UK Housebuilding and property is doing fine

One of the many wrong forecasts by official bodies before the referendum was a likely fall in house prices and in housebuilding after a No vote. Almost a year and half later, house prices are up modestly and housebuilding has expanded by around 15%.

The latest house price survey from Nationwide shows prices up 2.5% over the last year. The rate of price growth rose to 5.6% after the vote in August 2016 and has since calmed down a bit. The movements post the vote are not very different from before the vote. The February 2017 level of 4.5% growth was the same as the growth rate in December 2015, as an example. The recent cooling in house price rises reflects the Bank’s decision to slow credit growth a bit.

In 2016-17 the UK added 217,350 dwellings to the stock, a rise of 15%. Housebuilding numbers are continuing to expand. The biggest source of growth by far is new construction. Conversions from commercial property are also making a growing and useful contribution. The decision to allow conversion of office space to residential with simplified planning has helped. There will also be shops on the edges of retail areas that will be suitable for conversion as the public switches to more on line and main centre shopping. 37,190 new homes have come from change of use over the last year.

The previous high for new homes came in 2007-8 just before the crash, when the UK produced 223,530. There was then a 44% fall in numbers as a result of the banking slump.

Meanwhile main commercial property companies still report good tenant demand. British Land is the latest company to report sales of properties at 13% above their valuations, showing that valuers continue to be unduly cautious about values.

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74 Comments

  1. Mark B
    Posted December 1, 2017 at 5:56 am | Permalink

    Good morning

    There is little in this to be proud about. It is either the UK is experiencing a massive baby-boom or, MASS immigration ?

    There is indeed much building going on, especially on East London. But we cannot keep building in one tiny corner of England and nowhere else.

    Converting commercial property into residential show a degree of desperation.

    What new infrastructure is the Government proposing. Lots of rail but what about water and electricity, especially for all those electric cars the government what us to buy ? And do not get me started on gas, you are banning it remember ?

    • Hope
      Posted December 1, 2017 at 9:50 am | Permalink

      The govt could of course encourage the build of local authority care homes or homes for the elderly so they could live near relatives who could help care for them. Only British citizens who have lived here for at least 20 years eligible. The urban ghettos being built do not normally have local clauses attached and many people forced away from relatives in the govt.s mad desire to help their mass immigration policy. Housing being based on a point system, primarily for the young families. If the elderly were catered for larger houses might become available! Lots of smaller homes could be built on the same amount of land, at a much quicker rate, freeing up the existing larger houses to the market! But the elderly are not being considered or how holistically it could help all ages in need of homes. Once again, no thought from the govt or the dull Javid who made ill informed criticisms, intent to divide society, instead of looking in the mirror. Another minister who ought resign or be sacked for inability and ill informed insulting comments.

    • Denis Cooper
      Posted December 1, 2017 at 10:04 am | Permalink

      Whisper it, do not say it out aloud, but the overall birth rate in the UK has increased significantly as a result of mass immigration. Some see this as a good thing, putting the UK in a better position over the so-called “demographic timebomb”:

      https://iea.org.uk/europes-demographic-timebomb/

      Personally I think it would have been better to have stuck with the previous policy of trying to stabilise the population, but if that was not acceptable then it would have been better to encourage the established population to have more children rather than setting out to import other people’s children from abroad.

      • Mitchel
        Posted December 2, 2017 at 1:16 pm | Permalink

        Re your final paragraph;exactly what Mr Putin is doing in Russia.

      • Ed Mahony
        Posted December 2, 2017 at 5:04 pm | Permalink

        ‘then it would have been better to encourage the established population to have more children rather than setting out to import other people’s children from abroad’

        – the best fun you can have in life is a large, close family (crazy and annoying they can be at times). Let’s hope the government will support families more in future.

  2. Yossarion
    Posted December 1, 2017 at 6:39 am | Permalink

    Yesterday they were over playing the decrease in EU migration, this time last year if my memory serves me right they were reporting a surge in numbers arriving before the Brexit cut off. The BBC don’t understand Balanced and impartial reporting. That Greek guy calling for England to be Balkanized on QT last night, why does He not go and sort His own Country out?l

    • Hope
      Posted December 1, 2017 at 9:52 am | Permalink

      Only estimates not real actual figures. The govt. does not have an accurate means of counting people in and out! How utterly stupid with the security and safety implications, housing, public services overwhelmed and they do not know how many are entering the country. Idiots complete idiots.

