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Winter 2012/13SOCIAL, ECONOMIC & HOUSING INTELLIGENCE REPORTImpact on Hyndburn – change over the past two yearsPositive Neither Negative Mortgage costs Interest Rates Affordability Rough Sleepers Average earnings Sales figures Dwelling Vacancy levels Deposit needed for FTBs Life expectancy Housebuilding industry / Hyndburn Average House Prices / Worklessness Unemployment Repossessions Business start ups Migration numbers Population projections Household projections5
Winter 2012/13SOCIAL, ECONOMIC & HOUSING INTELLIGENCE REPORTIntroductionIncreasing the volume of new homes is a key Government priority. Notonly is new supply needed to keep pace with an ever growing numberof households, but house building and construction play an importantrole in the wider economy. Yet new private housing starts remain low -well below the levels needed to meet demand. Hyndburn‟s level is atit‟s lowest since the Council started monitoring this information, andwithout the Keepmoat / Council development on Blackburn Roadfocussed in the last report new build would have been significantlylower.Housing starts are considerably lower than they were at their peak,with completions at a similar low level. At the same time average pricesare 20% lower than they were a few years back, whilst the lower endmarket (lower quartile properties) have started to catch up withinvestment portfolios and landlords buying up low value propertieshoping to maximize on their rental yield. Previously first time buyerswould be purchasing those types of properties, but with financialinstitutions reluctant to provide mortgages without large deposits andgood credit ratings households are struggling to gain enough finance.In the face of a weak economy and ongoing uncertainty, the sector hastaken a low-risk approach with an emphasis on margins over volumes.Lower levels of grant funding for affordable housing, land viabilitychallenges and planning reforms all add to an already complex picture.Empty properties over this period have not changed, in Hyndburn thereis approximately 2,500 empty dwellings and this has not changed overthe past few years even with the low number of new builds and nearly500 demolitions in recent years. This emphasizes the need for differenthousing type and a more of a variety of housing mix available inHyndburn. A large proportion of the empty dwellings are 2 bedroompre 1919 terraced dwellings.Bringing empty properties back into use is a high priority for theGovernment and demolition is discouraged. Hyndburn has just beensuccessfully in gaining two separate funding streams. The first bid wasin conjunction with Twin Valley Homes and secured £645,000 to bring45 dwellings back into use. The second empty property funding bidsecured £3.828 million to bring back into use 139 empty properties inthe Woodnook area and the bid has been match funded by privatefinance and therefore will be at least £7.656 million.Over the last few years real household income growth has been heavilysqueezed and within the last two years inflation has eroded the valueof disposable incomes. Lower inflation in 2012 and 2013 should help toboost real incomes but only to a small degree. The economy is notexpected to return to 2008 peak until 2015 at the earliest. Modesttrend growth and a very subdued consumer are likely too be a long6
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