Talking us through the 2021 outlook and the economic – and legal – fallout of the Covid-19 pandemic, Naismiths Director of Dispute Resolution and Expert Witness Adrian Aston, writes for Accountancy Today.
“While wrangles over leases hit the headlines in 2020, this year is set to see a surge in the number of disputes over construction projects that were delayed by lockdown restrictions.
Clearly, the stakes with expensive capital investments are high. If a company commissions the construction of a new factory or the refurbishment of an office, and the project is completed late, it may incur substantial losses…”
Naismiths’ Head of Asset Recovery, Ben Harwood, is featured in Accountancy Today, giving his written analysis and advice on the new VAT reverse charge regime.
“With many businesses understandably focusing all their attention on dealing with the pandemic and Brexit, this is not the best time to be introducing a tax change with the potential to cause significant additional disruption…”
“Housebuilders aren’t just busy now, they’re racking up orders for the future too. Order books are now fuller than at any time since the pre-Brexit December 2015, and the construction industry has successfully reset and rebooted after its dramatic, V-shaped collapse and recovery…”
Read more insights from our Building Consultancy Director, Gareth Belsham, with the full article in today’s Showhouse Magazine.
Will creating new homes be the focus for the future?…
The strengthening of our team has been noticed across the industry, as we are proud to have been featured in Property Week for exactly that.
“Naismith Surveyors has appointed Kevin Marshall as new director of building consultancy as part of its strategic expansion plans…”
Our Director of Building Consultancy, Gareth Belsham gave this insightful interview on the topic to Property Investor Today, sharing his market analysis and predictions.
“City centres are still empty at the moment, with businesses reliant on office trade set to suffer. But the sector has long had problems, pre-dating the pandemic. Covid has brought it to the fore…”
Giving his thoughts to AccountancyAge this week, our Director of Asset Recovery, Ben Harwood, discussed the additional time that’s been given to struggling firms facing insolvency.
“If a business was already experiencing difficulties these new measures have meant that they’ve actually been given a lifeline for a few months. But in reality, what’s going to happen is those businesses are just about to fall over got a little bit further down the line instead, if they were struggling before, what this has done is delayed their issues…”
Naismiths would like to re-assure Clients that they have proactively implemented a business continuity plan in light of the COVID-19 outbreak in order to limit the spread of the virus.
All Surveyors have laptops, smart phones and secure access to our cloud-based data platform (SharePoint) and therefore remote/home working is something our team have actively participated in prior to the outbreak.
All internal meetings have been cancelled for the foreseeable future and all members of staff have been requested to attend formal meetings via either Skype, Facetime, WhatsApp or Microsoft Teams whereby data can be shared, reviewed and agreed.
We acknowledge that whilst construction sites remain open Developers/Contractors require their funding lines to be operational and therefore Surveyors have been requested to limit exposure to other people whilst on site taking the usual precautionary measures in line with Government guidelines.
We have implemented a Customer direct enquiry to ascertain how the COVID-19 Virus is affecting them and the UK Construction Industry, the results we hope to share with you all soon.
Naismiths will continue to monitor the situation over the coming days, weeks and months.
Gareth Belsham, Director of Building Consultancy at Naismiths, has spoken to Mortgage Introducer about the latest spike in Construction output.
“The acceleration in construction sector output has been breathtaking. In the space of a month, it tripled from a respectable 0.5% in the final quarter of 2019, to 1.4% in the three months to the end of January…”
Writing for UK Construction Media last week, our Director Ben Harwood explores Brexit resilience in the Midlands;
“Naismiths’ Midlands team has never been busier, and in the 12 months to the end of Q3, we received 25% more new instructions than we did in the previous year…”
The Office for National Statistics data for construction performance at the end of 2019 is out and shows promising growth.
You can read our Building Consultancy Director, Gareth Belsham, in Building Magazine this week talking about his analysis;
“The return of clarity, if not yet unbridled confidence, is prompting many developers who spent 2019 sitting on their hands to pull the trigger in 2020.”…
Read Naismiths’ Director of Project Monitoring, Marcus Higgins, in PBC Today writing his full-length article on how development lending evolves for 2020.
