20Little Blue Book - National Edition Your property market insights for 2019/20 - Rightmove Hub
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
National Edition
19
20
Little Blue Book
Your property market insights for 2019/20
Contents Helping you plan for success in 2020
Miles Shipside MRICS
Sales New homes
Commercial Director,
3 New instructions 27 Can we get to 300k homes a year? Rightmove
4 New seller asking prices 28 Starts and completions
5 Affordability ratio 30 Help to Buy completions
6 Property price reductions 31 Help to Buy purchase prices
Welcome to the latest edition of Rightmove’s As 2020 marks 20 years since Rightmove’s
7 Sales agreed and transactions 32 New homes supply and demand
Little Blue Book, packed full of property data, launch, we’ve also taken the opportunity to
8 Time to complete a sale 33 Market insights for new homes developers trends and analysis. look back at the last 20 years in property. The
10 Pushing sales through to completion faster
11 Speeding up sales to get the money
20 years in property I’ve seen lots of change in market conditions and
industry has withstood some major changes
in that time and shown incredible resilience -
in sooner 35 Introduction from Peter Brooks-Johnson the industry since I started in estate agency in adapting to new tech, legislation and a variety
1978. While some more recent elements seem of market conditions. We’ll look back at some
12 Make the most of your 36 Timeline: 20 years in property
rather fast and furious, the need for housing and of the key milestones since 2000 and what
Rightmove membership 38 How technology has changed estate agency helping people with it remain relatively constant. the future might hold.
14 Buyer insights 39 Advice for agents that stands the test of time
40 How times have changed for letting agents In this book you’ll find a combination of With knowledge comes trust, which all studies
Lettings 41 The Regulation of Property Agents (RoPA) Rightmove’s extensive consumer reach and of our industry say is a vital factor in attracting
15 A digital revolution for home builders unrivalled data, plus key facts from government new customers and maximising on existing
Tenant insights 42
and industry bodies. business. We hope you’ll find the right balance
17 Available stock and consumers alike
of valuable facts to ensure you and your teams
18 Asking rents 43 The future of customer experience To keep up to date and stay ahead of the can communicate to your existing and potential
19 Regional rent increases in home building competition throughout the year, you can customers with confidence and authority,
20 Getting ahead in lettings also access Rightmove’s other resources. to take advantage of the opportunities in
21 Impact of the Tenant Fees Act Your local property data This includes the new and improved Rightmove the year ahead.
Hub, an extensive training resource designed to
22 New revenue and time-saving 45 Find insights for your region
cater for all levels, from new starters to partners
opportunities for letting agents 76 Get the most complete view of the and directors. There’s also the monthly House
24 Build to Rent key stats UK property market Price Index, plus your local area competitive
25 How Build to Rent supports housing delivery 77 Useful contacts landscape provided in the Market Share
Reports in Rightmove Plus.
Sales
20
New instructions
Nationally, we’ve seen new listings down 6.3% in the New listings YOY change by region / country:
first three quarters of 2019, compared to the same
time last year when new listing numbers reached East Midlands -3.0%
their highest point since 2014. East of England -6.3%
London -18.1%
In London, the drop has been more exaggerated North East -3.7%
where some property owners can afford to wait, North West -3.4%
hoping for a better time to sell. Scotland -2.7%
South East -7.1%
Various factors are at play including ongoing political South West -5.1%
uncertainty, combined with the costs of moving and Wales -4.7%
a lack of suitable property to move to. West Midlands -1.2%
Yorkshire and The Humber -2.1%
New listings on Rightmove nationally by quarter
The percentage of owner-occupiers
with a mortgage has dropped from 60%
in 2000 to 47%. The overall number of
owner-occupiers has only grown 3.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
in the same time. 2015 2016 2017 2018 2019
Source: Ministry of Housing, Communities & Local Government – England - 2000 vs 2018 Source:Rightmove data October 2019. Year on year change Jan – Sep 2018 vs 2019 Page 3
New seller asking prices Affordability ratio
Nationally, the growth in new seller asking prices Average new seller asking prices nationally To work out how affordable it is to buy property, Since the latter part of 2017, the affordability ratio
has stalled over the past year, with a current annual YOY comparison Q1-Q3: we divide the average new seller asking price by has been reducing as wage growth has outstripped
rate in Q3 of 0.4%. the average annual income, giving us an affordability the increase in average asking prices. In the first half
score. The lower the resulting number, the more of 2019, wage growth remained strong, up 3.5%
A more regional picture shows some areas with 2018 2019 YOY affordable it is to buy property. compared to 20181 whilst new seller asking prices
stronger annual growth. The strongest area for have remained static.
