Tag Archives: house
Concerns voiced about lack of flood awareness among UK home owners
With the UK in the middle of yet another storm with high winds there are calls for a new approach to home building on flood plains and an increase in awareness for home owners. Land agent Aston Mead believes that the country needs to get rid of the notion that sand bags can prevent homes from being flooded and instead adopt a radically different approach. The call comes as new survey reveals that one in three home owners are unaware whether their home is on a flood plain or not. Almost 10,000 homes a year are built on floodplains, with an average of one new home in every 14 constructed on land that has a significant chance of flooding, either from a river or the sea. Aston Mead director Richard Watkins said that flood prevention should be at the core of construction on floodplains. ‘We can’t go on treating flooding as an afterthought. Instead, we should be building properties which are specifically designed to rise and fall with the flood water. The technology is already available out there, all we have to do is make best use of it,’ he explained. He points to designs for homes which are built on top of a pre-cast pontoon sitting inside an excavated concrete void. As flood water enters the void, the pontoon rises, guided by vertical rails which can be hidden within walls and chimney breasts. As the floodwater recedes, the house returns to its original position, with a pump removing any excess water. Access is available at all times using an articulated pathway, and services remain connected using a system of flexible knuckle joints. ‘This system is completely scalable, and designs of properties can range from the very traditional to the highly contemporary, with the footprint of the floating pontoon extending beyond the building itself to include garages, terraces and gardens,’ Watkins pointed out. ‘The pontoons can also be used as fully habitable basements and there are few limitations to size, design or even the number of storeys that can be added on top. An additional advantage is that as water fills the void, it reduces the amount of flood water passing onto neighbouring properties,’ he said. ‘These buildings can be mortgaged on standard terms by most lenders and they also qualify for standard household insurance despite being on the floodplain. What’s more, if they are also fitted with grey water recycling and photo-voltaic panels, they can remain fully functional safe havens even in the worst flooding conditions,’ he added. Recent Met Office figures revealed that December 2015 was the wettest month ever recorded in the UK, with almost twice the amount of average rainfall and more storms hit the country in January and already in February. ‘Resorting to a supply of sandbags in the garage just in case is no longer good enough. We can’t continue fighting… Continue reading
UK house price growth continues in first month of 2016
House prices in the UK increased by 2.2% in the last three months compared with the previous quarter taking the average value to £212,430. The January index data from lender the Halifax also shows that prices were up 9.7% year on year and up 1.7% in compared with December 2015. Martin Ellis, Halifax housing economist, pointed out that the quarterly rate of change increased following two successive months below 2% and the annual rate has been in a narrow range between 8% and 10% for nearly the whole period since the start of 2015. ‘The imbalance between supply and demand continues to exert significant upward pressure on house prices. This situation looks set to persist over the coming months. Further ahead, increasing affordability issues, as price increases continue to exceed wage growth, are likely to curb housing demand and cause price growth to ease,’ he said. He also pointed out confidence in the housing market remains strong, according to the latest quarterly Halifax Housing Market Confidence Tracker. Despite declining steadily since last May, house price optimism in the final quarter of 2015 continued to show that a majority of people believe that average UK property prices will be higher 12 months from now. Price growth is largely due to a lack of supply, according to Randeesh Sandhu, chief executive officer of residential development finance provider Urban Exposure. He also pointed out that there could be an increase in activity before the new second home stamp duty tax increases in April. He said that the lack of supply continues to be constrained by developers having a lack of access to finance as well as a shortage of key materials and a skilled workforce. ‘Far more needs to be done to boost development, particularly in London where average house prices in over half of London neighbourhoods are now £500,000 or more,’ he added. Rob Weaver, director of Investments at property crowdfunding platform Property Partner, also believes that supply is the main driver in the housing markets. He also explained that while sales in central London have dropped off the outer boroughs are seeing increased activity. ‘Potential buyers are hunting for more affordable housing, attracted by regeneration in places like Thamesmead and Woolwich, and of course, Crossrail. We’re also seeing a spike in activity in the market as buy to let landlords rush to seal deals before the stamp duty 3% hike in April,’ he explained. ‘After that it is less clear as the spectre of cuts in mortgage tax relief looms next year. But wage growth is just not keeping pace with house prices, and that raises the serious question of affordability. Demand may start to drop leading to a softening of prices. An eventual interest rate rise, possibly at the end of the year, may also lead to a correction in the market,’ he added. Jonathan Hopper, managing director of buying agents Garrington Property Finders, pointed out that the buy to let… Continue reading
Average prices in England and Wales up over 6% year on year
Average property prices in England and Wales increased year on year by 6.4% in December, taking the average property value to £188,270, the latest index shows. Month on month house prices rose by 1.2% since November 2015, according to the monthly index report from the Land Registry. London recorded the greatest increase in its average property values with annual growth of 12.4% and the biggest month on month rise at 2.1%, taking the average price to £514,097. The North East saw the lowest annual price growth with an increase of 0.8%, taking the average price to £99,069, a considerable difference to the average price in London. Wales saw the most significant monthly price fall with a decrease of 0.8% to take the average price to £121,780. The most up to date figures available, show that the number of completed house sales in England and Wales fell by 8% to 79,960 compared with 86,452 in in October 2014 while the number of properties sold for more than £1 million fell by 2% to 1,231 from 1,258 a year earlier. Repossessions in England and Wales fell by 51% to 431 compared with 888 in October 2014 and the region with the greatest fall in the number of repossession sales was London with a fall of 71% from October 2014. Mark Posniak, managing director at Dragonfly Property Finance, pointed out that with demand strong and supply weak, prices in December defied the usual seasonal slowdown, adding that this is even more pronounced in London. He believes that the construction lag is having a significant impact on the market. ‘On a more positive note, we are seeing noticeably more construction activity at the moment, particularly by smaller developers. But this will take time to trickle through into the market,’ he said. ‘Looking into 2016, it's hard to see anything other than a continuation of the current trend of steadily rising prices, especially with interest rates unlikely to rise in the near future and a robust jobs market,’ he added. According to John Eastgate, sales and marketing director of OneSavings Bank, prolific buyer demand is fanning the house price growth. ‘A strengthening labour market, robust consumer sentiment and a supportive mortgage market all played their part, despite the obstacles provided by the festive period. This strength of demand has been compounded by the record low levels of property on the market at present,’ he said. ‘Uncertainty around economic growth in 2016 provides a reason for caution. The good news however, is that house building starts appear to be at their highest level since 2007. It is not yet strong enough to counterbalance demand. However if this trend of improvement is maintained, it should lead to a healthier property market for investors and buyers alike,’ he added. The lack of supply is also the explanation of what is currently happening with unseasonal growth in the market, said Jonathan Hopper, managing director of the buying agents Garrington Property Finders. ‘Even… Continue reading