“A decade ago shock waves in the global financial system tipped the UK, and much of the world, into recession.”
“Here in Britain, the pain of what was soon dubbed the Global Financial Crisis (GFC) was eased by a new, agile breed of financial institutions – the challenger banks…”
Featured this week in the Financial Timers, Naismiths also gave input to articles for Construction News and Mortgage Introducer.
Giving his thoughts to these publications on the latest Construction market output figures, our Building Consultancy Director, Gareth Belsham, has a mixed analysis of the sector scene.
“The pain is easing, but this is all relative. Investor demand is brittle, new orders continue to decline at an alarming rate and many builders don’t have a sufficient pipeline of work to replace completed projects…”
Discussing 3rd quarter construction data output in City.A.M this week, Naismiths’ Director Gareth Belsham welcomes the recent ‘higher than expected’ figures.
“Construction has emerged as the economy’s ‘come back kid’. After months of flat or falling output, the sector came out swinging in the third quarter.”
“Activity is growing strongly, and the growth is refreshingly broad-based – with new infrastructure, commercial and residential building all up.”…
Read the insights from our National Director of Building Consultancy, Gareth Belsham, in Construction News today, reacting to the latest construction sector output figures and making his Brexit predictions.
“A Brexit deal – any Brexit deal – could uncork months of repressed demand and send output racing back up to more normal levels”…
As of October 2019, Naismiths has streamlined its service offering and rebalanced its leadership as part of its strategic growth plan. Having achieved annual revenue growth of 26% in the past year alone, and expanding our team of chartered surveyors by 37%, we are now consolidating our offering into three distinct service lines, with each team boasting specialist expertise and clear leadership;
• Building Consultancy: Directed by Gareth Belsham
• Project Monitoring: Directed by Marcus Higgins
• Asset Recovery: Directed by Ben Harwood
The new leadership structure coincides with the departure of former Managing Director, Blane Perrotton, who has been an important part of the success of Naismiths over the last 5 years and now moves on to pursue personal projects.
“This is an exciting growth period for Naismiths across the business, in both revenue and capability terms.
In order to build on our current momentum, we’ve simplified and consolidated both our offering and our business structure. With three clearly defined service lines, this model will improve our agility and enable us to take in our stride whatever Brexit has in store.
We take this opportunity to thank Blane Perrotton and wish him well in new ventures.”
– Gareth Belsham, National Director Building Consultancy
Naismiths are delighted to have been recognised for the great work we do and to have been shortlisted for the annual ‘Building Awards 2019 – Consultant of the Year’!
Good luck to all of the other nominees.
Fingers crossed…
Responding to ‘decade low’ construction figures from the IHS Markit Purchasing Managers’ Index, Naismiths’ Director Gareth Belsham spoke to CITYA.M. on what the drop in new order means for the sector.
“Whether the Brexit endgame brings an election, a ‘no-deal’ or both remains largely moot. For now all the construction industry can do is to batten down the hatches, complete existing projects and retain its capability in the hope that the final months of the year see an unblocking of three years of deferred investment.”…
With a looming Brexit threatening the numbers of skilled workers entering the UK, Blane Perrotton of Naismiths writes for ‘UK Construction’ on why the existing skills shortage in the UK construction sector is set to worsen…
“The skills crisis predates Brexit, and its roots lie in a worryingly entrenched demographic shift: the number of young people coming into the industry has steadily failed to keep pace with the number of old hands retiring or leaving it.
Construction has been allowed to develop a real image problem. A generation of British teenagers raised on – and aspiring to – Love Island has come to see construction work as dirty, dangerous and poorly paid.”…
Managing Director of Naismiths, Blane Perrotton, spoke to CITY AM responding to the Construction sector output fall for the third month in a row.
“At best this is respite, but not relief. Total construction activity is now only sliding rather than plunging.
“But behind the headline figure, the industry’s dashboard is blazing with warning lights.
