Tag Archives: news
New home building in the UK up by 15% year on year
There were over 131,000 new homes completed in the UK in the last 12 months, some 15% higher than in the previous year and the highest annual total since June 2009, the latest figures shows. Housing Minister Brandon Lewis welcomed the figures but promised that the rate of new building would keep rising to meet the government’s target of 275,000 per year by 2020 which he said would represent the fastest rate of building for 20 years. ‘This has provided a real boost to the UK’s construction industry and is delivering the homes that hard-working people rightly deserve. However, we know there is more to do,’ he said. Part of that will be to boost the number of starter homes for first time buyers and he pointed out that some £10 million has been made available to bring forward brownfield sites to build new home which will be available to young first time buyers at a 20% discount. The latest figures from the Office of National Statistics have shown that output in the construction industry increased by 2.7% in June compared to the same month last year. Work on private new housing between April and June rose by nearly 3.9% on the previous quarter. Lewis said that the government has also given local people the powers they need to drive forward housing development with the number of homes in locally led plans up by a quarter. Before March 2012 the average number of homes planned for by local authorities stood at 573 per year. But he explained that radical reforms put Local Plans and housing delivery at the heart of the planning system and this has helped expand the housing pipeline with those Local Plans published after the reforms containing on average 717 homes per year. Continue reading
Existing home sales up again in the US, but number of first time buyers falls
Existing home sales in the United States steadily increased for the third consecutive month in July, according to the latest data from the National Association of Realtors (NAR). However, stubbornly low inventory levels and rising prices have resulted in sales to first time buyers falling to their lowest share since January. The data shows that total existing home sales increased 2% to a seasonally adjusted annual rate of 5.59 million in July from a downwardly revised 5.48 million in June. Sales in July remained at the highest pace since February 2007 when they were 5.79 million and have now increased year on year for 10 months in a row and are 10.3% above a year ago when they were 5.07 million. Lawrence Yun, NAR chief economist, explained that the increase in sales in July solidifies what has been an impressive growth in activity during this year's peak buying season. ‘The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now,’ he said. ‘As a result, current home owners are using their increasing housing equity towards the down payment on their next purchase,’ he added. The data also shows that the median existing home price for all housing types in July was $234,000, which is 5.6% above July 2014. July's price increase marks the 41st consecutive month of year on year gains. ‘Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand. Agents in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains,’ Yun pointed out. Total housing inventory at the end of July declined 0.4% to 2.24 million existing homes available for sale, and is now 4.7% lower than a year ago when it was 2.35 million. Unsold inventory is at a 4.8 month supply at the current sales pace, down from 4.9 months in June. The percent share of first time buyers declined in July for the second consecutive month, falling from 30% in June to 28%, the lowest share since January of this year when it was also 28%. A year ago, first time buyers represented 29% of all buyers. ‘The fact that first time buyers represented a lower share of the market compared to a year ago even though sales are considerably higher is indicative of the challenges many young adults continue to face,’ said Yun. ‘Rising rents and flat wage growth make it difficult for many to save for a down payment, and the dearth of supply in affordable price ranges is limiting their options,’ he added. Properties typically stayed on the market for 42 days in July, an increase from 34 days in June but below the 48 days in July 2014. Short sales were on the market the longest at a median of 135 days in… Continue reading
New law means Wales is first part of UK to introduce training for landlords and agents
Rent Smart Wales. A new law that is being introduced this autumn which will affect all private sector landlords and housing agents in Wales. Everyone who owns and rents out private property in Wales will have to register with a central licensing authority and obtain a new type of licence under a new law from this autumn. It means that Wales will become the first part of the UK where managing landlords and agents will need to undertake training to ensure they are aware of their rights and responsibilities. The new Rent Smart Wales scheme aims to raise standards in the private rented sector and will replace the existing voluntary Landlord Accreditation Wales scheme, which has been operated by Cardiff Council on behalf of all local authorities in Wales. It is intended that the new legislation will also result in raised awareness by landlords and agents of their respective rights and responsibilities and in turn, raised awareness by tenants of their respective rights and responsibilities. All private landlords who have a rental property in Wales must register themselves and the addresses of their rental properties in Wales and those who undertake defined letting or property management activities at a rental property in Wales must apply for a licence. If a landlord instructs an agent to do such work on their behalf, it is that agent who must become licensed and in order to get a licence a person must be adequately trained, and also declare themselves ‘fit and proper’. Licensing training will be offered through Rent Smart Wales or people can choose to attend Rent Smart Wales approved training courses delivered by other bodies. The Welsh minister with responsibility for housing, Lesley Griffiths, is encouraging landlords and agents to subscribe for important news and information ahead of the changes. ‘We know approximately 184,000 homes in Wales, around one in seven, are now privately rented. With so many people renting, a strong sector with good working practices is absolutely essential,’ she said. ‘The new legislation we are introducing will not only improve the situation for tenants, informing them of their rights and responsibilities, it will also help good landlords by improving the sector’s reputation,’ she explained. ‘When Rent Smart Wales is introduced this autumn, it will provide a simple way for landlords to register and for them and their agents to become licensed. Ahead of the changes, I encourage landlords and agents to subscribe to register their interest and to receive useful news and updates,’ she added. Cardiff Council, which currently operates the existing voluntary Landlord Accreditation Wales scheme, will be the licensing authority for the new statutory scheme, Rent Smart Wales, on behalf of all local authorities. ‘The scheme demonstrates the value of training and the development of positive relationships with landlords based on a better understanding of responsibilities and the potential risks of getting things wrong,’ said Bob Derbyshire, Cardiff Council cabinet member for the environment. ‘Rent Smart Wales is the next step, building on this early… Continue reading
