Nottingham Predicted To Fall Short Of Housing Demand By More Than 4,000 Homes

Nottingham could fall short of the demand for housing by more than 4,000 homes, according to the latest predictions. The issue will be raised during a Nottingham City Council strategic planning and transport committee meeting, as the latest predictions show the city is set to fall short of its estimated housing need by 4,411 properties. However the city council says it has plans to produce a new strategic plan later this year, working alongside other local authorities across the Greater Nottingham area, to "ensure the demand is met". Read more on the Nottingham Live website.

https://www.nottinghampost.com/news/nottingham-news/nottingham-predicted-fall-short-housing-5867183 

Demand For Housing Hits 16-Year High

The usual September rush that floods the housing market has been amplified by the looming deadline of the Stamp Duty Holiday, resulting in the highest number of house hunters recorded in 16 years. According to the latest data and analysis from NAEA Propertymark, in September, the number of prospective buyers registered per estate agent branch rose by 33% from 396 in August, to 525 in September - figures not seen since June 2004, when 581 were recorded per branch. The data revealed that an average of 14 sales was agreed per branch – the highest recorded since August 2006 and a fifth of sales were made to first-time buyers in September – the lowest recorded since March 2013. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/demand-for-housing-hits-16-year-high.html 

Coronavirus: 'Short-Lived' Rebound In House Hunter Demand

Demand from property hunters rebounded as curbs on the sector were lifted in England - but the trend may be short-lived, analysis suggests. Buyer demand rose by 88% in the week estate agents were told they could resume viewings and people could move again, property portal Zoopla said. However, actual sales remained sluggish, and the analysis suggests demand could fall again. A tough outlook for jobs could affect people's ability to move home. Read more on the BBC website.

https://www.bbc.co.uk/news/business-52809239

Report Calls For Improvements In Housing For Older People

A new Policy Exchange report reveals recommendations on improving the housing market for an ageing population. With housing continuing to race up the political agenda, a focus on young people’s experience of the housing market is often overlooked, the report finds. Compared to that of 11.9 million in 2016, projected numbers of 17.7 million living aged 65 and over will be seeking greater housing demands from the government, with a focus on providing better quality homes to improve people’s quality of life. The report further states that retirement housing needs to be a more desirable option and private providers should acknowledge the gap in the market for attractive retirement living. Download the report, Building for the Baby Boomers, from the Policy Exchange website.

https://policyexchange.org.uk/publication/building-for-the-baby-boomers/

'Subdued' Demand From House Buyers

Uncertainty in the economy, as well as a squeeze on household budgets, is keeping potential buyers out of the housing market, a lender has said. The Nationwide Building Society said that demand from buyers was "subdued" and unlikely to pick up soon. UK house prices had risen by 1.9% in the year to November, it said, with the average value of a home now at £214,044. Analysts said Brexit uncertainty was also making buyers cautious. The Nationwide said that the annual property prices increase had accelerated compared to the 1.6% rise in October, which had been a five-year low. Read more on the BBC website.

https://www.bbc.co.uk/news/business-46397730

Tenants Face Dwindling Supply Of Housing

Private sector tenants face a perfect storm with the supply of homes to rent set to fall as demand increases. According to a survey of almost 3,000 landlords published today, 22 per cent plan to sell at least one of their properties over the next year, with just 18 per cent planning to buy additional properties to rent. The new data, published in the Residential Landlord Association’s (RLA) latest quarterly research report, finds also that 33 per cent of landlords have seen an increase in demand for homes to rent over the past three years. Read more on the RLA website.

Brexit Means We Need Fewer Houses - Or Does It?

It is an obvious claim, already made by some newspapers opposed to building in the countryside: if we are leaving the EU, there will be fewer migrants, and so we can build fewer new houses. In the latest edition of the 2017 UK Housing Review – just published by the Chartered Institute of Housing – we have looked at whether such a claim stacks up. Demand for housing depends mainly on household growth. The latest projections for England were made before last June’s referendum. They suggested that we need to build 227,000 homes a year up to 2024, with a lower target after that. Of the total, 37% – or 84,000 a year – results from migration. Read more on the CML website.