  3. stred
    Posted December 1, 2017 at 8:28 am | Permalink

    House prices in London have started to drop and London usually leads the rest of the country. The Treasury has its eye on the large capital gains made by private landlords and is doing all it can to winkle them out by removing higher rate interest allowances along with time consuming and expensive licensing along with a squeeze on housing benefit payments. If, as they hope this results in many sales and a tax grab, the market may turn quickly. Then, being part of the Reverse team, they will blame it on Brexit and enjoy the cries of torment of Brexit voters in negative equity.

    The closing of brickworks will mean a rise in imports and developers will be using rendered block instead, which will mean high maintenance costs as the finish stains over 5-10 years. Just have a look at the development outside the station at (seaside town ed).

    Reply Central London has a bulge of new flats on the market which has to be absorbed, built in anticipation of more foreign investors coming in to pay high prices.

    • Anonymous
      Posted December 1, 2017 at 9:40 am | Permalink

      “and enjoy the cries of torment of Brexit voters in negative equity.”

      Well – seeing as we’re all demented boomers (apparently) – we won’t be experiencing any negative equity, all we’ll be experiencing is great relief that our 30-year-old offspring can finally move out of our homes into more affordable housing.

      Rising house prices have been a disaster for this country. It is not home owners getting richer – it is the general population getting poorer !

      To boot it causes credit card binging and remortgating to buy bling.

      —–

      Before lecturing the US on stopping right wing extremism Mrs May needs to realise what caused it.

      The Left in politics and media have controlled the language and debate and denied ordinary people the moderate conservatism they demand.

      Here, for example. I distinctly recall voting for a ‘Brexit means Brexit’ Conservative but instead got Liberal May.

      “You can have any kind of politics so long as it’s red.”

      I’m voting extreme right next time and so long as it’s legal and how can I be criticised ? Doubtless it will be read that I’m a nasty instead of what it actually is – a cry for a return to sanity in this country.

      • getahead
        Posted December 1, 2017 at 7:49 pm | Permalink

        Well said, Anymouse.

        • The Prangwizard
          Posted December 2, 2017 at 9:34 am | Permalink

          Me too – well said. They refuse to listen. They do not care. I consider we are faced with what I call Liberal Fascism.

    • Lifelogic
      Posted December 1, 2017 at 2:59 pm | Permalink

      It also has the absurd up to 15% stamp duty for this appalling chancellor, plus you lose 40% in IHT on death above £325K or 28% CGT without even inflation indexation.

      The logic for spending a lot on a London property is rather lacking given these absurd tax rates. No point at all if less than say 8 years or so. Please the threat of Corbyn and confiscation, looking rather more likely as May picks pointless and misguided fights with Trump.

      Get back to real issues dear – deal with the threat of Islamic terrorism, go for selective immigration, deregulate, a clean brexit, easy hire and fire, stop the lawyers, Hammond and courts destroying the gig economy, cut the state down to size, cheap energy and leave the productive to produce for a change.

    • The Prangwizard
      Posted December 2, 2017 at 8:05 am | Permalink

      Why the censoring of a named town Mr Redwood?

      Reply I could not verify the comment

  4. Ian Wragg
    Posted December 1, 2017 at 8:43 am | Permalink

    Every bit of land around here in the East Midlands is being built on creating one large urban sprawl.
    Even the green belt isn’t safe.
    I can only guess that ……….immigrants are going to be housed in them on benefits because I don’t think any young working Brit could afford them.
    Of course they don’t have scores of kids so won’t be entitled.
    If the latest stories are true it appears Northern Ireland will remain half in the EU and Fisheries will be traded for aviation rights.
    You will be slaughtered at the polls If you pull this stunt.

    • Anonymous
      Posted December 1, 2017 at 9:48 am | Permalink

      They’ve done it here having cut the police.

      For the first time ever we are seeing armed robberies in shops. The police won’t release the CCTV footage for some reason.

      Our friend in social services reports an upsurge in demand for mental health/drugs treatments.

      These ‘garden towns’ are going to change the character of your area for good. Savour it while it still lasts.

