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Morning Briefing: UK housing market outlook ‘worst for 20 years’
The UK housing market prepares itself for a slump, City of York Council sets out plans to build 600 affordable homes, and all your other top housing stories of the day
A number of publications are reporting on the Royal Institute of Chartered Surveyors’ (RICS) data this morning, which puts the UK housing market’s outlook for the next three months as the worst for two decades.
According to a survey of RICS members, 28% expect to see sales fall in the next three months, the most downbeat predictions since records began in October 1998.
One in five surveyors saw house prices fall rather than increase in December, while new buyer enquiries fell for a fifth month in a row.
According to the report, house prices are falling at their fastest rate in six years. A lack of clarity around Brexit, under supply and affordability have been blamed for the expected drop-off.
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The Times has a story charting the increase in the number of build-to-rent properties constructed in the UK over the past 12 months, with British Property Federation statistics recording an increase of 40% on last year.
The report puts the number of homes built for rent last year at 139,508, while the UK’s built-to-rent sector is now the second most invested in in Europe behind Germany.
City of York Council has unveiled plans to build more than 600 new homes to house key workers and people on low incomes, The York Press reports.
The plan will see the homes built on eight council sites over the next five years, and will be funded as a result of the government lifting the Housing Revenue Account borrowing cap.
CityMetric has an analysis looking at the Greater Manchester Spatial Framework, which was released this month and promises to deliver 200,000 homes over the next 18 years.
The piece lauds the plan as an example of successful local political collaboration, but raises the question over how long it will take for the housing plans of the city region to encroach on the surrounding green belt.
The BBC runs a story reporting that 60% of the money set aside by the Northern Irish government to soften the impact of welfare changes has been left unspent.
The piece says that a total of £213m was to be used over the past two years to ease the pain of those facing benefit cuts, but a report states that only £77m of this has been handed out.
On social media
Industry commentators react to the latest RICS data on the housing market:
Very weak December #RICS survey across board shows #UK #housing market ended 2018 very much on back foot: Prices balance fell to -19% (-11% in Nov) - weakest since August 2012. Ongoing falls in buyer enquiries, newly agreed sales & new properties for sale t.co/p8RZFsRT6v
— Howard Archer (@HowardArcherUK)Very weak December #RICS survey across board shows #UK #housing market ended 2018 very much on back foot: Prices balance fell to -19% (-11% in Nov) - weakest since August 2012. Ongoing falls in buyer enquiries, newly agreed sales & new properties for sale https://t.co/p8RZFsRT6v
— Howard Archer (@HowardArcherUK) January 17, 2019
What’s on
- London Assembly – Mayor’s Question Time will take place at 10am
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