growth in Q3 2019 is the North West, up 3.3% on Q1 £300,830 £300,903 0.0% From 2015 to 2017, new seller asking prices
the same period last year. The worst performing increased at a faster rate than the average income, In Q1 2019 the affordability ratio recorded its lowest
region is London, with a drop of -0.8%. Q2 £307,662 £307,310 -0.1% causing the affordability ratio to increase, reaching figure for four years, just above the previous low
its peak in July 2017. point of Q1 2015, making the first half of 2019 the
Political uncertainty and sellers waiting for market Q3 £305,322 £306,418 0.4% most affordable since 2015.
recovery will have contributed to this.
Affordability ratio nationally
Turn to page 45 for more regional insights and see
Rightmove's monthly House Price Index online. (average new seller asking price divided by average annual income) 2
Average new seller asking
prices nationally
11.80
2015 2016 2017 2018 2019
£310,000 11.60
£305,000
11.40
£300,000
£295,000
11.20
£290,000
£285,000 11.00
£280,000
10.80
£275,000
£270,000
10.60
£265,000
£260,000 10.40
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 2017 2018 2019
Page 4 Source: Rightmove data, October 2019 1
ONS weekly wage report 2Rightmove data October 2019 and ONS weekly wage report Page 5
Property price reductions Sales agreed and transactions
When looking at reductions there are two key Usually after the spring market, we see more The need or want for more space, a new place for a Sales agreed change YOY by region / country1:
factors at play – the number of properties that properties being reduced and by a higher amount, new job, or the other usual life moves, have helped
have been reduced and the amount they have but this year we’ve seen the size of reductions and sales agreed remain relatively steady (-3.1%)1 despite East Midlands -3.6%
been reduced by. the number of properties being reduced remain flat. the backdrop of uncertainty in the first three quarters East of England -4.6%
of 2019, compared to the same period last year. London -3.8%
On average, 34.3% of properties have received a Could this be a sign that more sellers are taking North East 2.1%
price reduction so far this year, up on the 32.9% their agent’s advice and recognising the need to be The strongest areas were Scotland and the North North West -3.1%
across the same period last year. The average size more price sensitive from the outset in the current East where sales agreed increased 3.7% and 2.1% Scotland 3.7%
of reduction from first to last listing price so far this climate? Perhaps, as the time to secure a buyer respectively. The South West saw the greatest South East -4.5%
year has been 6.0%, similar to last year’s 5.9%. usually increases post-Spring, but this year has seen reduction in sales agreed at -5.8%. South West -5.8%
an unseasonal plateau across the summer. Wales -1.2%
Sales agreed are a good indicator of future West Midlands -4.6%
transactions, and over the past few months Yorkshire and The Humber -1.2%
Use the Best Price Guide in Rightmove Plus to back up a realistic price from the outset. have improved slightly.
Highlight recent comparable sales and lets, as well as properties stuck on the market
Total sales transactions - annually (HMRC) Q1 Q2 Q3 Q4
Percentage of listings that received 2016 2017 2018 2019
a reduction on their first listing price 1.4m
1.2m
36% 1.0m
34%
0.8m
32%
0.6m
30%
0.4m
28%
0.2m
26%
24% 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Page 6 Source: Rightmove data October 2019, property listings marked as Under O�er or SSTC. Year on year comparison Jan-Sep 2018 vs 2019. Rightmove data October 2019, property listings marked as Under O�er or SSTC. Year on year comparisons Jan-Sep 2018 vs 2019.
