ResearchSuggest150,000 New Houses Required in Golden Triangle

International real estate consultancy firm, Savills has claimed that demand for new houses had increased so much that it had increased pressure to construct on green belts and greenfield land which comprises of areas between Leeds, Harrogate and York that are also known as golden triangle. Savills made this claim over its latest research which indicates that 150,000 new houses will be required in order to make sure that the prices of the property remains within means. Latest figures have pointed out that currently average price of a house in golden triangle is eight times of a normal salary.Rob Moore, who is a part of Savills’ Planning division in Leeds, said that currently it seems that the authorities in golden triangle are owed to build 45,000 new houses over the period of next five years.  

Moore, however, said that the latest figures have not gone through independent examination yet and it will also be crucial to spot sufficient long term opportunities in order to ensure that supply can be maintained for the next 18 to 20 years of period. The reason behind this huge demand for new houses is that more and more foreign students are arriving in the UK to receive higher education because of which demand for student property has surged up. As a result, student property has become a lucrative and secure investment as compared to other ventures. Therefore,investors are now taking more interest in this sector, but still authorities have not been able to outstrip the demand for new houses. So if you have a property in golden triangle, then contact Oasis Properties Leeds today and get professional advice from the most reliable name in real estate business. 

Local councils in the golden triangle therefore have started reviewing their plans, so they can meet Government rules of earmarking sufficient land for the development of new houses in the next five years.Unfortunately, these reviews proved highly combative especially in areas like York, Kirklees and Sheffield, where some fierce debates come to pass over how many new houses are required and where they should be constructed. York Council has already made proposals for building 20,000 new houses in the next 15 years. Leader of the York Council James Alexander said that what Savills has revealed in its latest research they were aware of it for some time, that demand for new houses in York has continue to exceed the supply.   

According to Alexander lack of sufficient number of new houses and lucrativeness of student property has not only astronomically increased the prices of houses, but rent as well.  This can be judged from the fact that average price of a house in York has reached £139,775 in the first three months of 2014, which is a significant rise. On the other hand, the Housing Minister Kris Hopkins has welcomed the increase by saying that if you buy a property you will expect its prices to go up. He also said that increase in the prices of the house is a part of the market, but they still quite less than the pre-credit crunch highs.