More housing needed

London mayor Ken Livingstone has reaffirmed his commitment to the construction of new homes in London. He told planning inspectors that there is capacity to build an additional 30,650 new homes in the capital each year, a 33% increase on the targets specified in the London Plan.

RICS to revise Red Book

RICS has confirmed that it plans to revise the Red Book, which offers valuation guidance for new-build flats to its members.

The changes are set to occur, following complaints from the Council of Mortgage Lenders that its members could not rely on the current valuation guidelines, which refer to new-build but-to-let properties.

Andrew Gooding, RICS Valuation Faculty Director said: "Valuation of newly built residential property is not always as straight forward as it may appear, especially in situations where localised excess of supply over demand encourages developers to offer sales incentives. RICS valuers need to be wise to these issues.’

Property prices rise 5.1%

UK house prices officially rose from 3.3% in March 2006 to 5.1% in April 2006, according to the Department for Communities and Local Government (formerly the ODPM).

Prices rose by 0.9% between March and April, compared to a fall of 0.8% seen over the same period last year.

The mix-adjusted average house price in the UK in April 2006 stood at £188,290, up from £186,519 in March 2006 (not seasonally adjusted).

Plans submitted for residential scheme in Coventry

Plans for a £100m residential-led development in Coventry have been submitted by Park Court Properties (a joint venture between Cassidy and Catesby Property).

Plans for the former Inland Revenue offices, located on a 3 acre site close to the West coast mainline station, include, the construction of 440 apartments, a 124-bedroom three star hotel, parking spaces for 455 cars and 22,000 sq ft of commercial space.

ork on the site is set to commence in late autumn, subject to detailed planning permission being approved.

EPC launched in time for the introduction of HIPs

The Energy Performance Certificate (EPC) has been launched by Yvette Cooper, and will be an essential part of Home Information Packs (HIPS), once they are introduced in 2007.

The certificates will give home buyers and vendors, A to G ratings for their home’s energy efficiency and carbon emissions. They will also inform them of current average costs for heating, hot water and lighting in their home as well as how to cut costs with energy efficiency measures.

Cooper says: “Given the growing challenge from climate change and rising energy costs, I think people should be entitled to this kind of information about the home they buy. “You can get this kind of consumer information on fridges and washing machines, so why not on a home where the emissions - and the savings - are so much greater?

“By providing people with sound advice on how to improve energy efficiency this will help sellers and buyers who want to do their bit to cut carbon emissions as well as cutting their fuel bills too.”

All homes will be required to have energy certificates by 2009.

The regulations prescribing the content of HIPs are expected to be laid later this week following consultation.