Tag Archives: news
More over 50s now renting a home in the UK, research shows
The number of people over 50 living in rented accommodation in the UK has been on the rise over the last five years with a third now renting, new research has found. A third of people aged 50 and over currently live in rented accommodation, up from just over a quarter in 2011, according to the analysis from Saga Home Insurance. The reasons for renting are usually down to a change in family circumstance with more people aged over 50 getting divorced than ever before. Indeed, some 20% of renters over 50 are single ad trying to get back on the housing ladder for a second time. There has been a significant decrease in the number of widowers living in rented accommodation, down by 10% in the last five years, perhaps because they are remarrying or moving in with family. Unexpectedly when it comes to the age of people living in rented accommodation, there has been an increase in the number of people under 70 who are renting, with the biggest increase amongst those aged 50 to 54, while the number of people renting aged over 70 has decreased, this again points to the fact that divorce is creating the demand for renting as silver splitters have to divide the family home. People over 50 living in rented accommodation have around £20,000 worth of contents in their homes but 59% of people over 50 living in rented accommodation do not have home insurance, leaving them potentially facing big bills, should anything happen within their home. ‘Social changes certainly seem to be having an impact on the homes of the over 50s. It is concerning that so many do not have insurance for their belongings, whilst the landlord has responsibility for repairing the building should anything happen, they are not responsible for replacing valued possessions should they for example be damaged by fire or even a significant water leak,’ said Roger Ramsden, chief executive of Saga Services. ‘Without insurance, it is not just people’s own possessions they would have to foot the bill for if they were damaged. Any fixtures and fittings or other items tenants are listed as responsible for in the inventory agreed with the landlord will have to be replaced if they are damaged by tenants, which could add up to a significant sum,’ he added. Continue reading
Commitment to build new homes to cope with demand reaffirmed after EU vote
UK Housing Minister Brandon Lewis and Communities Secretary Greg Clark have reaffirmed that new homes are still a top priority of the Government post Brexit. At a meeting with the Home Builders Federation (HBF), whose members build around 80% of new homes in England and Wales, they reiterated the Government’s ambition to build a million more homes. They pointed out that this ambition is underpinned by a record £20 billion housing package announced in the Spending Review and Government backed schemes, including Help to Buy and Shared Ownership, which have supported over 309,000 home owners since 2010. The HBF and its members stated that all indicators show reservations and sales rates have not been affected by last week’s referendum on leaving the European Union. Members restated their commitment to driving up supply and increasing the number of new home owners. Parties spoke of their confidence in the strength of the housing market with strong demand for housing. The Government and HBF agreed to continue to work jointly over the coming weeks to ensure shared ambitions are met. ‘The action we have taken over the last six years to get the country building again has put the industry in a position of strength. We have doubled investment in housing and set out the largest affordable house building program since the 1970s,’ said Clark. Peter Andrew, HBF deputy chairman pointed out that the need for new homes continues as does the Government’s commitment to getting them built and extending home ownership to anyone that aspires to own a home of their own. ‘We were very pleased to hear the Secretary of State reaffirm the Government’s commitment to increasing housing supply. We welcome his reiteration of support for successful programmes like the Help to Buy: Equity Loan scheme which is underpinning demand and helping tens of thousands of buyers each year to take their first steps on the housing ladder,’ he said. ‘House builders remain confident in the underlying level of demand for housing and will continue to deliver the homes the country needs,’ he added. Continue reading
Brexit uncertainty affects prime country houses in UK
Prime country house prices in the UK fell by 0.2% between April and June as uncertainty surrounding the outcome of the EU referendum filtered through to the market. On an annual basis, price growth over the year to the end of June 2016 eased to 1.3%, down from a recent high of 5.2% in 2014, according to the latest index from real estate firm Knight Frank. It is the first quarterly fall since late 2012 and prices for larger properties in the £2 million and above sector fell by even more, down 1.1%, the data also shows, taking the annual rate of growth to 0.7%. In contrast, properties priced at under £2 million recorded an average rate of growth of 0.4% over the quarter, taking the average rate of growth to 3.3%. The index reports that there was a softening in demand in the immediate run up to the vote, with potential purchasers awaiting the outcome of the referendum. The number of viewings conducted in June was 10% lower than the same month last year, and there was also a dip in new buyer enquiries. However, it points out that the EU referendum has not been the only factor at play in the market. ‘Higher purchase costs as a result of two stamp duty increases in the space of 18 months have also had an impact, weighing on price growth in some sectors of the market, most notably for homes valued in excess of £2 million,’ said Knight Frank associate Oliver Knight. The strongest markets continue to be in prime urban locations, where price growth has outperformed that in more rural locations, the report also points out. Looking ahead, the report explains that all eyes will now turn to the impact of the UK’s vote to leave the EU on the market. ‘There is likely to be a further period of uncertainty as the terms of the UK’s exit are worked out and this has the potential to affect some parts of the market as discretionary buyers weigh up the implications,’ said Knight. ‘However, the primary drivers of this market remain unchanged, with schools and key transport links remaining a draw for town and city markets. Prime prices are still 14% below their previous market peaks on average and, as such, there may be scope for outperformance in the short to medium term,’ he added. Continue reading
