Property prices have climbed to dangerous levels in several advanced economies, raising the risk of massive price falls if markets overheat, according to the Organisation for Economic Co-operation and Development (OECD).
Catherine Mann, the OECD’s chief economist, said the think-tank was monitoring “vulnerabilities in asset markets” closely amid predictions of higher inflation and the prospect of diverging monetary policies next year.
House price growth is a constant in many people’s minds. The idea that they could fall seems unlikely according to homeowners who have enjoyed a long period of profiting from bricks and mortar.
However, things could be about to change. Just as during the credit crunch there was a crisis of confidence in the UK economy that hurt house prices, 2017 could see fears surrounding Brexit negatively impact on them. Continue reading
Business leaders have urged the government to tackle the housing shortage by expanding the rental sector and creating incentives for older homeowners to vacate large properties.
The CBI set out 10 recommendations to get more people into suitable housing ahead of the publication of a white paper by the Department for Communities and Local Government on tackling the housing crisis.
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Philip Hammond, the Chancellor of the Exchequer, announced two multi-billion pound housing funds on Monday in an attempt to deal with Britain’s growing property affordability crisis. Continue reading
House prices in the latest three months (February-April) were 2.2% higher than in the preceding three months (November 2014-January 2015) according to the latest Halifax House Price Index April 2015.
The quarterly rate of change decreased for the first time this year following three consecutive rises and compares with 2.6% last month. Continue reading
In response to the continuation of Brandon Lewis MP as Minister of State for Communities and Local Government with responsibility for housing and planning David Orr, chief executive of the National Housing Federation, said: Continue reading
More than half of the English public would support the next government borrowing money to build more affordable homes, according to a recent poll.
The survey, carried out by Ipsos MORI for the Chartered Institute of Housing (CIH), found that 54% of adults in England would support government borrowing to fund more affordable homes for people to buy or rent. Continue reading
Research from Shelter has shown that 49% of parents in Britain whose children haven’t bought a home, think the only way they will be able to do so is with inheritance from them.
Many parents feel high house prices and a lack of affordable homes are leaving their children priced out. And the latest government figures suggest they are right to be concerned, with homeownership levels having collapsed among young adults in the last decade. Continue reading
The introduction of help to buy ISAs was the major housing news in George Osborne’s final Budget announcement before the election. CIH interim chief executive Gavin Smart’s gives his initial take on the initiative.
“We are in the grip of a severe housing crisis. For decades we have failed to build enough new homes to keep up with our growing population, and the gap between the haves and have nots is getting bigger all the time. For many people, affording a decent, suitable home either to rent or buy is a distant dream. 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