      PS. Please build massively near Lewes. I note the most enthusiastic Remainers quarantine themselves from the worst of mass immigration by location, qualification, money and class. It should no longer be the working class who bear the brunt of mass immigration – they’ve done their bit already and their ability to integrate puts the middle class to shame.

    • Chris
      Posted December 1, 2017 at 10:51 am | Permalink

      Yes, IW, I fear they will, and May’s disastrous taunting tweet about Trump initially and her ridiculous response to his tweet about her needing to tackle the terrorist threat in the UK, just adds to the mess. How can a British PM end up insulting the President of the USA like that, to the point that he cancels his planned visit to the UK?
      I think letter of no confidence in her should be drawn up and duly presented.

    • bigneil
      Posted December 1, 2017 at 11:20 am | Permalink

      Don’t worry about the housing for the new arrivals Ian. I expect you to be getting a letter soon telling you of your govt ( EU approved of course ) quota of “someone from somewhere” allocated to live in your spare rooms.

  5. Lifelogic
    Posted December 1, 2017 at 9:00 am | Permalink

    That Greek guy, as you put it, has become another BBC favourite. What was most depressing was how almost everyone on QT agreed with the idiocy of May, Javid, Morgan, Cable, Calne and all the other idiotic attacks on Trump. He can retweet what ever videos he wants. He is right to tell May to get lost grow up and concentrate on the real issues. Which is sort of what he did.

    UK chap was not very good but better that the other dire lot. Esp. the Minister.

    • Anonymous
      Posted December 1, 2017 at 9:57 am | Permalink

      May doesn’t understand the reason for the rise of the far right.

      Americans (and Britons) are being denied moderate conservatism.

      The result is oversteer at elections.

      May is a classic example. At the time we needed a Leave Conservative we got a Remain Liberal.

      It is the liberal establishment offering us only the candidates they allow us to have through their left wing filtration system.

      Brexit for me isn’t about getting us out of the EU (though I’d love that) but proving that Britain has an anti democratic establishment.

      I want to see them openly defying the public will and there is ample proof that they are doing so at the moment.

      Brexit has shown them right up.

      Spectacularly so.

      • rose
        Posted December 1, 2017 at 9:52 pm | Permalink

        There wasn’t a “far right ” problem in the eighties, only a far left problem. As you say, the remedy is a strong conservative party, keeping to a sensible immigration policy – as the remedy for the far left problem would be a strong traditional labour party.

    • Chris
      Posted December 1, 2017 at 10:52 am | Permalink

      Agree, Lifelogic. I think we need Rees-Mogg and fast.

    • Lifelogic
      Posted December 1, 2017 at 3:00 pm | Permalink

      UKIP not UK !

    • APL
      Posted December 1, 2017 at 10:54 pm | Permalink

      Lifelogic: “He can retweet what ever videos he wants.”

      Of course he can, and what’s more, such tweeting is a protected right under the US constitution.

      Anon: “Conservative we got a Remain Liberal. ”

      When out of the last three Tory Prime Ministers have you had a Conservative?

  6. Bob
    Posted December 1, 2017 at 9:00 am | Permalink

    It may be true that the warnings of catastrophe from the Remainiacs have not yet materialised, but it doesn’t mean they are not working hard behind the scenes to bring about a political, economic and social meltdown. Parliament’s outburst against the POTUS is a clear example of that; if the PM were serious about a successful Brexit she would have refrained from her unhelpful criticism of Mr Trump, which has opened the door for the usual suspects to pile in behind her and jeopardize any prospects of an early trade deal.

    There are plenty of truly wicked things which cause serious and actual harm that she could have concerned herself with, like the harm done to the people who were being thrown from a rooftop in the video clip (which appears to have been of little concern to any of the serially outraged so called liberals).

    • TedC
      Posted December 1, 2017 at 9:43 am | Permalink

      Bob.. Indonesia is an up and coming economy looking for trade with this side of the world..also not a bad place to holiday..1 GBP = 18,000 Rupiah, last time I checked

    • Anonymous
      Posted December 1, 2017 at 10:01 am | Permalink

      Worst prime minister ever. Except Blair who brought us to this juncture.