“New orders are falling sharply, and order books are now thinner than the Government’s parliamentary majority”…
Is Britain’s turbulent real estate market pre-empting an end in permitted development?
The data in our new report and from the Office for National Statistics (ONS) has revealed that the boom in PD projects peaked in 2017, and has been on a downward trajectory ever since.
Download your copy of the Naismiths Knowledge White Paper, ‘Has PD Peaked’, to explore our data analysis and what it means for the industry as we know it…
Gareth Belsham, National Director of Building Surveying, writes for Development Finance Today on the topic of pre-Brexit stock taking.
“Lending has always been a competitive endeavour. But those who triumph in this game of risk and reward aren’t always the ones who keep their cards close to their chest. With the probability of a no-deal Brexit edging closer as 29thMarch approaches, there couldn’t be a more apt time for lenders to grasp the nettle and purge their books”…
After intense pre-acquisition due diligence advice and successful acquisition by our prominent social care investor client, we have been instructed to procure and manage the multi-million pound, phased refurbishment, of 10 care accommodation facilities in and around Newcastle.
Works will be delivered by our northern building surveying team in the first half of 2019.
Writing for Building Magazine to start the new year with thoughts on industry preparation, Naismiths Managing Director Blane Perrotton believes “a painful period of stagnation can only be avoided if the industry is given time to prepare.”
“Two and a half years on from the referendum, the industry is still holding its breath for a concrete development, or even a whiff of clarity, to give developers, lenders and valuers the intel they need to plan ahead — whatever happens after March.”…
At the 2018 West Midlands Finance Awards in Birmingham last month, our very own Ben Harwood, Finance Director and National Head of Asset Recovery Solutions, was presented the ‘Highly Commended – Finance Director of The Year’ award.
Awarded to the Finance Director with a demonstrable legacy of delivery in financial performance, leadership and management, judges of the category were looking for nominees who provided examples of providing strategic direction to their company.
“It was amazing to be recognised and win an award in the Finance Director of the Year category. I Couldn’t have done it without a great team and company with me! Really proud of everyone and everything we have done over the past year.” – Ben Harwood
Being dubbed “an early and unexpected Christmas present”, for the sector and wider economy, the latest Purchasing Manager’s Index came in better than the market expected.
Speaking in the Evening Standard, Naismiths MD Blane Perrotton reacted to the discovery of the unexpected recent market stability…
Speaking to Sam Hare, a Naismiths Project Manager based in London, Building Magazine cover his journey from Carpenter to Project Manager, as they report on those who are making the move across different disciplines within the construction industry…
Naismiths have been talking to the Financial Times. Managing Director, Blane Perrotton, gave his take on the decline of new orders within the sector.
“The inescapable truth is that Brexit deadlock has choked investor appetite and the chances of the impasse ending before a deal is struck remain minimal.”…
At an industry roundtable breakfast event hosted by Blane Perrotton of Naismiths, development lenders met to discuss current topics and potential concerns within the UK market.
The event, attended by a number of journalists, unearthed that the sentiment from most of the lenders was that development is still strong and appetite is still there.
A key topic was modular housing, whilst considered to still be in its infancy, no doubt we will start to see significant growth in the sector could see more lenders start to get involved with the funding of these schemes…
When asked by Mortgage Strategy what he’d like to see in the upcoming autumn budget for the benefit of our industry, Gareth Belsham, Naismiths National Head of Building Surveying, believes “cash-strapped” planning teams within local authorities are due a boost in order to lend a helping hand to developers…
“If the government wants to even come close to achieving its target of building 300,000 new homes a year, it really needs to lend a helping hand to developers. Housebuilders are already constrained by the red tape and walls of bureaucracy imposed on them by cash-strapped local councils.”
The 2018 Building list of the Top 150 Consultants has been published and Naismiths are very proud to be among them. Ranking 104 of the 250 firms assessed, we are delighted to be recognised.
