Tag Archives: housing
UK home owners admit to abandoning DIY projects
More than a third of home owners in the UK have abandoned a DIY project after starting, according to new research. Some 38% of home owners have embarked on a DIY project but not completed it, and a further 10% have bought the necessary equipment but never even started the job, a survey for Halifax Home Insurance shows. The research suggests a lack of confidence in skills could be to blame as 21% admit they can’t change a light bulb, while 58% would not know how to put up shelves and 27% are not confident enough to paint their own home. This may be due to a past bad experience, as 29% admitted to a previous DIY botch, highlighting the need for adequate home insurance including accidental damage cover in case things go wrong. Last year alone, Halifax Home Insurance recorded over 16,500 accidental damage claims, which included DIY related incidents such as spilling paint or drilling through pipes. In total the insurer paid out more than £9 million for accidental damage, costing an average of £565 per claim. Regionally, home owners in Yorkshire and the West Midlands were the biggest botchers, with 33% admitting to a DIY mishap, compared to 23% in Wales. Some 70% said they did DIY to save money, 56% because they enjoy it and 10% because they don’t know any good tradesmen. Halifax Home Insurance said home owners should call a professional for jobs involving gas, electrical or plumbing work. When choosing a tradesman, people should ask for references and certificates to demonstrate that they are competent They should also contact their insurer if any work is being carried out which may alter the structure or layout of the home such as an extension or garage, and should check if major building works needs planning permission. Accidental damage to some parts of the home such as sinks, baths and ceramic hobs is included in many home insurance policies, but common DIY mishaps such as spilling paint, drilling through pipes, or putting feet through ceilings may not. ‘Even with the best intentions things can go wrong, which is why checking that you have the right level of buildings and contents cover can provide extra peace of mind,’ said Martyn Foulds, senior claims manager, Halifax Home Insurance. ‘For more specialist jobs involving gas, electrical, plumbing or structural work, it’s essential to call a qualified expert, or homeowners risk invalidating their home insurance policy, not to mention possibly putting themselves and others at risk,’ he pointed out. Continue reading
Supply of new homes in UK falling well below demand despite rising development
Activity in the UK house building sector has continued to pick up over the last year, but the supply of new homes is still falling well short of demand, a new analysis report shows. Boosting supply where new housing is most keenly needed, is a key priority if the UK housing market is to avoid long term distortion, according to the latest annual house builder survey from real estate firm Knight Frank. House builders say policymakers shout boost resources for local authority planning departments, increase skills and training for the construction sector and step up the delivery of public sector land to help increase the supply of new homes, the report explains. The survey, which shows the views of more than 160 respondents from house builders and developers across the country, also shows that two thirds of those in the industry believe that the maximum number of new homes which can be sustainably delivered across the country every year is 180,000 or less. Only 9% said that an annual supply of more than 200,000 homes was possible. Nearly 60% of respondents expect housing completions to rise over the next year, with 18% saying the rise could be between 10% and 25%. However around half of respondents expect no change in the delivery of affordable homes over the next 12 months. More than 90% of respondents are expecting construction costs to rise again over the next 12 months and two thirds expect that development land prices will rise again this year. Indeed, rising labour and build costs are expected to pose the greatest risk to the sector in the coming year. The biggest policy change that would help boost development volumes would be recruiting more people to local authority planning departments, according to respondents. The imbalance between the demand for new homes and the number of units being built is well-recognised, by the industry and political parties alike, the report points out. In the 12 months to April 2014, some 141,000 homes were built in the UK, up by 4% on the previous year. However, official household growth projections suggest an additional 230,000 potential households a year in the UK. ‘Below these headline figures, there is a recognition that the right type of homes must be built in areas where there is the most housing need, typically adjacent to existing urban areas. This has led to tensions about the greenbelt, with a lack of consensus on how to expand accommodation in some of the UK’s most thriving towns and cities,’ said Grainne Gilmore, head of residential research at Knight Frank. ‘Nearly one half of the respondents to the house builder survey said that rules around developing on greenbelt land should be loosened,’ she added. The report explains that policymakers from all parties are keen to encourage development on brownfield land and the Royal Institution of Chartered Surveyors has recently published research suggesting there is enough brownfield land available in England to build 226,000 homes… Continue reading
UK housing market activity remains strong despite election
Housing market activity in the UK was stronger across the board last month than at the same point last year, regardless of the general election, according to the latest research from valuers. There were 13% more property valuations conducted in April than a year ago, despite last month’s total dipping by 32% compared to March 2015, the data from Connells Survey and Valuation shows. According to John Bagshaw, the firm’s corporate services director, all indicators from first time buyers right through to remortgagers are up on compared to a year ago and he said this demonstrates the broad momentum in the property market, which he expects to continue through into the new Parliament. However, he pointed out that a less than clear election result could affect sentiment. ‘The latest monthly dip from March is generally a seasonal effect at this time of year so if this monthly slowdown continues further we’ll know that something has changed more fundamentally. Yet so far, there is no sign of a serious housing market slowdown,’ he said. The data also shows that in April remortgaging outperformed the overall housing market, posting a 25% growth on the same month last year, overcoming a 34% seasonal dip from March. Bagshaw believes that remortgaging is leading all other valuations activity, on the back of record low mortgage rates which are likely to stay low for some time. ‘Inflation is at zero and there’s little sign that the Bank of England will need to raise the base rate imminently. In the meantime mortgage rates have plummeted to the lowest level in over four years. Thus, many households may be capitalising on this period by refinancing to a fixed mortgage,’ he explained. The buy to let market, while experiencing the sharpest month on month decline compared to other sections of the market, contracting by 36% in April, also saw the largest percentage growth from the same time last year, up 29% on April 2014. Bagshaw said this could be due to talk of rent controls and three year tenancies. ‘Some would-be landlords are perhaps waiting to see whether and how these policies will be implemented before looking to invest further. Yet the long term picture is extremely positive,’ he pointed out. ‘Over the past year landlords have benefitted from a booming jobs market, which has led more people to move within commuting distance of work, thus increasing demands for rental properties in certain hot-spots. Equally, as real term wages pick up there has been an increase in the rental prices tenants are willing to pay,’ he added. There has been a slower pattern of activity among first time buyers. The number of valuations carried out on behalf of new buyers fell by 33% since March, leaving first time buyer activity up 7% compared to the same month last year. Moreover, activity on behalf of home owners… Continue reading
