openPR Logo
Press release

Home Ownership to Fall in Norfolk

10-11-2011 08:42 AM CET | Industry, Real Estate & Construction

Press release from: What House?

A study has shown that Norfolk’s property market may be in crisis due to the amount of home owners in the region decreasing.

The study, carried out by the National Housing Federation, forecasts that home ownership in the East of England will drop to under 65% by 2021, and house prices will rise higher than anywhere in the country in the next five years.

The study also highlights that rent in the private rental sector has risen sharply and that there are fears that a generation will be excluded from home ownership, including new homes in Norfolk and new homes in Suffolk. It also states that property rents and prices are set to rise further in the region. The National Housing Federation, which represents England’s housing associations, also predicts that the downward trend in the availability of new homes will continue.

The study includes forecasts carried out by Oxford Economics and revealed that the number of owner-occupiers across the East of England will fall from its present numbers at 71.9% in 2010 to 64.2% by 2021.

It also highlights that the average house price will rise by over 25% during the next five years, from £221,800 in 2011 to £278,500 in 2016. Average rent values are also forecast to increase by over 21% during the next five years from £458 per month in 2011 to £556 per month in 2016.

The National Housing Federation indicated that substantial investment by the Government for affordable new houses in Norfolk would help to stimulate an economic recovery. It also said that surplus public land could be used for building affordable new homes and that local authorities should regularly assess the housing needs in the region. There are also warnings that the lacklustre housing market will cause steep rises of rent prices for tenants, longer social housing waiting lists and a house price boom that will exclude people from being able to afford a property.

Federation assistant director Kate Dodsworth said: “Like the rest of the country, the East of England is paying a high price for our totally dysfunctional housing market. It’s clear that home ownership is increasingly becoming the preserve of the wealthy. And for the millions locked out of the property market the options are becoming increasingly limited as demand sends rents rising sharply and social homes waiting lists remain at record levels."

“At the heart of this crisis is a chronic shortage of new homes. Ministers need to make unused public land available to housing associations, local authorities must assess the level of housing need in their area, and housing has to be finally treated as a top political priority.”

With household bills and rental prices increasing, this will also impact those buyers who are trying to buy a new home and are saving for a deposit.

What House? is a leading property website that features thousands of new homes for sale in Essex, as well as Norfolk and rest of the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 30 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 23 categories.

What House?
3rd Floor, 8 Baltic Street East, London EC1Y 0UP
Son Bruce

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Home Ownership to Fall in Norfolk here

News-ID: 195530 • Views: 1908

More Releases from What House?

New Homes Launched in Yorkshire
New Homes Launched in Yorkshire
Linden Homes have launched a new, completed street at one of their developments in Yorkshire. The new street is located at their St. Nicholasgate development in Beverley, East Yorkshire. The new homes consist of two, three and four bedroom family homes Located close to the town centre. A total of 130 new houses for sale have been launched and come in varying architectural designs to suit a range of buyers, including
Regeneration Project Creates 1000 New Affordable Homes
Regeneration Project Creates 1000 New Affordable Homes
A house builder that specialises in new homes has announced plans to develop 1000 affordable homes in the East of England. Iceni Homes, based in Bury St Edmunds in Suffolk, will be building and launching affordable new homes in Cambridgeshire and Suffolk as well as affordable housing new developments in Essex. The new developments in the region form part of a £123 million programme that is partly funded by the Homes
New Homes Launched in Essex as Part of Regeneration Scheme
New Homes Launched in Essex as Part of Regeneration Scheme
A home builder has launched hundreds of luxury new apartments as part of a £2 billion regeneration scheme being rolled out in Basildon. Weston Homes launched 425 new homes for sale in Essex at their Morello Quarter development located in Basildon. The properties consist of one and two bedroom apartments and are located close to the town centre. The new homes will appeal to a range of buyers including commuters, young

More Releases for Federation

SWFL chapter of American Advertising Federation relaunches
A powerful force for advertisers is jump-starting its next phase. The American Advertising Federation-Southwest Florida chapter will celebrate its reactivation with a kickoff event and swearing-in ceremony on Thursday, July 25 from 5:30-7 p.m. at the Sidney & Berne Davis Art Center in downtown Fort Myers. The group better known as AAF-SWFL is a professional advertising club and political action organization devoted to the protection and promotion of advertising in Southwest
2019 International Hospital Federation Awards now open
Entry submissions for the 2019 International Hospital Federation Awards is now open. Hospitals and health service providers can nominate their outstanding and innovative projects and programs for a chance to be recognized internationally in one of the four awards. The IHF/Dr Kwang Tae Kim Grand Award is open only to IHF Full and Associate Members and their members. This recognizes excellence and achievements at health system or facility level in multiple
International Hospital Federation Awards Finalists Revealed
The International Hospital Federation (IHF) announced the 27 finalists in the four categories of the 2018 IHF Awards which honors innovations and outstanding achievements in the healthcare industry. The IHF awards program received a record number of 160 entries from 118 organizations in 33 countries for the IHF / Dr Kwang Tae Kim Grand Award and Excellence Awards in Leadership and Management in Healthcare, Quality & Safety and Patient-centered Care, and
Agrochemicals Market in Russian Federation
ReportsWorldwide has announced the addition of a new report title Russian Federation: Agrochemicals: Market Intelligence (2016-2021) to its growing collection of premium market research reports. The report “Russian Federation: Agrochemicals: Market Intelligence (2016-2021)” provides market intelligence on the different market segments, based on type, active ingredient, formulation, crop, and pest. Market size and forecast (2016-2021) has been provided in terms of both, value (000 USD) and volume (000 KG) in the
Samarth Community partners International Federation on Ageing (IFA)
Samarth Community, the leading community of senior citizens in India, is now a partner of International Federation on Ageing (IFA). IFA Is an international non-governmental organization with a members comprising government, NGOs, industry, academia and individuals in 70 countries. With a General Consultative Status at the United Nations and its agencies including the World Health Organization, it is a voice alongside and on behalf of older adults globally. The partnership aims
Castlewood Group recognized by Singapore Business Federation
Castlewood Group is proud to announce that they have been recognized by the Singapore Business Federation as a Statutory Member. As a Statutory Member, Castlewood Group will be entitled to vote at Singapore Business Federation meetings and will be part of the vast 15,000 companies worldwide which contribute to the Singapore economy. Castlewood Group’s Managing Director, Chris Comer, commented, “We at Castlewood Group are privileged to be a part of