      • Lifelogic.
        Posted December 1, 2017 at 8:19 pm | Permalink

        Plus Heath, Major, Brown and Cameron. Still Cameron at least achieved the. Brexit vote with his total cast iron dishonesty and incompetence.

    • Chris
      Posted December 1, 2017 at 10:54 am | Permalink

      Absolutely agree, Bob, and the Trump tweet business is definitely, I believe, being developed (and possibly orchestrated) by the Remainers. They just dominate everything – the airwaves, the media, BBCQT, and so on – are not being challenged.

    • zorro
      Posted December 1, 2017 at 5:16 pm | Permalink

      You are absolutely right, a lot of the left leaning, liberal luvvies seem to have selective memory when criticising Trump but conveniently ignore far worse examples like (named person ed)nd her notorious tweets (Oh yes, we haven’t forgotten)…..

      A whole lot of virtue signalling and ignoring the real issues. Oh and wasn’t T May forceful and strong…. shame that she can’t do that with the EU. I wonder why…. all she seems to do with them is smile and say how much!!

      zorro

      • stred
        Posted December 2, 2017 at 6:05 am | Permalink

        Politicians in important positions should be checked out for pre-senile dementia. It shows up in changes to rationality and beliefs. There have been obvious past cases. Of course, some of them may always have been secretly on the opposite side to the policies they put up when trying to climb up the greasy pole.

    • Ed Mahony
      Posted December 2, 2017 at 5:08 pm | Permalink

      ‘It may be true that the warnings of catastrophe from the Remainiacs have not yet materialised, but it doesn’t mean they are not working hard behind the scenes to bring about a political, economic and social meltdown’

      – Yeah, right.

      Hard Brexit will cause this meltdown as everyone knows.

  7. Bert Young
    Posted December 1, 2017 at 9:10 am | Permalink

    Positive property prices are an up and down matter ; either way its no help to infrastructure problems . Certainly if commercial property is converted for private housing needs , it implies a loss of jobs – this at a time when the focus is on raising productivity. I would much rather see our economy grow from the working ethic rather than from the increase in personal debt .

  8. Nig l
    Posted December 1, 2017 at 9:13 am | Permalink

    Yes, lots of positives especially the change if use. Certainly not an act of desperation as one of your regular moaners indicates but a pragmatic acknowledgement that both working and retail environments are changing. From experience in my area, I do not think local authorities are grasping quickly enough the retail changes nor have much idea of what a future high street should look like, so we are getting a sort of ‘shanty town’ effect and money spent (wasted?) on encouraging (diminishing) footfall.

    At a macro level your comments about GDP etc reflect the economy accurately in the present nonetheless the government gives the impression of denial and hubris re the inevitable cyclical economic downturn, we are in one of the longest growth periods yet borrowing more and more with no sign of that coming to an end, indeed potentially more big hits to come EU/H2S/Nuclear etc .

    Therefore with cost of debt only going one way, possible tax take the other, so a double whammy no wonder the BoE is warning about debt levels.

    For Phillip Hammond read Gordon Brown? You had better hope my worries are unfounded or at least until after the next election because if it happens before, you will truly be Corbyn fodder.

  9. Pat
    Posted December 1, 2017 at 9:23 am | Permalink

    Good Morning,
    I would suggest that house prices are determined by the law of supply and demand. The referendum predictions only made sense in the event of a mass exodus of EU citizens, which was never likely.
    We actually have a housing shortage for the present population, which if solved will result in a fall in house prices.
    I’d like to see an end to the shortage and lower house prices.

  10. Epikouros
    Posted December 1, 2017 at 9:48 am | Permalink

    This sort of news is welcome but it is unlikely that it will be much published by the MSM as it is either not sensational or emotionally charged enough(they need something to be righteously indignant about) or progressives and other lefties who suppress it as they do not want it to be known that their political opposites do what they so often fail to do. Telling is your comment on simplifying planning on change of use has lead to increased provision of accommodation. That can only reinforce the need for a much more relaxed planning regime on all occasions. It also says that acceding to demands of vested interests and attempting to influence by interference does nothing for the majority but rewards unfairly politicians, their friends and pompous causes.

