Issue - meetings

To consider a report of the Corporate Director for Place Management & Regeneration.

Every quarter the Housing Strategy Team produces a housing market bulletin for Stockport as attached in appendix 1. Prices of houses sold over the previous quarter reported by Her Majesty’s Land Registry are analysed and the views of local estate agents are gathered. National house price information and money market data are also collected. This gives an up to date view of the housing market both for sale and rent.  The results are presented in the form of a free, short Bulletin which is circulated in e-mail form to all housing practitioners and professionals in the Borough. 

The Commission is recommended to comment on and note the report.

Officer contact: Andy Kippax on 0161 474 4319 or email: andy.kippax@stockport.gov.uk

A representative of the Corporate Director for Place Management & Regeneration submitted the latest issue of the Housing Market Bulletin (copies of which had been circulated).

It was reported that every quarter the Housing Strategy Team produces a housing market bulletin for Stockport which included the prices of houses sold over the previous quarter, national house price information and money market data.  This aimed to provide an up to date view of the housing market both for sale and rent.  The results were presented in the form of a free, short Bulletin which was circulated in e-mail form to all housing practitioners and professionals in the Borough.

The following comments were made/ issues raised:-

·         It was noted that the latest data from the Land Registry showed that the annual average house price increase in Stockport was 8.0%, which was higher than the UK average of 5.2%.  It was commented that this served to take home ownership out of reach of more families in Stockport.

·         The number of empty properties in the Borough remained more or less static at 2.4% which is a level which was commensurate with turnover in the housing market.

·         Given the average price of a terraced house was approximately £180,000, there was a need to develop more homes that were available for affordable rent.

·         When interest rates increase there was an increased likelihood that housing repossessions would also increase.

·         Restricted land supply coupled with increasing demand had resulted in the prices of houses increasing.

RESOLVED – That the report be noted.