With a massive array of factors impacting the housing market, it is hard to keep up to date with the latest changes and developments. However, the appoint of a new Prime Minister is an outlying issue which might affect the market, and it is useful to hear from property market specialists on this new development.
At Urban BASE, we believe it is too early to determine what impact, if any, Liz Truss will have on the housing market as Prime Minister, but a number of leading housing market specialists have already shared an opinion or two.
What do property experts say?
Nathan Emerson, Propertymark’s Chief Executive, said: “We congratulate Liz Truss on her successful election campaign and urge her to work with property professionals to find solutions to these major issues facing the sector. The spiralling cost of household gas and electricity bills has put the energy efficiency of our existing housing stock into sharp focus. With unilateral EPC rating targets looming, there is currently no long-term plan that sets out how they will be achieved.”
Nathan Emerson ended by saying; “Propertymark is a strong advocate of making homes more energy efficient as the best solution to bringing down bills. However, it is unlikely that significant progress can be made until Ministers better understand the current housing stock and then apply realistic targets based on properties’ individual characteristics with sustained funding for homeowners.”
The supply of housing is a major issue
Propertymark are a highly regarded source for many peoople in the housing sector, and with the supply of property being a major issue, Nathan Emerson has his say on this topic.
Nathan said; “It’s no surprise that boosting housing supply topped our poll. Our latest market insight reports show for every rental property available there are an average of 11 applicants, while home buyers are outnumbering sellers by seven to one. This is creating affordability issues, particularly in the private rented sector. We believe that gap can be closed through measures that bring the many tens of thousands of long-term empty properties back and the introduction of focussed targets for new homes that are based on an identified need for each tenure across the country.”
Melanie Leech, Chief Executive at the British Property Federation, said: “We urgently need strong Government leadership after a period of drift. The new Prime Minister must address the immediate cost pressures facing businesses and families, but in parallel, there must a clear focus on the longer-term objectives to tackle inequalities across the UK and transition to a greener, high-productivity economy. We look forward to working with Ms Truss to harness the power and potential of the property sector to deliver the homes, work and leisure spaces that will revitalise our town and city centres and underpin our future prosperity as a nation.”
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