Latest property market news - Norfolk and Nationwide
The UK’s property market is always on the move with new developments, laws and economic conditions impacting the property landscape. To make sure you’re up to date with all the latest events, we’ve collected some of the most important stories currently affecting the industry.
The only way is up
In the most desirable parts of the UK, land for new building projects is getting harder and harder to come by. Every square inch of the country’s most in demand towns and villages seems to be being developed, with little to no space left for new homes to be built. This is causing a significant shortage of housing in many areas and forcing buyers and renters out of their preferred locations.
In London, new research has highlighted one area yet to be exploited: the city’s rooftops. The study, carried out by Frank Knight, claims that 41,000 new homes could be constructed on top of 23,000 existing buildings. This property would have a combined value of around £51bn could be used to tackle the capital’s affordable housing crisis.
House prices level out
There has been a lot of speculation in the last few months about a drop in house prices. Driven by punitive stamp duty levels, an increase in interest rates and economic uncertainty, the steady increase in asking prices across the country has begun to slow. Although some parts of the UK may experience a slight dip in home values, the experts believe that overall prices will hold steady, making now a great time to begin your house hunt.
PM to oversee new housing development
To help ensure first time buyers can get their feet on the property ladder, the UK needs to build more homes. Without new developments, prices will continue to rise and buyers will find it harder and harder to secure a home of their own.
To help ensure more homes are built the Prime Minister has pledged to personally oversee an increase in home building. This will be done in conjunction with a £2bn increase in the affordable housing budget so that councils have more cash to invest in new developments.
Planning permission eases up
In order to ease the country’s housing crisis, a lot more new homes need to be built. So the fact that planning permission seems to be easier to acquire now than a decade ago is good news for house hunters everywhere. According to Government figures, 88% of planning applications in England and Wales are now granted. This is up from 82% in 2005/2006. However, the same figures show that overall applications are down by around a quarter, meaning fewer developments are under construction.
Staying up to date with property news will help you find the perfect moment to buy your new home or sell your current property. To find out more, take a look around our site or drop into one of our local branches.
30/11/17 By Musker McIntyre