ONSIDE / PROPERTY Q&A
Q: So you believe that the North West is one of Q: What do you expect to happen to house
those opportunities?
prices in the region?
A: There’s a housing shortage in the North West which is pushing
house prices and private rents up according to a new report
from the National Housing Federation (NHF) – with the crisis
set to worsen by 2020. There are attractive buying opportunities
because there are still continued funding restrictions in the
property market.
Q: Please can you explain more about the
housing shortage in the North West?
A: The NHF report blames the North West housing crisis
on a shortage in the region, with less than two thirds (64%)
of the homes the region needs being built. Each year, 17,500
new households are expected to form in the North West but in
2012/13 just 11,600 homes were built, nearly 3,000 of which
were by housing associations.
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A: Underlying housing demand remains strong, whilst supply
of new build homes falls far short of Government targets,
indicating long term price support.
Q: What’s demand like in the rented sector?
A: The rental market is growing as it is increasingly difficult to
get on the housing ladder, as lenders in the majority of cases are
still requiring substantial deposits. Also, as the labour force has
to be more flexible and mobile, the cost of buying and selling
properties is increasing the demand for rental properties.