A Buy-to-le bust, lower incomes, Brexit, homeowners failing interest rate stress tests and now – a Hung Parliament –
could it mean that the housing bubble is about to burst?
We have heard from our readers that a number of newly built properties – two of which overlook Cranleigh Cricket Common, have been put up for rent after failing to find buyers.
This is also evident in Farnham, Godalming and many of the other towns and villages in Waverley. All of whom are experiencing unprecedented levels of new builds. Many thousands of homeowners cannot find buyers because their properties are blighted by planning applications, either pending or consented.
Just as developers are poised to build many thousands more homes in the borough of Waverley the ‘For Sale’ signs are already going up from those eager to move away from areas they considered rural, and which are gradually becoming more surburban.
Buy- to- let landlord are starting to move away from the sector due to the changes in tax advantages being removed, and hard-pressed young people are finding it increasingly difficult to obtain mortgages.
Properties for sale in the residential areas close to local schools are failing to find buyers due to the congestion from parked cars during school collection times. Prospective purchasers are fearful that the congestion in the residential roads around schools will only get worse if there is a further influx of young families when thousands of new homes are built.
Some councils are using Public Spaces Protection Order powers – introduced by the last Government – to control parking by school run parents. The PSPO legislation was designed make it easier for councils to outlaw anti-social activities, including parking.
CCTV cameras have been introduced near schools elsewhere in the country and dropping off and collecting children is banned between 8am and 9.30.a.m. and 2.30 p.m. and 4 p.m.
The orders are also being enforced by police, traffic wardens and police community support officers.
Recently a Waverley Web reader contacted us at email@example.com saying traffic wardens were now in evidence outside schools in Waverley. As a result, parents were parking in residential areas even further away from schools, which is believed to be pushing the radius of areas affected by school traffic even wider, thus affecting even more properties.