Tag Archives: guides
BSA calls for more financial help for young UK home buyers
The UK’s annual Budget will be unveiled next week but ahead of the announcement the Building Societies Association has written to the Chancellor of the Exchequer asking for urgent help for buyers. The BSA says that younger buyers in particular need concerted help to buy their first home and has suggested a way in which money could be raised to give it to them. The money raised by the government from the sale of the NS&I 65+ Pensioner Bonds, estimated to reach £15 billion by the current closure date of 15 May, could be used to offset an initial investment in affordable housing projects, the letters says. Specifically, the BSA letter says that this money could make a lasting difference if it was used as seed funding for perpetually affordable housing developments using a model such as a Community Land Trust. ‘Using the money raised from the Pensioner Bonds to make affordable housing available to young people seems a neat way for a scheme that benefits those 65 and over, to also help younger people who face such a chronic shortage of affordable housing,’ said Robin Fieth, BSA chief executive. The letter also calls for the government to boost the range of providers within the house building sector, including specific support for small to medium size builders, custom and self build builders and co-operative and shared housing models. ‘The UK’s volume house builders alone cannot alleviate the acute shortage of housing in the country,’ it adds. Next week, two days before the Budget, the BSA will launch its housing manifesto for the forthcoming general election which will include a call for the creation of a new housing ministry with a Secretary of State with a seat in the Cabinet. It says this would be better than the current situation when housing is spread among a variety of government departments. The BSA is also backing the idea of a cross political party 15 year plan for the UK’s housing market based on national and regional long term demographic changes, employment, environmental concerns and infrastructure. Continue reading
Many UK tenants feel they are ripped off by landlords and agents
Private rental sector tenants in the UK feel they are being ripped off by landlords and agents, especially on fees at the start of a tenancy, new research suggests. The study shows that 65% of respondents believe they have faced unreasonable fees and charges, according to the poll by Property Let By Us. A further 73% said they have had unreasonable deductions from their deposit and one in six tenants complained about unreasonable rent rises. According to Jane Morris, managing director of Property Let By Us there are a few agents charging excessive fees, but an Advertising Standards Authority ruling in 2014 has made the industry much more transparent with charges. ‘However, there is more that the industry could do to educate tenants on how fees are charged and for what. Many tenants don’t understand what they are being charged for and why. Honest and open communication with tenants is key for both landlords and agents. If all fees and charges are explained to tenants, they are more likely to be comfortable them,’ she explained. She also pointed out if letting agent fees are banned by a potential Labour government, tenants could be faced with higher rents, with the charges being absorbed. ‘The bottom line is that essential costs relating to inventories, reference checks and administration have to be carried out before the tenancy can start. Banning fees will not save tenants cash in the long run,’ she added. Continue reading
More home being built in New Zealand, mostly apartments
The number of new home consents in New Zealand was 3.6% higher in January 2015 compared with the same month the year before, new data shows. The trend for new dwellings is rising and is at its highest level since July 2007. However, excluding apartments, it was 6.8% lower, the figures from Statistics New Zealand also show. Also, the seasonally adjusted number of new home consents decreased 3.8% in January 2015 and excluding apartments, this number fell 7.5%. Business indicators manager Neil Kelly pointed out that in unadjusted terms, nearly $1 billion of building work was consented in January, some $645 million of residential work and $351 million of non-residential work. More than $15 billion worth of building work was carried out in 2014, some $2.8 billion higher than in 2013, a 23% increase. Together, Auckland and Canterbury accounted for $9.7 billion worth of the building work in 2014, nearly two thirds of the national total. After removing price changes and seasonal variations, overall building activity volume edged up 0.3% in the final quarter of 2014. Residential building activity led with 4.3% growth, while non-residential building activity fell by 5%. ‘The trend for residential building activity has grown by two thirds since the September 2011 quarter. However the current level is 7% lower than the series peak more than 10 years ago in the June 2004 quarter,’ added Kelly. Continue reading