Demand From Buyers In UK Falls To Two Year Low

Demand for housing in the UK is at its lowest level in two years with the number of house hunters making enquiries down by a fifth in April, new research shows. Estate agents also reported that the number of sales made to first time buyers fell in April. The April Housing Market report from the National Association of Estate Agents (NAEA) shows there were 325 house hunters registered per member branch on average last month. This was the lowest number recorded since March 2014, when there were 313 house buyers recorded at each estate agent branch. This means demand has decreased by 22% from 417 in March. Last month, the supply of houses available for buyers also decreased by 35% from 54 properties available in March to 35 in April. Read more on the Property Wire website.

Property Market Has Peaked

The boss of one of Britain’s biggest estate agent chains appears to have called the top of the property market, saying there has been a big slump in demand from buyers after the nation has “reached the limit” on house prices. Paul Smith, whose company operates Haart, Felicity J Lord, Spicer McColl and Darlows chains across the UK, said there was “trouble in paradise” and sellers would have to cut prices to find buyers.  Smith warned that prices may be peaking after a 12% year-on-year rise to a record high of just over £234,000 for an average home, nearly nine times the average UK income. Read more on the Guardian website.

1 In 4 Forced Council House Sales Could Be Bungalows

The Housing and Planning Bill will compel Local Authorities to sell off high value housing stock as it becomes vacant to fund the Right to Buy extension for Housing Association tenants. But new analysis shows that high demand for bungalows will mean that homes lived in by older people, in particular those who have a sickness or disability, are almost three times more likely to be sold off and will be more difficult to replace. The numbers are drawn from Understanding the likely poverty impacts of the extension of Right to Buy to housing association tenants, a report written for the Joseph Rowntree Foundation. The report finds that Bungalows make up 9% per cent of Local Authority owned housing, but are likely to make up 25% of high value property sales due to their higher cost and more frequent vacancies.  Read more on the JRF website.

UK House Price Growth Edges Up, Investors Rush For Buy-To-Let

Investors are trying to beat a tax increase on buy-to-let properties in Britain, helping to push up house prices last month, according to a survey. The Royal Institution of Chartered Surveyors (RICS) said its monthly house price balance rose to +50 from +49 in November, in line with a Reuters poll of economists. Overall demand for new properties rose to a three-month high after the announcement that a higher rate of real estate purchase tax would be introduced in April for investors seeking to buy properties in order to rent them out. Read more on the Reuters website.

Councils Tell Tenants To Stay Put In Buy-To-Let Properties When Landlords Ask Them To Leave

Councils are telling tenants to stay put in buy-to-let properties when landlords ask them to leave as they attempt to deal with Britain's housing crisis. Even owners who try to return to their homes after living abroad are finding that tenants have been told to sit tight until they are evicted. Going through the eviction process typically takes around four months and costs landlords hundreds of pounds. Experts said the problem is "becoming acute" in London, Birmingham and other areas, particularly in the south, where demand for rental homes is high. Read more on the Sunday Telegraph website.

40% Rise In Property Conversions To Meet Demand For Homes

Conversions of offices, retail shops, and agricultural properties into homes jumped 40% from 982 to 1,355 in England in the second quarter of 2015 compared to the same quarter a year ago, says EMW, a commercial law firm.  EMW explains that developers are using conversions to increase the amount of property on the market to address the current housing shortage, as growth in mortgage lending boosts the already strong demand for homes. August saw an increase of £3.4bn in mortgage lending, up from £8.8bn to £12.2bn, which was the biggest monthly increase since spring 2008, before the full effects of the recession were felt. Read more on the EMW website.