  11. Denis Cooper
    Posted December 1, 2017 at 9:48 am | Permalink

    Off-topic, I wish to complain about the multiple hard borders which have been installed throughout my local area. It’s hardly possible to go anywhere around here now without encountering the infrastructure associated with these hard borders, specifically cameras here there and everywhere, in fact millions across the UK as a whole.

    So I can fully understand why the government in Dublin is absolutely opposed to the installation of cameras or any other electronic equipment within miles or kilometers of that fictitious line arbitrarily drawn across the map of the island of Ireland which some wrongly describe as a border. As made clear last week, they will not tolerate “anything that would imply a border on the island of Ireland”:

    http://johnredwoodsdiary.com/2017/11/24/new-garden-towns-and-the-oxford-to-cambridge-corridor/#comment-902811

    It’s fine to have cameras in Dublin, and even increase their number:

    https://www.independent.ie/irish-news/dublins-party-streets-set-to-get-extra-cctv-after-horror-rape-35671480.html

    but it would totally unacceptable to have them blocking roads and holding up traffic and interfering with trade and everyday life anywhere near that line on the map.

    In fact politicians in Dublin feel so strongly about this that they are prepared to see the Irish economy significantly damaged when the UK leaves the EU, in fact damaged more than the economy of the UK or of any other country.

    • Denis Cooper
      Posted December 1, 2017 at 10:51 am | Permalink

      And Hilary Benn agrees with them:

      https://news.sky.com/story/not-possible-to-avoid-post-brexit-hard-border-in-ireland-say-mps-11150811

      “‘Not possible’ to avoid post-Brexit hard border in Ireland, say MPs”

      • Denis Cooper
        Posted December 1, 2017 at 1:21 pm | Permalink

        Well, I’ve just seen William Rees-Mogg on TV pointing out that this report was not unanimous, the Remoaners like Hilary Benn sided with the foolish Irish government and the EU against our government while those who supported Leave accepted advice from a HMRC witness that there are feasible technical solutions to this problem. But of course there can be no solution if the EU and its puppet government in Dublin don’t want there to be a solution, which it is why it is complete nonsense for them to demand that the UK government must give a written guarantee of something it does not have the unilateral power to guarantee. Meanwhile as usual David Davis’s department has nothing to say about any of this.

        • rose
          Posted December 1, 2017 at 5:51 pm | Permalink

          The HMRC witness was the head man. He said there were no problems he could see with the government proposals. He said we could only control things our side, so it needed co-operation from the other side. He also said he was getting on very well in informal discussion with the Dutch and Belgians, but because of politics was not able to talk at all to the Irish or French.

          • rose
            Posted December 1, 2017 at 5:55 pm | Permalink

            I think the unreasonable demand for us to guarantee no hard border is a trap: if we sign, and then the EU say it can only be delivered if we stay in the SM and CU, they have us.

          • Denis Cooper
            Posted December 2, 2017 at 9:54 am | Permalink

            I think you have it exactly right, Rose.

        • zorro
          Posted December 1, 2017 at 7:44 pm | Permalink

          OK John, Denis and others have raised this point several times. What, in your opinion, is the cunning plan by the government in its communication strategy? Has it decided deliberately not to counter clear EU propaganda? Is T May mimicking Mohammad Ali’s ‘rope a dope’ strategy in the hope of landing an unsuspecting killer blow, or will she miscalculate and suffer the consequences…..?

          zorro

        • Denis Cooper
          Posted December 3, 2017 at 5:15 pm | Permalink

          Jacob Rees-Mogg.

  12. Iain Gill
    Posted December 1, 2017 at 9:52 am | Permalink

    The quality of new build housing is terrible.

    The way the standards are enforced dont work and are corrupt.

    The come back a purchaser has in the event of problems are full of get outs for the builder.

    The way we have allowed the default design of new build to evolve is pretty bad at the best of times, these houses will not stand the test of time.

    About time we brought back some basic common sense to building.

    The market is broken.

