Tag Archives: css
Asking prices still rising in many parts of UK, latest index suggests
Prices are rising in more regions in the UK than might be expected for the time of year and price discounting is at a four year low, according to the latest asking price index. The current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 7.8% higher than they were in January 2014, the data from Home.co.uk shows. The biggest price growth was in Greater London over the last month with a rise of 0.6%, despite falling prices in the prime central London market. Prices also rose in the North East during the last month by 0.4%, which the firm says is encouraging given that the recovery has not yet been evident in the most northerly English region. Asking prices increased in seven English regions and in Wales with prices up 0.1% overall in England and Wales during the last month. Only Scotland and East Anglia showed significant month on month falls of 0.6% and 0.8% respectively. The index report suggests that the positive momentum gained through the course of 2014 has clearly been carried through into 2015. Demand remains ahead of supply in most parts of the UK and looks set to stay that way as mortgage deals seemingly get better and better. The only dark clouds on the current property horizon would seem to be the price falls in prime central London and various potential housing policy changes that will be debated in the run-up to this year's election. Flat prices have fallen by an average of 9% over the last 12 months in central London. Over the same time, the number of flats for sale in central London has increased by 64%. ‘We consider that there is a significant risk that the same price correction will be perpetuated throughout Greater London and the South East over the course of 2015/2016,’ said Doug Shephard, home.co.uk director. ‘Possible changes in property taxes and rent capping also carry uncertainty and risk for the market in a year that will be coloured by political policy change,’ he added. The firm’s analysis of the situation in London shows that Belgravia was the first area to see prices fall. Prices peaked in November 2013 and since then, the typical price for a flat has fallen from £1,995,000 to £1,600,000, a drop of 20% and much more than the price of the average UK home. Shephard says this causes concern as history indicates that booms and busts always start in central London and then, quite slowly, emanate out to the rest of the country. He also pointed out that prices peaked for flats in Islington in March 2014. Since then, the typical asking price has dropped 11%, which represents a 10 month loss of £85,000. Over the same period, the typical time on market for flats in Islington has risen 220% from a frantic 35 days to a lethargic 112 days. Further out, Holloway flat prices peaked in May 2014… Continue reading
London Mayor announces new £10 million loan for affordable housing in London
The Mayor of London is forming a partnership with Big Issue Invest to renovate empty properties into much needed new affordable homes in the UK’s capital city. Boris Johnson has awarded a £10 million loan from his Housing Covenant to Big Issue Invest who help small community organisation's to renovate empty homes or buildings to convert them into good quality affordable housing for Londoners to rent or part buy. The funding will revolve over a 10 year period and result in up to 400 empty homes being transformed into good quality low cost housing. In addition it will provide long term unemployed people, veterans and out of work young people from across London the opportunity of employment and training in construction. The Mayor's Housing Covenant supports organisations proposing innovative ways of delivering affordable housing through a Revolving Fund and is one of a number of housing schemes the Mayor is delivering to boost affordable housing, stimulate building and fast track the delivery of thousands of much needed new homes. The proportion of empty homes in the capital has fallen dramatically under the Mayor, and at 0.7% is now at the lowest level since the 1970s. Over 5,000 empty homes have been brought back into use through GLA housing programmes since 2008. ‘With the huge demand for housing it's essential we get empty properties back into use, which is why I'm helping innovative projects renovate them back into much needed affordable homes,’ said Johnson. ‘Big Issue Invest are masters of boosting community social enterprise and delivering key employment and training skills to the homeless and unemployed people who need our extra support. This funding sits alongside my affordable home programme which is on track to deliver 100,000 new low cost homes across the city,’ he added. The Big Issue Group's chairman, Nigel Kershaw, described it as an exciting opportunity. Big Issue Invest is a specialist provider of finance to social enterprises. It provides investment from £50,000 to £1.7million and develops innovative financial solutions which help organisations tackle poverty and create opportunity. Since 2005 Big Issue Invest has invested over £27 million across the UK in more than 330 social enterprises, directly benefitting over 1.8 million people. The new loan will allows Big Issue Invest to finance and support more innovative housing projects undertaken by social enterprises and charities. These projects will serve to increase the volume of affordable housing available in London. The Mayor's commitment to getting empty homes back into use and boosting affordable housing is part of a package of wider measures he is promoting to stimulate house building. Continue reading
Help to Buy boost for smaller developers in Scotland
A £30 million scheme to open doors for people to buy new homes in Scotland from small and medium sized house builders has been launched. The Scottish Government said that it’s Help to Buy (Scotland) Small Developers scheme will spread support more widely across the house building industry by helping buyers who want a new property built by one of around 170 smaller developers. The new funding will be available for purchases up to £250,000 between 01 April 2015 to 31 March 2016 but applicants can apply up to nine months in advance of the anticipated completion date. The purchaser can buy back the equity at any time, usually at point of sale, based on the value of the property at that time. Unlike in England, there is no interest charged on the equity whereas interest is charged in England and Wales annually from year six onwards. Under Help to Buy (Scotland), the Scottish Government takes an equity stake of between 10% and 20% of the value of the property which can be repaid at any time. House builders have to register with the scheme and currently around 170 are classed as small builders and 20 are defined as large builders. ‘The Scottish Government is supporting the housebuilding industry and Help to Buy (Scotland) is one of the creative ways we are stimulating new development, opening up the market to thousands of house buyers,’ said First Minister Nicola Sturgeon. She pointed out that over 4,100 homes have been bought in the last 15 months, many from larger builders, with smaller and medium sized developers seeing a smaller share of sales. ‘So this new support of £30 million will be ring fenced to support purchases from 170 smaller building companies that develop thousands of quality homes across the country. These are often in remote locations and keep much needed jobs and skills in rural areas, while having a positive knock on impact on the wider economy,’ she added. Pete Bell, chairman and managing director of Campion Homes, said it is a welcome recognition of the important role that smaller firms play in the continuing growth of Scotland’s house building industry. The ring fencing of the funds gives small and medium sized developers the confidence to progress developments which will be available for buyers taking up the Help to Buy (Scotland) Small Developers scheme,’ he explained. According to Philip Hogg, chief executive of industry body Homes for Scotland which helped shape the new scheme in order to deliver maximum impact and benefit, the additional funding is warmly welcomed. ‘We continue to work closely with the Scottish Government to help address the challenges associated with planning and accessing development finance which also particularly impact smaller builders,’ he added. Continue reading
