Property to become more unaffordable over the next 5 years
A survey by the Royal Institution of Chartered Surveyors (Rics) has found that property prices and the cost of renting will continue to rise due to the shortage of homes. In the last three months, prices have risen in all parts of the UK and the number of houses on the market has fallen every month since February.
Offices being made into luxury flats following new planning rules
With the government’s new Housing and Planning Bill, it has been made easier for developers to convert unused offices into apartments – in some cases without having to get planning permission. So far, an 18-story office building in Portsmouth has been converted into 260 student apartments with more planned across the country.
Source: Daily Mail
Rightmove allowing agents to show fees
Rightmove is now allowing agents – both lettings and sales – to show their fees on the site, following recommendations from the Committee of Advertising Practice. There’s no news yet whether Zoopla and OnTheMarket will be following Rightmove’s lead as they already have an option to include ‘fees apply’ next to the rental price of a property.
Source: Property Industry Eye
Rise in popularity for properties with annexes
The Valuation Office Agency has found that in the last two years, the number of properties with an annex for family members has risen by over a third. The reason for this seems to come from children living with their parents for longer due to difficulty in getting on the property ladder, and elderly parents moving in with their children because of the costs of long-term care.