why these two areas in East London are a great place to live and invest in.

Looking to buy in East London? Read our Spotlight on Canary Wharf and Stratford here.

Looking to&nbsp;move to&nbsp;East London? Explore our portfolio of homes,&nbsp;the local area&nbsp;and find out how much you can save with the new stamp duty rates.

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&ldquo;You cannot get through a single day without having an impact on the world around you. What you do makes a difference, and you have to decide what kind of difference you want to make.&rdquo; ― Jane Goodall, Primatologist
Our blue planet is at a turning point like never before. Climate change, global warming and resource depletion puts not just our health and wellbeing at risk, but also our future survival. COVID-19 has offered many of us the opportunity to reflect on the world that we want to see in the future, and a world that we can help create. From better use of resources and reduction in plastic consumption and waste to a more balanced way of life that allows us to get outdoors where biodiversity can flourish, there has never been a better time to work towards a healthier and more sustainable life.
Living more sustainably offers us a way to help make a positive difference for both ourselves and the planet. From the places we shop and businesses we support to the food we eat and the places we travel our cumulative individual impact <a href="https://www.jll.co.uk/en/views/do-you-have-a-passion-to-make-the-world-a-better-place ">can make a difference.</a>&nbsp;
Deciding where to start when it comes to incorporating more sustainable behaviours into our daily lives can feel daunting. Especially considering how much information is available. To help you live more sustainably, we&rsquo;ve outlined 10 ideas below. 
 
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<h2>1) Change your energy provider</h2>
Probably one of the most well-known ways to reduce your impact is by changing your energy tariff to ensure you&rsquo;re using a renewable energy provider. With working from home, there has never been a more important time to ensure that you're using renewable energy to power your activities reducing your electric impact to zero.
<h2>2) Home improvements</h2>
Not all sustainable improvements cost an arm and a leg, simply switching to LED lightbulbs at home can reduce the energy required for lighting by up to 75%. If you&rsquo;re looking to go one step further, insulating is an essential to prevent heat loss and reduce your bills in the process.
<h2>3) Buy big</h2>
From toilet rolls to toiletries, increase the size of what you buy means bigger volumes, but less plastic compared to buying 2 smaller versions of the same product. Companies like WhoGivesACrap who deliver plastic free bulk toilet roll to your front door also saves you the hassle of having to lug the box around and enables you to reorder direct to your door when your running low as well.
<h2>4) Upgrade your office cutlery</h2>
How many disposable forks or cups have you picked up when in the office or grabbing lunch on the go? Now is the perfect time to invest in a permanent set you can keep at your desk or your locker for when you&rsquo;re on the lunch rush. Even better, opt for a set you can keep in your bag so that you&rsquo;ll never have to pick up on the go cutlery again.
<h2>5) Loose tea and no plastic coffee </h2>
Did you know the majority of tea bags have plastics in? Or that most coffee comes in plastic. 
As a nation of tea lovers and fast living, tea bags and disposable coffee cups are an everyday occurrence but with teabags often being made of plastic infused fibres and coffee cups also having a plastic lining our daily drinks are a pollution problem. When it comes to coffee, just be sure to have a reusable cup with you to avoid more waste. For tea, well why not find a tea brand that doesn&rsquo;t use plastic, there are a few, or opt for loose leaves. After all, with an average of 4 cups of tea per day, you could save 1,460 plastic tea bags from entering the waste system and potentially our water ways.&nbsp;
<h2>6) Shake up your holiday </h2>
Heading to Europe, why not go by train? As well as cutting your emissions by around two thirds compared to travelling by air, going by train also provides the opportunity to make the journey a positive part of the experience. With an increasing number of European countries offering overnight services travelling by train has never been so easy and with free luggage, it can even be cheaper! 
 
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<h2>7) Check your clothing labels</h2>
Over half of all clothes now produced are made from plastic fibres. Checking the label before buying is an easy way to try and ensure you cut down, opting for natural fibres such as cotton, wool, coconut, silk and bamboo instead of polyester, acrylic or nylon. For things like sports kit where plastic is often the main material, why not purchase a guppy bag which will catch the microfibres being shed by your clothes in the wash.&nbsp; With clothes shedding around 700,000 microfibres per wash, helping to stop these from entering waterways is so important.
<h2>8) Leave your phone behind</h2>
With cloud storage soon to overtake aviation as a greenhouse gas emitter, leaving your phone (especially your work phone) at home has never been more important when we&rsquo;re travelling. If you can&rsquo;t resist the urge, be mindful to switch off apps, automatic cloud uploads and photo storing to reduce your impact. One last note is to be very careful not to geotag your locations when abroad, especially if wildlife is involved. There have been cases&nbsp;of poachers finding endangered species from tourist locations. 
<h2>9) Invest in companies you believe in</h2>
Although our own actions are important, the only way we can collectively make real change is by supporting businesses that are doing the right thing. Where we save, store and spend are money all matter. So be sure to opt into sustainable pension funds, encouraging your company to offer this as standard, if possible switch to banks which are no longer investing heavily into fossil fuel production and spend your money with companies you genuinely believe in because it is the top 100 polluting companies who account for 71% of global emissions that we need to trigger change within.
<h2>10) Influence your place of work to do better</h2>
Finally, if you don&rsquo;t think your workplace is doing enough to tackle the climate crisis, tell them. As employees, we are all accountable to make our businesses better.
At JLL, together with our partners, we aim to drive disruptive and impactful change by embedding sustainability into everything we do. By helping you take a responsible and sustainable approach that contributes to a better world, we are working to shape the future of real estate.
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Erin Williams &ndash; Consultant Upstream Sustainability Services

Living sustainably in 2020

COVID-9 has offered many of us the opportunity to reflect on the world that we want to see in the future, and a world that we can help create.

