Tag Archives: investment
UK expands shared home ownership scheme
The UK government is to make it easier for young couple to get in the housing ladder by expanding the right to shared ownership. Prime Minister David Cameron said that tens of thousands of young couples will be helped by reforms to existing part buy, part rent schemes. The policy should see 175,000 more aspiring home owners being able to buy a stake in their own home. Current rules that favour so called key workers such as nurses and fire fighters will be scrapped which means any households with an income of less than £80,000, or £90,000 in London, will be able to sign up to the schemes. Also, for the first time, those already in a shared ownership property will be able to move to another, allowing them to use the capital they have gained to move to a bigger property, as their families grow. ‘For years, we’ve had shared ownership, where you part buy, part rent a property. So many people are attracted to this idea, especially those who thought they’d never have a chance of owning a home,’ Cameron said. ‘But, because it’s been heavily restricted, many of those people have missed out. We’ve had local councils dictating who is eligible, based on everything from salary to profession to where the buyer comes from,’ he added. The changes will take effect from April next year and it means some people will be able to buy a house, for example in places like Yorkshire, with a deposit of just £1,400. Mark Hayward, managing director of the National Association of Estate Agents (NAEA) welcomed the news. ‘By relaxing some of the existing restrictions, a potential 175,000 aspiring homeowners will be given the opportunity to own their own home, as well as allowing existing shared ownership homeowners the opportunity to step up the ladder,’ he said. ‘However, as with all housing promises, they can’t come quick, or big enough. There is still a huge issue with supply and available land upon which to build, not to mention the physical bricks, mortar and labour to do so,’ he pointed out. ‘The house building industry is desperately short of human resource and if we are to get Britain building the number of new houses required, we need to address this problem to create actual homes and not aspirational targets,’ he added. Continue reading
North/south home repossession gap closes in England and Wales
The gap between home repossessions in the North and South of England and Wales has closed by 80% since the recession, according to new detailed research. On average, there were 1.1 repossessions per 1,000 households in the North in the first half of 2015 compared to 0.7 in the South, according to the analysis by e.surv chartered surveyors of court ordered repossessions, a difference of 0.4. By comparison, in 2008 repossession rates stood at 8.2 per 1,000 households in the North and 5.9 in the South, a difference of 2.3. This means the divide has closed by 80% across this seven year period. On a yearly basis since the first half of 2014 the North-South divide has narrowed 43%. In the first six months of 2014 there were 2.4 repossessions per 1,000 households in the North, in contrast to 1.7 in the South, with a difference of 0.7, meaning the gap closed at a faster pace over the last year than in previous years. In absolute terms, across England and Wales total home repossessions have declined by 45% year on year to reach 10,401 in the first half of 2015 from 23,279 as of the first half of 2014. As a result, the average rate of repossessions stands at 0.9 per 1,000 households, compared to a rate of 2.1 repossessions per 1,000 households in the first half of 2014. However, the report says that despite these improvements, the North is failing to match this average rate across England and Wales, with almost eight out of 10 towns in the regions seeing a higher than average repossession rate. ‘Over the last year, the North/South gap has been narrowing at an accelerated pace. Fewer people are battling unemployment and against this optimistic backdrop, finances are being bolstered across England and Wales by delayed interest rate increases,’ said Richard Sexton, director of e.surv chartered surveyors. ‘Rising wages and negative inflation are making living costs more affordable, giving people room to save. But these economic changes are also having a real impact on those feeling the strain and potentially facing repossession,’ he explained. ‘A healthier lending market is enabling people to search for cheaper mortgage options and regulatory changes, such as the 2014 Mortgage Market Review, are making a real difference in protecting borrowers from committing to potentially unaffordable mortgages in the first place,’ he added. The details of the report reveal that since the first half of 2014, Bolton has featured in the top 10 worst repossession postcodes. Despite the town seeing a reduction in its repossession rate year on year to two per 1,000 households in the first half of 2015 from 2.8 in the first half of 2014, it still has emerged as the town with the highest incidence. Within the bottom five, Oldham at 1.6 per 1,000, Liverpool also at 1.6 per 1,000 and Manchester at 1.5 per 1,000, re all in the North West and are all battling high… Continue reading
Grand Designs presenter Kevin McCloud’s company to build new homes in Bristol
Presenter of the hit TV show Grand Designs is to build his biggest and most sustainable housing development to date in Bristol. The new housing development in Southmead should be complete by 2019 on the site of an old primary school after Bristol Council agreed to sell the land to housing association United Communities. The association will build the homes in partnership with Kevin McCloud's development company HAB Housing (Happiness Architecture Beauty) which will include 150 properties of which a third will be affordable. The affordable homes will be built to the equivalent of Passivhaus energy efficiency standards and all homes will meet level four of the Code for Sustainable Homes. And it is not just the homes that are to be sustainable. The whole development will be built with the environment in mind. The estate will have a green infrastructure, including sustainable food production, low carbon energy sources and new cycle routes. ‘This development will raise the bar in terms of sustainability and quality of design. The aim is for this to be a transformative housing scheme, one that drives a healthier way of living. “We have worked really closely with the Southmead community throughout the process, and their ideas have been reflected strongly in the design,’ said George Ferguson, Mayor of Bristol. ‘HAB has been eager to win a project in Bristol ever since we began to plan our move here. Now that our offices are in the city, it's with great relish that we can roll up our sleeves and begin work at Dunmail,’ said McCloud. ‘This scheme gives us the opportunity to work alongside local people and organisations and to partner with United Communities, whom we particularly admire. We're looking forward to working in Southmead and delivering something of quality, richness and sustainability for the area,’ he added. Local residents helped to shape the design of the development, and the community will continue to be involved throughout the project. Feedback from residents reflected in the scheme includes the desire for smaller low rise properties, the need for a mixed tenure site and the inclusion of outdoor community space. ‘As a locally based housing association we already have a long track record of working in Southmead, so we’re really thrilled to have won the bid to redevelop the former Dunmail School site. The 150 new homes here will help to tackle the affordable housing crisis in the city, by providing a mix of homes for sale, rent and shared ownership,’ said Oona Goldsworthy, Chief Executive of United Communities . ‘We’ve already starting talking to the local community about what the homes might look like and hope that existing and future residents will be really proud of the new development,’ she pointed out. It is hoped that a planning application for the development will now be submitted in March 2016, and if consent is given work would be due to start in September 2016. Continue reading