1
Page 7
Time to complete a sale
The average time to secure a buyer has been Comparatively, the average time from securing a It now takes on average Ensuring every property is correctly priced and
reducing each year since 2011 in most regions,
except for London and the South, which reached
buyer to completion has been growing for all regions,
meaning the overall time to complete a sale from first
53 days to secure a buyer and presented well with images and floorplans from day
one can help you secure a buyer quicker, but how
low points in 2014 and 2016 respectively. marketed through to completion has increased. a further 111 days to progress can you get those sales through to completion faster?
that buyer to completion
London South excl London Midlands Wales North Scotland Turn to pages 10 and 11 for tips to
(outside of Scotland). speed up your transaction times
Average time to secure a buyer Nationally, flats take 12 - 13 days longer to
progress from securing a buyer to completion, Total average time to complete from first marketed
100 most likely due to the extra conveyancing work
90 that is required on leasehold properties. Average time from SSTC to completion
80
Average time to secure a buyer
70
178
167
160
159
60
157
50 180
117
40
30
2011 2012 2013 2014 2015 2016 2017 2018
Average time from SSTC to completion
Days
120
110
100
90
0
80
70 London South Excl. Midlands North Wales Scotland
London
60
2011 2012 2013 2014 2015 2016 2017 2018
Source: Rightmove data 2018 matched to HMLR transactions for properties that went on to sell.
Page 8 Page 9
Time to secure a buyer is measured from �rst listing date on Rightmove to when it is marked as under o�er or SSTC
Guest article: Pushing sales through Agent's view: How we’re speeding up sales
to completion faster to get the money in sooner
Peter Ambrose Simon Wilkinson
Managing Director, Senior Partner,
The Partnership The Wilkinson Partnership
Beds and Bucks
”With deals now taking 15 Check all the key aspects
weeks on average to go
through the conveyancing
2 of the lease
For many agents cashflow and commission are
fundamental to their business. The time from
reserving a sale and receiving the money in the
bank is critical and much can be done to
The completed form is emailed to the seller’s
conveyancer and they can immediately start
to rectify the non-compliances to try and avoid
delays later in the process, when a sale is agreed.
Look beyond just the lease term, in particular, the enhance this – but what?
process, it’s vital you do demise – ie, does the lease plan match the Land The buyers also complete a Declaration of Offer
everything possible to avoid Registry plan? Whilst every lease should have a plan, This year we’ve been trialling a way to provide Form and a Chain Form, documents that we’ve
these can be missing or inaccurate – if so, ask your buyers and sellers with more information upfront been using for 20 years, which are sent to both
those deal-killing delays." client to get a new one drawn up. using documents from Propertymark, including conveyancers to help add certainty. Combined,
a Property Information Questionnaire (PIQ) and these have helped lead to a fall through rate for
Get all documentation
3
Here are three tried and tested steps you a more extensive Memorandum of Sale (MOS). our brand of less than 10%.
can follow to speed up your transaction time:
in advance The PIQ ensures the property is prepared for both The new full MOS cuts delays too, not least through
marketing and for legal sale. The seller can complete very simple things like getting the buyer’s full name,
Identify potential ownership
1 issues with the property
If there are alterations to the property, make your
clients aware they will need guarantees and
certificates and to give them to their lawyers early on.
They will also need to get identification documents
the form online, or with the valuer who can help
identify the things that need to be done to make
the property ‘sale ready’.
correctly spelt (checked against their ID) and
sending out the Land Registry Title documents
and Plan (cost £3).
You can buy the title plan from Land Registry to for themselves and anyone giving them money, such
check your client owns what they think they do.
Some areas to look out for are gardens, roof
as the Bank of Mum and Dad, that will need to be
certified, so ensure they do this in advance.
