A Bashed Neeps & Tatties Special
Julian Bray writes: UK house prices increased by 0.4% in December to 8.3% year-on-year (4.5% in 2013) but the rate of growth has plateaued and is set to slow in 2015, according to Hometrack’s latest UK Cities House Price Index.
Oxford, London, Cambridge and Bristol have all registered a slowdown in the rate of growth over 2014 second half, from a high, double digit base. Other cities registering a slowdown in the rate of growth include Bournemouth, Belfast, Peterborough (Cambs) and Leeds showing that slower house price growth is more than a solely London phenomenon.
Many developers are hastily reviewing their current landbanking situation, and with the market now on a downward slide, there is no guarantee that the controversial Great Haddon 6,000 dwelling scheme destined for Yaxley, and originally approved in March 2013 will ever see the light of day. But a final planning decision this close to the May elections is not to be sniffed at..
Gentle readers should be warned Cllr Turnip is already pitching his patched up political tent (and possibly his white Caravan) on Stanground South, the new post boundary change mega ward. Good Grief!
The Great Hadden scheme was reconsidered By Cllr Turnips (aka Cllr Christopher Harper, CON, Stanground East) Planning Committee and subject to some vague conditions ( ie Yaxley would never be gridlocked. Have YOU tried the gridlocked Boulevard lately. Err gridlocked on SATURDAY?) ...given final planning approval.
We say, ask the serially useless Cllr.Turnip what he has physically done for Stanground East Ward, rather than his Party? - By all accounts its precious little; Cllr Turnip is up for re-election, in the soon to be axed Stanground East ward, this is hopefully assisted by the crackdown on postal vote abuses, one of the final knuckle-dragging acts, the 'sparks'/ roofing contractor, and his cronies will inflict on the City!
Cllr. Christopher Harper polled less than 500 votes to gain his seat, five tragic wasted years ago.
Another champion of the Great Hadden scheme, although it might worry the sharp suited London developers is the convicted yobbo Cllr Peter Hiller CON, who famously lied his way through a court trail, pleaded not guilty, was then found guilty, ripped into by the trial Judge and heavily fined and had to pay court costs.
For what its worth the old lag said: “I’ve taken an active interest in this. I see no reason why this should not work. Sixteen per cent of affordable housing is also a very good result.” As Cllr Peter Hiller, CONSERVATIVE, is a recently convicted liar ...you decide.. He was awarded a Private Eye Rotten Boroughs Runner Up accolade, you really could not make this up!
Cllr Turnips planning committee approval hinged on a loop road entering the development from the A15 at Yaxley, after objecters had repeatedly warned of a huge rise in traffic. They overlooked the increased flood risk potential to Stanground Village where an enlarged storm drain now outflows into the River Nene... just wait until the water table at Great Hadden is capped and buried under many tons of concrete...it has to go somewhere so why not Stanground Village?
The developers revised the social housing content upwards to 856 roughly 16% of the overall private development. No truth in the rumour that men in black, riding motorbikes, have been seen 'lamping' the proposed site at night, removing any traces of Great Crested Newts .....noooooo!
Councillors were told that a number of routes in and out of the development, would be factored in rather than just the A15, and that Fletton Parkway would be widened to make it a more attractive route for traffic to come in and out of Peterborough. But as previously reported, we now know the Fletton Parkway is beset with problems as the cash strapped council now has to unexpectedly find another £3-£5 million - depends on who you believe - for its current road widening debacle ).
The proposal for Great Haddon development were submitted by O & H Properties and also includes a PROPOSED district centre with shops and restaurants. Needdless to say Park Farm[Heritage Park] was supposed to have shops and a pub but ended up with an 'East German style' block of flats and a private kiddies nursery. No Shops No Pub, No Heart and all on Cllr Turnips watch! You really could not make this up!
Three primary schools and a secondary school are proposed. Clearly not recognising the future national demographic will see the majority of resident population over 65 years old!
The opening date for the development is unconfirmed but could be another 15 years away if at all!
Richard Donnell, director of research at Hometrack, said: “House price growth at a city level looks set to converge further in the first half of 2015 as high growth markets continue to slow and lower growth markets start to see growth plateau. Pent-up demand has fed back into the market in the last two years, supported by record low mortgage rates, but mortgage approvals have weakened in the last five months with a knock on impact on house price growth.
Low mortgage rates are making housing look affordable but it is the willingness and ability of households to borrow, against the background of greater mortgage regulation, which will most influence the housing market in 2015.”
There are now two distinct groups of cities – those cities that are accelerating off a low base after years of either static or falling prices and those that have enjoyed strong house price recovery over the last two years and where house prices are starting to slow on cooling demand and affordability constraints.
Overall 11 cities registered an acceleration in house price inflation over the second half of 2014, led by Edinburgh, Aberdeen and Glasgow where demand for housing has been boosted post the referendum result. Newcastle, Leicester and Liverpool have also seen the rate of growth continue to rise off a low base in 2014 H2 with house prices in these cities 9%, 2% and 15% below their 2007 levels.
Slower growth in housing demand, tougher mortgage checks and affordability factors are behind the slowdown in these cities where house prices have bounced by as much as 55% from their 2009 lows in recent years.
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