  13. Prigger
    Posted December 1, 2017 at 9:53 am | Permalink

    New Private Renting legislation , this time in Scotland’. I have seen this movie in England some time ago and it did not go as well as expected.
    We can all see it from a renter’s point of view. But if I had a house which I could rent, would I rent or choose a lump sum in my hand without half a century threat that my money could get further held back by further legislation and mucking about? Especially if I was not a “big” landlord with a standing law firm to deal with stuff? No, with just the one property I would not even consider it, sorry. It will be a sad time for renters in Scotland and devolution is being used as an attempt to prove “We Scots can legislate better than Westminster and with the same model succeed where the English failed.”I would not wish the Scottish government on my worst enemy. They should be compelled to experiment on animals first before unleashing their nonsense on human beings.
    http://www.bbc.co.uk/news/uk-scotland-42179428

  14. BenM
    Posted December 1, 2017 at 9:55 am | Permalink

    Today the country is tottering on the very brink..it will all be decided, or not decided, today and here we have another sideshow being put out by our host..wow! it doesn’look too good..DUP are threatening to pull the house down but have been told by the PM’s advisors if they do that it will mean a Labour government and the DUP consigned to the wilderness for a generation..also with the probable loss of their own seats..but with all the advantage going to Sinn Fein..the crazytimes we live in- talk about foundations built on sand..the nearest i can get today in talking about housing.

    • pleb
      Posted December 1, 2017 at 6:25 pm | Permalink

      BenM
      He’s doing a good job.
      Stay cool
      Daily life goes on.

  15. Rien Huizer
    Posted December 1, 2017 at 10:11 am | Permalink

    Apart from the prospect of a possible exit from the EU nothing much has happened yet that would affect the drivers of real estate activity and pricing in the UK: interest rates continue to be too low (by far), new building is far from sufficient to close the gap between supply and potential demand for dwellings (office and factory space may be a different matter). Real incomes are stagnant but unemployment is low, so financing is relatively easy, except, as usual for starters without enough savings or generous enough relatives.

    You have discussed other factors that could (artificially, unintended consequence of poorly designed gvt activity) affect supply and would need to be improved. However, there are three contingencies: financial turbulence from an unexpected “hard” brexit (now less likely and confidence should improve), l;ack of building capacity due to less availability of EU building workers and building materials (UK energy prices too high? for manufacturing bricks etc ?) and affordability problems. UK house prices are simply too high; good for home owners who are about to downsize or need cash urgently but for everyone else either dead capital or inability to purchase.

    I wish the government luck and a clear hed in dealing with this but hopefully, Brexit will be less of a problem (ther will be an FTA plus arrangements for the City) Paisley’s heirs willing, than was feared only two weeks ago.

    • stred
      Posted December 2, 2017 at 6:28 am | Permalink

      How about the ‘city boys’ and the CBI paying the £50-100bn in return for their’ FTA plus arrangements’ instead of the taxpayer, who can’t afford to pay for housing in competition with 330k extra customers pa?

      • Rien Huizer
        Posted December 2, 2017 at 10:38 am | Permalink

        That is a matter for politicians. Economics is not about distribution, at least not primarily.

  16. Peter
    Posted December 1, 2017 at 10:15 am | Permalink

    UK house builders and property owners might be seeing good prices but I do not think the housing situation is ‘fine’.

    There are tough times in my area for first time buyers unless they are subsidised by the bank of mum and dad. Youngsters should not be depending on family support to get established.

    In my area the head of the council has said that the impractical definition of affordable housing is ‘pushing the young out of London’.

    While I think owning property is desirable for most, it is now a major investment for most people and gone past that stage and become a racket.

    The problem might be alleviated if there were more opportunities in the provinces but there are no signs of that in an economy dominated by financial services.

  17. Nb
    Posted December 1, 2017 at 10:23 am | Permalink

    Well Trump is an absolute idiot. Worse than I thought. He is easily deceived by deep state operatives who manipulate him by his emotions and prejudices and it looks like his own intelligence services have kept him out the loop and are still using ours to run psyops against him? In the meantime he has so lost the plot over North Korea I wouldn’t be surprised if he ends up uniting both together against the U.S?

    We are living in the most dangerous times.

    • stred
      Posted December 2, 2017 at 6:34 am | Permalink

      Substitute the words ‘May’ for ‘Trump’, ‘EU’ for ‘North Korea’ and UK for US and then this would make sense.

