This is influenced by the success of the ‘Right To Buy’ scheme, with some monies from the sale of council-owned properties being used to pay for new replacement homes. 42% of these new homes have been developed as affordable housing.
This is good news for first time buyers who have previously been frozen out of the property market by high prices and restricted lending. In fact, the number of buyers aged 18 – 30 years has reached an all time low of just 3% of property purchases.
Housing and Planning Minister, Brandon Lewis, is pleased with the improvements in the housing market. He said: “"Wherever you look across the housing market, the signs of progress are clear. House building in England is up by over a fifth compared to last year, orders for building materials are rising at the quickest pace for 11 years, and companies are hiring new staff at the fastest rate since 1997. Hardworking tenants are also voting with their feet and taking up the Right to Buy."
"This progress did not happen by accident. It bears testament to our efforts to reform the planning system and help homebuyers while paving the way for house builders to boost their output. But there’s still more to do, and improving the housing market will remain a vital part of our long-term economic plan."
Property has also become more affordable thanks to the ‘Help to Buy’ scheme. Property Reporter states that 80% of sales through this scheme helping first time buyers to purchase a new build property.
At JTM Homes, we specialise in the North London property market. Find out how these national trends are affecting your local area by contacting us. We’re here to help.