”Since trialling these extra steps, our average time from reservation
terraces and attics. Resolving problems with to completion has dropped to nine weeks; six weeks faster than
ownership, especially with leasehold properties,
can take months to resolve, so getting the seller Visit hub.rightmove.co.uk and search "Peter
the national average. You can expect a lot more innovation very
to do this in advance can be a huge time saving. Ambrose" to see his sales progression webinar soon, and with it, happier buyers, vendors and agents.”
Page 10 Page 11
Make the most of your Get the edge with exclusive
Rightmove membership online training
As a Rightmove member you have exclusive access to a wide “The Rightmove Hub has proven very beneficial, Live webinars with Q&A
range of tools and reports in Rightmove Plus to help you… helping me expand my knowledge and skills
throughout different areas of estate agency. 100’s of industry focused videos
From using Rightmove tools to generate more CPD accredited by NAEA and ARLA
business, to live training webinars, I feel it has kept
me ahead of my competition in a tough market” Interviews with industry insiders
Uncover hidden instruction opportunities Turn valuations into instructions
- Simon Gates, Michael Graham Keep up to date with the latest legislation
Use the Lead Report to quickly identify Use the Market Share Reports to
buyers who also have a property to sell prove your credibility by printing off a Job role specific channels
and are in your patch. Regularly revisit market share certificate. Show you’re a
your Lead Report to check everyone leading agent for sales/let agreed, new
has been contacted. instructions or available stock.
Under the spotlight:
Rightmove webinars
Create evidence backed Keep hold of stock
valuation reports quickly Use the Marketing Report to showcase
“Webinars are a fantastic resource where agents
the impact of your marketing efforts. You can get involved by voting on polls and asking
can send vendors a personalised report in questions of the speakers, plus it counts towards
Did you know, if you price a property just a few clicks. your informal CPD. Each month we invite in guests
correctly from day one, you’re 40% to share their unique expertise on a range of topics,
more likely to be the agent that sells it?1 including top picks such as legislative changes,
photography tips, marketing insights and ways
With the new and improved Best Price Get more interest in every property to win more business”
Guide you can create personalised
valuation reports, combat over-pricing Lisa Gray, Webinar Co-ordinator, Rightmove.
and demonstrate your proven experience Use the Property Performance Report to
at selling or letting similar properties. quickly spot properties that are missing
key information or need refreshing.
Visit hub.rightmove.co.uk
Page 12 1
Rightmove research 2018 Page 13
Buyer insights We surveyed people saying they were planning to
buy in the next 12 months to get a snapshot of what
Tenant insights Could your current tenant be a future buyer? We
asked people saying they’re currently renting about
the current active buyer market looks like. their home moving ambitions.
29% of buyers are buying for the
first time1 1/5 buyers are buying for the
second time1 49% of tenants have been in their
property over two years1 25 months - the average time tenants
expect to stay in a rented property1
42% are buying for the third
time or more1 1/4 of buyers have lived in their current
home for less than five years2 1/2 of tenants would like to buy
but can't afford to1 1/3 of tenants have previously
owned a property1
15 years - the average time a buyer has
lived in their current home2 9% of buyers are buying a home they
don't plan to live in1 49% of tenants think rents are going up
in the next year1 (37% in London2) 2/3 of tenants would consider renting in an
area before they buy1 (28% for buyers3)
Source: Rightmove consumer survey June 2019. 15514respondents planning to buy in the next 12 months. Source: Rightmove consumer survey June 2019. 12049 respondents renting privately across the UK.
Page 14 Page 15
2
4255 respondents who currently own and plan to buy in the next 12 months 2
305 respondents renting privately in London. 35514respondents
respondents planning to buy in the next 12 months.
Lettings
20
Available stock
Since 2016, landlords have seen the introduction Of the remainder, 24% said they’ll sell some or all of
of a stamp duty surcharge on "second homes", their rental properties and 18% hadn’t yet made any
a phasing of the reduction in tax relief and more future plans1.
recently the ban on tenant fees.
