New house building in Boston increased by 39.8% in the last year!

There is an unending and severe shortage of new housing being built in the Boston area as well as the UK as a whole.  Even if there are short term confidence trembles, the ever growing population of Boston with its high demand for property versus curtailed supply of properties being built, this imbalance of supply/demand and the possibility of even lower interest rates will underpin the property market.

When the Tories were elected in 2015, Mr. Cameron vowed to build 1,000,000 new homes by 2020.  If we as a Country hit those levels of building, most academics stated the UK Housing market would balance itself as the increased supply of property would give a chance for the younger generation to buy their own home as opposed to rent.  However, the up-to-date building figures show that in the first three months of 2016 building starts were down.  Nationally, there were 35,530 house building starts in the first quarter, a long way off the 50,000 a quarter required to hit those ambitious targets.

Looking closer to home, over the last 12 months, new building in the Boston Borough Council area has grown.  In 2014/15, for every one thousand existing households in the area, an additional 6.08 homes were built.  For 2015/16, that figure is now 8.5 homes built per thousand existing households.  Nationally, to meet that 1,000,000 new homes target, we need to be at 7.12 new homes per thousand, which means Boston Borough Council is actually above the National target, the problem is the country is only building at a rate of 4.9 for every thousand exiting households – we can’t just rely on little old Boston to build for the rest of the Country.

To put those numbers into real chimney pots, over the last 12 months, in the Boston Borough Council area,

  • 200 Private Builders (e.g. New Homes Builders)
  • 40 Housing Association
  • Nil Local Authority

I am of the opinion Messer’s Cameron and Osborne focused their attention too much on the demand side of the housing equation, using the Help to Buy scheme and low deposit mortgages to convert the ‘Generation Rent’ i.e. Boston ‘20 somethings’ who are set to rent for the rest of their lives to ‘Generation Buy’.  On the other side of the coin, I would strongly recommend the new Housing Minster, Gavin Barwell, should concentrate the Government’s efforts on the supply side of the equation.  There needs to be transformations to planning laws, massive scale releases of public land and more investment, as more inventive solutions are needed.

However, ultimately, responsibility has to rest on the shoulders of Theresa May.  Whilst our new PM has many plates to spin, evading on the housing crisis will only come at greater cost later on.  What a legacy it would be if it was Mrs. May who finally got to grips with the persistent and enduring shortage of homes to live in.  The PM has already referenced the ‘need to do far more to get more houses built’ and stop the decline of home ownership. Hopefully these statistics will raise the alarm bells again and persuade both residents and Councillor’s in the Boston Borough Council area that housing needs to be higher on its agenda.

81.9% of Boston properties have 3 or more bedrooms

Problem or opportunity?

The orthodox way of classifying property in the UK is to look at the number of bedrooms it has rather than its size in square metres. It seems that homeowners and tenants are happy to pay for more space. It’s quite obvious, the more bedrooms a house or apartment has, the bigger it is likely to be. The reason being not only the actual additional bedroom space but the properties with more bedrooms tend to have larger / more reception rooms. However, if you think about it, this isn’t so astonishing given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms. Continue reading “81.9% of Boston properties have 3 or more bedrooms”

Property of the week: Mayflower Road, Boston

This established semi-detached house is set within a popular residential location. There are many amenities located nearby including primary school, convenience store and chemists.

Internally the house offers entrance hall, lounge, conservatory, kitchen, bathroom, 3 bedrooms, family bathroom and an en-suite shower room. The property further boasts offer road parking to the front and a low maintenance garden to the rear.

Because of the location and accommodation on offer, I believe the property should gain a yield of around 6.53%.

Contact Bruce Mather for further details.

8,100 People Live In Every Square Mile Of Boston

Is Boston Over Crowded?

Boston is already in the clutches of a population crisis that has now started to affect the quality of life of those living in Boston. There are simply not enough homes in Boston to house the greater number of people wanting to live in the town. The burden on public services is almost at breaking point with many parents unable to send their child to their first choice of primary or secondary school and the chances of getting a decent Dentist or GP Doctor Surgery next to nil. Continue reading “8,100 People Live In Every Square Mile Of Boston”

Property of the week: Granville Street

This semi-detached house is located within close proximity to Boston town centre. Within easy access are all local amenities including train and bus stations and supermarkets. Also nearby are several schools.

The property offers very well presented internal accommodation including Entrance porch, hallway, lounge, dining room, kitchen, office, utility room/cloakroom, 3 bedrooms and family bathroom. To the rear the property offers low maintenance rear garden which is predominately laid to lawn with hedging around.

The property would make an ideal investment and should generate a yield of around 6.75%

Contact Sharman Burgess for further details.

Post Brexit – Are Boston Property Prices set to drop £14,300 in the next 12 months?

We all have to admit that however we all voted in the referendum the Brexit vote will, in one shape or another, affect the UK Property market. Excluding central London which is another world, most commentators are saying prices will be affected by around 10%. So looking at the commentators’ thoughts in more detail, property values in Boston will be 10% lower than they would have been if we hadn’t voted to leave the EU.

As the average value of a property in the Boston Borough Council area is £142,600, this means property values are set to drop for the average Boston property by £14,260. Continue reading “Post Brexit – Are Boston Property Prices set to drop £14,300 in the next 12 months?”

28.10% of the Boston Homes Are One Person Households

For those of you who read the Brexit article published on the morning after the referendum, one of the reasons on why we thought the Boston property market would, in the medium to long term, be OK, was the fact that the size of households in the 21st Century was getting smaller – which would create demand for Boston Property and therefore keep property prices from dropping. Continue reading “28.10% of the Boston Homes Are One Person Households”