Understanding the Dynamics of the Housing Market with David James
Delve beneath the headlines of the housing market with insights from David James, a Rural Housing Enabler in Monmouthshire. Explore the funding, responsibilities, and essential housing market statistics crucial for site viability and understanding market forces. Discover key questions asked to grasp local housing trends and the added insights introduced in June 2022.
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Delving Beneath the Headlines What is really happening in the housing market? David James, Rural Housing Enabler for Monmouthshire 17th November 2022
Rural Housing Enabler - funding & responsibilities Hosted by Monmouthshire Housing Association. Main funders, MHA, Melin Homes & Pobl Group. Also funding from Monmouthshire County Council & Welsh Government. Work with rural communities to identify housing need. Identify potential development opportunities. Provide evidence to RSLs as justification for development. Provide evidence to MCC to help inform & shape new policies. Inappropriate policies mean it s much more difficult to develop!
Housing Market Statistics What I use for information Hometrack (licence fee, but gain access via MCC) Land Registry & OBR for forecasts Zoopla & Right Move Bank & Building Society reports Financial Times, especially for forecasts. Other newspapers, less so. Why do I need this? Understanding the housing market is key to determining site viability. Also helps with understanding of market forces.
Housing Market Statistics What I really need to know! Always kept abreast of house prices in local area, via online and estate agent windows Approximately 5 years ago got to talk to a local estate agent (over a glass of wine) and realised there was a lot of information which was not accessible Started calling into estate agents to have a chat about the local housing market. From my notes I realised I was not talking about the same things to different estate agents. Developed a series of questions to introduce consistency, allow for comparisons over time. Downside was that I needed more time with each agent so more difficult to arrange suitable time for interviews, ensuring they were carried out over a small timeframe as possible
Questions Asked 1. What are the main drivers of the local housing market? 2. Are many properties being put up for sale, compared to 6 & 12 months ago? 3. Are there more or less buyers, compared to 6 & 12 months ago? 4. What types of property are selling well / not selling well? 5. What are the main price bands of house sales? 6. Where are the buyers from? 7. Have you sold any second homes or holiday lets? 8. Which local areas are most sort after / difficult to sell? 9. What is the demand for rental properties? 10.How much are rents? 11.What rural areas are in most demand? 12.How would you sum up the market / anything else to add?
Supplementary Questions Introduced in June 2022 What percentage of buyers are concerned about the energy rating? Do buyers look to see how the energy rating can be improved?
Useful Findings! Main drivers - lot more divorces; intergenerational living so need for larger accommodation Buyers in urban areas and in lower price bands split equally between local and away Buyers in rural areas and over 500,000, 80% from away. Rental market, the demand massively outstrips supply. Barely any buyers ask questions or are concerned about energy ratings!
