We are in the midst of a housing crisis – we are not building enough new houses to match the growth in the number of households and the houses that we are building are too expensive. So, it follows that Philip Hammond’s budget promise to create 300,000 new homes a year is good news. It remains to be seen whether, beyond this sound-bite, the government truly understands the root causes of the crisis and has the will and resources to address them.
Nationally, the number of new homes created in 2016/2017 was 217,345, the highest number since the financial crash of 2007/8 but what is the picture here in Mid Somerset?
Last year there were 393 net additional dwellings created in the Mendip district, a drop of 16.2% from the previous year when there were 469.
Interestingly local MP James Heappy took office for the Wells constituency in 2015 and one of the key issues he was going to address was housing. In 2014/2015 the number of net additional dwellings created in Mendip was 639. Since then we have seen a 38.5% drop.
Net additional dwellings in Mendip in the last 12 months
- New Build ~ 353
- Conversions ~ 2
- Change of Use ~ 39
- Other Additions ~ 6
- Demolitions ~ 7
- Net Additions ~ 393
The figures show that 90% of the additional dwellings were new build properties. It is encouraging to see 39 additional dwellings from change of use. The planning laws were changed a few years back so that, in certain circumstances, owners of properties do not need planning permission to change office space for residential use. As high streets die a long slow lingering death (Glastonbury High Street being one of the exceptions) the change of use of properties on the high street for residential use is part of the solution as evidenced on Street High Street where some former business premises are now being converted to dwellings.
The Local Plan for Mendip includes the provision of 1000 additional dwellings in Glastonbury and 1300 additional dwellings in Street between 2006 and 2029 but will we meet the target? Possibly, but until the government can prevent developers stockpiling land, prevent developers controlling the flow of properties into the market and address the cumbersome planning system we will struggle. Here in Mid Somerset the inherent problem we have is the quality of the land with much of it in a flood plain.
For the foreseeable future the low supply and high demand for property in Mid Somerset will continue to put upward pressure on property values and with it rental values.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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