Gove shames councils with the ‘worst’ housing plans. Interest rates held at 5.25%. House prices predicted to fall by 4% next year
Housebuilder Pro
Revolutionise your new home business with an end-to-end productivity software solution - from Shoothill Ltd
Gove shames councils with the ‘worst’ housing plans.
In a speech, Micheal Gove has put pressure on numerous authorities and has threatened to remove planning powers.
The Secretary for the Department of Levelling Up Housing and Communities issued a direction to 7 local authorities to improve their housebuilding plans.
Gove said: “St. Albans, Amber Valley, Ashfield, Medway, Uttlesford, Basildon and Castlepoint will all need to provide me with a planning timetable within 12 weeks.”
None of these 7 have submitted a plan since 2004, the Secretary also named Chorley and Fareham for other failings.
There is now an expectation that all local authorities should have a planning timetable delivered to the Department for LUHC within the next 4 months.
Gove also criticised the Mayor of London Sadiq Khan and said homes in the capital are ‘simply not being built’.
In response to Gove’s speech Angela Rayner, deputy Labour Leader and Shadow Secretary for LUHC said: "Despite all this tough talk, he (Mr Gove) and Rishi Sunak have stripped away every measure that would get shovels in the ground and houses built to appease their backbenchers.”
Interest rates held at 5.25%
Last week the Bank of England announced that interest rates would be held at 5.25%
While many hoped for a decrease in interest rates, easing the affordability of mortgages.
B of E holding at 5.25% continues the peak of interest rates for 15 years
Economists expect a decrease to 4% over the next 12 months.
However, a sudden decrease in the new year seems unlikely with the Bank’s monetary policy committee’s vote split between an increase and a decrease in rates.
领英推荐
House prices predicted to fall by 4% next year
Building Society Halifax has published its predictions for the housing market in 2024.
House prices have been trending upward in the previous few months according to Halifax, however, other industry bodies have had less cheery outlooks.
Kim Kinnaird, the director of Halifax Mortgages said: “Overall, with the combination of cost of living pressures and interest rate levels that are still much higher than even two years ago, we will likely see continued mild downward pressure on house prices”.
This past year Halifax have seen a 1% decrease in prices overall, with a shortage of houses on the market this has facilitated a higher demand for each property, somewhat maintaining prices.
Why not read our latest articles?
Finding our newsletter useful? Feel free to share it with your colleagues.
If you want to find out more about Housebuilder Pro, contact us here.
Or get in touch with Nick Taylor, our Sales Director.