DATA: HMRC reported 92,200 residential transactions in Aug 2024
This was 0.4% lower than the previous month and 9% below the pre-pandemic average.
DATA: MHCLG published Planning applications in England for Q2 2024
They report applications for permission were down 9% compared to the same quarter last year while decisions were down 6% and 86% of those were granted permission.
DATA: MHCLG published indicators of new supply housebuilding statistics
The data undercounts the actual number of homes started and completed, and so should only be used as a leading indicator. The number of starts in Q2 2024 was 65% lower than the same period last year, though this reflects the rush to start work in Q2 2023 due to regulatory changes, and the number of completions was 12% higher.
DATA: Scottish Gov published Quarterly Housing Statistics for Q2 2024
They report “Completions (-4,003; -17%) and starts (-3,032; -17%) were lower in the year to the end of June 2024 than the previous year” and “There was an increase in affordable housing supply approvals (906, 15%) and there were decreases in starts (-734, -10%), and completions (-1,556, -14%) in the year to the end of June 2024 compared with the previous year”.
DATA: Scottish Gov published Homelessness in Scotland: 2023-24
They report “There were 40,685 homelessness applications recorded in 2023-24” which was a 4% increase on the previous year and there were 33,619 households assessed as homeless.
DATA: VOA published supplementary stock of properties data for Sep 2024
The release shows there were 25,675,000 properties in England on the Council Tax Valuation List on the 15th September 2024. This was an increase of 212,930 compared to the previous year. For comparison, the change between 2022 and 2023 was 236,620.
DATA: ONS published median house price and sales volume update
The release provides an update “house prices and sales volume data to include quarter 4 2023 and quarter 1 2024, including breakdowns by different geographies, new and existing sales, and property types”. This was the release previously known as HPSSAs.
POLICY: MHCLG announced “Brownfield Passports”
They published a paper which “proposes options for a form of brownfield passport, which would be more specific about the development that should be regarded as acceptable, with the default answer to suitable proposals being a straightforward ‘yes’” and invites views.
REPORT: Bennett Institute reported on financing new towns
The report “recommends using development corporations to raise finance directly from the capital market, contract out the delivery of both infrastructure and housing, while paying back investors from market sources of funding including land value capture”.
REPORT: PILC reported on cross-subsidy estate regeneration
Based on six case studies across London, they find “estate regeneration projects that feature demolition routinely underproduce truly affordable housing for low-income Londoners and increase rents of council and social housing by an average of more than £80 per week”.
REPORT: IFS reported on options for increasing taxes
They suggest “The part of the tax system that is arguably in the most advanced state of disrepair is council tax” and “SDLT has a claim to be the most economically damaging tax in the UK”. They suggest council tax “Bills are currently highly regressive with respect to property values and the Chancellor could sensibly choose to follow Scotland in making them more proportional” and SDLT “should be reduced or – even better – abolished”.
REPORT: Policy Exchange reported on fixing the planning system
They suggest a “Pre-missive Society concept would see local stakeholders agreeing to what type and level of benefits they would require for specified development types in exchange for the presumption of planning permission. Benefits could range from reduced energy bills to public realm improvements”.
REPORT: Housing Ombudsman reported on shared ownership
They found “Miscommunication, confusion over maintenance responsibilities and the complexity of shared ownership have impaired landlords response to complaints, compounded by poor knowledge and information management”.
Chart of the Week
This week the ONS published average household income data for 2022/23 and it shows the median disposable household income was £34,462. After adjusting for inflation, this was 2.5% lower than the previous financial year and 0.8% lower than prior to the pandemic. The data also shows the decline in real household incomes since the pandemic has been largest for households in the upper end of the income distribution.
The longer-term stagnation in inflation-adjusted incomes since the financial crisis is an important contributor to the current state of the housing market. It affects potential buyers’ ability to save a deposit, buy their first home, and move home – therefore contributing to the current low levels of turnover in the housing market.
