Talks of building on disused military bases to tackle housing crisis
Studies have shown that we need to build around 250,000 new properties per year to stop the property crisis spiraling even higher out of control, though with debate over where to build them, talks are turning to alternative options.
Planning permission has been given for 2100 new homes to be built on the RAF Upper Heyford site by 2031.
Source: Daily Mail
Prime London property prices to briefly decline until 2018
2014’s reform on stamp duty and George Osborne’s tax changes last year, which made tax payable on sales of property over £1million, have caused property prices to fall slightly, but they are predicted to rise by an enormous 21.5% by 2020. Other high-end areas in the city are less likely to fall, but will also rise in price over the next five years.
Source: City A.M.
Wealthy young buyers in parts of London outnumbering over 50’s and pushing up property prices
Wealthy buyers under the age of 35 are bringing about gentrification in areas of London, which haven’t been touched by over 50s. Young affluent professionals have been buying properties in areas such as Whitechapel, Haggerston and Bow East, outnumbering over 50s by 2 to 1, bringing about new housing markets and pushing the prices up in these particular areas.
First-time buyers need to pay £8000 more than last year
First time buyers this year need to find an extra £7870 compared to in 2014. The average price of first time homes has risen a further 3.8% since the start of the year bringing the average price to £215,000. The highest rise came when house prices rose £2000 in August alone.
Source: Daily Mail
London housing crisis is costing the capital over £1billion per year
With London housing prices spiraling out of control, the capital is losing over £1billion per year and thousands of jobs, as employees can’t afford to rent in London. Findings showed that retail workers, cleaners and admin staff would need to use all of their pre-tax salary to be able to rent an averagely priced private home in London. These property prices have prevented the creation of 11,000 extra jobs in 2015.