  18. DBC Reed
    Posted December 1, 2017 at 10:56 am | Permalink

    “Meanwhile main commercial property companies still report good tenant demand” or in plain speech, the younger generation is being forced to reduce its demand for goods and services by paying science fiction rents.
    “The previous high for new homes came in 2007-just before the crash”.In plain English the crash of 2oo7-8 came from the ludicrous inflation of house prices which in the US, with it s no-recourse mortgages led, quite naturally, to a house-price crash that undermined the banks’ reserve assets which included collateralised debt obligations (mortgages as collateral) which dematerialised in a puff of smoke.
    And you rejoice in more of the same!

    Reply cOmmercial property means offices and industrials

  19. Fed Up and Angry
    Posted December 1, 2017 at 11:05 am | Permalink

    Another day and Theresa May is still PM, Hammond is still Chancellor and Rudd still Home Secretary; I won’t be voting Conservative. I am sick to death of their globalist claptrap – nothing will now make me change my mind about them or the EU.

  20. a-tracy
    Posted December 1, 2017 at 11:40 am | Permalink

    “In 2016-17 the UK added 217,350 dwellings to the stock”.
    Do you know the number of these in England alone?
    Do you know the number of these dwellings in London?
    I read in the England housing survey 50 years from 1967 to 2017 that during 1961 to 1971, annual net additions were 223,700 and during 2006 to 2015 it was 166,000.

    There were lots of things to celebrate in this document. Perhaps your government should point out some of the good things that have gone on. Like in 1961 76% of homes used solid fuel and the number of homes with any insulation was virtually zero. In 2015 1% rely on solid fuel for their main heating and 95% of homes have some double glazing and 98% either have loft insulation or no loft.

    100 years ago in 1918 Private renters made up 75% of homes, with 0% social renters and 25% owner occupiers, at its peak between 1991 and 2001 private renters were only 10%, 20% social rental and 70% owners. It is dipping now with 20% private renters, 20% social renters and 60% owner occupiers. Is it an aim of the Conservative government to get 50% renting 50% owning?

    Otherwise, why not come up with something like a 50-40 year mortgage loan (that goes no higher than the housing benefit maximum amount) that you can get between the ages of 20 and 30 where you eventually own the home in retirement and that allows you to sell the home and move around if your job depends on it, the mortgage loan moving with you?

    • leavewon
      Posted December 1, 2017 at 6:50 pm | Permalink

      a-tracey
      Only 1% with main solid fuel now is a pity.
      Coal fire is great.
      I turn the gas central heating off and sit in front of the flames.
      Young visitors love it too.
      Snowflakes melt.

      • a-tracy
        Posted December 3, 2017 at 7:04 pm | Permalink

        😄 haha
        But I remember walking to school in the smog, with my orange armbands so that we could be seen. Living in an industrial area was no fun with billowing chimneys, my Nan used smokeless fuel and my aunt still does I just see the work cleaning it all out, carrying dirty fuel in the house and learning how to light it without setting my long hair on fire. Pretty and cosy but too much work even for ❄️ ‘s parents.

  21. Prigger
    Posted December 1, 2017 at 1:06 pm | Permalink

    Parliamentary Constituencies ( Amendment ) Bill. Being discussed in Parliament today 1st December 2017.

    It is interesting first, how the right wing MPs of the Labour Party considered raw or ultra democracy not truly being in the role of a proper MP when confronted with Labour Party members wishing Corbynistas instead of themselves. They stated it was their role as MP to use their own judgment rather than be at the mercy of unknowledgeable people such as their Party members
    Second, how many of these self-same MPs voiced similar contempt for their Constituents voting Leave. They thought they themselves know better and should continue to ignore their wishes.
    But, when it comes to changing Constituencies to make a balance of numbers per constituency and thus eliminating 50 of the 650 MPs they bleat on how it is unfair to their ordinary constituents who deserve lesser numbers competing for each MPs attention.
    Naturally these MPs, since they ignore and despise the opinions of their constituents, it does not matter if it is one MP to 10 million constituents or 30,000 They are such traitors to The People and, by their own voices and values are such..

    • Prigger
      Posted December 1, 2017 at 2:04 pm | Permalink

      Later….The MPs wishing the Bill to be thwarted with the desire not to increase MP productivity but continue lazing around have won the vote for a Second Reading of the Amendment by something like 200 votes to 45. They were jubilant for a few seconds, waving their hands, smartphones with half-completed online games about, shouting “Hurrah!” then immediately falling asleep exhausted not being used to Parliamentary work.

