Strong recovery in UK housing market, says Nationwide

UK house prices rose by 5% in September compared with a year ago, the Nationwide says, as the property market saw post-lockdown demand continue.
 
The annual rate of growth is the highest for four years, according to figures based on the Nationwide’s lending data.
 
The building society said activity had “recovered strongly” since coronavirus restrictions on viewings were lifted. But job fears ahead mean many young people have put moving plans on hold.

 

Price rises across regions

The Nationwide said that UK house prices rose by 0.9% in September compared with August.
 
In the three months from July to the end of September, UK prices were up 1.7% compared with the previous quarter and the average home cost £226,129.
 
Prices rose on a quarterly basis in most areas of the UK, the building society said.
“The rebound reflects a number of factors. Pent-up demand is coming through, with decisions taken to move before lockdown now progressing,” said Robert Gardner, Nationwide’s chief economist.
 
He said the temporary stamp duty holiday, which means no tax is levied on the first £500,000 of all property sales in England and Northern Ireland until the end of March, was “adding to momentum” by bringing purchases forward.
 
“Behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown,” Mr Gardner added.

 
However, the Nationwide has joined other commentators in warning of the medium-term impact of the pandemic on the housing market.
 
Lucy Pendleton, from independent estate agents James Pendleton said: “[House price growth] can’t continue forever, and it is very likely indeed that we won’t see a higher annual growth rate this year.”
The Nationwide’s Mr Gardner said younger people were much more likely to have put off plans than older people, reflecting concerns about job prospects, particularly as government wage support becomes less generous.
 
Potential first-time buyers have also found it difficult to secure a mortgage when they are unable to offer a large deposit, as lenders take a safety-first approach fearing defaults as finances are squeezed.

(https://www.bbc.co.uk/news/business-54353406?fbclid=IwAR2qd2PSzP-COGhfp5JxTM-cPeOi1PnjMkJKkFZYMbLf2nPlJxof7dOFjuI)
(Seen  September 2020
)

 
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Major new Nottingham Homes housing estate on school field given green light

A significant new housing scheme on a former school playing field in Bestwood has been given the green light by planning bosses today. It means the 131-home scheme, brought forward by Nottingham City Homes, can now go ahead. It will be made up of 86 houses, 35 flats and 10 bungalows.

The land is located between Eastglade Road and Bala Drive East, while there will be two access points from Beckhampton Road.A range of bungalows, flats and houses are proposed for land that once served the old Padstow School, which was demolished after the school closed more than a decade ago. The “affordable rent” properties will also benefit from electric vehicle charge points. There will be 72 two-bed houses, 14 three bed, 35 one bed apartments, five one bed bungalows and five three bed wheelchair accessible bungalows.

Properties are a mix of one and two storey and the proposed nine blocks of apartments would all be three-storey in height.

Not all of the land on the former playing field site will be used for houses – some is being retained as open access public space. Detailed plans for the development were approved by Nottingham City Council’s planning committee unanimously today (Wednesday, August 19). However concerns were raised about the quality of the designs. Councillor Pavlos Kotsonis represents the Lenton and Wollaton East ward for Labour, and said: “I think one of the issues is that there is a lack of variation in the design.

“When you look at the way the buildings look it is very plain, I think they could add more decoration and more interest to the buildings, so I think they could do a bit more work.” Council planning officers assured Councillor Kotsonis that more architectural detail had been agreed since the CGIs were produced, to make the buildings look less ‘plain’.

Councillor Sally Longford, who also represents Lenton and Wollaton East ward for Labour, said: “I’m really pleased to see this development coming forward, I think it’s a real positive and and it’s good-quality desperately needed social housing in what looks like a very well-built estate. I’m also glad to see solar panels on the roofs.” Councillor Longford also raised worries about the location of the bins, but was told they would be placed in designated areas.

However some concerns were raised by residents living nearby, with a petition against the development gathering 19 signatures from nearby Beckhampton Road.

After the plans were put forward, Nick Murphy, chief executive at NCH, said: “There is a real need for new social housing in the city, our waiting list of Nottingham households seeking a council house is growing and we must work to create more homes for local people.

“There has been demand for homes in Bestwood and, if given planning permission, we will transform the old playing field into safe, warm and modern homes with good open space.

“The council has promised to build or buy 1,000 homes for social rent and these 131 homes, built on their behalf by NCH, will go towards reaching that target.”

