Housing market starts to feel the chill
The guardian report on housing market starting to slow showing lowest figures since 2013.
It was an announcement homebuyers and sellers barely needed to be told – Britain’s property market is going through its flattest period in the last five years. A report from the Royal Institution of Chartered Surveyors (Rics) found that demand from buyers, and new instructions from sellers, were down again, the lowest figures since 2013.
Last month, research from estate agency chain Your Move found house prices in parts of London – once at the centre of the UK property boom – have fallen as much as 15% over the past year. At the end of 2017, Rics predicted that there would be a drop in prices in the capital and the south-east as the cautious mood of last year continues. “Brexit is having a marked effect on sales and prices, reducing both by up to 10%,” said one surveyor.
What now for the market
For those who want to sell their home, there are ways to improve their position.
The first step is to ensure that estate agents are doing their jobs properly, says Paula Higgins, chief executive of the campaign group HomeOwners Alliance. Simple moves to make the home more attractive to a buyer can make the difference, says David Blake from Which? mortgage advisers. “It makes sense to try and get your property into a condition where someone viewing it wants to buy it. That might mean investing a bit of money.”.....
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The document is restructured with the format reflecting the development process starting with guidance on the Local Plan process, thereby emphasising the importance of a plan led system. The document moves on to decision making, with emphasis on the benefits of pre-application engagement.
Paragraph 72 raises the potential for development of exception sites to provide entry level homes for first time buyers where a local need is identified.The importance of new settlements is emphasised in paragraph 73 in terms of providing large numbers of new homes.
A new Housing Delivery Test is introduced in paragraph 75 to measure each Local Planning Authority's (LPA) performance in delivering new houses, thereby driving up the construction of housing. In addition, paragraph 78 makes reference to LPAs having the option of imposing a condition requiring that the development commences earlier than the default three years. This option already exists but this is likely to become more regularly used.
A new standard method for calculating local housing need is included in the draft, together with the requirement that at least 10% of homes on major developments should be available for affordable home ownership.
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