House prices are still too high for many first-time buyers in the North East, according to a survey.
The National Housing Federation, which represents 1,300 housing associations, says prices in the region still cost around 11 times the average income.
The NHF report, entitled ‘North East Home Truths 2009’, examines the effect of the recession on the region’s housing needs. According to the report, although the North East has experienced significant drop in average house prices, this has not affected the availability of affordable housing.
The report states: “Though regional house prices have fallen 17% since the middle of 2008, our housing market is no more affordable or sustainable now than during the boom. This is due to poor job security, incomes 13% below the national average, climbing repossessions and the continuing mortgage credit crunch.”
The research also showed that the number of overcrowded households rose 11% last year, the second highest increase in the country.
Wednesday, 23 September 2009
Monday, 24 August 2009
Summer Trading ‘Confirms Trend’ In Promising Housing Market
Taken from the bdaily - 24.08.09
New government figures have shown the number of homes being bought has risen by 17% during July, although warnings have been sounded over its longevity.
Around 76,000 residential properties were sold last month, up 11,000 from June and the highest figure since May 2008, according to HM Revenue & Customs.
July saw the sixth consecutive month of improvement, and is seen as further evidence that the housing market is benefiting from a traditional summer bounce.
Ray Boulger, senior technical manager at John Charcol Mortgages, said: “The figures clearly confirm the trend we have seen since the spring.
“We are likely to see very low transaction volumes compared with what we are used to for quite some time.
“But I think we have been through the nadir and once confidence starts to come back and builds, it will bring more people back into the market.”
The Council of Mortgage lenders also released promising figures, reporting a 26% jump in mortgage lending during July to £16bn.
There is a slow down expected, said the Council, and the figure is still the lowest July has seen since 2001.
Nonetheless house prices have been predicted to rise by the end of the year, because the recent buck in activity has helped stop the downward spiral.
Friday, 21 August 2009
Halt On House-Building Has “Probably Run Its Course"
Taken from the bdaily - 21.08.09
The number of new properties being built has risen by 63% during the second quarter according to new figures, continuing the signs of recovery in the house building industry.
In England 29,980 new homes-builds began during the quarter, according to Communities and Local Government (CLG), 9% lower than the same period last year.
Senior economist at the Royal Institute of Chartered Surveyors, Brigid O’Leary, said: “This provides further evidence that the dramatic scaling back in house building activity since the onset of the credit crunch has probably run its course.
“A second consecutive increase in housing-starts in the private sector seemed likely after, earlier in the year, some major house builders noted that their inventory was being run down and that they were considering restarting some mothballed projects.”
Private sector developers saw a rise of 73% in house starts when compared to the previous quarter, and there was also a 34% rise in properties being built by social landlords.
A CLG spokesperson said: “The statistics are obviously good news for both the construction industry and those looking to buy a home.
“But we are not complacent. There is still a lot more to do, which is why we recently announced an extra £1.5bn investment on affordable housing, to build an extra 20,000 new affordable and social homes as well as 10,000 market properties.”
The number of new properties being built has risen by 63% during the second quarter according to new figures, continuing the signs of recovery in the house building industry.
In England 29,980 new homes-builds began during the quarter, according to Communities and Local Government (CLG), 9% lower than the same period last year.
Senior economist at the Royal Institute of Chartered Surveyors, Brigid O’Leary, said: “This provides further evidence that the dramatic scaling back in house building activity since the onset of the credit crunch has probably run its course.
“A second consecutive increase in housing-starts in the private sector seemed likely after, earlier in the year, some major house builders noted that their inventory was being run down and that they were considering restarting some mothballed projects.”
Private sector developers saw a rise of 73% in house starts when compared to the previous quarter, and there was also a 34% rise in properties being built by social landlords.
A CLG spokesperson said: “The statistics are obviously good news for both the construction industry and those looking to buy a home.
“But we are not complacent. There is still a lot more to do, which is why we recently announced an extra £1.5bn investment on affordable housing, to build an extra 20,000 new affordable and social homes as well as 10,000 market properties.”
