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Morning Briefing: threat of no-deal Brexit continues to impact the housing market
House prices fall unexpectedly amid Brexit uncertainty, coverage from the Conservative Party conference continues, and all the other major housing stories this morning
A number of national newspapers have covered the Nationwide Building Society’s latest house price index data, which has shown an “unexpected” average drop of 0.2% on house prices across the country in the past month.
According to The Guardian, economists previously predicted a 0.1% rise in prices in September. The economists blame mounting fears over the impact of a no-deal Brexit for the unexpected downturn.
The biggest fall was in London, where prices slid at an annual rate of 1.7%, bringing down the national average.
The data will be difficult reading for housing associations which have a significant portion of market sale properties in their development pipeline. Last week, Inside Housing revealed that L&Q has put all new projects on hold as it battles the “serious downturn” in the market.
In related news, Reuters reports that Britain’s top property investment funds have shed 10% of their combined assets this year as investors fret over the impact of Brexit.
According to the research, the outflows of cash in recent months, which is estimated at £2bn, mirrors the levels seen after Britain’s vote to leave the EU in 2016.
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Meanwhile, the Conservative Party conference enters its final day in Manchester.
Several housing-related stories came out of yesterday’s conference, including the continued fall-out over the government’s announcement of a new ‘shared ownership Right to Buy’ scheme for housing association tenants.
Inside Housing also reported on the proposal for a ‘green standard’ for all new homes built after 2025, which would see the banning of fossil fuel heating systems, such as gas boilers.
Politics Home covered an event attended by housing minister Esther McVey, in which she reaffirmed her commitment to modern methods of construction.
Also on the Conservative Party conference, Reuters reports on chancellor Sajid Javid telling a fringe event that there will be a formal Budget this year, the contents of which will depend on Brexit.
Earlier this year, Mr Javid postponed the multi-year Spending Review, in favour of a fast-tracked one-year Spending Round, which took place last month.
In other news, council officers in Hackney have warned that asbestos is present in two-thirds of council’s properties, with residents being urged to get in contact with the council.
The Hackney Citizen has reported on the news and said it understands that the amount of properties with asbestos is normal for housing stock the age of of the ones in Hackney.
The council is working on the development of an online portal where residents will be able to access surveys and management plans, and has implemented training in asbestos management to all staff.
Finally, campaigners led a demonstration outside Glasgow City Council’s offices yesterday following cuts to its homeless service, according to Glasgow Live.
In May, the council announced plans to cut funding for hostel beds in order to make savings of £2.6m to launch its Housing First programme.
On social media
The New Statesman has a dig at Ms McVey, who got excited about the idea of architects designing on computers in 3D:
Watch: Tory housing minister Esther McVey reveals “3D architects” are using “computers”. Just wait until she discovers colour television... t.co/SUNaVkUTcz
— New Statesman (@NewStatesman)Watch: Tory housing minister Esther McVey reveals “3D architects” are using “computers”. Just wait until she discovers colour television... https://t.co/SUNaVkUTcz
— New Statesman (@NewStatesman) September 30, 2019
Meanwhile, housing secretary Robert Jenrick visits the streets of Manchester to make a video about homeownership:
We’re going to get Britain building:
— Robert Jenrick MP (@RobertJenri
🏡More environmentally friendly homes
🏡Better designed homes
🏡Faster and simpler planning
🏡Renewing the dream of home-ownership pic.twitter.com/RViQgC1RSUWe're going to get Britain building:
— Robert Jenrick MP (@RobertJenrick) September 30, 2019
\uD83C\uDFE1More environmentally friendly homes
\uD83C\uDFE1Better designed homes
\uD83C\uDFE1Faster and simpler planning
\uD83C\uDFE1Renewing the dream of home-ownership pic.twitter.com/RViQgC1RSU
