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London mayor opens up new homes planning guidance for consultation
The Mayor of London Boris Johnson has released updated planning guidance that aims to maximise the construction of quality homes in the city. Johnson regards this as a vital step in achieving the goal of building 49,000 houses a year in order to keep up with London's booming population but he wants quality to be as important as quantity. Interested parties are being invited to comment on the new guidance, which includes detail on building specifically for long term private rentals, the potential introduction of affordable housing targets in new areas, and more details on vacant building credits for developers. London's Deputy Mayor for Planning, Sir Edward Lister, said that the new Supplementary Planning Guidance will be vital in helping developers and boroughs understand how to achieve the Mayor's ambitious aims for housing in London. ‘Delivering the homes that London needs requires us to work together, so I would encourage anyone with an interest to let us know what they think,’ he added. The latest revision of the Mayor's Supplementary Planning Guidance for Housing builds on the Mayor's Plan to provide extra detail where needed, and is open for consultation until 07 August. It recognises that in the drive to increase housing capacity in London, quality is just as important as quantity and seeks to make sure that people have decent homes and enough space to live. The plan includes detail on the Mayor's policy to encourage an increase in developments designed specifically for long term private rentals, so-called build-to-rent. He says that done correctly, this could help meet specific population needs in certain urban centres. There is also more detail on the concept of applying fixed affordable housing targets in Housing Zones and Opportunity Areas, which will be the source of significant growth in housing supply in coming years. Advice for local boroughs is included on how to incorporate the Vacant Building Credit into their local planning policy to ensure the credit delivers the aim of the Government policy, which is to bring forward brownfield sites that otherwise wouldn't come forward for development. The credit allows the existing gross floor space to be credited towards affordable housing contributions. Continue reading
Number of sales to first time buyers in UK edges up
Just over a quarter, 26%, of house sales in the UK were made to first time buyers in April but estate agents are warning that with prices increasing it could be harder for them in the next few years. Sales to first time buyers are up from 22% in March, according to the National Association of Estate Agents (NAEA) April Housing Market Report. However when looking further ahead, 93% of NAEA agents do not see first time buyers having substantial cut through in the market over the next five years. Further, 55% of member agents think that house prices will increase over the next five years, continuing to push first time buyers out of the market. The report also found that in the build up to the General Election, demand in April remained similar to the previous month with 344 house hunters registered per branch compared to 343 in March, whilst supply decreased from last month, with just 43 houses available per member branch compared to 48 in March. In addition to this, 74% of NAEA member agents do not see supply and demand levelling out over the next five years, meaning that more buyers will be squeezed out of the market. ‘The market is notoriously tough for first time buyers. House prices continue to increase and lenders have tight and restrictive lending criteria,’ said Mark Hayward, NAEA managing director. ‘Whilst this month’s figures are positive and a step in the right direction, I’d like to think that with the help of 200,000 new starter homes and the Help to Buy ISA, first time buyers will be given even more help to get their foot on the ladder, however these things may take time to come to fruition,’ he explained. Following the result of the General Election, 92% of NAEA agents think the majority Conservative government is great news for the housing market and out of all the Conservatives’ pledges, 60% of agents believe their plan to build 200,000 new starter homes will benefit consumers the most. Also, some 41% of estate agents believe that the Help to Buy ISA will be the most beneficial, allowing first time buyers to save more successfully for their first home. Continue reading