Climate change, global warming and resource depletion means there has never been a better time to work towards a healthier and more sustainable life.

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The Living sectors (student housing, coliving,&nbsp;multifamily, and later living) are a key component of the real estate market and fundamentally driven by structural and demographic change. On that basis, are the changes driven by COVID-19 supportive of that or do they raise new challenges and opportunities for investors, developers and operators?
Our latest article discusses the above question further, delving into each of the&nbsp;Living sectors. Download the article below.
 
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Reimagining Living: Covid-19 and its impact on the Living sectors

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Are the changes driven by COVID-19 supportive of that or do they raise new challenges and opportunities for investors, developers and operators? Our latest article explores further.

Reimagining Living: Covid-19 and its impact on the Living sectors 

The COVID-19 pandemic and the ensuing lockdown has had a major impact on our way of life. But how have these changes impacted the Living sectors and those looking to invest in these asset classes?

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On 8th July 2020, Chancellor Rishi Sunak announced the Stamp Duty Holiday, updating the previous tax rates for those looking to purchase a residential property in England and Northern Ireland. The threshold for paying stamp duty tax has been raised to &pound;500,000. Whether you&rsquo;re looking for your first home, upsizing or downsizing, or simply want to add to your existing property portfolio, this new change could help you to save money.
Demand to move has spiked since the stamp duty holiday was announced in July. Rightmove reported an uplift in traffic to their website by 22% in the first half hour following the stamp duty announcement (Rightmove and Google Analytics, 8th July 2020), and new listings on the property portal are up by 50% compared to July last year (Rightmove, August 2020). Buyers and sellers tempted by the stamp duty holiday are more than ever ready to move.
Nick Whitten, Head of UK Living Research at JLL reported:
&ldquo;There is a lot of pent up demand for new homes in the UK &ndash; <a href="https://residential.jll.co.uk/insights/news/stamp-duty-tax-holiday-should-trigger-stronger-than-anticipated-bounce-in-housing-demand">our research</a>&nbsp;shows more people are now looking to move home in the next two years. This stimulus could trigger a stronger than anticipated bounce in demand by allowing aspiring purchasers to use their stamp duty saving towards a higher deposit.&rdquo;
<h2>What does the Stamp Duty Land Tax (SDLT) change mean for you and how can you benefit?</h2>
The estimated cost of moving home in 2020 in the UK is &pound;8,951 according to comparemymove.com. The stamp duty holiday will help you save on your property purchase, if you buy and complete before 31st March 2021. 
Why not use your savings to give your new home a lift? Purchasers buying a new property can save up to &pound;14,999 which can be used to update your new space. Refresh and brighten up open-plan living areas with a new colour scheme, soft furnishings, a new feature wall or upholstering the old furniture to revitalise a room. 
Explore our extensive range of properties and find out how much you could save on your new home using our <a href="https://residential.jll.co.uk/stamp-duty-calculator">stamp duty calculator</a>&nbsp;.

We’re all going on a Stamp Duty Holiday

Discover how much you can save until March 31st 2021 in our latest blog post 

Stamp Duty Update 2020: read our latest blog post to discover what this means and how can you benefit

Stamp Duty Update 2020: what does this mean and how can you benefit from this unique and exciting opportunity

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JLL analysis of full time individual salaries found only a little over 200,000 individuals could afford to buy an average priced London home even after applying the 30% First Homes discount. Outside of London, however, First Homes as they are currently proposed may prove more effective. 
First Homes is a proposed new discount home ownership scheme which would allow key workers such as nurses, teachers and emergency services workers to purchase a home at a minimum discount of 30% to its open market value. 
JLL calculated that aspiring purchasers wishing to use the First Homes scheme to buy a home at the current London average house price of &pound;479,000 would need a salary of &pound;71,000 pa even after the 30% market discount. This calculation includes the aspiring buyer&rsquo;s 5% deposit and is based on a mortgage being secured at the UK lending borrowing cap of 4.5 times annual salary.&nbsp; 
The Annual Survey of Hours and Earnings (ASHE) shows data on 2 million salaries in full time employment in London. It reveals that only the top 10% of that pool of full-time employees in the Capital or circa 200,000 individuals earn in excess of &pound;71,000 pa. 
In contrast, around 14% of London&rsquo;s full-time employees could afford to buy an average priced London home if they used Help to Buy, theoretically pricing in an additional 85,000 potential individual buyers.
However, outside London it is a different story. Around 40% of UK full time employees could afford to buy the current average priced UK home of &pound;233,000 using First Homes compared with 30% using Help to Buy. 
It is likely that the Government eyes First Homes as the successor to Help to Buy which is scheduled to be withdrawn from April 2023. As it is currently proposed, First Homes do not offer an improvement on Help to Buy in London. Despite being set out as a scheme to help key workers, among others, get on the housing ladder, &pound;71,000 pa is a prohibitively high barrier to entry for most. Key workers are highly unlikely to constitute a significant part of the 10% of the working population earning sufficiently high salaries.
One significant positive of First Homes as a Government backed discount home ownership product is that the discount remains in perpetuity. This means it will remain an affordable home ownership product for generations to come. In contrast, Help to Buy subsidises individual buyers with no future buyers benefiting from the Government equity loan. 
It is possible that the Government may conclude that greater discounts need to be applied in some parts of country compared with others &ndash; just as with Help to Buy where loans can be larger in London. Ultimately this may become necessary for First Homes to prove successful in the Capital, given that the median salary to house price ratio is almost twice as high as the rest of the UK (13 versus 8).
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Veronica Spanos McGill 
Research Analyst
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First Homes vs Help to Buy: which prices in more people?

