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
Squeeze on UK tenants tightens as rents outpace incomes, survey shows
Suban Abdulla Reuters (No paywall)Britain's housing market strains are spreading to the rental sector with the proportion of household income spent on rent hitting the highest in a decade in May, data showed on Tuesday, adding to wider cost-of-living pressures.
Asking and agreed rents continued to outpace incomes with tenants spending 28.3% of their pre-tax earnings on rent last month, above the 10-year average of 27%, Zoopla said.
https://www.reuters.com/world/uk/squeeze-uk-tenants-tightens-ren…
# Hot topic, Research alert International, Rent, Housing affordability, International.New Yorkers in rent-stabilized apartments brace for 7% increase
Nolan Hicks The New York Post (USA) (No paywall)The Big Apple’s rent board is set to approve hikes on Wednesday that could see the cost of an annual lease increase by as much as 5 to 7% percent, offering a conclusion to weeks of contentious public hearings that’s sure to leave both landlords and tenants unsatisfied.
The coming vote by the Rent Guidelines Board will hit the pocketbooks of the estimated 3 million New Yorkers who live in the roughly 1 million rent-stabilized units — accounting for one-third of the housing stock — across the five boroughs.
https://nypost.com/2023/06/20/new-yorkers-in-rent-stabilized-apa…
# Hot topic, New policy announcement International, Rent, Campaigns and law reform, International.Newark will fine landlords for ‘unconscionable’ rent increases over 5%
Karen Yi Gothamist (No paywall)Newark, New Jersey officials will limit yearly rent increases on newer construction and owner-occupied units to 5% – testing the limits of a state law that bans “unconscionable” rent spikes but doesn’t define how much is too much.
The new ordinance comes amid a boom in new city development and an affordability crisis fueled by inflation and rising rents.
“The affordability crisis in Newark is getting worse and likely to get much worse over time,” David Troutt, founding director of the Rutgers Center on Law in Metropolitan Equity, said during a City Council hearing on the ordinance this month.
https://gothamist.com/news/newark-will-fine-landlords-for-uncons…
# Hot topic, New policy announcement International, Rent, Campaigns and law reform, International.Canada's housing data shows recovery accelerating before rate hike
Fergal Smith Reuters (No paywall)Canada's housing market showed further signs of recovery in May following a yearlong slump, data on Thursday showed, a factor that could support additional Bank of Canada interest rate hikes.
Canadian home sales rose 5.1% in May from April and were up 1.4% year-over-year, the first increase on an annual basis since June 2021, the Canadian Real Estate Association said.
The industry group's Home Price Index edged up 2.1% on the month and was down 8.6% annually, while the national average selling price was up 3.2% on the year.
https://www.reuters.com/markets/canadas-housing-market-recovery-…
# Hot topic International, Home ownership, Housing market, International.Edinburgh holiday flats 'contribute less to the economy than residential homes'
Donald Turvill Edinburgh Live (No paywall)Residential properties make a greater contribution to Edinburgh's economy than short-term lets, a study has found.
The 'gross value added' (GVA) by homes is higher than Airbnb -style accommodation "across all property types and all areas," research commissioned by Edinburgh City Council concluded.
Although in most cases a holiday let creates more employment opportunities, a report summarising findings said tourism jobs "are not as valuable in GVA terms as other economic activity in the city".
https://www.edinburghlive.co.uk/news/edinburgh-news/edinburgh-ho…
# Hot topic International, Housing affordability, International, Short-term holiday letting.Napier boarding houses with highest fire risk to be assessed more regularly
James Pocock NZ Herald (Paywall)Napier boarding houses deemed the most likely to be a fire risk are set to be assessed by authorities more regularly. It’s a bid to prevent a Loafers Lodge-style tragedy in Hawke’s Bay.
https://www.nzherald.co.nz/hawkes-bay-today/news/napier-boarding…
# New policy announcement International, Boarders and lodgers, Security and safety, International.Not on target: 28 housing projects to cost over $750m
Anish Chand The Fiji Times (No paywall)The Housing Ministry substantially missed all its national development plan targets in the 2018-2022 period, according to the Fiscal Review Committee.
As a result, the committee says it wasn’t able to provide housing to informal settlements and first time home owners “and will need $500 million to speed up works on 48 development leases”.
In its report, the committee said between 25,000 and 28,000 households — or 40,000-120,000 — people were living in informal housing in more than 170 settlements nationwide.
https://www.fijitimes.com/not-on-target-28-housing-projects-to-c…
# Hot topic International, Housing market, International, Planning and development.Airbnb listings could be contributing to the housing crisis, NSW Government examining new tax
Mark Ferguson 7 News (No paywall)A new tax is being considered on short term rental properties like Airnb and Stayz to help ease the housing crisis. 7NEWS can reveal that the tax will be considered by the NSW Government as new figures show Australia could be in for a new housing shock.
# Hot topic, Video NSW, Campaigns and law reform, Short-term holiday letting, State Government.