“Everyone here is extremely proud of this achievement and industry recognition. This is once again another key example that demonstrates the quality and capability of the people we have here at Naismiths.” – Blane Perrotton, Managing Director
With new data from the Office for National Statistics showing that Construction has dropped from 7th to 12th of the top ranked jobs for young people aged between 22 and 29, Building Magazine asked Naismiths MD Blane Perrotton for his thoughts:
“If Brexit shuts off the tap of skilled European workers on which UK construction relies, there’s a real danger we could reach a point where the industry can no longer deliver everything that is asked of it. It’s vital that the construction industry pulls together to shrug off the negative stereotypes that make it harder to attract young blood,”…
As part of Building Magazine’s graduate panel, “talking to the next generation of construction professionals”, Naismiths’ own James Hart was selected as one of 12 young professionals to form this important part of the ‘Building Your Future Campaign’.
Speaking to the Magazine, Naismiths Assistant Surveyor James, described one of his hopes for the future;
“I would like project monitoring to be more widely respected, and seen as an integral part of the construction industry – as it is a crucial service that is often overlooked.”…
When asked if Lenders should have the right to withhold valuation reports, Naismiths Managing Director, Blane Perrotton had this to say to Development Finance Today;
“If the developer has grossly exaggerated the value of the finished project or hugely undervalued the projected cost of construction, the valuation will send alarm bells ringing, allowing the lender to make an informed decision. However, in these instances, the lender would almost certainly share the valuation with the developer, so any shortcomings, exaggerations or uncertainties can be addressed.”
When asked by Development Finance Today whether he thought office space for Permitted Development Rights would run out, Naismiths Head of Project Management, Manny Aparicio, said
“If we are going to run out of unused office space for conversion, it will [be] Britain’s metropolises that see it first. While the market is strong, we are seeing more and more developers testing the waters in secondary towns and cities where stock is still plentiful.”…
Talking to The Times in reaction to July’s construction purchasing managers’ index data, Naismiths MD Blane Perrotton explained;
“The monthly growth in British house building is the biggest since the EU referendum in 2016. The regional markets are buoyant, we’re seeing the highest levels of optimism outside London,”…
Naismiths power-up with four strategic hires in the Manchester and Leeds offices.
National Head of Building Surveying Gareth Belsham explains;
“Chris, Matt, Chris and Steven have joined Naismiths at an exciting, challenging and rewarding time. The firm is enjoying sustained growth across all its UK operations, but the Northern market has emerged as a real hotspot”…
Naismiths gave thoughts to Development Finance Today in reaction to Oliver Letwin’s housebuilding review.
Naismiths National Head of Project Management, Manny Aparicio, thinks our ageing UK workforce is simply not being replenished at the required rate;
“As a result, we need to see a comprehensive plan to bring more young people into the sector — and sooner rather than later”…
With a recent surge in activity showing data for the sector at a 7 month high, the acceleration in UK construction shows no sign of stopping any time soon.
Naismiths MD Blane Perrotton tells The Daily Mail:
“In part this is the release of pent-up demand, which has been building for months. There is only so long that investment decisions can be delayed, and on the front line we’re seeing increasing numbers of developers opting to pull the trigger”…
Speaking to the Daily Mail in reaction to recently released figures, showing the British capital’s reliance on EU immigrants ahead of Brexit, Manny Aparicio – National Head of Project Management for Naismiths said;
“The youngest blood in UK construction is currently the non-UK nationals, but if Brexit makes the UK a less attractive place to work then that demographic could disappear at the same time as the older UK hands retire,”…
As the newcomer to the Football Property Week Cup 2018, Titlestone (featuring players from Naismiths) managed a fantastic achievement by emerging from the group stage with a 100% winning record!
Naismiths Managing Director, Blane Perrotton’s pitch performance earned him the coveted prize of the tournament ‘The Golden Boot’…
Writing for Building Magazine, Naismiths MD Blane Perrotton shares his prediction for the future of Project Monitoring.
“Cinderella, the neglected daughter, shunned by her stepsisters, captivated the heart of Prince Charming at the ball, saw her true worth recognised, and ultimately prevailed. Before you think I’ve completely lost the plot, I’m simply saying this is a fairy tale ending I’d like to see within the project monitoring sector.”…
Naismiths have been appointed by Hodge Bank to monitor the restoration of a Grade II-listed building (damaged in WWII) in Bristol city centre.