Thursday, 23 July 2009
Investment Opportunity - Wellington Walk, Stockton
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Looking for an investment and have your 25% deposit ready? Read on.
No deposit? Scroll down to the next post!
Wellington Walk in Stockton is a newly completed development of twenty-one, two bedroom apartments arranged over three floors.
Each apartment includes an allocated car parking space in the development’s own car park and benefits from a full white goods package.
The apartments have been tastefully fitted with white bathroom suites and modern, neutral kitchens. Each property is also equipped with under floor heating.
To the front of the development is Wellington Street, directly adjacent is a public park and green and to the rear is the private courtyard and allocated parking including visitor spaces and a bike store.
The development is located within walking distance of Wellington Square which is Stockton's newest shopping development.
‘Situated at the top of the famous high street and close to all existing shops and amenities, Wellington Square has over 40 brand new stores and a new 800 space car park right next door. Top high street names including HMV, H & M and Debenhams are all located here.’
Stockton College and Durham University Campus are also within close proximity and the transport links are excellent with direct access to the A1305 radial road serving Stockton Town Centre and the western entrance to Wellington Square Shopping Centre. The A66 is also easily accessible which links to the A1(M) to the west and A19 to the east.
PPI are pleased to offer these properties at 30% below their marketing prices.
As ever, investing with The Principle Group also gives you access to our specialist partners and services :
Free Financial Health Check and Discounted Mortgage Arrangement
Discounted Conveyancing
Discounted Professional Letting and Furnishing
Contact me now for a full price list, floor plans and further images.
amy@principlepropertyinvestments.co.uk / 07834 557983
IMPORTANT NOTICE: These particulars are for illustration only. We operate a policy of continuous product development and consequently these particulars should be treated as general guidance only and cannot be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty. Please note that the property market may fall as well as rise and as a result The Principle Property Group (PPI Ltd and PPL Ltd) can be held in no way accountable for any losses incurred.
No deposit? Scroll down to the next post!
Wellington Walk in Stockton is a newly completed development of twenty-one, two bedroom apartments arranged over three floors.
Each apartment includes an allocated car parking space in the development’s own car park and benefits from a full white goods package.
The apartments have been tastefully fitted with white bathroom suites and modern, neutral kitchens. Each property is also equipped with under floor heating.
To the front of the development is Wellington Street, directly adjacent is a public park and green and to the rear is the private courtyard and allocated parking including visitor spaces and a bike store.
The development is located within walking distance of Wellington Square which is Stockton's newest shopping development.
‘Situated at the top of the famous high street and close to all existing shops and amenities, Wellington Square has over 40 brand new stores and a new 800 space car park right next door. Top high street names including HMV, H & M and Debenhams are all located here.’
Stockton College and Durham University Campus are also within close proximity and the transport links are excellent with direct access to the A1305 radial road serving Stockton Town Centre and the western entrance to Wellington Square Shopping Centre. The A66 is also easily accessible which links to the A1(M) to the west and A19 to the east.
PPI are pleased to offer these properties at 30% below their marketing prices.
As ever, investing with The Principle Group also gives you access to our specialist partners and services :
Free Financial Health Check and Discounted Mortgage Arrangement
Discounted Conveyancing
Discounted Professional Letting and Furnishing
Contact me now for a full price list, floor plans and further images.
amy@principlepropertyinvestments.co.uk / 07834 557983
IMPORTANT NOTICE: These particulars are for illustration only. We operate a policy of continuous product development and consequently these particulars should be treated as general guidance only and cannot be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty. Please note that the property market may fall as well as rise and as a result The Principle Property Group (PPI Ltd and PPL Ltd) can be held in no way accountable for any losses incurred.
Investment Opportunity - Waterside at Bowesfield Park, Stockton
PPI Ltd are proud to announce the acquisition and onward sale of 44 two bedroom apartments each with their own car parking space from David Barlow Homes on Bowesfield Park, Stockton.
