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UK self-builders set to benefit from new register for plots of land
Self-builders in the UK should find it much easier to kick start their dreams of building a home with the launch of new registers to support eager builders find plots. From 01 April councils will have to keep a register of aspiring self and custom house builders when planning for future housing and land use, it was announced by Housing and Planning Minister Brandon Lewis. He explained that as part of government plans to provide more homes, new measures and guidance have been put in place to clearly set out the procedure local authorities will have to take when people wish to register their interest for a plot of land. The aim is that as more and more people want to build their own home this move will help unlock the massive potential the custom build industry has to expand and help meet the country’s future housing needs. ‘Many other countries have a track record of delivering large numbers of local homes through self-build and we’re determined to ensure self and custom housebuilding grows significantly,’ said Lewis. ‘The new registers are a fantastic example of our commitment to double the number of custom and self-build homes by 2020 so anyone who wishes to design their dream house can do so,’ he pointed out. ‘This government is committed to increasing housing supply and helping more people achieve their aspiration of home ownership whether that’s buying on the open market through schemes like Help to Buy, or by building or commissioning their own home,’ he added. The registers are in addition to the measure in the Housing and Planning Bill which will require authorities to ensure they have sufficient shovel ready plots to match the local demand on their register. The Self-build and Custom Housebuilding Bill has placed a duty on local authorities to keep a register of those seeking an interest in bringing forward self and custom build projects. The Housing Development Fund has been set up to provide access to £1 billion of loan finance for up to five years supporting the provision of over 25,000 homes through to 2024 to 2025. It is for custom build, small and medium builders and innovative new building methods. 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
Property sales up 14.5% in Scotland in last quarter of 2015 and prices up 1.6%
Residential property sales in Scotland increased by 14.5% in the final three months of 2015 compared to the same period in 2014, the latest official data shows. Prices increased too, up 1.6% to £167,734, with the highest price rise recorded in Inverclyde at 13.1%, according to the figures from the Registers of Scotland (RoS). ‘As well as a significant increase in the volume of sales this quarter, prices have reached their highest since RoS began compiling quarterly statistics in 2003. Combined, this indicates a more robust and active property market,’ said RoS commercial services director, Kenny Crawford. The highest percentage rise in volume of sales was recorded in Midlothian, with an annual increase of 30.2% compared with the same quarter last year. The City of Edinburgh recorded the highest volume of sales, up 21.4% while the largest drop was in Aberdeen City with sales down 12%. The highest average price is in Edinburgh where values have increased by 3.2% year on year to £233,255, while the largest fall was in Dumfries and Galloway, a drop of 9.9% to an average of £130,275. The total value of sales across Scotland registered between October and December increased by 16.3% to just under £4.83 billion, the highest value of sale for any quarter since the second quarter of 2009. Edinburgh remained the largest market with sales of just under £824 million for the quarter, an increase of 25.3% on the previous year. East Ayrshire recorded the highest increase in value with sales of over £66 million, up 33.9% and Aberdeen had the largest decrease in overall market value, down 13.6 to over £273 million on last year. All property types showed an increase in sales volumes, with flats showing the biggest increase at 18.4%. In terms of prices, flats were the only property type to show an increase in average prices, up 0.6% to £130,679. Detached, semi-detached and terraced properties all saw decreases in average prices of 0.3%, 1.4% and 3.5% respectively. Simon Brown, partner and head of residential sales at CKD Galbraith, pointed out that the Scottish property market as a whole has endured many changes over the last year and more are to come. ‘The 3% levy on second homes being introduced in April will no doubt bring a flurry of property sales to the market to beat the deadline as well as impact house prices as buyers of buy to lets will seek to pass on the extra purchase costs by reducing the price they are prepared to pay,’ he explained. ‘Demand for prime property at the top end of the market looks set to continue, especially in Edinburgh and the surrounding areas. Generally, the Scottish property market is demonstrating healthy growth with good quality properties selling quickly and some very encouraging signs for the year ahead especially as we approach the prime Spring selling period,’ he added. Michelle Grant, investment director at Grant Property, believes that the figures are… Continue reading