This presents an opportunity for letting agents to
There was a short-term flood of rental properties support landlords as they navigate the ongoing
throughout 2016 and into 2017 caused by landlords changes.
who bought before the stamp duty surcharge came
in, but that stock has now dissipated and in Q3 it Turn to page 15 for tenant insights you can share
was 13% lower than Q3 2015, before any of these with your landlords.
changes came in.
Despite all of these challenges, 58% of landlords say Search “landlords” on hub.rightmove.co.uk to see
they plan to retain or increase the number of rental the latest tools to help you attract new landlords
properties they own.
Change in available rental stock2 Available rental stock Percentage change YOY
20%
15%
10%
5%
The percentage of households renting has 0%
grown from 29% in 2000 to 36%. Over half
-5%
-10%
of tenants now rent privately compared
-15%
-20%
to 2000 when two thirds of tenants were Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
-25%
social renters. 2015 2016 2017 2018 2019
Source: Ministry of Housing, Communities & Local Government – England - 2000 vs 2018 Rightmove landlord survey September 2019. Sample of 752 landlords. 2Rightmove data October 2019
1
Page 17Asking rents Regional rent increases Scotland
£707 pcm 2.1%
Outside of London, the average Demand has remained strong at a national level. Rents have risen steadily over the last few years1.
We have seen a short-term increase in demand Almost half (49%) of tenants expect this trend to
new rental asking price is up over the summer months as some tenants waited continue over the next 12 months, whilst more
North East
3.2% in Q3 2019 compared to to take advantage of the removal of admin fees. than a third (37%) expect rents to remain stable
£570 pcm 2.1%
or reduce2, potentially indicating less scope or
the same period last year, the On the other hand, tenants who are looking to acceptance of future rent rises with some tenants.
highest rate since 2016. rent for a longer-term may choose to stay in their
existing accommodation to avoid rent increases Turn to page 15 for more tenant insights.
In London, the increase in asking rents has been imposed by new tenancies.
Yorkshire and The
much steeper, averaging 5.6% in Q3 2019.
North West
Humber £633 pcm 4.2%
That rise has been most noticeable following the Turn to page 45 to see asking rent and £703 pcm 4.1%
introduction of the Tenant Fees Act, with rents new listing trends for your region
continuing to grow over the summer months.
East Midlands
Average asking rent per calendar 2016 2017 2018 2019
£668 pcm 3.4%
month outside London Wales
£673 pcm 4.3%
£830
East of England
£820
£941 pcm 1.7%
£810
£800
West Midlands
£790
£722 pcm 4.2% London
£780
£770
£2,104 pcm 5.6%
£760
£750
Q1 Q2 Q3 Q4
South West South East
£842 pcm 3.5% £1,111 pcm 3.4%
1
Rightmove Rental Price Tracker October 2019. Average monthly asking rent for Q3 2018
Page 18 Source: Rightmove data October 2019 Page 19
vs 2019. 2Rightmove consumer survey July 2019. Sample size 2049 private renters.Industry view: Getting ahead in lettings Agent's view: Impact of the Tenant Fees Act
David Cox Cheryl Burn
ARLA Propertymark, Lettings Director,
Chief Executive The Personal Agent
Surrey
"Prepared agents will see their business flourish as they can prove "Value for money is more important to our landlords than simply
their worth to their landlord." choosing an agent with the cheapest fee."
The private rental sector is seeing some of its The Regulation of Property Agents (RoPA), rogue The idea of the ban, on the face of it, does make a down in while they see their children through school
biggest changes in recent years, and the pressure landlords and letting agents database, minimum little sense. It is true that some agents with a less but some are now being penalised in the long run
is on for letting agents to adapt and keep aware of EPC ratings, fire safety and electrical checks long-term view of their business geared their model through increased rents.
the future changes. continue to be top priorities for the future too, towards short term gain with high fees for tenants.