 

(https://www.nottinghampost.com/news/local-news/major-new-nottingham-city-homes-4438705)
(Seen  August 2020
)

 

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Nottingham property developer to invest £25m in Bramcote housing development

 

A Nottingham property developer is set to invest £25million in a major new housing development, just four miles from its own headquarters in Chilwell.

Peter James Homes has submitted phase one plans to Broxtowe Borough Council for the site near the Hemlock Stone in Bramcote on Coventry Lane near Nottingham. The development is designed to provide 178 new houses in a variety of sizes, styles and pricing brackets.

Simon Gardiner, Managing Director of Peter James Homes, said: “The Bramcote development is a very rural greenfield site in a lovely setting. It’s part sheltered by mature trees and, with a buffer strip around the periphery, it’s quite isolated from other dwellings so it feels very private and self-contained.”

After eight years of preparatory work to achieve the award of residential allocation for the land, the 178-house development represents the largest project Peter James Homes has ever undertaken.

He said: “The Phase One plan has been created in close collaboration with the council in order to make sure it meets the growing need for new homes in the local region without disrupting the loveliness of the local landscapes.

“We’re looking to achieve that by using local people and local subcontractors, so in terms of its location, its planning, its construction and its benefits, it really is a Nottingham development for Nottingham people.”

The first of the new homes are expected to be available to buy between December 2021 and January 2022.

 

(https://www.eastmidlandsbusinesslink.co.uk/mag/property/nottingham-property-developer-to-invest-25m-in-bramcote-housing-development/)
(Seen July 2020
)

 

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Property prices increased by 2.3% between December and January, amounting to £6,785, Rightmove’s house price index has revealed.

There have been 1.3 million buyer enquiries since the election, up 15% compared to the same period a year ago.

Meanwhile there has been a 7.4% growth in number of sales agreed year-on-year

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Although Rightmove looks at asking rather than selling prices, they provide an important indicator of market activity, not least because this survey has been around for such a long time.

“Asking prices can be notoriously unreliable but these confirm what we have been seeing on the ground for the last month or so.

“Sellers inevitably are a little bit more optimistic at this time of year but it remains to be seen, probably by the end of January/beginning of February, whether these higher prices, much of which is driven by shortage of stock, actually turn into agreed prices and transactions.”

James Anderson, operations director of property lender MT Finance, said: “Political uncertainty has, at times, brought the housing market to an almost complete standstill and while we are early into 2020, we are starting to see demand overcoming doubt.

“We hope the early movers – often professional investors who recognise that there are great deals out there – will be met by vendors who respond with the necessary supply as we move into spring.

“And in a more settled political climate where prices are starting to rise, we fully expect them to do so. Among those who see light at the end of the tunnel, optimism is high.”

 

(https://www.propertywire.com/news/landlords-regret-investing-in-buy-to-let)
(Seen January 2020
)

 

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Landlords regret investing in buy-to-let

Landlords regret investing in buy-to-let – Over half (53%) of landlords would not have purchased their properties in the first place had they known how regulated the Private Rented Sector would become, research from property development firm Accumulate Capital has found.

Over a third (37%) of property investors plan to sell at least one of their properties this year.

Of this group, three in five (61%) blamed increasing regulations and taxes while one in five (21%) pledged to instead focus on alternative property investment, like debt and development finance.

Paul Howells, chief executive of Accumulate Capital, said: “Property investors are clearly frustrated by how much red tape there now is within the private rental sector and buy-to-let market.

“Yes, there is a need for regulatory measures to protect the interests of all parties involved in the property market, but as our research shows, some landlords feel the current system is unfairly weighted against them.

 

“What we might see as a result, is investors selling properties and downsizing their portfolios.

“Indeed, a considerable number of investors are now looking to alternative real estate investment options instead, such as development finance – these provide ways to access bricks and mortar investment opportunities without the complications or costs of actually purchasing the asset.”

Reflecting on the challenges facing landlords, nearly three quarters (72%) believe current tax and regulation measures are unfairly weighted against landlords.

Meanwhile over two thirds (69%) reckon the costs of managing their property portfolio has risen considerably in the past five years.

 

(https://www.propertywire.com/news/landlords-regret-investing-in-buy-to-let)
(Seen January 2020
)

 

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House clearance in Mansfield

Letting Agents anticipate rent increases in 2020 –  The majority (84%) of letting agents think rent prices will rise next year, up from two thirds (65%) last year, ARLA Propertymark has predicted.