  22. Jeremy
    Posted December 1, 2017 at 2:00 pm | Permalink

    Ever increasing property prices is not a good thing. Like many younger people, as someone priced out of owning a home, I would welcome a reduction in property prices. How can property be priced at many multiples of salaries be a good thing? It’s putting more and more people into a lot of debt beholden to the banks and interest rates.

    Why isn’t house price inflation included in general inflation. After all the biggest drain on younger peoples salaries are housing costs. So why are they not included?

    Please stop celebrating high house prices.

    • stred
      Posted December 2, 2017 at 6:42 am | Permalink

      It is included in inflation now, since last year.

  23. Trimperley
    Posted December 1, 2017 at 2:25 pm | Permalink

    The Nationwide figures are usually over optimistic. The Land Registry figures are more accurate and show a fall in monthly house price inflation from 1.1% per month in July to 0.4% in September which is the latest month available. SDLT need reforming if you want to get the property market moving again. However I have always looked on rampant house price inflation as a failure of government.
    http://www.gov.uk/government/collections/uk-house-price-index-reports

  24. margaret howard
    Posted December 1, 2017 at 4:57 pm | Permalink

    An economy relying on an increase in house prices is one doomed to failure. For the majority of people houses are not an investment but a place to live in.

    Their value is negligible as you can’t sell them unless you want to become homeless or have another house to move into. The only time anyone can realise their value is on death of the owners.

    But what has happened is that many house owners have been persuaded that they have become well off because the value of their homes has doubled since they bought them. It’s all a sham.

    The Wizard of Oz would be proud of this deception. But we all know what happened to him in the end.

  25. Old Albion
    Posted December 1, 2017 at 5:04 pm | Permalink

    Yup ! Still concreting over England to house the world.

    • APL
      Posted December 1, 2017 at 10:57 pm | Permalink

      Old Albion: “Still concreting over England to house the world.”

      like the comment, but despise all it conveys.

  26. Miss Brandreth-Jones
    Posted December 1, 2017 at 6:36 pm | Permalink

    The biggest investment people will make in their life. The sacrifice which is made and the stress for everyone to keep a roof over their head ,whatever their circumstance, should not be undermined by prices which do not gently rise.

  27. jerry
    Posted December 1, 2017 at 9:41 pm | Permalink

    “Almost a year and half later, house prices are up modestly and housebuilding has expanded by around 15%.”

    ..and that is good news?

    House prices are even more unaffordable, considering that wages are not keeping up.

    15% of not many is still not many… This country needs hundreds of thousands of new homes, many in areas or types that no commercial builder want to touch, such as cheap starter or for renting – commercial builders are meant to be building ‘affordable’ homes as a condition of their planning permission being granted but all to often they wriggle out of such conditions by claiming that such houses are uneconomic. If the builders are not pulling a fast one then the current government will simply have to start building such homes via the LA’s again, and soon otherwise the next will, just as they started the ball rolling back in 1945.

    • graham1946
      Posted December 2, 2017 at 9:53 am | Permalink

      If the LA’s did build then the Tories would just flog them off at a discount, quite likely to foreigners. It’s what they do – they hate public ownership, unless it is a foreign government doing the owning like our utilities, railways, airports etc. May has made housing her special project. She will fail because her party do not believe in it, they just want huge profits for huge corporations who pay for the party.

  28. Prigger
    Posted December 2, 2017 at 3:14 am | Permalink

    It has emerged that the BBC broadcast Fake News yesterday 1st December 2017 , all day, in regard to Trump and Flynn. The only , the one source, the BBC used was a report which it did not check by the ABC network which has now made a “clarification”
    The BBC licence fee should be returned to all of us. The BBC states social media when getting such matters wrong should be closed down. By the same virtue……
    # Incidentally, we PAY for the BBC. The social media is free and wonderfully superior.

    • Rien Huizer
      Posted December 2, 2017 at 11:22 am | Permalink

      Bliss, enjoying true facts..

  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, He graduated from Magdalen College Oxford, has a DPhil and is a fellow of All Souls College. A businessman by background, he has been a director of NM Rothschild merchant bank and chairman of a quoted industrial PLC.

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