Only around 10% of full time workers in London can theoretically afford to buy one of the Government’s proposed new First Homes, new JLL research shows. 

Only around 10% of full time workers in London can theoretically afford to buy one of the Government&rsquo;s proposed new First Homes, new JLL research shows.&nbsp;

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For the first time in any of our memories, valuers cannot go out to look at any sort of residential or commercial property, including social housing. All inspections stopped in mid-March. Since then, we have been working against the most turbulent economic
 and financial backdrop imaginable &ndash; the stock market has fallen, consumer and business confidence has plunged by record amounts, interest rates have been cut to almost zero, swathes of the economy have ceased to function, including the housing
 market, and recently, oil prices even turned negative, all accompanied by extraordinary interventions in terms of government policy. No one has any clear idea of how long this will last, how we will chart our way back to normal or what the long-term
 economic and social consequences might be. The key issues are volatility and uncertainty. How do we deal with these when valuing social housing, as an asset with stable, long-term cash flows? Both the income and expenditure sides of our valuations are affected by the factors above, and by the
 housing market. &nbsp;There is a close correlation over the last 30 years between the level of housing transactions and house prices (see graph below). When the number of transactions falls, so house prices fall; and, when something triggers a fall in house prices, transactions
 rapidly turn down in response. Whilst there is little evidence so far that house prices are falling in a market that has almost (but not completely) ceased to transact, it seems likely that house prices will fall during the remainder of this year.
<img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/house-prices-housing-transactions.jpg?sfvrsn=ba70b765_5" sf-size="100" />&nbsp;Moreover, early predictions of a steep, V-shape fall and recovery are starting to be adjusted to ones where the recovery side of the V slopes more gently upwards and extends for longer &ndash; more of a tick. But the housing market and the economy
 are closely linked and government&rsquo;s decisions on easing the lockdown will have a material influence on how this plays out. Government policy to incentivise both housing demand and supply in the second half of the year will be critical&nbsp;Despite all this, EUV-SH values of social housing are holding up well and I expect them to continue to do so. There are downward pressures. We are seeing rent arrears going up as a result of tenants experiencing financial hardship; voids are increasing
 slightly; and there are heightened risks to the element of rent not supported by benefits. But, on the plus side, RPs are doing a lot to mitigate these impacts on their income. Management costs are down, simply as a result of being able to do less;
 non-urgent works that are not health and safety related are being delayed, including cyclical maintenance, external decorations and planned works involving delaying both revenue and capital expenditure into next year &ndash; anecdotally, down by 50%
 or more this year. There is also unprecedented government support for incomes through its furlough scheme, and recent LHA reforms are helping to underpin rental income.This leads us to the view that values are holding up and will continue to do so. We can also take confidence from several stock rationalisation transactions which have completed since the crisis began, and from the successful bond issues in April by Optivo,
 Sanctuary and Guinness, all of which have been oversubscribed and keenly priced. Investors want social housing for its traditional characteristics and strengths. There should not be any great causes for concern for RPs (or their auditors) around valuations
 for the end of financial years.&nbsp;Valuations on the basis of MV-T do, however, present some different challenges. MV-T valuations rest on two principal assumptions: first, that the hypothetical purchaser would increase social rents to market rents as rapidly as possible; and, secondly,
 that voids arising in the normal course of managing the stock would be sold on the open market. Those sales are unlikely to be there in the short term and, as stated above, house prices are likely to fall this year, with no growth in market rents
 as the economy and labour market struggle. The income side will therefore carry more risk but, as for EUV-SH, some capital expenditure by landlords will be deferred and the LHA reforms accompanied by the furlough scheme are helpful.
On balance, we expect MV-T valuations reported during the crisis period may fall by up to 10%, depending on local circumstances. In areas of low house prices, the impact will be less and could be zero; conversely, in areas where high house prices make
 the valuation more sensitive, the impact will be greater. Despite the restrictions during lockdown, valuers are continuing to value. This includes both revaluations and new charging of properties for loan security. The lenders deserve great credit for adapting quickly, recognising the restrictions under which
 we are working, and being flexible in their normal instructions. In some cases, we will go back and do inspections when restrictions are lifted; in others, valuations are being accepted on the wealth of digital information which is available without
 inspections, or the revaluation cycle is being delayed for a few months. &nbsp;Under RICS rules in the Red Book, there is provision both for valuers to deploy a material uncertainty clause (MUC) and to report on the basis of restricted information. An MUC should currently appear in any valuation report, including for social
 housing, but this should be seen as a necessary disclosure to anyone reading or relying upon the report, given the difficult trading conditions, and not in any sense a disclaimer. Valuations are still being reported with the normal level of formal
 reliance and lenders should not have any qualms on this score. In summary, from a valuer&rsquo;s perspective, the social housing sector remains in remarkably robust financial health. If we are seeing small increases in rent arrears and voids, compare that with the commercial market where many landlords are collecting
 barely half what they are owed in rent and, in many cases, much less. The lenders are all being supportive, and both RPs and institutional investors have demonstrated their clear appetite for putting more money into the sector. As valuers, we can
 take great comfort from this transactional activity and in continuing to report values for both loan security and balance sheet purposes, with reliance, in the confidence that they are robust.<div style="margin:15px;"><img style="display:block;margin-left:auto;margin-right:auto;" src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/richard.jpg?sfvrsn=a825e45_1" sf-size="100" />Richard Petty Head of UK Living Advisory&nbsp;<div style="margin:15px;"><a href="https://residential.jll.co.uk/sectors/affordable-housing" target="_blank"><button class="Button primary">Our Services</button></a>
</div>If you&rsquo;d like to read more on our COVID-19 insights click&nbsp;<a href="https://residential.jll.co.uk/insights/opinions/Living-with-COVID-19">here</a></div>

