Social House Building Programme Could Stave Off Economic Downturn

A national programme of social house building could help stave off the economic downturn brought about by a No Deal Brexit, a survey says. The Federation of Master Builders surveyed construction SMEs on the top five interventions the new PM could make should the UK crash out of the EU. A quarter of respondents opted for embarking on a national programme of social house building. Read more on 24housing.

https://www.24housing.co.uk/news/social-house-building-programme-could-stave-off-economic-downturn/

London Housing Market In 'Prolonged Downturn'

London-focused estate agent Foxtons has swung to a loss and says the housing market in the capital is in a "prolonged downturn". The company reported a loss of £17.2m for last year, partly due to the costs of closing six offices. It made a profit of £6.5m in 2017. Foxtons added that Brexit uncertainty was "impacting consumer confidence". Separately, the Nationwide said the UK market remained "subdued", with prices up 0.4% in February from a year ago. Read more on the BBC website.

https://www.bbc.co.uk/news/business-47389160

Housing Market Downturn ‘Could Cut Section 106 Affordable Housing Delivery In Half’

A market downturn similar to the one after the 2008 recession could see Section 106 delivery cut in half, a new report by housing consultancy Savills has warned. The report, titled Affordable Housing: Building Through Cycles, found that housing associations were increasingly exposed to market downturns, based on trends in housing delivery post-2008. Section 106 is a clause in planning legislation which requires developers to include a portion of affordable housing in their developments, which is then often sold to housing associations.It is a primary driver of affordable housing delivery – with 45% of housing association homes (14,437) developed using the mechanism in 2016/17. Read more on the Savills website.

https://www.savills.co.uk/research_articles/229130/271384-0

Downturn Threatens After £16,000 Rise In Prices Over Year

House prices increased strongly by £16,000 on average over the year to May - but experts warned the market is now at serious risk of a downturn. Across the UK, the typical property value was £211,000 in May, marking an 8.1% increase compared with a year earlier, the Office for National Statistics (ONS) said. The average UK house price was £16,000 higher than in May 2015 and £2,400 higher than a month earlier, the ONS said. The annual rate of house price growth was unchanged compared with April - "continuing the strong growth seen since the end of 2013," the report said. Read more on the Yahoo website.