More than three fifths (61%) think demand will continue to increase, but almost seven in 10 (68%) reckon the number of landlords operating in the private rented sector will decline next year, as they are driven out by rising costs.

Indeed, two thirds (68%) expect landlords’ taxes to rise again.

David Cox, chief executive, ARLA Propertymark, said: “For far too long, successive governments of all political persuasions have passed significant amounts of complex legislation for landlords.

“As a result, much of this year has dampened landlords’ appetites to invest and expand their portfolios, with many consolidating their assets, or choosing to step away from the sector altogether.

 

“This has impacted tenants most, who have restricted supply and have been faced with less choice and paying higher rents.

“Looking ahead to 2020, we hope the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords.

“This will encourage more landlords back into the market as well as ensure that tenants, including those who are most vulnerable, are not at a disadvantage in being able to find a suitable and affordable home to rent.”

 

(https://www.propertywire.com/news/agents-anticipate-rent-increases-in-2020)
(Seen December 2019
)

 

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House Move Buying a house

Buying a House Homeowners call for the government to ban gazumping

Looking to move home, buying a house can be stressful enough.

Four in five (80%) homebuyers would like the government to introduce laws preventing gazumping in England and Wales.

A third (31%) have experienced the phenomenon in the past decade, research commissioned by Market Financial Solutions has revealed.

Two in five (39%) had to pay fees to intermediaries despite not completing on a property purchase.

Paresh Raja, chief executive of MFS, said: “With demand for UK property constantly high, the process of buying a home has become incredibly competitive. As a result, a significant number of UK homebuyers are losing out on deals at the critical closing stages.

“Not only is gazumping a cause for frustration and disappointment, it also can incur significant costs to the prospective buyer.

“In the aftermath of the general election, let’s hope the elected government looks at measures to stamp out gazumping as a top priority.”

Two thirds (66%) feel it has become increasingly difficult to buy properties over recent years as a result of greater competition and a lack of housing supply.

Such is the competition these days, 43% would consider gazumping a rival buyer.

 

(Article extracts from www.propertywire.com 21st November 2019)

With Brexit delayed again and a general election announced the upheaval caused by uncertainty in the housing market is not set to go away just yet but new research shows how voting intentions have affected prices.

Leave voting areas have recorded higher average house price increases than Remain voting areas since the European Union referendum in June 2016, according to the research from online estate agent Housesimple.

The analysis of average house price changes in 324 local authority areas in England since the vote in June 2016, shows that 16 of the top 20 performing ones voted Leave. In Rutland prices increased by 26.27%, in Corby 24.8%), in Harborough 23.79%, in Blaby 21.68% and in the Forest of Dean by 21.47%.

Only four Remain voting areas made it into the top 20, including the Cotswolds with growth of 30.45%, Leicester up 21.57%, Rushcliffe up 19.62% and Stroud up 19.35%.

Meanwhile, average house prices in London and the South East have been hardest hit since the vote and 12 of the worst performing are in London, including the City of London with a fall of 11.86%, Westminster down 10.08% and Hammersmith and Fulham down 8.2%. In the commuter belt Bracknell Forest saw prices drop 6.63%, Elmbridge down 4.32% and Windsor and Maidenhead down by 0.66%.

‘It is important to remember that correlation does not always equal causality. Just voting Leave hasn’t made your house more valuable on its own. There are a range of reasons driving house prices in England,’ said Sam Mitchell, Housesimple chief executive officer.

‘The data points to an overall North/South divide. Brexit uncertainty does not appear to have affected the North to the extent that we may be seeing in the South. Other Important factors underpin these findings, including punitive stamp duty that has a lower impact on properties valued under £500,000 so there is less of a drag factor in the North,’ he explained.

‘We’re also seeing a longer term trend whereby house price growth in London and the South East that really took off in 2012 has been slowing to more sustainable levels since 2016, or even dropping in some London areas. At the same time properties in the North and the Midlands saw more modest growth post 2007, and cities like Manchester, Liverpool, Leicester and Leeds have robust local economies and increasing demand for housing which has helped to drive double digit price increases since the referendum,’ he pointed out.

‘The bottom line is that despite the fact Brexit uncertainty will now drag on into 2020, the market fundamentals, a long running supply and demand issue, historically low interest rates and growing income levels, remain in place,’ he added.

 

(Article extracts from www.propertywire.com 31st October 2019)

Responsible Removal & Disposal

Make sure when appointing a contractor to clear your items they have a valid waste carriers licence.

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