What does COVID-19 mean for affordable housing valuations?

Our Head of UK Living Advisory, Richard Petty, discusses the impact of the physical restrictions and uncertainty caused by COVID-19 on affordable housing valuations. 

Our Head of UK Living Advisory, Richard Petty, discusses the impact of the physical restrictions and uncertainty caused by COVID-19 on affordable housing valuations.&nbsp;

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More than half of the world&rsquo;s 7.7 billion people have been living under Government enforced lockdowns over the past few weeks due to COVID-19.It is hard to imagine another single event in human history that has had such a direct impact on such a large percentage of the world&rsquo;s population all at once.But life will return to normal and COVID-19 will eventually abate. And while the human tragedy will linger long in the memory, there are by-products of this crisis that may have a more fundamental influence on how we live going forward.The crisis has created a short-term sharp shock to the global economy, that is in no doubt. But due to widespread Government protection measures a sharp bounce back in activity is also possible once normal service resumes. Sales on hold In the UK, the housing market is on ice: the government has advised that buyers and renters delay moving while emergency lockdown measures are in place. This has meant that all but the most advanced sales are now on hold. We estimate circa 250,000 sales
 are paused based on the average typical quarterly sales rate for this time of the year. But if normal service does resume from the Summer, it seems highly unlikely that the &lsquo;lost sales&rsquo; could be absorbed in the second half of the year.For this to happen, the typical monthly sales rate would need to jump from circa 90,000 to 135,000. Only three times in the past 15 years have monthly sales reached or exceeded that level &ndash; in June 2006, August 2007 and March 2016. To kickstart
 the market and make up for lost sales the Government may need to consider introducing short-term demand-side stimulus packages such as Stamp Duty holidays or a variation of Help to Buy which draws in more potential customers. House price impact While the effect on sales volumes has been dramatic, there has so far been little evidence of a fall in house prices, largely due to a fundamental lack of activity. Forced sellers would normally drive down prices in a crisis, but due to Government job
 protection schemes and the availability of mortgage holidays there are very few potential distressed vendors. Once the market does pick up, developers may consider introducing short-term incentives or discounts to drive sales but this could also be
 short lived if Government introduces stimulus packages. Furthermore, prices should be supported by some fundamentally positive buyer factors such as record low mortgage rates and Sterling remaining fundamentally undervalued in the eyes of international
 investors. Alongside this, a tightening of new housing supply due to stalled developments will reduce new build purchasing opportunities. Construction pause But how significant is the potential fall in new homes supply likely to be. We estimate a potential 30% reduction in starts to circa 135,000 in 2020 with a less pronounced 20% fall in completions to circa 160,000 as developers prioritise finishing on-going
 projects. These expectations will make uncomfortable reading for Government given its long-term priority to boost housebuilding. While the construction industry has not been subject to a full lockdown, many housebuilders have ceased activity due to
 the difficulty in observing social distancing regulations. Government will need to be mindful of avoiding a repeat of the Global Financial Crisis when many construction companies went into administration and significant construction capacity was lost
 forever. Housebuilders and their supply chains can survive a temporary pause, but the longer this goes on, they will need support to ramp up activity once again. But what can we learn from countries which are further forward in the pandemic. Our China team has shared data with us showing just under 20% of people have formulated a plan during their COVID-19 isolation to buy a new home when the crisis ends. Perhaps
 a similar bounce in demand could occur here in the UK? Long-term impacts While we are still in the midst of the pandemic it is almost certainly too early to draw firm conclusions on the long-term impacts on living. However, COVID-19 is fuelling some questions around longer-term living trends which warrant some attention. After decades of global urbanisation which now sees more than half the world live in cities, will a fear of higher disease transmission risk now drive a major de-urbanisation trend? Forecasters can be quick to jump to false conclusions in the immediate aftermath of major events: After 9/11 the industry incorrectly predicted the end of high-rise living and working. The inherent attractions of large cities including greater access
 to cultural, leisure and working opportunities should outweigh the short-term concerns about disease risk. Further to this, some of the world&rsquo;s worst effected COVID-19 locations have been in relatively small town settings such as Bergamo in
 Lombardy, Italy, Albany in Georgia, USA, and Mulhouse in France. Communal living Will a new found fear of viruses cause people to shun higher density community living solutions? With millions of people across the world currently living in enforced isolation, the importance of social interaction could now be understood more greatly
 than ever before. Researchers at Brigham Young University have found that loneliness can be linked to cardiovascular issues. Meanwhile researchers at Weill Cornell Medicine in New York have found that isolation can cause an increase in anxiety or
 depression within a very short period. Further evidence around loneliness and mental health will emerge from this crisis and may well underline the importance of community-led living solutions as opposed to hinder them. Smart cities boost The aftermath of COVID-19 should increase the imperative to develop truly scalable smart city solutions using technology to track health and mobility. The current health concerns could force the redesign of buildings, places and spaces incorporating smart
 technologies so that social distancing can be &lsquo;turned on or off&rsquo; without significant disruption. Over the coming weeks we will use our global reach to monitor how other countries are recovering from the crisis. It is certain that this crisis will change aspects of how we live and we will continue to identify and explore those aspects in more detail.&nbsp;<div style="margin:15px;"></div><div style="margin:15px;"><a href="mailto:Nick.Whitten@eu.jll.com" target="_blank"><button class="Button primary">Contact</button></a></div><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/author-image---nick.jpg?sfvrsn=12c2c420_1" style="display:block;margin-left:auto;margin-right:auto;" sf-custom-thumbnail="true" width="488" sf-constrain-proportions="true" sf-size="100" /><div style="margin:15px;"> Nick Whitten &ndash; Head of UK Living Research</div>

