Post by Sherford on Aug 10, 2008 22:17:57 GMT
www.thisisplymouth.co.uk/news/Better-news-time-buyers/article-256566-detail/article.html
Better news for first-time buyers
07:00 - 08-augustus-2008
THE credit crunch is putting Plymouth houses back within reach for first-time buyers.
Property prices in the city have been falling by about two per cent a month this year, according to James Moore, valuer for Connells first time buyer centre on Mutley Plain.
Mr Moore said his branch had sold 24 properties in the past month.
"We are regularly selling two or three-bed houses for under £100,000 and one-bedroom flats for under £70,000," he said.
"Despite the challenging market, deals are there to be had."
Darren Lawson, a director of Mansbridge and Balment and chairman of the Plymouth Association of Estate Agents and Surveyors, said: "It's a wonderful opportunity for first-time buyers. For the past six or seven years they've been outgunned by the buy-to-let buyers.
"The only fly in the ointment is the lack of fluidity from the lenders."
He said there were a few 95 per cent mortgage deals still available, but most lenders wanted deposits of at least 15 to 20 per cent.
Prices had been driven up as demand outstripped supply, Mr Lawson said.
Frances Turner, Plymouth City Council assistant director for housing, said new building had slumped to the lowest level for 30 years.
She told councillors this week: "A large proportion of households entering the market can no longer afford a home. As a result lettings are increasing, with landlords reporting a four per cent increase in rents."
Ms Turner, presenting the city's draft housing strategy to councillors, said the Government had set a target of three million new homes across the country by 2026. Plymouth's own target is for 5,000 new homes to be built by 2011, 10,000 by 2016 and 29,500 by 2026.
Some of these will be at Sherford new town, to the east of the city, and at Plymstock Quarry.
At Derriford the council aims to create a district shopping centre and 6,606 dwellings, of which 1,951 will be affordable.
More than 400 homes are being built in Devonport, and in Millbay developers want to put up 1,200 homes. More housing is going up at Mount Wise.
Developers must provide 30 per cent of a new scheme of 15 homes or more as affordable housing.
But Ms Turner said the council's goal was not only to provide affordable homes for the low-paid. It also wants to stop the drift of better-paid people into the surrounding countryside by developing high-quality housing.
She said poor standards of housing were contributing to crime and anti-social behaviour and drug and alcohol problems.
Devonport, the city centre, North Prospect, Barne Barton and Stonehouse were more deprived than the rest and were council regeneration priorities, along with Efford and the East End.
"Homeowners and private tenants in Plymouth live in some of the worst conditions in the country. Homes can be damp, draughty and downright dangerous," Ms Turner said. "Some of the worst conditions are to be found around Stonehouse."
She said the council was considering a loan scheme for owner-occupiers to improve their homes.
Better news for first-time buyers
07:00 - 08-augustus-2008
THE credit crunch is putting Plymouth houses back within reach for first-time buyers.
Property prices in the city have been falling by about two per cent a month this year, according to James Moore, valuer for Connells first time buyer centre on Mutley Plain.
Mr Moore said his branch had sold 24 properties in the past month.
"We are regularly selling two or three-bed houses for under £100,000 and one-bedroom flats for under £70,000," he said.
"Despite the challenging market, deals are there to be had."
Darren Lawson, a director of Mansbridge and Balment and chairman of the Plymouth Association of Estate Agents and Surveyors, said: "It's a wonderful opportunity for first-time buyers. For the past six or seven years they've been outgunned by the buy-to-let buyers.
"The only fly in the ointment is the lack of fluidity from the lenders."
He said there were a few 95 per cent mortgage deals still available, but most lenders wanted deposits of at least 15 to 20 per cent.
Prices had been driven up as demand outstripped supply, Mr Lawson said.
Frances Turner, Plymouth City Council assistant director for housing, said new building had slumped to the lowest level for 30 years.
She told councillors this week: "A large proportion of households entering the market can no longer afford a home. As a result lettings are increasing, with landlords reporting a four per cent increase in rents."
Ms Turner, presenting the city's draft housing strategy to councillors, said the Government had set a target of three million new homes across the country by 2026. Plymouth's own target is for 5,000 new homes to be built by 2011, 10,000 by 2016 and 29,500 by 2026.
Some of these will be at Sherford new town, to the east of the city, and at Plymstock Quarry.
At Derriford the council aims to create a district shopping centre and 6,606 dwellings, of which 1,951 will be affordable.
More than 400 homes are being built in Devonport, and in Millbay developers want to put up 1,200 homes. More housing is going up at Mount Wise.
Developers must provide 30 per cent of a new scheme of 15 homes or more as affordable housing.
But Ms Turner said the council's goal was not only to provide affordable homes for the low-paid. It also wants to stop the drift of better-paid people into the surrounding countryside by developing high-quality housing.
She said poor standards of housing were contributing to crime and anti-social behaviour and drug and alcohol problems.
Devonport, the city centre, North Prospect, Barne Barton and Stonehouse were more deprived than the rest and were council regeneration priorities, along with Efford and the East End.
"Homeowners and private tenants in Plymouth live in some of the worst conditions in the country. Homes can be damp, draughty and downright dangerous," Ms Turner said. "Some of the worst conditions are to be found around Stonehouse."
She said the council was considering a loan scheme for owner-occupiers to improve their homes.