On this week’s Property News Radio Andy is joined by John from RMP Property and taking a look at housebuilding demand lags, research from Savills on the Buy to Let pension pot, UK interest rates, and our quirky news piece takes a look at just how much property is worth in Kensington!
This week’s news
According to new research by the chief executive of Countrywide, Only Switzerland and Luxembourg are building fewer new homes than Britain as far as Europe is concerned.
In the past decade, the UK built the third-fewest number of new homes in Europe when compared to the growth of its population – one for every 2.5 people.
Lucian cook – Director of Residential Research at Savills has analysed some data from the Office of National Statistics in an attempt to try to understand the impact that the pension reforms are going to have on the residential property market in the UK. Some interesting data to consider.
Bank of England governor Mark Carney has suggested the “new normal” for interest rates is likely to be about 2.5% when rates start to increase. So when is this likely? In terms of a timescale, he suggested that a level of 2.5% could be reached by around 2017.
So it won’t come to many people as a shock that Kensington and Chelsea is the most expensive place to buy a home in the UK with one square metre costing £10,854, according to new research by the Halifax. And Britain’s cheapest area? Stanley, in County Durham. There, a square metre costs £818.
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