Living with COVID-19

Our Head of UK Living Research, Nick Whitten, highlights current market activity and potential future trends impacting the UK residential market in light of Covid-19.

Our Head of UK Living Research, Nick Whitten, highlights current market activity and potential future trends impacting the UK residential market in light of Covid-19, analysing housing transactions, house prices, lettings and construction activity.&nbsp;

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Over the past year, we have witnessed a seismic shift in the prioritisation of sustainability issues. Globally, 35 percent of investors now require private real estate firms to implement ESG (Environmental, Social &amp; Governance) initiatives.In the UK the Government has committed to decarbonisation targets and over 250 councils across the country have declared a climate emergency. With almost three quarters of UK banks treating climate risks like other financial risks, it is evident real
 estate professionals, policy makers and investors are coming to terms with the risks climate change poses on their buildings and businesses.Future-focused homebuilders should address these issues head-on. By taking a proactive approach to mitigating the risks climate change poses and by anticipating future policy changes, homebuilders can place themselves in a strong position to succeed. If you are a homebuilder where do you begin?Where might homebuilders begin? The <a href="https://nextgeneration-initiative.co.uk/">NextGeneration</a> benchmark is a third-party independent benchmark that can help homebuilders tackle key sustainability issues and provide a holistic framework for
 them to understand their performance across environmental, social and economic criteria.Benchmarks allow companies to compare performance against a recognised external standard. Initiatives such as NextGeneration, mean companies can compare their performance against their peers, enabling them to better understand their current performance,
 set improvement targets and share best practices for mutual advantage.&nbsp; A benchmark that reflects the ever-evolving sustainability sectorEach year, NextGeneration, assesses the sustainability performance of the top 25 homebuilders in the UK, by annual turnover. It encourages companies to report against a wide range of sustainability criteria, categorised into 15 focus areas.&nbsp; These
 criteria are evaluated and updated on a three-year rolling period, allowing the benchmark to reflect the ever-evolving sustainability sector and enabling homebuilders to review their progress over time. Essentially, the criteria are a one-stop shop
 that homebuilders can use to identify how they can improve their sustainability performance. The NextGeneration assessment is primarily based on publicly available information and is carried out in two phases. In the first, publicly available information is reviewed and in the second phase, members can improve their score by providing evidence of activities that are not discussed in the public domain. A driver of transparency and accountability within the homebuilding sectorNextGeneration has been a key driver of greater transparency and accountability within the homebuilding sector. By showcasing leading firms, NextGeneration aims to create healthy competition amongst homebuilders and ultimately encourages them to deliver
 more sustainable homes and communities. By publicly evaluating homebuilders, NextGeneration enables Government, registered providers, investors, employees and other stakeholders to understand the sustainability of homebuilders&rsquo; operations and
 the homes that they build.Beyond benchmarking, NextGeneration provides its members with market intelligence briefings and detailed advice supporting best practices. It also facilitates knowledge-sharing to impart experience and best practices to the wider industry. Jones Lang Lasalle is the Secretariat for the NextGeneration Benchmark and the Executive Committee consists of Homes England and the UKGBC. The Executive Committee provides core funding to the initiative and comprises its main governance body. This committee&rsquo;s
 role is to ensure the integrity and transparency of the initiative.&nbsp;<div style="margin:15px;"><a href="mailto:diana.mchugh@eu.jll.com" target="_blank"><button class="Button primary">Contact</button></a><img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/20200406_nextgen_blog_images_ld_author_image.jpg?sfvrsn=94405511_1" sf-size="100" />Diana McHugh &ndash; Sustainability Consultant - Upstream Sustainability Services</div>