agents need to ensure that their landlords are As a result, those agents have seen their profits We decided the fairest and most sustainable course
2020 will see tenant fees banned on all current prepared for changes coming to the sector. drop and are closing their doors. of action was a fractional increase of our landlord
tenancy agreements, not just new ones, so now fees. We redesigned our management service to
is the time to prepare to offset lost income. More than ever, the lettings industry is under scrutiny, The government hopes the ban will increase include more benefits, without charging extras for
Automated admin solutions, additional services but prepared agents will see their business flourish mobility within the private rental sector. Landlords property inspections and contractor visits.
charged to landlords and, in some areas, increasing as they can prove their worth to their landlord. are now facing additional costs in admin fees,
rents can make up for these losses. referencing and Right to Rent checks, and as a result Our business is built on the principle of personal
Turn to page 41 to read more about the RoPA are claiming back their losses through increased contact and professionalism. We provide our clients
Mortgage Interest Relief (MIR) on rental properties Working Group's report to government from Mark rents, exactly as expected. with regular newsletters and legislation updates to
will see its final phasing out and be cut to 0% from Hayward at NAEA Propertymark. keep contact with them during the tenancy. This
next tax year, meaning some landlords may sell While the fee ban may have more of an upside in is what makes us stand out and has enabled our
up, raise rent or neglect maintenance duties to cities where people sharing houses or renting rooms business to grow. This has validated our belief that
reduce costs. While we at ARLA continue to argue David regularly appears on Rightmove commonly move home every six to twelve months, value for money is more important to our landlords
the benefits of MIR, agents can support and advise webinars. Visit hub.rightmove.co.uk and the dynamic in leafy Epsom is, overall, very different. than simply choosing an agent with the cheapest fee.
their landlords to ensure their properties remain search “David Cox” to see his latest updates Most of our tenants look for a property to settle
viable sources of income and offer services that
will prevent landlords leaving the market.
Page 20 Page 21New revenue and time-saving
opportunities for letting agents
We’ve partnered with Van Mildert to help you increase revenue from New revenue for you Van Mildert provide a range of solutions to help you support all your
landlords and reduce admin to work more cost effectively. landlords, so you can offer an improved service for higher fees.
Less admin, low effort Speak to your Rightmove Account Manager for full details.
Rent Guarantee Rent Collection Portfolio Protect Tenant Referencing Rightmove Passport
Let Only landlords Rent Collect landlords Managed landlords All landlords All landlords
A new revenue stream to Differentiate your service Step change in profit and Quick, easy, compliant Save time registering Spot it:
help you earn more per to win and retain more ongoing revenue referencing you can trust applicants and Look for “Pre-qualified
lettings transaction landlords pre-qualify tenants fast lettings enquiry” in the
Make your managed service Order references and track subject line of your
Earn commission by Van Mildert manages the offering more premium by cases at the touch of a Free tool available lettings leads.
referring your Let Only rent collection and pays it to wrapping in a rent guarantee button from within your exclusively for Rightmove
landlords to Van Mildert for you on the due date - even if and protection against existing software agents and tenants. View it:
Landlord Protect Insurance. the tenant is late paying. eviction. Access the basic passport
The “waiting approval” Pre-qualify tenants to spot on the link in the lead, or
Refer your landlords with If a tenant breaches their Bulk transfer all your existing feature allows you to reject those who are proceedable, via your Lead Report in
one click using Van Mildert’s agreement, Van Mildert will managed landlords at once, any tenant if you know they’ll saving you time on wasted Rightmove Plus.
integration with the most also cover up to £50k for the insuring all existing tenancies fail referencing, before you viewings.
popular agency software legal costs of eviction. – not just new ones. are charged. Request it:
providers. When a tenant completes Ask your applicants to
Plus, if the property is Start with a free trial for you You’re never tied into a the soft credit check and create a passport at
damaged, they’ll pay 50% and your landlords whilst Van contract and you get a free shares the PDF with you, ready.rightmove.co.uk
of the rent for two months Mildert’s team help you get one-month trial. you’ll see the identity check, and send you the PDF.
after vacant possession. business converted. credit score and any CCJs.
