Tag Archives: real estate
Lending for homes in Australia down almost 10% compared to a year ago
The total number of new home loans approved in Australia declined again during June which has led to concerns being voiced about a tightening in the mortgage market. Data from the Australian Bureau of Statistics shows that the total number of new housing loans to owner occupiers fell by 0.5% on seasonally adjusted terms was 9.1% lower than 12 months earlier. During June, the number of owner occupier loans for new home construction fell by 0.4% and the volume of loans for new home purchase declined a little more sharply during the month with a fall of 0.8%. A breakdown of the figures show that compared with 12 months ago, the number of owner occupier loans for the construction or purchase of new dwellings increased in New South Wales by 12.9%, in South Australia by 9% and in the ACT by 0.5%. But they fell elsewhere with the largest fall in Western Australia with a decline of 21.4%, followed by a fall of 20.8% in Tasmania and a 20.8% fall as well in the Northern Territory. Other states also saw loan approvals go down but at a less steep rate. They fell by 7.8% in Queensland and by 4.8% in Victoria. ‘This is the second consecutive monthly decline in new home lending. An adequate flow of housing finance is vital to ensure that the pipeline of new housing supply meets Australia’s long term needs,’ said Housing Industry Association senior economist Shane Garrett. ‘We’re concerned by the apparent tightening of home lending conditions in both the owner occupier and investor markets as a result of APRA intervention,’ he added. ‘Safeguarding the integrity of Australia’s financial system is obviously of paramount importance, but recent regulatory intervention risks obstructing new home building and damaging the economy’s long term growth capacity,’ he warned. Continue reading
£26 million fund announced to boost UK starter home programme
A £26 million fund for house builders in the UK has been launched to pave the way for the first wave of new starter homes aimed at first time buyers. Communities Secretary Greg Clark said high quality homes will be available for first time buyers and the fund will make sure that a range of different types of properties can be accessed. The fund will support architects, developers, councils, housing associations and small builders to build properties that will increase the quality of design as the government delivers on its pledge to build 200,000 starter homes by 2020. It will be used to acquire brownfield sites to provide land for starter homes. Money from the sales of these sites will go back to the government, securing good value for the taxpayer. In a further move to support aspiring home owners the government has also made available up to £10 million for local authorities to prepare more brownfield land for development of starter homes. ‘We are committed to delivering 200,000 starter homes by the end of this Parliament, providing a real boost to aspiring young first time buyers. This competitive fund will build homes that will clearly show the wide range of new properties that will be available for first-time buyers as they take their first step on the housing ladder,’ said Clark. ‘We are also helping bring back into use more brownfield land for development, keeping the country building and delivering the homes our communities need,’ he added. Helping young people achieve their dream of home ownership is a priority for the government, according to Housing Minister Brandon Lewis who added that already more than 100,000 households have been helped to buy a home through the flagship Help to Buy scheme and starter homes should be another game changer. ‘This fund will help kick start that change and show young people across the country the quality they can expect when they buy a starter home. It’s further proof that this government’s long term economic plan is on track,’ he added. The Homes and Communities Agency (HCA), said it will support the starter home initiative by offering its land and development expertise and this will help even more first time buyers into affordable home ownership. ‘We look forward to working with our key delivery partners including councils, developers, housing associations, small builders and architects in taking this forward, through the identification and purchase of land suitable for exemplar starter home sites,’ said HCA chief executive Andy Rose. According to Stephen Stone, chief executive of construction firm Crest Nicholson, the announcement will not only help first time buyers get onto the property ladder, but it will also accelerate further output across the industry at a time when housing need is at an all time high. The government’s new Housing Bill and proposed national planning policy changes will introduce a series of planning reforms that will ensure hundreds of thousands of starter homes will be built. These include requiring local… Continue reading
Land owners in Scotland urged to register voluntarily for new mapping process
Registers of Scotland (RoS) is to work with Scottish Land and Estates to make sure that landowners in Scotland are part of the process that will see all privately owned land registered and mapped by 2024. The Scottish Government has asked RoS to complete the country’s land register by 2024 for privately owned land and property and by 2019 for publicly owned titles. At the moment, around 58% of all Scottish properties are on the register and around 27% of Scotland's land mass. Almost all the remaining properties are held on the General Register of Sasines. Property currently transfers from the Sasine to the Land Register through change in ownership, or by the owner voluntarily applying for registration. However from April next year this register will close to standard securities, such as a remortgage, and any change to title will automatically come on to the land register. Landowners are being urged to register their land voluntarily with officials pointing out that benefits will include clarity of title on the map based system, which provides greater certainty and security about what is owned. A voluntary registration also includes a state backed warranty of the information contained in the title deed. The Keeper of the Registers of Scotland has a new lever known as Keeper Induced Registration (KIR) where she can register land and property with no involvement of the owner. The details of how this process will work have yet to be finalised and a public consultation will be held later this year. ‘Our commitment is to take reasonable steps to ensure that ownership of land is visible and to ensure that landowners or their named representatives are accessible and contactable,’ said David Johnstone, chairman of Scottish Land and Estates. ‘As owners and managers of land, members are concerned about the process and professional costs of voluntary or keeper induced registration of title and in particular the impact of any changes from a practical perspective. In general, we are concerned to ensure the integrity and accuracy of the land register for landowners across Scotland and will continue to work closely with Registers of Scotland as it progresses this work to achieve its target,’ he explained. Charles Keegan, head of Land Register Completion at Registers of Scotland, said that when titles are added to the map based public register, RoS will provide a title sheet that provides greater clarity on what is owned and should make any future transactions quicker and easier. ‘We look forward to continuing to work with Scottish Land and Estates members going forward on registering their titles and would encourage anyone with an interest in voluntary registration to get in touch with the team,’ he added. Continue reading