Providing homebuilders with the tools for sustainability

NextGeneration the homebuilders benchmark for sustainability

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&nbsp;It&rsquo;s no secret that investors want more exposure to the Living sector. It&rsquo;s also no secret that the market dynamics have been pretty one-sided in favour of more institutional investment. So we shouldn&rsquo;t be surprised that the UK has rocketed
 to the top tier in European multifamily investment volumes and some are now struggling with tight yields and pricing. This meant - despite the market tailwinds - volumes in fact fell by 14% last year. Yes - Brexit also had something to do with that,
 too.
 Undeterred, volumes should continue to grow solidly over the medium-term. The reasons will have nothing to do with the strength of demographic tailwinds or urbanisation rates. Don&rsquo;t get me wrong - both remain hugely important and hugely supportive
 and will continue to be there. The Brexit noise in Government will abate somewhat this year, but it would be na&iuml;ve to think that negotiations will be anything other than a significant distraction for policy teams. This could be viewed as a bad thing for multifamily housing, but
 with a Government set on the aspirational homeowner as its key policy priority, the lack of attention will in all likelihood mean that the industry can get on with delivery. Over the past 10 years, the entire UK Build to Rent industry has been non-fictionalised. Developers, supply chains, funders, planners, lawyers, advisors, operators and innovators have coalesced around a largely US-styled asset class and got on to create
 a pipeline of over 150,000 homes. That is largely despite rather than because of policy. Let me be absolutely clear, however. The industry has a long way to go on its journey to maturity. Planners think Build to Rent is 'premium' product. Consumers think it's still about exploitation, rather than choice. Developers still - still! - behave
 as though it&rsquo;s a land value play rather than a value-generating income play. Operators are still learning about what it means to be truly customer-centric. These are issues that need to be tackled and while I have perhaps been a little unfair
 to many here, I'm speaking to most in this nascent sector. So let me come back to the policy point. The lack of attention provides us with breathing space to learn, to grow, to mature. While Berlin and ultimately the German Government mess about with supply destroying rent controls, in the UK we can drive a consensus
 around rental supply as a force for good. While market actors in New York and San Francisco, Paris and Madrid all grapple with stock revaluations due to tightened rent regulation, in the UK we can use the cover to get our story straight. Tech innovation that improves quality of life. Check. Advanced manufacturing solutions that de-carbonises new stock, and builds supply chains to reduce the cost of retrofitting old stock. Check. Meaningfully leveraging the new tidal wave of Impact investors
 that see affordable housing as a big prize on the way towards a dual purpose of driving a commercial return and providing a true social good. Big check.UK Build to Rent has some growing up to do. The stakes, in housing terms, couldn't be higher.&nbsp;
<figure><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1582720261/resi/gb/cms/Contacts/Adam_image.jpg" alt="Adam Challis" /><figcaption style="text-align:center;">Adam Challis Executive Director, EMEA Capital Markets Research &amp; Strategy</figcaption></figure>

Building Build to Rent

Executive Director Adam Challis discusses the transformation of the UK Build to Rent industry over the last decade and how there’s still room for growth. 

Executive Director Adam Challis discusses the transformation of the UK Build to Rent industry over the last decade and how there&rsquo;s still room for growth.&nbsp;  