Page 22 Page 23Build to Rent key stats Industry view: How Build to Rent supports
housing delivery
As supply of rental properties has dropped year on Letting and managing these new institutional
year, demand for quality accommodation continues backed developments gives an opportunity for
to grow. The Build to Rent sector presents an lettings agents. Stephanie Pollitt
opportunity to balance the scales in the UK’s major
cities, where quality rental stock to suit "lifestyle Assistant Director of Real Estate Policy,
renters" is at a premium. British Property Federation
"The Build to Rent sector not only supports new housing delivery
but also offers a unique opportunity for those people who want
Build to Rent sites Q2 2019 UK1
or need to rent."
Under construction 36,410 The UK is suffering from an acute housing shortage, Leading the charge for innovations in the wider
and the government has made clear its intentions market such as fixed, longer term tenancies and
In planning 74,366 to increase housing targets to 300,000 new homes index-linked rents, the sector is helping to provide
each year. Housing of all tenures will have their role more transparency and greater security for renters.
Complete 32,223 to play and the Build to Rent sector offers a unique Many also offer additional services such as gym
opportunity to not only provide high quality rental memberships, broadband and a 24-hour concierge.
homes for those who want or need to rent, but also
to help support the delivery of new homes. Dispelling the myth that it is a high-end niche
product and with most providers in the sector
Local authorities across the country are beginning aiming their product squarely at the mid market,
to recognise the sector’s capacity to support them Build to Rent is becoming increasingly accessible to
in boosting housing delivery. There are now 142,999 a wide range of people and providing a high quality
Build to Rent homes completed and in planning option in the UK’s private rented sector.
>1/2 £2.6b
Over half of all In 2018, Build to Rent across the UK, an increase of 17% over the past
Build to Rent investment totalled year, with London accounting for 52% and the
developments are £2.6 billion; an 11% regions 48% of the total.
located in London1 increase from 20172
Page 24 1
British Property Federation (England, Scotland, Wales) 2Savills research Page 25New
20
Industry view: Can we
deliver 300k homes a year?
Homes
Stewart Baseley
Developer's view:
The current new Executive Chairman,
Home Builders Federation
homes market
“Demand for new homes has The government’s ambition of building 300,000 homes a year
remained high throughout presents a huge challenge, but it is a deliverable objective. Huge
2019. Buyers are looking for progress has already been made, output has increased by an
exceptional quality, strong unprecedented 78% in the past five years and continues to grow.
locations and fair prices.
Low mortgage rates and the
availability of Help to Buy have
"The ambition of home ownership remains
helped to underpin confidence strong. Whilst things have become more
in the market. New homes hold
particularly strong appeal as
challenging in certain markets, demand
buyers seek the convenience for new homes has grown."
and reassurance of purchasing
a home that will not require We also have widespread recognition of the need to build more
updating or upgrading - this is homes and broad political support to do so. For this to continue,
evidenced by our forward government bodies, house builders and lenders need to work
orders into 2020. closely together.
We find buyers visit us having Help to Buy has been central to the increases in supply we have
researched the local market, seen, and we are working to ensure products are in place for
current availability and with after its planned withdrawal in 2023.
a firm understanding of
Over 3.1 million new homes have been their affordability levels. This
educated buyer profile makes
A continued focus is needed to ensure that our workforce has
the capacity and skills to deliver even more homes of the highest
built in England, Scotland and Wales since the journey smoother both
for the customer and for us
quality. We need to continue to work with the supply chain and
push new technologies that will deliver further improvements
Rightmove launched in 2000.
as a business” in energy efficiency and build quality.
Bellway
Source: Ministry of Housing, Communities and Local Government 2000 - 2018. Page 27Starts and completions
New build starts and completions are at their Total starts and completions in 2018: More recently, completions in England have Starts and completions YOY change (England):
highest point since 2007, with over 198,000 starts risen 11.9% year on year in the first half of 2019,
and 190,000 completions reported in 2018. with 80.8% of all new build completions being
Starts Completions delivered by private enterprises. Starts have Starts Completions
In 2018, new build starts were 51.2% higher than in dropped 10.7% in the same period.