Tenant Demand Continues To Grow

Research carried out by the largest landlord association shows tenant demand remains strong, with four in 10 landlords reporting an increase in the areas where they operate. Findings by the National Landlords Association (NLA) found that tenant demand continues to be largely seen as either stable or increasing in the areas where they operate in the last three months, although there are variations by region.  While one in five are uncertain about demand in the areas they own property, on average 40 per cent of landlords have seen an increase.  Read more on the NLA website.

First-Time Buyer Prices Surge Nearly 10% In A Year

·         Highest ever national average price of property coming to market, up by 0.6% (+£1,715) this month to £296,549 - and 5.6% more expensive than a year ago

·         New record fuelled by high demand for first-time-buyer properties, with prices up 4.9% on last month and  9.6% (+£16,105) over the past 12 months

·         Vicious circle as high tenant demand leads buy-to-let investors to go head-to-head with first-time buyers:

-          Many letting agents report ‘same-day’ rentals and little or no property to rent

-          Number of first-time-buyer properties (two bedrooms or fewer) coming to market down by 8% on same period a year ago, exacerbated by first-time sellers struggling with second-step price gap

Read more on the Rightmove website.

Private Rented Market In A Healthy State

Landlords in the UK are preferring high demand property such as terraced houses and flats with the overall private rented sector in a healthy condition, according to a new trends report. On key indicators such as yields, void periods and tenant demand, the overall picture is one of steady growth, says the latest Private Rented Sector report from Paragon Mortgages covering the third quarter of 2015. The survey reveals that average yields have grown over the last three months from 6.3% to 6.4% and this growth is in line with steady growth observed throughout 2015. When asked about expected growth over the next 12 months, landlords expressed confidence that yields will remain stable and maintain current levels. Read more on the Property Wire website.

Suburbs Sucking In Cash-Strapped Renters

The London boroughs of Kingston, Bexley and Harrow are recording the highest demand among prospective renters, as the spiralling cost of London housing pushes people away from the centre of the capital. Kingston upon Thames, in south west London, attracts the highest number of online rental searches every day, with each advertised property attracting 10 views a day. This compares to 4.6 for flats and houses in the City of London, the region with the lowest rental demand, according to online property company Rentify, which analysed data from all major property websites over the three months to the beginning of July. Read more on the Daily Telegraph website.

Help to Buy Putting House Builders off Build to Rent

Dozens of developers have pulled out of the Government’s controversial Build to Rent fund, as a result of rising demand for homes bought under the Help to Buy scheme. The shift to building homes for people willing and able to buy will come at the cost of those who are unable to get mortgages and need to live in rented accommodation. 25 companies have abandoned a £1 billion fund created by the government to build new homes for people to rent, according to Construction News. Read more on the Independent website.

Reynolds Slams Govt Complacency In Face Of Rent Rises

Shadow housing minister Emma Reynolds has accused the Government of complacency in the face of rising rents that are making it increasingly difficult for people to cling on to a home in some parts of the country.  The Labour MP said: “Rents are rising because of this government’s failure to get more homes built.  Under this government, less than half the number of homes needed to keep up with demand are being built. Their failure is pushing more people into the private rented sector, pushing up rents and pushing dreams of home ownership out of reach for young people and families.  Rising rents are pushing more and more people onto housing benefit and are a major cause of the cost of living crisis that families are facing up and down the country.” Read more on the Housing Excellence website.

Right to Buy Changes Could Leave Areas with Less Affordable Housing

Council leaders have criticised the Government's latest changes to the Right to Buy scheme, saying the Coalition's centralised approach could leave some areas in need of affordable housing with fewer properties, not more. The Local Government Association claims the Government has "missed an opportunity" to ensure it delivers investment in new housing. A spokesman said: "A centralised Right to Buy cap fails to take into account local housing demand and the cost of building new homes. As the level of discount may not leave enough funds to build a replacement home, some areas in need of more affordable homes may actually be left with fewer. The LGA also argue that councils should be allowed to keep 100 per cent of the receipts from Right to Buy sales if they agree to use it for a replacement dwelling, saying it is crucial that funds are re-invested in house building as quickly as possible. Read more on the Housing Excellence website.