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&ldquo;What&rsquo;s in a name?&rdquo; Those memorable words crafted by William Shakespeare some 400 years ago came to mind when we here at JLL got together to produce our guidance note on the sector. When it comes to defining coliving, irrespective of how it is spelt, the term does surprisingly little to help us distinguish what it actually is. But could that ambiguity be its greatest strength?Perhaps coliving&rsquo;s equivocal nature in both name and physical form is just part of the broader trajectory of Living trends &ndash; that increasing interconnectedness of housing sectors and integration of mixed-use spaces in our urban centres.After all, the future success of our cities will be measured by how liveable they are, for all inhabitants. If coliving is being sought, and provides an innovative, forward-thinking solution for certain groups at particular life stages, we should tread cautiously when it comes to over prescriptive policy. In the UK and specifically in London we are gradually being instructed through the GLA&rsquo;s draft London Plan in Policy H18 on &ldquo;Shared Living&rdquo; as to what coliving means. As such, the second wave of coliving assets filtering through the planning pipeline are quite homogeneous in typology. Predominantly being delivered under a Sui Generis use-class, the format emerging is of non-self-contained studio units of approximately 18-25sqm with an additional 3-5sqm of communal amenity space per studio. There are of course variations within this. However, here at JLL we&rsquo;re also working on numerous coliving opportunities that exist under different use-classes, including both C3 (residential) and C4 (houses of multiple occupancy) as well as C1 (hotel). And yet, moreover, when one starts to look at the sector broadly and globally, it is evident quite quickly that coliving displays far more heterogeneity than Policy H18 allows for. Legislation that protects occupiers and ensures quality standards is crucial, equally though, it is essential that policy makers recognise the ongoing transformation of modern lifestyles and how this applies to the 21st century city.Without doubt, the variety and contrast, the sheer inability to be packaged and compartmentalised into an easily digestible definition is one of coliving&rsquo;s greatest strengths. In a world where the lines between Living assets are becoming increasingly intertwined, those businesses that are less fixated on traditional uses and more focused on designing living spaces that surpass the ever-increasing demands and changing needs of their customers, seem best placed to adapt, evolve and succeed.Increasingly, the focus on those nonphysical characteristics are the elements which are becoming most synonymous with coliving: the customer-centric approach, the hospitality-led management, the design-led ethos, the disruptor-operator mindset. The intersection of student, multifamily and hotels is where coliving seems to exist today. And yet it is distinguishing itself and crafting its own narrative through the operator platforms and the passionately entrepreneurial individuals who sit behind them, who understand and relate to shifting occupier trends.Moreover, coliving is going to become increasingly relevant to how we will live tomorrow. From a philosophical, societal, environmental, technological and sustainable standpoint, it is the responsibility of us all to ensure we deliver solutions not just for occupiers today, but for future generations. Coliving should and can provide that roadmap.As the sector becomes more institutional, this nonconformity may create additional challenges for investors looking to rationalise and underwrite opportunities. However, product diversity, innovation and evolution are essential components to ensuring long-term performance. What&rsquo;s more, this approach seems to sit well with those seeking both a defensive and diversifying strategy. Afterall, the notion that design-led customer-centric assets can cultivate community and create real social impact doesn&rsquo;t seem that controversial to me. Now whether you call that coliving &ndash; what&rsquo;s in a name?&nbsp;<img src="https://weasresicmspd.azurewebsites.net/images/default-source/articles/richard-lustigman.jpg?sfvrsn=8d08d4a5_3" sf-custom-thumbnail="true" width="200" style="display:block;margin-left:auto;margin-right:auto;" sf-constrain-proportions="true" sf-size="100" />&nbsp;Richard LustigmanDirector - Living Capital Markets - Coliving

Co Living, Co-living, coliving

Living Capital Markets Director, Richard Lustigman discusses the ambiguity of this growing market

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JLL has committed to net zero carbon in our UK workplaces by 2030 and will also lead the adoption of net zero carbon buildings across the whole of the UK. Using our influence and expertise, we intend to play a leadership role in helping the built environment
 respond with urgency and practical action to the climate emergency. We welcome the Government&rsquo;s recent proposal to significantly update <a href="file://eu.jllnet.com/ukshare$/UKRoot/Marketing/LON/15.%20RESIDENTIAL/2020/Content/Blogs/Building%20Homes%20for%20the%20Future/Building%20Regulations%20Part%20L"></a><a href="https://www.gov.uk/government/publications/conservation-of-fuel-and-power-approved-document-l">Building Regulations Part L</a> (conservation of fuel and power). Published in October 2019, the <a href="file://eu.jllnet.com/ukshare$/UKRoot/Marketing/LON/15.%20RESIDENTIAL/2020/Content/Blogs/Building%20Homes%20for%20the%20Future/Future%20Homes%20Standard%20Consultation"></a><a href="https://www.gov.uk/government/consultations/the-future-homes-standard-changes-to-part-l-and-part-f-of-the-building-regulations-for-new-dwellings">Future Homes Standard Consultation</a> includes proposed actions to increase the energy efficiency requirements for new homes in 2020, including future-proofing with low carbon heating and world-leading levels of energy efficiency; set to be introduced
 by 2025. The consultation will impact a number of industry stakeholders, from property developers to environmental organisations and local authorities.<a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.theccc.org.uk%2F2019%2F02%2F21%2Fuk-homes-unfit-for-the-challenges-of-climate-change-ccc-says%2F&amp;data=02%7C01%7CLydia.Daniels%40eu.jll.com%7C2530e7dcd159448f9e3508d7a89bde79%7Cbfef2b06d2564f8ebd038d3687987063%7C0%7C0%7C637163259741433646&amp;sdata=tZYVTURR8dXEgAW5Jk%2BZXL8Hha3Hf6tqynwau%2FLYXSI%3D&amp;reserved=0">According to the UK Committee on Climate Change</a>, emissions reductions from UK homes have stalled. At the same time, energy use in homes &ndash; which accounts for 14% of total UK emissions &ndash; increased between 2016 and 2017.
 Constructing an average UK home causes over 50 tonnes of CO2 to be emitted, the equivalent of heating an average UK home for 21 years, according to the <a href="https://nextgeneration-initiative.co.uk/"></a><a href="https://nextgeneration-initiative.co.uk/">Next Generation benchmark report</a> released in 2019. We support the Government&rsquo;s preferred option of a 31% reduction in carbon emissions. However, if key changes are not made to the proposed Part L regulations, the required carbon emission reductions will not be delivered, leading to a less desirable outcome.&nbsp;&nbsp; <ul><li>The proposed standard is viable - based on JLL&rsquo;s experience advising clients and the Greater London Authority&rsquo;s monitoring of zero carbon home planning applications in 2018. </li><li>It is imperative that the Part L carbon emission and energy requirements are performance-based and that developers are accountable for the &ldquo;performance gap&rdquo; when homes are actually lived in. This accountability for the actual carbon performance
 of homes will lead to better design stage modelling and construction of homes. </li><li>It&rsquo;s likely that in the short-term there will be a reduction in housing units supplied in the UK and potentially reduced S106 contributions. In the long-term however, production may normalise as the land market adjusts to new technical assumptions
 on build costs and the supply chain of low carbon building fabric, technology and skills. This assumes a robust, low carbon supply chain emerges. </li><li>A holistic approach is necessary to build homes that are comfortable, safe and low carbon. Compliance with carbon emissions, overheating, ventilation, average daylight factors, air quality and fire safety standards (as written and proposed)
 will significantly narrow the scope of housing specification to the point that it will break viability of delivery in many schemes.&nbsp; </li><li>Demand-side incentives tied to annual monitoring, such as consumer rebates or lower stamp duties for energy efficient homes, should complement the building regulations changes through the transition phase towards a low carbon housing market. This
 will support the investment and innovation needed for a market based on new technologies to emerge.</li></ul>&nbsp;On the whole, an ambitious national standard is required to develop the supply chain of low carbon building technology in addition to the construction, maintenance and operations skills needed to live in net zero carbon homes.&nbsp;&nbsp;<figure><img src="https://res.cloudinary.com/jll-global-olm-np/image/upload/v1580382959/resi/gb/cms/Contacts/AndrewFrost.jpg" alt="Andrew Frost" /><figcaption style="text-align:center;">Andrew Frost Head of Residential, EMEA</figcaption></figure>Photo credit: Jim Stephenson