Proud to be involved, Blane Perrotton (Naismiths MD), told Specialist Banking;
“This is managing not just to restore the city’s heritage, but at the same time provide boutique lifestyle accommodation to students and professionals alike”…
Gareth Belsham, our National Head of Building Surveying, talks to Development Finance Today explaining shared ownership. What is shared ownership and why is it increasing in popularity? Gareth explains…
The Naismiths Building Surveying team have successfully secured a UK-wide framework with one of the country’s top SIPP providers, holding over 6,000 commercial properties.
The framework will see Naismiths offer the SIPP investors and management team[…]
Whilst the industry is reacting to the news of the housing market crash predictions, our National Head of Building Surveying Gareth Belsham, believes in a forecast of stagnation at worst…
Our National Head of Building Surveying, Director Gareth Belsham, said to Development Finance Today that years of housing shortfall meant that the government had a mountain to climb on social housing.
“Two of its recent flagship policies have made barely a dent on the housing crisis. With scarcity still driving price, Help to Buy has arguably served to push up prices in the private residential market.”…
The Independent spoke to MD of Naismiths, Blane Perrotton, to find out more about the recent ONS data revealing the worst annual fall in construction output since 2013.
“The bright spots are getting fewer and further between. Housebuilders continue to shine as low interest rates and a chronic shortage of homes keep demand burning bright.”…
Speaking to Construction News on the drop in construction output during the adverse weather of March 2018, Blane Perrotton, MD of Naismiths, believes the blip can soon be recovered from…
“Such extreme weather is highly unusual in March, and while the industry was clearly underprepared for such disruption, it’s likely to be a one-off.
“Order books remain strong outside London, suggesting that there is sufficient momentum to ensure March’s miss is a blip rather than a longer-term slide.”
Discussing the barriers to brownfield development, Gareth Belsham, Director at Naismiths and National Head of Building Surveying explains to Development Finance Today;
“It is estimated that a million homes could be built on previously developed land in England alone, and such a huge injection of new stock would go a long way to tackling the housing crisis. But problems do arise when planning a brownfield development, especially if there has been any historic contaminative use.
Though the ‘polluter pays’ principle prevails, the contamination may date back hundreds of years, with the offender having long since disappeared…
Writing for Building Magazine, Naismiths Managing Director, Blane Perrotton says:
For Carillion’s 20,000 UK staff, the pain is only just beginning as they wait to learn if they will keep their jobs. Likewise its sprawling supply chain. The construction giant’s estimated 30,000 subcontractors and suppliers are set to take substantial hits on their unpaid invoices, as the company went bust with debts of £1.5billion and cash reserves of just £29million.
Meanwhile its construction clients face having to issue new tenders for halted projects, as it’s unlikely other construction firms will want the work under the current contract terms. The collapse comes as construction sector output slows sharply. Activity in the industry fell at the fastest rate in five years at the tail end of 2017, according to ONS data.
And yet Carillion’s demise is no Northern Rock moment. In the summer of 2007, queues formed outside Northern Rock branches in the first run on a British bank in 150 years. Northern Rock became the first casualty of a financial crisis that by the following year had morphed into a long and painful recession that none of us need to be reminded of.
Speaking to Development Finance Today, our National Head of Building Surveying, Gareth Belsham discusses the rarity of commonhold schemes in the sector:
“First, there’s no requirement to pay ground rent, management fees or service charges to a third-party freeholder.
But the real appeal emerges over time, as there is no underlying lease – which is effectively a depreciating asset. “…
Naismiths Managing Director, Blane Perrotton, was thrilled to recently be asked to speak at the LendInvest Property Development Academy course.
After sharing his knowledge with those attending the course, Blane said “Collaborating with our working partners in this industry to share experience, is the best way to continuously improve practice and approaches. Insight shared is an edge gained.”
