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5 Interesting Facts About The Property Market

 
 
 
 
  30 Mar 2017

The property market has a massive impact on everyday life for so many people in the country. This is why a lot of businesses and individuals spend so much time focusing on the market, but the property market can be interesting. Here are 5 interesting facts about the property market.

There are a lot of homes in England

As of 2014, there were a total of 23.5 million homes in England. This may seem like a lot of homes, particularly with a population of around 54 million but as can be seen, there are not enough homes to go around; or at least, there are not enough suitable and affordable homes to meet the level of demand for property in the United Kingdom.

There should be more homes in England

The fact that there is a shortfall in the availability of property in England can be seen in the fact that the Government promised to deliver 1 million new homes between 2015 and 2020. With a target of 200,000 homes a year, this is a lot of homes that need to be added to the housing stock and currently, it looks as though this target will not be met. This is likely to increase the level of demand and ultimately pressure in the property market in England.

There is a significant value for homes in England

While there were over 23 million homes in England by the end of 2014, the value of the total housing stock in England in 2015 stood at £5.6 trillion. While this figure is obviously inflated by the properties of significant value, it does indicate the sort of figures involved with the property market. It is easy to say that more homes should be created but the cost of doing so can be very prohibitive. There is also the fact that many properties hold a greater value than others, which is the sort of property that companies operating in a commercial manner will want to make.

Owner-occupied is still the biggest state in the property market

While many people are being priced out of the property market in England in recent times, the market is still dominated by people who have an owner-occupied status. Recent figures suggest that 62% of homes hold an owner-occupied status, 20% of homes in England are rented privately and 17% of homes in England are socially rented. It is predicted that there will be a drop in the percentage of owner-occupied homes while the percentage of privately rented properties will increase in the next few years.

The condition of homes is improving

While people will have an idea of what is acceptable when it comes to the standard of their property, 20% of homes in England have been classed as “non-decent”. A “decent” property is one that provides a reasonable standard of thermal comfort, is in a good state of repair and it offers facilities that can be classed as modern. There was a change in criteria in 2006, which made the classifications for the first two elements stricter. In 2006, 35% of homes were classed as “non-decent”, so there has been a significant improvement in this area in the past decade.

While availability and pricing are likely to be the two key factors for many people looking at the property market, there are many interesting elements about the property market.


Author

Jezzards Estate Agents



 

 

Jezzards properties Hampton

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