8 INDUSTRY NEWS
fact, the number of new landlord instruc- tions has been stuck in negative territory for 14 successive quarters, which is the longest run since 1999. In London, rents are expected to rise at an even faster pace of 3 per cent. Tarrant Parsons, RICS Economist, commented: “Momentum across the UK housing market has remained relatively subdued, with new buyer demand showing little impetus going into the New Year. That said, with the Conservative party winning a clear majority, the Withdrawal Agreement will very likely be ratified in the coming weeks. This could see some confidence returning, at least for a brief spell, meaning activity may see some uplift.
Transaction levels are predicted to flatline in 2020
The outlook for the number of house transactions is looking to be flat for the year ahead, according to the Royal Institute of Chartered Surveyors (RICS), despite the general election outcome. In its RICS Housing Forecast 2020, the institute has argued that the Government needs to prioritise housing policy this year in order to “inject activity in the market,” and address the housing crisis. In 2019, the RICS said its survey data “consistently showed there was a shortage of stock,” with average stock levels on estate agents’ books reportedly hitting a new all-time low in June. This, coupled with a continued decline in new proper- ties being listed for sale – as respondents cited sellers’ caution during the Brexit uncertainty – and “stretched” affordability in parts of the country meant the chance of a “material pick-up” in activity during 2020 seems small. The RICS believes this lack of impetus in sales activity suggests house price growth will rise modestly throughout the year, with the forecast predicting a 2 per cent rise. Rents are also expected by the institute to rise in 2020, and at a faster pace. As the sector continues to struggle with a lack of supply, the RICS survey data suggests rents will rise by 2.5 per cent. In
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“Challenges around affordability and low stock levels will continue to drag on the market, and Brexit uncertainty could resurface as the next deadline draws closer. As such, we expect house prices to rise by just 2 per cent next year, with the outlook for overall sales volumes broadly flat.”
Removal of Woodstock site from Local Plan a “huge lost opportunity”
According to the firm, the site known
as PR10 has not been included “even though more homes will now be added to Green Belt sites which have been allocated,” despite this reportedly being against national policy. PR10 is thought to be the only site among the Cherwell allocations that is not located in the Green Belt. The developer had included 205
affordable homes in its 410-home plan for the site – at what it calls a “pioneer- ing” 40 per cent discount on market rents. The company said that as in its other
PR10 would incorporate the principles of ‘Landowner Legacy’ which “recognises local landowners have a social, economic and moral responsibility to deliver developments of which its local community can be proud.” Cherwell District Council had previ-
ously supported the inclusion of the SE Woodstock site in the Local Plan, “only to change its mind following the advice of the Planning Inspector,” said Blenheim. The developer has argued that the
decision not to allocate the site overlooks a “significant public benefit,” in terms of it being a £45m investment endowment to protect the World Heritage Site of Blenheim Palace. Historic England and the International
Council on Monuments and Sites (ICOMOS) have reportedly said they are happy with the proposed site, with Historic England supportive of the direct investment that would have benefited the World Heritage Site. Blenheim Estate has also disputed the
Dominic Hare, CEO Blenheim Estate
The decision to remove a development site in South East Woodstock from Cherwell District Council’s Local Plan has been branded as a “huge lost opportu- nity” by the developer Blenheim Estates.
Inspector’s view that the PR10 homes would have “limited access to Oxford jobs via sustainable transport” as the site is adjacent to a proposed new Park & Ride facility. The developer has subsequently
submitted representations highlighting its objections to the removal of PR10 to Cherwell District Council as part of the Local Plan consultation process.
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