Tag Archives: crisis
Latest Help Buy figures show over 50,000 have bought new homes in England
Almost 53,000 households have bought a home in England through the government’s flagship Help to Buy scheme, according to the latest figures to be released. The figures show how the scheme is getting more homes built in England, with over 37,600 households buying new build homes through the equity loan and NewBuy options, and a further 15,000 though the mortgage guarantee. A further 3,500 new home owners have also been created in Scotland, Wales and Northern Ireland through the Help to Buy mortgage guarantee scheme, said Housing and Planning Minister Brandon Lewis. Almost 80% of sales have gone to first time buyers, with nearly 70% being for new build homes. The direct result is a new generation of homeowners and the sharpest increase in private house building starts for 40 years. Lewis said the figures were further evidence that hard working families were voting with their feet, and Help to Buy was expanding and accelerating the supply of new homes. House building has climbed to the highest level since 2007, the construction sector has grown for 16 consecutive months, and companies are now taking on new workers at the fastest rate since 1997. He pointed out that the government has also expanded the range of available data about Help to Buy. Sales are now broken down by postcode and constituency so communities, builders and businesses can see exactly how the scheme is benefiting their local area. ‘Almost 53,000 households have now benefited through Help to Buy in England. Hard working families are getting the right support to step onto the housing ladder, and house building has climbed to its highest level since 2007,’ said Lewis. ‘Postcode data for each constituency is now available, so local communities can see exactly how this vital part of our long-term economic plan is fixing the broken housing market we inherited in 2010, and supporting their area,’ he added. Overall, sales of new build homes have been strong across the country. The highest number of equity loan sales were in Wiltshire with 557, Leeds with 539 and Central Bedfordshire with 504. Peterborough, Milton Keynes, Bedford, County Durham, Birmingham, Bradford, Manchester, Kingston-upon-Hull, Aylesb Continue reading
Lawyers warning over complexity of right to buy land proposals in Scotland
Plans to empower Scottish communities who want to register an interest in land in towns and cities could backfire due to the complexity of proposed changes to the law, it is claimed. According to the Law Society of Scotland, proposals to extend communities’ right to buy land to include people living in urban areas, could be thwarted by the complexity of the proposals and potentially limit rather than empower local groups and stall development plans for neglected land in urban areas. The Community Empowerment (Scotland) Bill introduced into the Scottish parliament amends the Land Reform (Scotland ) Act 2003 by allowing community bodies to register an interest in respect of not only rural land, but now also urban land in Scotland ‘While the committee welcomes the policy intention behind the bill, our concern is that there may be unintended consequences from the current proposals,’ said Alan McCreadie, secretary to the Society’s planning committee. ‘For example, what would happen if a community registered its interest in urban land which is already subject to a redevelopment proposal? While Scottish Ministers could, in those circumstances, decide that registration is not in the public interest, the uncertainty could have an adverse impact on investment decisions for developers,’ he explained. ‘The Land Reform (Scotland) Act 2003 has benefited people in Scotland’s rural communities and we would want to ensure the same kind of success in our towns and cities. The committee, however, highlights a marked difference between rural land and urban land which may well have a higher price and consequent development costs,’ he added. The Society also highlights that the procedure for registering community interest in abandoned or neglected land, which is undefined in the bill, is similar to Compulsory Purchase and there should therefore be a requirement for a viable business plan and robust development proposals in respect of any community right to buy abandoned or neglected land. ‘The very complexity of the proposals may also be an issue. Introducing an overly complex, bureaucratic process could discourage communities from working to improve their local area and it may be advisable to set up a central body to steer community bodies through the provisions of this bill,’ added McCreadie. Continue reading
Demand for new properties in Miami impacts on existing home market
Demand for new construction properties continued to impact the Miami existing real estate market in August as reflected by sales activity, prices, and rising inventory, according to the latest report from the Miami Association of Realtors. Sale prices again increased for existing single family homes in August, while the median sale price for condominiums dipped slightly. The MAR said that prices remain at affordable 2004 levels despite 33 months of consistent increases for single family homes. Condo prices had increased for 38 consecutive months and began increasing long before that of single family homes. Condo prices declined in August for the first time in more than three years. The median sale price for single family homes increased 6.4%, up to $250,000 from $235,000 in August 2013. The average sale price for single family homes increased 24.7% from $364,960 in August 2013 to $455,108 last month. Compared to August 2013, the median sale price for condominiums decreased by 4.2% to $182,000 from $190,000 a year prior. The average sale price for condominiums decreased -6.9% to $346,847 from $322,743 in August 2013. ‘The Miami real estate market continues to normalize as the new construction sector gains momentum and generates strong demand for additional new supply, impacting the existing condominium market,’ said Liza Mendez chairman of the MAR board. ‘Despite declines in sales and condo prices, the performance of the Miami residential market continues to be comparable to what it was in during periods of record sales activity,’ she added. Single family home sales in Miami-Dade County decreased 4.4% relative to August 2013, from 1,210 to 1,157. Compared to August 2013, condominium sales declined 21.4% from 1,592 the previous year to 1,252 last month. Combined, residential real estate sales decreased 14% to 2,802 compared to 2,409 in August of last year. The report points out that Miami real estate continues to sell at a rapid pace and at nearly asking price, reflecting strong demand. The median number of days on the market for single family homes sold in August was just 47 days, an increase of 34.3% from August 2013. The average percent of original list price received was 95.4%, down a negligible 0.8% from a year earlier. The median number of days on the market for condominiums sold in August was 53 days, an increase of 15.2% compared to the same period in 2013. The average sales price was 94.7% of the asking price, a decrease of 2.6%. ‘Although the Miami market continues to normalize creating more balance between buyers and sellers, some price points, particularly for single family homes, still reflect strong demand coupled with limited supply,’ said Francisco Angulo, MAR residential president. ‘In certain market areas and price points, homes for sale are still generating multiple offers, sales above asking price, and competition between prospective buyers,’ he added. The data also shows that cash sales in Miami continue to decline as more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening. In Miami-Dade County, 54.4% of… Continue reading
