London Mayor calls for housing stimulus. Mortgages reaching into retirement. Scotland declares housing emergency. Vistry increases targets.

London Mayor calls for ￡2.2bn housebuilding stimulus in London

After an 88% drop in affordable housing completions this past year Sadiq Khan has called for financial support for the region’s affordable housing programmes.

Khan said: ““Levels of government investment are nowhere near enough, and there’s been a perfect storm of much higher prices for materials and a spike in interest rates.”

Khan cites the low rate of building as a result of the delays to ministers signing off on the latest Affordable Homes Programme.

The department for Levelling up, Housing and Communities has responded to Khan’s claims: ““These claims are misleading. We have allocated ￡4bn to the Greater London Authority to deliver affordable housing in London, part of our wider ￡11.5bn Affordable Homes Programme, and last year saw the highest year on record for affordable housing delivery across the country, with a 12% increase in starts compared to the previous year.

“As the secretary of state has made clear, Londoners are being let down by the mayor’s failure to deliver new homes in the capital. That is why government has taken the unusual step of intervening in the London Plan to boost housing delivery.”

Mortgage lengths growing to beyond retirement

Bank of England data has revealed that mortgage lengths are growing with those under 30 taking on mortgages that take them to beyond retirement age.

This comes after a Freedom of Information request by former pensions minister Sir Steve Webb requested the data.

With longer mortgage terms monthly payments become more manageable – however more interest is paid over the long term.

Webb said: "The challenge of getting on the housing ladder is forcing large numbers of young home buyers to gamble with their retirement prospects by taking on ultra-long mortgages".

Scottish government declare housing emergency

In a labour-led debate at Holyrood the Scottish government voted in favour of declaring a housing emergency.

The housing emergency effectively means that the government recognise a change needs to be made – but doesn’t implement one.

A similar motion was voted against last November. Since then, the Scottish government has entered turmoil with the SNP and Greens power sharing deal ending and funding from Westminster is getting cut.

4 Scottish councils have declared housing emergencies with reasons ranging from pressure on homelessness services, property prices and stretched temporary accommodation.

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Vistry announce increase in housebuilding target

Housebuilding giant Vistry have increased their housebuilding target after a surge in sales.

Its annual housebuilding target is now 18,000, an increase of 500 from previous targets.

The company has seen a 10% increase for year on year sales and expect annual and half-year profits to be ahead of last year.

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