Taken from davidbarlowhomes.co.uk :
'Waterside blends the very best of modern urban living with seven charming and distinct house types in this sought-after riverside location. Bordering a wildlife conservation area, Waterside is a fine place to lay down some roots and watch a real neighbourhood grow all around you.Designed to encourage a true community spirit, we think living at Waterside should be an enchanting experience and each of these homes will appeal to broad range of people.'
If you don't have access to a large deposit this is the investment opportunity for you.
PPI are offering the chance to reserve a property from plan today for 15% below the current, depressed market value with a reservation deposit of just £500.00.
You then have six months to accumulate a 5% deposit with us before exchange of contracts and a further six months to accumulate another 5% before completion.
Investing with The Principle Group also gives you access to our specialist partners and services :
Free Financial Health Check
Discounted Conveyancing
Discounted Professional Letting and Furnishing
Contact me now for further information on the development, the apartments, our services and the all important price list.
amy@principlepropertyinvestments.co.uk / 07834 557983
IMPORTANT NOTICE: These particulars are for illustration only. We operate a policy of continuous product development and consequently these particulars should be treated as general guidance only and cannot be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty. Please note that the property market may fall as well as rise and as a result The Principle Property Group (PPI Ltd and PPL Ltd) can be held in no way accountable for any losses incurred.
Wednesday, 8 July 2009
Recession Easing But 'Not Out Of The Woods'
Taken from the bdaily - 08.07.09
The North East's economy is "inching closer to stability", according to a regional business group.
The latest survey from the North East Chamber of Commerce (NECC) has shown the decline in domestic sales slowing and firms are more positive about plant investment and staff retention.
The North East Business Barometer showed respondents were much more confident that turnover and profitability will improve over the next 12 months.
James Ramsbotham, NECC chief executive, said: "Overall, our survey demonstrates increasing levels of confidence among businesses but this is more a case of companies being more confident of survival rather than being outright optimistic. We are most definitely not out of the woods yet.
"The economy is still contracting but the NEBB shows that the balance is starting to swing back towards equilibrium.
However Mr Ramsbotham cautioned against celebrating too early, saying that "dark clouds" still hung over the UK economy due to the high level of public debt.
"The Government will have to reduce that debt over the coming months and years and it will face frighteningly tough decisions," he said.
"What cannot be allowed to happen is for the bill to be dropped in the lap of businesses. The focus must be on setting out realistic priorities for public spending as opposed to damaging the private sector through excessive increases in taxation."
The North East's economy is "inching closer to stability", according to a regional business group.
The latest survey from the North East Chamber of Commerce (NECC) has shown the decline in domestic sales slowing and firms are more positive about plant investment and staff retention.
The North East Business Barometer showed respondents were much more confident that turnover and profitability will improve over the next 12 months.
James Ramsbotham, NECC chief executive, said: "Overall, our survey demonstrates increasing levels of confidence among businesses but this is more a case of companies being more confident of survival rather than being outright optimistic. We are most definitely not out of the woods yet.
"The economy is still contracting but the NEBB shows that the balance is starting to swing back towards equilibrium.
However Mr Ramsbotham cautioned against celebrating too early, saying that "dark clouds" still hung over the UK economy due to the high level of public debt.
"The Government will have to reduce that debt over the coming months and years and it will face frighteningly tough decisions," he said.
"What cannot be allowed to happen is for the bill to be dropped in the lap of businesses. The focus must be on setting out realistic priorities for public spending as opposed to damaging the private sector through excessive increases in taxation."
Friday, 26 June 2009
Home Ownership 'Aspirations Hit'
Taken From BBC News Online
Page last updated at 10:24 GMT, Monday, 15 June 2009 11:24 UK
Young people's aspirations of home ownership have shrunk as a result of the recession, according to a survey.
The proportion of UK youngsters who believed owning their own home was "the ideal living situation" dropped in the last year, the poll found.
The not-for-profit Chartered Institute of Housing (CIH) surveyed 2,028 people ahead of its annual conference.