With Dominic Raab settling into his new role as Housing Minister, speaking in Development Finance Today, our National Head of Building Surveying, Gareth Belsham said:
“Former lawyer Dominic Raab has a reputation as a moderniser, which is exactly the shake up the housing market needs. As a younger politician, [Mr Raab] will have friends who have struggled to get on the housing ladder because of chronic under-supply of new homes and market prices.
Above all, the industry is waiting to see if the new minister will free up development by reviewing the log-jammed planning and appeals system allowing extra green-belt developments. Or will he overhaul planning policy, perhaps further extending permitted development opportunities making it easier to convert existing space into homes?
Mr Raab needs to bring consistency, fresh blood and courage to the role – his in-tray is already overflowing.”
Naismiths advised LendInvest and Halsbury Homes on the transaction.
Blane Perrotton, Managing Director, Naismiths, said: “It’s not just the scale of this project that makes it special, it’s the ambition. The creation of 216 new, affordable homes in such a sought-after location will make Richmond Park a crucial development in the effort to solve Britain’s housing crisis.”
Gareth Belsham, Naismiths Director and national head of building surveying, felt the increase would be judged according to the motives behind it.
“If the purpose is to employ more planning staff and so relieve pressure on Britain’s notoriously clogged planning system, it’s likely to receive a warm welcome from the industry for helping ease development.
“But if it is seen as a mere ploy for town halls to line their squeezed coffers, it’s likely to raise hackles among property professionals.”
Will you be in Cannes this year? Get in touch to arrange a meeting with one of the team.
Reacting to the details of the biggest quarterly decline in construction output in five years, Managing Director Blane Perrotton said “Britain’s housebuilding boom is no longer providing a ‘get out of jail’ card for the struggling construction industry. At best it’s sugaring an increasingly bitter pill. Both commercial property and infrastructure construction suffered a steady loss of momentum during 2017, as investors have continued concerns over the future course of the economy.”
Giving commentary to the discussion around residential property market booms and commercial decline in Property Wire, Managing Director Blane Perrotton said “While a loss of momentum in commercial property and infrastructure work dragged down both output and sentiment in the latter part of the 2017, Britain’s house builders continue to buck the trend, posting a sixteenth straight rise in monthly output and injecting a defiant note into an industry which has been hit hard by rising material costs and had its confidence eroded by months of Brexit negotiations. There are some bright spots. Construction firms’ order books are far from empty and on the front line we’re seeing consistent appetite among developers to convert office buildings into residential units under the extended and popular Permitted Development Rights […].
From Red Flags to Rate Rises – Read Naismiths Director (National Head of Building Surveying & Asset Recover Solutions), Gareth Belsham’s handy insightful survival guide for developers…
Few industries are more reliant on sentiment than construction. Long timeframes and high upfront costs force developers to bet on future demand, and confidence is invariably a key factor in any investment decision.
So it’s ironic then, that developers – so well versed in reading the runes of the market when building their business case – can sometimes be unaware of changes in sentiment once construction is underway […].
Naismiths has been popping up in the press, post-budget, to share analysis on yesterday’s announcements.
Our Managing Director, Blane Perrotton, has been summarising his perspective;
“The Chancellor presented a multi-faceted strategy for tackling the housing crisis, but you do wonder whether simple would have been more effective. When it comes to housebuilding, the more measures, guarantees and capital funding initiatives there are, the harder it can be to track progress and see concrete results. The 100% council tax premium on empty properties may not amount to much financially but it represents a tougher stance by the Government that should be applauded. The Chancellor’s call for an urgent review into land banking will also cause some in the development sector to sit up. The tide may be turning against them.
If this Government is genuinely going to make a difference to the level of house building, the gloves need to come off, and you sense they are.”
We are off to a great start on our new framework agreement with a major healthcare investor. The Naismiths national building surveying team have recently provided pre-acquisition technical due diligence advice on a multi-million pound deal across a portfolio of 80 properties around the country. As this valued client’s primary trusted adviser, we are very proud to support their ambitious program of acquisition and development across the U.K.