Property sales in the first ten months of 2014 were 21% higher than in the same period in 2013, according to new research by Lloyds Bank. This was the highest for this period since 2007 with the numbers of sales in England and Wales during January through to October 2014 totalling 760,000.
There has been a considerable improvement in sales since the market reached the depth of its recession in 2009. Sales in the first ten months of 2014 were 60% higher than in the same period in 2009. Nonetheless, sales remained more than a quarter (27%) below the levels achieved at the height of the boom in 2007. Continue reading
Analysis of new figures published this morning by the National Housing Federation show that just 118,760 homes were built in England in 2014, more than a 120,000 shortfall on the 245,000 experts predict is needed every year to keep pace with new households forming. Since the last census in 2011, the backlog of unbuilt homes totals 515,340.
Despite growing concern about the housing crisis and sustained population growth, housebuilding hovers below the 125,000 mark for the sixth year in a row – the lowest peacetime levels since the 1920s. Continue reading
The Council of Mortgage Lenders estimates that gross mortgage lending reached £14.3 billion in January.
This represents a 14% decrease from December’s gross lending total (£16.6 billion) and is 11% lower than the £16.1 billion lent in January last year. Continue reading
Official figures released show a big rise in the number of new homes started last year. The data from the Department for Communities and Local Government shows that 137,010 new homes were started in 2014.
The figures show house building numbers are still recovering strongly, with starts up 10% on 2013; 36% on 2012 and 59% on the trough in 2009. House building starts are the favoured measure of house building because it provides the best indication of current activity. Continue reading
Chancellor of the Exchequer George Osborne has set out plans to help London meet its need for over 400,000 homes on a visit to Aura development by Weston Homes in Edgware, with the Mayor of London.
A package of housing investments announced today for London included the establishment of a London Land Commission, based at the Greater London Authority, which will be tasked with identifying public sector brownfield land that is no longer needed in London, to help ensure that all of the capital’s brownfield sites are developed by 2025, and help meet its target of over 400,000 new homes by 2025. Continue reading
Estate regeneration schemes are leading to more homes being built – but there is an overall decline in those available for social rent.
The report ‘Knock It Down or Do It Up?’, from the London Assembly’s Housing Committee, looks at how to improve the process of regenerating housing estates – including the decision of councils or housing associations to either renovate or demolish the estate. Continue reading
House purchase approvals have seen the fastest month-on-month increase in over five-and-a-half years as the purchase mortgage market throws off the doldrums of recent months, according to the latest Mortgage Monitor from chartered surveyor e.surv.
There were 65,778 house purchase approvals in January. This represents a 9.1% increase from 60,275 approvals in December, the largest month-on-month increase since April 2009. Continue reading
England would get a shot in the arm of £3.6 billion and 71,000 full-time jobs would be created or sustained if more affordable homes were built now to help tackle the housing crisis, according to the National Housing Federation.
Experts have warned that the nation needs to build 78,500 affordable homes per year to keep pace with demand, yet last year less than a quarter of this amount were built – 20,000. Building more affordable homes would also help the 1.37 million households stranded on waiting lists for affordable housing across the country. Continue reading
The number of repossessions fell to 21,000 in 2014 – 26% fewer than the 28,900 in 2013, and the lowest number since 2006, according to latest data from the Council of Mortgage Lenders. At 0.19%, the repossession rate was also lower in 2014 than at any time since 2006.
Out of the 21,000 total number of repossessions, 16,100 were on owner-occupied properties, and 4,900 were on buy-to-let properties. Continue reading
Local Government Secretary Eric Pickles today (10 February 2015) welcomed the news that over 100 local authorities are set to freeze or lower their Council Tax this year.
New figures showed that 114 town halls and police authorities will take up the offer of the government’s freeze grant, with 8 set to reduce bills for taxpayers. Continue reading