It is calling for renting and ownership to be considered as equally viable alternative for the younger generation.
"We've driven too many people into unsustainable owner-occupation," said CIH chief executive Sarah Webb.
"A generation has grown up believing it has to own at any cost - in part because we have not provided them with decent information about the alternatives."
Findings
Historically, the poll has found that people aspire to owning their own home - a situation confirmed this time.
Some 70% of people asked said they thought that homeownership was a good long-term investment.
However, in the 25 to 34 age bracket, the proportion who believed that owning their own home was the ideal living situation fell from 83% a year ago to 69% now.
Those surveyed - who included homeowners, tenants and people living in social housing - pointed to negative equity as a source of concern.
Part of the project charted the concerns and support over homeownership from young members of a housing association board.
With the housing boom having pushed up prices and banks now squeezing their lending, it had become tough to get on the housing ladder, said Muhammod Akbur Hussain, 21, according to the report.
But Ruhul Alam, 22, said: "Ownership is an aspiration to most young people. Ownership gives you security, you can't be evicted. It gives you freedom and it is a status thing."
'Price Gap'
A separate survey for the CIH found that four in five said demand for rented accommodation had risen in the last 12 months, and demand for debt advice had also grown.
Figures from the Council of Mortgage Lenders (CML) show there were 11.6 million mortgage holders in the UK in 2008, including 1.15 million outstanding buy-to-let mortgage holders.
Meanwhile, a report by the Royal Institution of Chartered Surveyors (Rics) said the gap between asking and selling prices had narrowed.
Across the UK, houses were selling at an average of 11% below the asking price with sellers, although in some regions sellers were being forced to accept up to a 26% discount off their advertised price.
"The improvement in sentiment ... is reflected in a narrowing in the gap between asking and selling prices," said Rics chief economist Brigid O'Leary.
Page last updated at 10:24 GMT, Monday, 15 June 2009 11:24 UK
Young people's aspirations of home ownership have shrunk as a result of the recession, according to a survey.
The proportion of UK youngsters who believed owning their own home was "the ideal living situation" dropped in the last year, the poll found.
The not-for-profit Chartered Institute of Housing (CIH) surveyed 2,028 people ahead of its annual conference.
It is calling for renting and ownership to be considered as equally viable alternative for the younger generation.
"We've driven too many people into unsustainable owner-occupation," said CIH chief executive Sarah Webb.
"A generation has grown up believing it has to own at any cost - in part because we have not provided them with decent information about the alternatives."
Findings
Historically, the poll has found that people aspire to owning their own home - a situation confirmed this time.
Some 70% of people asked said they thought that homeownership was a good long-term investment.
However, in the 25 to 34 age bracket, the proportion who believed that owning their own home was the ideal living situation fell from 83% a year ago to 69% now.
Those surveyed - who included homeowners, tenants and people living in social housing - pointed to negative equity as a source of concern.
Part of the project charted the concerns and support over homeownership from young members of a housing association board.
With the housing boom having pushed up prices and banks now squeezing their lending, it had become tough to get on the housing ladder, said Muhammod Akbur Hussain, 21, according to the report.
But Ruhul Alam, 22, said: "Ownership is an aspiration to most young people. Ownership gives you security, you can't be evicted. It gives you freedom and it is a status thing."
'Price Gap'
A separate survey for the CIH found that four in five said demand for rented accommodation had risen in the last 12 months, and demand for debt advice had also grown.
Figures from the Council of Mortgage Lenders (CML) show there were 11.6 million mortgage holders in the UK in 2008, including 1.15 million outstanding buy-to-let mortgage holders.
Meanwhile, a report by the Royal Institution of Chartered Surveyors (Rics) said the gap between asking and selling prices had narrowed.
Across the UK, houses were selling at an average of 11% below the asking price with sellers, although in some regions sellers were being forced to accept up to a 26% discount off their advertised price.
"The improvement in sentiment ... is reflected in a narrowing in the gap between asking and selling prices," said Rics chief economist Brigid O'Leary.
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