Housing News Digest
Housing News Digest
The Tenants' Union Housing News Digest compiles our pick of items from all the latest tenancy and housing media, sent once per week, on Thursdays.
Below is the Digest archive from November 2020 onwards. From time to time you will find additional items in the archive that did not make it into the weekly Digest email. Earlier archives are here, where you can also find additional digests by other organisations.
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Archive
Europe's financial stability risk remains 'severe' -EU watchdog
Reuters Reuters (Paywall)Financial stability risk in the European Union remains at a "severe" level and the downturn in the housing market could become even more broad-based, the bloc's financial risk watchdog said on Thursday.
High inflation, a drop in household's disposable income, rapid rate hikes by the European Central Bank and notable bank failures overseas have challenged Europe's financial sector this year, even if lenders remain relatively healthy.
"The European Systemic Risk Board (ESRB) concluded that financial stability risks in the EU remain severe," the ESRB, headed by ECB chief Christine Lagarde, said in a statement.
"The end of the prolonged low interest rate environment has changed the risk landscape worldwide, with the full impact of the sharp rise in interest rates only being felt over time," it added.
https://www.reuters.com/world/europe/europes-financial-stability…
# Hot topic International, Housing affordability, International, Planning and development.US construction spending beats expectations in May on housing
Reuters Reuters (Paywall)U.S. construction spending increased more than expected in May as a severe shortage of houses for sale boosted outlays on single-family homebuilding.
The Commerce Department said on Monday that construction spending rose 0.9% after gaining 0.4% in April.
Economists polled by Reuters had forecast construction spending increasing 0.6%. Construction spending advanced 2.4% on a year-on-year basis in May.
Spending on private construction projects jumped 1.1%, with investment in residential construction rebounding 2.2% after dropping 0.9% in the prior month. Private construction spending had risen 0.4% in April. Spending on single-family housing projects accelerated 1.7% in May.
https://www.reuters.com/markets/us/us-construction-spending-beat…
# Hot topic, Research alert International, Home ownership, International, Planning and development.‘My landlord hiked my rent twice in a year, so I moved into a van to save money’
Sarah Davidson inews.co.uk (No paywall)Toni Galloway bought her fully converted Ford Transit medium wheelbase van 10 months ago after her landlord put her rent up twice in six months.
The 53-year-old carer turned glamour model had been living in Liverpool city centre in a “tiny” studio flat costing her £550 a month.
“Then my landlord put my rent up to £575 and I managed to scrape through for six months but I couldn’t afford to get to Scotland to see my parents, my kids or my grandchildren.
https://inews.co.uk/inews-lifestyle/money/landlord-hiked-rent-tw…
# Hot topic International, Housing affordability, International, Personal stories.Being evicted for no reason in Sydney is stressful, frightening and all too common
Kirby Warren The Guardian (No paywall)In January, as I was enjoying my annual leave, I received a no-grounds termination notice for my apartment in Sydney’s inner west. My lease was coming to an end in February but after what I thought was a successful inspection with both the owner and agent in December, I expected to get a renewal offer with a rent increase and I could decide what I wanted to do. I was a good tenant who paid rent on time and immediately addressed any issues that came up with the property. All in all, I figured I was in a pretty good position. But then I got the email on my phone alerting me that I had been evicted and dread washed over me. I had to be out in under five weeks.
https://www.theguardian.com/commentisfree/2023/jun/22/being-evic…
# Must read, Hot topic NSW, Eviction, Personal stories, Sydney.‘Five years to get nowhere’: Minister slams Sydney council over housing impasse
Michael Koziol The Sydney Morning Herald (Paywall)Housing Minister Rose Jackson has scolded a Labor-led Sydney council after it voted to delay a public housing renewal project that has waited more than five years for approval.
Bayside Council last month deferred consideration of a proposal by the state-owned Land and Housing Corporation to demolish 26 ageing public housing units in Mascot and build 152 new apartments – 45 of them public housing – in buildings up to eight storeys.
The government needs approval to increase the height limit and dispense with a local planning requirement for shops on the ground floor.
https://www.smh.com.au/national/nsw/five-years-to-get-nowhere-mi…
# Hot topic NSW, Local Government, Planning and development, State Government.Sydney house prices to rise 9pc to a record high
Nila Sweeney Australian Financial Review (Paywall)Sydney house prices are predicted to increase as much as 9 per cent by June next year, powered by strong demand from surging population growth and scarce listings, despite further interest rate rises expected this year, Domain says.
By the end of financial 2024, Sydney median house prices are expected to hit $1.66 million, which would eclipse the $1.59 million peak set in March 2022.
Australia’s housing market is also forecast to have moved towards a well-established, steady recovery over the financial year 2024 as interest rates stabilise or begin to decrease.
Population pressures combined with chronic undersupply would fuel price increases, even as interest rates were still expected to rise this year, said Nicola Powell, Domain’s chief of research and economics.
https://www.afr.com/property/residential/sydney-house-prices-to-…
# Hot topic NSW, Home ownership, Housing affordability, Planning and development.Court battle escalates as Coolah Caravan Park declares legal action over unpaid site fees
Kenji Sato ABC (No paywall)Richard Squire says a five-year legal battle with the operators of a caravan park has ruined his finances, his mental health, and any certainty for his retirement.
The 79-year-old is one of the residents locked in a costly legal battle with the directors of Coolah Tourist Park, owners of Coolah Caravan Park.
"There was friendship and that's where it all went pear shaped — thinking they were friends," Mr Squire said.
https://www.abc.net.au/news/2023-06-26/coolah-caravan-park-legal…
# Must read, Hot topic NSW, Land lease communities, Older people, Personal stories.Can big apartments solve Sydney’s housing crisis?
Andrew Taylor The Sydney Morning Herald (Paywall)Owning a property will continue to get harder for families of four or more unless Sydney increases its supply of larger apartments.
The NSW government is pushing for higher, denser residential developments. Premier Chris Minns last month flagged an increase in apartment builds, saying the focus should be on building up, not out, to reduce urban sprawl.
Greater Cities Commission chief commissioner Geoff Roberts said on Saturday housing targets needed to be bolder and parts of Sydney will be asked to double or even triple the number of homes they deliver in coming years.
https://www.smh.com.au/national/nsw/can-big-apartments-solve-syd…
# Hot topic NSW, Housing affordability, Planning and development, State Government.