Tag: housing market

A report recently published by the National Housing Federation outlined that currently young people are trapped when it comes to buying a house, often living at home with their parents for longer, and not enough is being done to address the housing issues of future generations. In addition, not only is there a shortage of new homes, incomes are not increasing in line with the rising cost of renting and mortgages, and if anything, the situation will get worse unless things significantly change.

An informal poll in the MyBuilder office confirmed the NHF findings. Only three people owned homes and guess what, they were over forty. So what has happened to the noughties generation and why aren’t they buying?

house-crisis

Speaking to one of the three homeowners I discovered a typically pre-noughties story – she bought her first house back in the mid eighties aged about 30. At that time, Thatcher was in power and the great sell-off of council property was underway meaning everyone wanted a foot on that property ladder. Endowment mortgages were rife, though thankfully her partner had the foresight to convert to a repayment before it was too late.

Paying for her first house, a two-bed cottage in the New Forest with a small garden, was a stretch but doable. The cost to buy then was less than £45k in total. Fast-forward to today and after a little research online, I found the same property had been sold recently for over £250k. It was a pretty but modest place but more importantly for my colleague it represented a real chance to invest and recoup – the chance to buy her own home.

Interestingly (and worringly) the report also stated that by 2020, “the price of a first-time buyer’s home will increase by 42%… and rents are expected to be 46% higher than today”.

Conversion and renovation work may become more plentiful for MyBuilder users in the UK countryside, following the announcement of a consultation on re-defining permitted development when it comes to former agricultural buildings. The Minister of State for Decentralisation and Cities, Greg Clark, announced the consultation this week, which would make it easier for farmers and developers to convert barns and outbuildings into farm shops, retail outlets, gyms, leisure facilities or entertainment venues.

Naturally, the proposals are controversial among those who live in the countryside. Some are keen to see the regeneration and new jobs that the scheme may bring, but others are worried that the move could lead to unchecked development and ruin the character of our green, open spaces. What do you think? Should we allow development without planning permission in such instances? Or is the countryside too special to be subject to unregulated conversions of this kind?

 

Photo by RONg

house prices falling

Figures from Nationwide show that house prices have dropped 1.5% from June last year, the biggest fall in three years. The average house price is now £165,738. Prices fell by 1% in the UK in the last quarter, although prices in London were up 1% in the same period. The housing market remains somewhat static, but how does this and the driving down of prices affect our tradesmen and tradeswomen at MyBuilder? Let us know whether a stalled market is great for renovations and repairs work or whether the lack of new homeowners is meaning less work overall in the industry.

Photo: Images of Money.


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