With the global economy showing indications such as the largest plunge in share prices since the 2008 financial crisis, and China’s economy threatening to contract for the first time in decades, how will the Coronavirus effect the property market?
Housebuilders thus far have been only been slightly affected, with small dips in their share prices.
The below leading housebuilders have been trading lower since mid-February, with their shares;
Following the illegal extension to his property in Barking, without planning permission, a man has been fined £15,000.
Back in 2005, Laurence Hill applied for planning permission to build a first-floor rear extension to his property, which was refused by the council, and the Planning Inspectorate dismissed his subsequent appeal.
Despite this, 9 years later in 2014, planning enforcement officers discovered Hill had proceeded with the extension, and in February 2015, he was issued with an enforcement notice, stating the extension must be removed by June 2016.
A 4% decline in planning applications between July and September 2019 has been seen compared to the same quarter in 2018, with District-level planning authorities receiving 106,500 applications.
Of these 106,500 applications, the statistics released by the Ministry of Housing, Communities and Local Government (MHCLG) show that 90,600 decisions were granted, which is around 88%, with 87% of the larger applications being decided within 13 weeks, or the agreed time
According to the release, paralleled to the same quarter in 2018, 2019 saw district councils grant:
It has been suggested that the government’s goal of delivering 300,000 homes per year will not be met using the current process for calculating housing need.
Presented in the National Planning Policy Framework (NPPF) last year, the planning consultancy Lichfields had evaluated how the ‘standard method’ would meet the governments targets, through calculating the minimum number of dwellings each council should plan for.
To achieve the goal of 300,000 homes a year, the government needs to deliver more than the minimum, as this will deliver only 273,000 homes.