What's going on in the housing Sector?

There is a whole host of challenges in our housing sector, all coming together at present. They were brought about by neglect and poor consultations, yet strangely, they are not holding back the interest there is in purchasing or moving. It is worth looking at the overlay for my brief this week on Property Matters.

For starters, Kevin McCloud from Grand Designs has spotlighted big firms running the housebuilding game. He argues that these big players focus too much on their own profits, which stifles growth and variety in the market.

He's pushing for breaking these giants up to inject some much-needed dynamism. Last year, when interest rates began to climb, these companies all stopped their projects, deepening the housing shortage. If smaller firms were in the mix, their varied approaches might have kept the construction going.

On the government front, raising council tax on empty homes shows they’re noticing the crisis, but it’s hardly scratching the surface. We're dealing with a deep shortage of homes, and minor tweaks won’t solve the big picture issue. Experts in housing policy are calling for more significant reforms in construction and urban planning to really tackle the problem of empty homes.

With summer around the corner, events like Euro 2024 and the Olympics are likely to distract homebuyers. Make this year different - market conditions are stable, there’s a good range of homes out there, and it's a buyer’s market for those ready to deal before summer distractions kick in full swing.

Using outdated statistics from last year to gauge today’s market isn’t particularly helpful. With the economy in a tight spot and house prices skyrocketing much faster than wages, we need fresh, up-to-date info to get the real picture. The Royal Institution of Chartered Surveyors points out that accurate, current market analysis is crucial now more than ever.

Landlords are also on edge with the slow-moving Renters (Reform) Bill, which is shaking up eviction rules. This has sparked worries about maintaining control over properties. To add to the mix, there's a delay in updating the Universal Credit payments system, causing further frustration in the rental market.

The government’s move to unfreeze Local Housing Allowance should be a boon for low-income renters, but the slow rollout has landlords waiting for the new rates to kick in. And despite the actual low rate of evictions, the loud headlines often distract from the real issues, driven by groups needing to pull in donations.

Navigating these turbulent times requires keeping a keen eye on developments in big business practices, government policy shifts, and legislative changes. It’s more important than ever to stay ahead of these dynamics, even to adapt, think outside the box and benefit from the evolving landscape.

The government’s efforts on building safety have been a bit of a mixed bag, often muddling through rather than making clear strides. However, here’s something they could really get behind: The Earl of Lytton’s initiative at buildingsafetyscheme.org .

It’s a breath of fresh air, offering a consumer protection scheme that could save leaseholders from unexpected financial headaches when landlords go bust. With a nudge through Parliament, this proposal could be just the ticket to ensuring safer homes without the stress. Who says good news can't come in government-sized packages?

If they play their cards right, this could be a positive way to end their tenure, yes a rarity, yet finally getting something right.

It’s a good time to be moving forward. All the more important with the tangles underfoot for buyers and sellers alike to ensure they are working with the right partners as they take their steps, new and experienced alike.

In times like this, it is unwise to engage with the cheapest advisers and partners. While this may work with some products, it could be disastrous to let others dictate. This month alone has shown disasters of people losing thousands by not being selective.

Thursday’s Podcast at 10am on LinkedIn, airs this very topic, looking to get true value in transactions. Chris Gilsenan , our investor/developer from Root Home is back from his travels to join our legal guide, Juliet Baboolal LLB (hons), LLM construction , partner at gunnercooke . Chaired, of course, by guardian Gareth Wax of Many Purple Hats Ltd fame.

Our special guest this week, talking on the subject of value, is Simon Pollins , who is, indeed, The Mezz Lender . The special subject is entitled “Get Fee Savvy: Navigating Property Professional Charges to Your Advantage.” The team guarantees special insights. Get there for 10 a.m. live or watch the recording in your own time.

Looking forward to seeing you there, and remember you can ask questions before, during, or after. And if there’s a subject you would like us to discuss do let us know about that too.