So listening to the Media on the Television , In the Newspapers and on the radio it seems that many people are concerned about the future of the property market.
In my view the whole issue is very cyclical except for the fact that too many Council Houses were sold to tenants without replacing the stock and now if we are to believe all that we are being told the wrong type of property is now being constructed or made available to the property market..
There is no easy answer to the housing crisis however what actually is very clear is that potential properties do not follow the demographics of the population.
There are now more people living on their own and a large number of single parent families who cannot afford to purchase or rent a property of a suitable size.
It appears to me that rather than providing funds to the large housebuilders whose only objective is to make as large a profit for themselves and their shareholders the funding must go to the Local Authorities (and their housing associations) who will be painfully aware of the needs of their community. That funding must not only include new build but must also include rebuilds and refurbishment of empty property both residential and commercial.
The flexibility required means that a relaxation of the planning rules is imperative so that there is an easy transition of change of use from commercial to residential. There are currently far more commercial properties that are standing empty which if given change of use will go a long way to supplying the shortage of housing.
There is an argument being put forward that private landlords(investors) are hoovering up the available housing to the exclusion of first time buyers but I have yet to see any evidence that this is factually correct.
If the supply of accommodation exceeded the demand then basic economics will mean that the price will drop.We only have to look at Oil to see this in operation.
First time buyers have been given more than enough help to get into the market including the changes to SDLT and indeed other buyers have also benefitted from the changes so that in theory the property market must survive.
I expect 2015 will see a slowdown in the market as building progresses so that the will be a balancing process in operation.
What do you think and is it now high time that the way we conduct housing transactions be reformed so as to be fit for the 21st century. The process as it exists is not fit for purpose!