Private homes for sale on the rise while affordable housing new homes stock declines!

publication date: Jul 21, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Private homes for sale on the rise while affordable housing new homes stock declines!

All latest reports from the estate agency and surveyor markets suggest that the number of properties for sale is on the rise. This appears partly due to more people having confidence in the market so looking to move. coupled with lenders who had previously rented repossessed stock putting it onto the market.
On the other hand, while second homes for sale rise, the number of affordable new homes for sale is on the decline as the Coalition government are starting to cut back on these much needed new homes for first time buyers, particularly in London.

According to an article from Joe Murphy in the Evening Standard, thirteen affordable homes have been scrapped by the government. The plans were for “Beaufort Park and West Hendon, Barnet; Kidbrooke Phase 1 and the Warren in Greenwhich; Hertford Road, Hackney; Parkwest, Hillingdon; Skerne Road, Kingston upon Thames; C2 Clapham Park, Lambeth; Silkworks, Lewisham; Canning Town Area 3, and Rathbone Market, Newham; Caspian Wharf and Leopold Estate, Tower Hamlets.

“It is a real shame that many of these schemes are being scrapped” says Kate Faulkner, Managing Director of Designs on Property. ”New build homes, especially affordable ones, are a great way to help improve the supply versus demand for property and many new homes and construction projects deliver jobs and more importantly additional revenue in tax to the government”. Kate continues “I know cuts need to be made, but it seems crazy to stop schemes that have already been invested in and could over the next few years keep people in jobs, put a roof over people's heads and where the government can at least recoup the initial investment via taxes rather than just ditch projects and waste the initial investment”

Research from the housing industry suggests that building much needed homes – whether for rent or sale – can substantially boost the government’s coffers. For example, Savills research suggests “A substantial increase in house building of 100,000 homes per annum would not only deliver much needed housing, it would create jobs, boost tax revenues and cut government borrowing by £23 billion over the life of a new parliament.” A pretty substansive claim, which you can find out more by downloading their Case for Housing.

Designs on Property is a business development consultancy that specialises in the residential property industry and with their expertise and contacts also help give independent help to first time buyers and those looking to better understand their options when buying an affordable home.

For those that do want a smooth move, contact us by email or by phone 0845 838 1763, better still, buy a First Time Buyer Pack or Sellers' Pack and make sure you have access to the Designs on Property team so you can enjoy a smooth move!

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Need help with a property problem? Have a question? Why not call Designs on Property on 07585 897128 or Contact Us via email.
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