Future-proofing UK homes in response to the climate emergency

JLL responds to the UK Government’s proposal to increase energy efficiency requirements for new homes. 

JLL responds to the UK Government&rsquo;s proposal to increase energy efficiency requirements for new homes.&nbsp;

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UK Contacts

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[max.6]
label="£600,000"
value=600000
[max.7]
label="£700,000"
value=700000
[max.8]
label="£800,000"
value=800000
[max.9]
label="£900,000"
value=900000
[max.10]
label="£1,000,000"
value=1000000
[max.11]
label="£2,000,000"
value=2000000
[max.12]
label="£3,000,000"
value=3000000
[max.13]
label="£4,000,000"
value=4000000
[max.14]
label="£5,000,000+"
value=1000000000

Sale - Price

title="Bedrooms"
metric="bedrooms"
type="minmax"
name="bed"
order=2

[min]
[min.0]
label="No Min"
value=""
[min.1]
label="Studio"
value=0
[min.2]
label="1 bedroom"
value=1
[min.3]
label="2 bedrooms"
value=2
[min.4]
label="3 bedrooms"
value=3
[min.5]
label="4 bedrooms"
value=4
[min.6]
label="5 bedrooms"
value=5
[min.7]
label="6 bedrooms"
value=6
[min.8]
label="7 bedrooms"
value=7
[min.9]
label="8+ bedrooms"
value=8

[max]
[max.0]
label="No Max"
value=""
[max.1]
label="Studio"
value=0
[max.2]
label="1 bedroom"
value=1
[max.3]
label="2 bedrooms"
value=2
[max.4]
label="3 bedrooms"
value=3
[max.5]
label="4 bedrooms"
value=4
[max.6]
label="5 bedrooms"
value=5
[max.7]
label="6 bedrooms"
value=6
[max.8]
label="7 bedrooms"
value=7
[max.200]
label="8+ bedrooms"
value=200

Bedrooms

title="Property Type"
metric="propertyType"
type="select"
name="type"
placeholder="Any Type"
order=3

[[options]]
label="Any Type"
value=""
[[options]]
label="Flats"
value="flats"
[[options]]
label="Houses"
value="houses"

Property Type

type

title="Must be"
type="checkboxes"
name="flags"
order=4

[[options]]
label="New homes"
value="new-home"
[[options]]
label="Help to buy (equity loan)"
value="help-to-buy"
[[options]]
label="Shared ownership"
value="shared-ownership"
[[options]]
label="Coming soon"
value="coming-soon"
[[options]]
label="Reduced Stamp Duty"
value="reduced-stamp-duty"

Sale - Options

flags

Must be

title="Options"
type="checkboxes"
name="flags"
order=4

[[options]]
label="Short Term"
value="short-term"
[[options]]
label="Furnished"
value="furnished"
[[options]]
label="Unfurnished"
value="unfurnished"

Rent - Options

Options

General Enquiry

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