Local Government Association research finds ownership among the age group has fallen from 46% to 20% in the past two decades. The proportion of 25-year-olds who own a home has more than halved over the past 20 years, according to a report that points to the generational impact of the housing crisis. Home ownership has dropped from 46% of all 25-year-olds two decades ago to 20% now, the Local Government Association said. The LGA, which represents more than 370 councils in England and Wales, said more homes for affordable or social rent are needed to allow people to save up for a deposit and get on the housing ladder.
House prices face 2016 hangover - with confidence hit expect a sluggish market at best next year. The housing market is likely to get off to a slow start in 2017 amid a continued lack of properties for sale, according to surveyors. The Royal Institution of Chartered Surveyors (Rics) said a net balance of 30% of surveyors reported house prices rising rather than falling in November - the strongest figure seen since April. Demand from home buyers also picked up, with 13% more surveyors reporting a rise in new buyer enquiries rather than a fall. But a combination of tight supply conditions and a growth in the volume of houses being snapped up has led to a further erosion in the supply of homes for buyers to choose from, Rics said. Its report said that surveyors across most parts of the UK "highlight the supply shortage as a very dominant feature of the market at present".
More than four in five (84%) properties sold for less than asking price in November, the highest number since records began in 2013, according to research from the National Association of Estate Agents. The number of house hunters fell by a fifth (22%), from 440 in October to 344 registered per member branch on average. The number of sales agreed also fell to an average of eight per branch, down from nine in October and September.
The Welsh Government has been granted powers which will allow it to vary income tax rates from 2019 under a new fiscal framework. The new devolution rules will apply to stamp duty land tax, landfill tax and Welsh rates of income tax, allowing the Welsh Government to fix rates for the first time. In addition, the fiscal framework sets out increased capital borrowing powers, increasing the Welsh Government’s overall capital borrowing limit to £1bn and the annual limit to £150m.
Research has exposed the scale of the fall in buy-to-let purchases in the year that the Government hiked stamp duty by 3pc on such transactions. The number of properties sold to buy-to-let investors has fallen 63.7pc in the year to November in England and Wales, according to the estate agency Haart, dropping 8.2pc last month alone. In London, the number of such properties sold fell by 40pc. It also reported that the number of landlords registering to buy properties is down 59.2pc annually There was a big surge of transactions in March, before the stamp duty came in, followed by a sharp decline.