Development specialist Richard Carr has called upon all areas of the property sector to continue the recent residential boom by providing more new build properties.
Six month high
New data produced by Connells Survey & Valuation shows that the current UK residential housing market climbed to its second highest level during September and the highest for six months.
March 2015 was the highest level in terms of market activity, however September saw just .5% fewer valuations carried out.
Compared to this time last year, total valuation activity is up 29%, whilst the number of valuations carried out specifically for first time buyers rose by 25% in September.
“Britain’s housing market is going from strength to strength. Against a brightening economic background, players in all parts of the market are feeling more confident about their prospects. Valuation activity is growing beyond the seasonal pick-up at the end of August, with year-on-year growth gathering momentum,” John Bagshaw told propertywire.com.
“First time buyers aren’t just feeling more confident, they are now following this up with real action and contributing a good portion of growth in the UK housing market. There are no signs yet that schemes such as Help to Buy are going to be phased out, helping to suppress the barriers to setting a first foot on the ladder,” Bagshaw explained.
Meeting the demand
The countries challenge now is to meet the demand with supply, especially in the first time buyer market with affordable housing. Schemes such as ‘Help to Buy’ are vital in achieving this, however Richard Carr also believes that the government needs to do more to encourage developers to build more.
Lifting planning permissions on brownfield sites is a step in the right direction, but Richard Carr believes that further improvements need to be made to the planning system. An increase in resource within planning authorities along with a relaxation in property taxes such as s106, would encourage developers into the market.