As a nation of house buyers, it is in the UK’s DNA to aspire to want to own your own home. However, the issue of affordability for first time buyers and working families has been all but diminished by the growing cost of buying a property. This is especially prevalent within the South East where rental prices are also on the increase and those working in or around the City are either choosing to move back to their parents’, moving to cheaper accommodation on the outskirts or outside the City, or moving out entirely.
The housing issue remains on the political agenda with plans to support housing growth through the government’s new Housing Bill announced in the Queen’s Speech. The aim of this is to simplify and speed up planning controls, and through the release of Housing Association controlled and social housing stock there will be cheaper housing made available to buy.
This should be good news as the bill will enable through the Right to Buy 1.3 million social housing tenants the ability to own their own home. In the last few years over 800,000 housing association tenants have been able to acquire their own homes with small discounts. In reality however the government’s plan would only be able to take into account discounts with a cap of £102,700 and £77,000 which begs the question whether the discount is significant enough to make it affordable for those on a lower income or first time buyers in prime areas?
Firms providing residential conveyancing services seem to be gearing up for an increased workload and are actively recruiting, and the forecast seems to be even better for next year. I have an abundance of roles, at all levels, that I need to fill asap so this may the perfect time to get in touch.
If you are interested in hearing more about residential property roles with firms of this nature in the South East, contact Kallan Nee or visit our website BCL Legal.