Housing market

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Large housing firms effectively creates a 'cartel'

Caerphilly AM Hefin David says the house building industry is dominated by large firms that effectively creates a "cartel", and argues the answer is an expanded housing market where smaller firms can thrive.

The first minister says the Welsh Government is working with private developers to understand the barriers on building more housing.

Archaeological works 'push up house build costs'

Bunford Hollow roundabout in Yeovil
Google

Tenants on a new housing estate in Yeovil could face higher rents after developers said archaeological investigations pushed up building costs.

Abbey Manor Group secured outline planning permission in 2015 to build 97 homes near Bunford Hollow roundabout (pictured), in West Coker, including up to 34 affordable homes, two thirds of which would be rented at a level set by South Somerset District Council.

Abbey Manor has now applied to change the homes to "affordable rent" which can be up to 80% of the market rate.

The council is set to make a decision on this proposal by the end of April - at the same time as a reserved matter application for the site, which would specify the size and location of the houses.

MP tells PM of 'huge disparity' in house prices in Cornwall

Francesca Gould

BBC News Online

Theresa May
BBC

An MP has discussed the difficulties of getting onto the housing ladder in Cornwall during Prime Minister’s Questions.

Scott Mann, Conservative MP for Cornwall North, raised the issue saying there is "huge disparity in Cornwall between average house prices and average wages".

He said: "The average salary is about £18,000 – people would need to earn 10 times their income for an open-market house."

Prime Minster Theresa May (pictured) said home ownership was a "dream that sadly too many young people feel they are not going to be able to achieve".

She added: "We do need to ensure we are helping people into home ownership and seeing homes being built."

Profits surge 30% at London housebuilder

Roofers
Getty Images

London-focused housebuilder Telford Homes posted record annual revenues and profit on the back of the capital's acute housing shortage.

It said profits for the year to the end of March would beat market expectations, rising by more than 30% year on year.

The housebuilder attributed its success to the under-supplied housing market in London, and its decision to sell homes at relatively affordable price points.

London house prices fall

London houses
Getty Images

The value of the average London house or flat fell by £10,000 in February alone, according to figures from the ONS.

In the year to January, the average price was £481,981.But in the year to February it was £471,986.

Prices in the capital fell by 1% over the year.

Across the UK as a whole, prices rose by 4.4% in the same period – pretty much continuing the trend over the last year.

Mortgage lending reaches highest February level in a decade

Homes
Getty Images

Mortgage lending for first-time buyers, home movers and remortgagors increased to its highest February level since 2007.

UK Finance’s latest mortgage trends update reveals that total homeowner purchases, which combine both home movers and first-time buyers, reached 50,000

“Homebuyers have shaken off the winter blues," said Jackie Bennett, director of mortgages at UK Finance.

There were 25,200 first-time buyer mortgages completed in February, 2.4% higher than a year previously.

There were 24,800 home mover mortgages completed in the month, the same as last year.