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RESIDENTIAL MARKET REPORT – DECEMBER 2019

Welcome to the December market report, where we cover the following topics.

To read the full report, please visit;

 https://www.flipsnack.com/NEXAP/residential-market-report-portsmouth/full-view.html

94,789 People Live in Rented Accommodation in Portsmouth

That number surprised you didn’t it? With the General Election done, I thought it time to reflect on renting in the manifestos and party-political broadcasts and ask why?

As the best way to tell the future is to look at to the past, so we decided to look at the number of people who rented a century ago (1920’s), and surprisingly 76% of people rented their home in the UK (as renting then was considered the norm). Yet in the latter part of the 1920’s, builders of the suburban housing estates with their bay fronted semis started to sell the dream of home ownership to smart renters

The £1.1 billion mortgage debt of Portsmouth homeowners

Irrespective of the shenanigans and political goings on in Westminster recently, the housing market (for the time being anyway) shows a striking resilience, fostered by the on-going wide-ranging monetary policy by the Bank of England. With interest rates and unemployment low, UKplc is heading into 2020 in reasonable condition. Additionally, despite the UK’s new homes industry improving its year on year new build figures (building 173,660 new homes this year to date – notably 8% more new homes than at the same time last year), there has been an unequal increase in demand for housing, especially in the most thriving areas of the Country.

How is the “Exodus” of EU Nationals Affecting the Portsmouth Property Market?

I was having a thought-provoking conversation with a Portsmouth buy-tolet landlord a few weeks ago about everything to do with property, Brexit and how the reported voluntary repatriation of Eastern Europeans had affected the property market in Portsmouth. It transpired some of his Portsmouth tenants, who had been in his property for over 10 years were returning to Poland. He was particularly disappointed as he told me they were some of the best, if not the best, tenants he had ever had.

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