General Election
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Housing Market
Post-Election housing market activity set to improve
House hunters faced with restricted choice could soon find that they have significantly more homes to choose from as the result of a post-Election surge in homes for sale, according to Righmove. The property portal is forecasting a sharp rise in the volume of residential properties set to come onto the market in the coming weeks, now that the Election uncertainty is over. In the three months after the May 2010 Election, the number of properties coming to market rose by 17 per cent compared to the previous three-month period, Rightmove said. “This is an election-driven price stall which gives some buyers only short-term relief from the back-drop of a long-term housing shortage, and many estate agents are now reporting a resurgence in interest following the surprise election result,” said Miles Shipside (left), Rightmove Director and Housing Market Analyst. He pointed out that the threat of Labour’s proposed mansion tax on homes valued at £2million-plus had “put a brake on the market”, but believes that “their removal gives a reason for a rebound in activity and prices.” Mr Shipside added, “Buyers should note that there is often a surge of property supply after an Election, as those who have held…
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Agencies & People
Changes at Countrywide as senior Directors depart
The Managing Director of Estate Agency is stepping down, while the Group Commercial Director at Countrywide has already left the company. Bob Scarff, Managing Director of Estate Agency, who has over 37 years’ estate agency experience, will step down from his position at the company in the coming weeks.He started his career as a Trainee Negotiator at Taylors estate agents in 1978, when the company was under private ownership, and became the Managing Director of the UK’s largest estate agency network. A press statement from Countrywide said that Scarff, who will step down on 29 May 2015, “intends to pursue his own personal ambitions outside of the Group”. Nick Dunning (left), Group Commercial Director, has stepped down from his role at the firm, having been with Countrywide for seven years, most notably building the lettings business. The press statement from Countrywide added, “Nick is leaving the company to pursue other thingsat the end of April 2015”. This effectively means that he has already left the firm. Both businesses will report directly to Alison Platt and Chief Financial Officer Jim Clarke in the interim. Alison Platt (right), Chief Executive Officer, Countrywide plc, said, “Both Bob and Nick have built tremendous foundations…
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Housing Market
General Election
We are not even building half the number of homes that we need to keep up with demand. A record number of young people are living at home with their parents. Many young people and families are priced out of homeownership and some of these families are living in overcrowded conditions. We have committed to ban letting agent fees to tenants.” Despite the desperate need for more homes, under this Tory-led Government we have seen the lowest level of house building in peacetime since the 1920s and homeownership is now at its lowest level for 30 years. THE FUTURE Labour is committed to tackling the housing shortage and we have set out a comprehensive plan to get at least 200,000 homes built a year by 2020. Under our plan, we want to see all local communities take responsibility for their own future and plan for the homes local people need. A Labour Government will make it compulsory for every local authority to have a plan which sets out how it intends to meet local housing needs. But with that responsibility will come much greater powers to deliver the homes their communities need. We’ll give local councils the ability to designate…
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Housing Market
Housing market picking up despite political uncertainty
The residential property market is showing signs of improving as “data points to a stronger pre-election housing market than we had anticipated,” according to a leading analyst. Concerns regarding a pre-election hit to the UK housing market appear to have been overemphasised, according to the investment bank, Jefferies, which has upgraded the residential property sector ahead of next month’s General Election following indications that the housing market is improving in spite of political uncertainty. The UK broking arm of the US bank estimated that residential property prices in London and the South East could fall sharply on the back of lower transaction levels. But despite a slowdown in the market, Jeffries has now changed its view on the sector, which includes listed estate agents and house builders. The reverse in views is largely thanks to a greater supply of mortgages, the Help to Buy scheme which has helped the new-build sector “punch above its weight”, and a strong lettings market which has offset the fact that fewer homes are changing hands on the sales market, helping to support estate agents in the process. Anthony Codling, property analyst at Jefferies, told the press, “The latest data points to a stronger pre-election…
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Housing Market
Housing is a top issue for voters
One of the most closely contested General Elections for decades is now formally under way, with the NHS, economy, immigration, welfare and jobs all high on the political agenda. But housing is also a major concern for many voters and could prove a key electoral battleground for the various political parties, according to pollster Ipsos Mori. Ipsos Mori’s latest Issues Index reveals that 14 per cent of voters currently rank housing as among the most important issues facing the country, up from 5 per cent in 2010, as more people struggle to afford to buy their own home in light of higher property prices and a general housing shortage. The Conservative party, which has reformed the planning system and introduced various Government initiatives including its flagship Help to Buy scheme since coming to power in 2010, has vowed to boost the level of discounted starter homes available for first-time buyers under the age of 40 if re-elected in May. Writing in PROPERTYdrum magazine, Brandon Lewis (left), the Housing and Planning Minister, said, “We’ve supported the aspirations of hard-working people. Help to Buy is enabling homeowners to purchase with a fraction of the deposit they would normally require, and leading developers…
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Guest Blogs
General election
Brandon Lewis, The Minister of State for Housing and Planning, reflects on what the Coalition Government has achieved on the housing front and gives us an insight into the Conservative Party’s strategy if elected in May.
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Uncategorised
Weaker demand reflected in slowing sales figures
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Nobody really knows whether the current slowdown is seasonal chill or a sign of things to come.”
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