England 169,860 164,390 H1 2018 85,900 77,870
2010 when the sector began its recovery. England
and Scotland made the largest contribution to Wales 6,000 5,820 H1 2019 76,690 87,150
this rise, with an increase of 53.5% and 54.5% Scotland 22,260 20,250 YOY change -10.7% 11.9%
respectively, whilst Wales remains stable with
an increase of 1.0% in the same period.
Turn to page 25 to hear from Stewart Baseley
Looking at completions, England leads the way with where he answers the question “Can we deliver New build completions
a 54.0% rise, with Scotland up 19.5% and Wales up 300k homes a year?” H1 2019 (England)1
3.6% on 2010's levels.
Starts England Wales Scotland
Private enterprise 70,440
Starts and completions Completions England Wales Scotland
Housing Associations 15,670
220,000
Local Authorities 1,040
200,000
180,000
Turn to page 24 to hear more about how the Build to
Rent sector is contributing to home building targets.
160,000
140,000
120,000
100,000
80,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 18% of all new build
completions are delivered
by Housing Associations1
15% of all new build stock on
Rightmove is located
in London2
Ministry of Housing, Communities and Local Government October 2019 - England
1
Page 28 Source: Ministry of Housing, Communities and Local Government Page 29
Rightmove data September 2019, residential properties listed on Rightmove as new build.
2Help to Buy completions Help to Buy purchase prices
Since the launch of Help to Buy In 2018 there were 52,124 completions, 10.8% The average purchase price for property sold
under the Help to Buy equity scheme in
The government plans to introduce a new version
of Help to Buy in England from March 2021. The new
of which were in the capital. In the first quarter
in 2013, over 221,000 Help to of 2019 Help to Buy completions rose 2.8% England is £300,487. scheme will be restricted to first-time buyers and
Buy completions have been year on year across England, with a stark
increase of 42.8% in London. 85.0% of Help to Buy purchases in England are
will include lower regional caps outside of London.
reported in England. first-time buyers, with an average purchase England Help to Buy regional price caps from 20212:
In Scotland and Wales the equivalent schemes price of £294,920.
reported 4,219 completions in 2018. North East £186,100
For non-first-time buyers, the average Help to North West £224,400
Buy purchase price is 11.9% higher at £330,051. East Midlands £261,900
52124
West Midlands £255,600
Help to Buy completions in England Average Help to Buy purchase price in 20181: East of England £407,400
London £600,000
46297
All of England London England excluding London England: £300,487 South East £437,600
Scotland: £172,000 South West £349,000
55000 Wales: £200,878 Yorkshire and The Humber £228,100
50000
38383 Average Help to Buy purchase Non-first-time buyers First-time buyers
price in England3
31827
45000
28376
£340,000
£330,051
40000 £320,000
£300,000
35000 £280,000
£260,000
30000
£240,000
£220,000
£294,920
25000
£200,000
20000 £180,000
2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2019
Source: Ministry of Housing, Communities and Local Government. Welsh Government, Help to Buy - Wales Shared Equity Loan Ministry of Housing, Communities and Local Government. Welsh Government, Help to Buy - Wales Shared Equity Loan Scheme. Scottish
1
Page 30 Page 31
Scheme 1,849 completions. Scottish Government, Help to Buy (Scotland) A�ordable New Build scheme 2,370 completions. Government, Help to Buy (Scotland) A�ordable New Build scheme. 2HM Treasury 3Ministry of Housing, Communities and Local GovernmentNew homes supply and demand Market insights for new homes developers
Nationally, 65.7% of all new build stock is houses, Comparatively, demand for two and three- With Rightmove you have access to a wide range of
accounting for 63.6% of leads. Although this appears bedroom houses outstrips supply, with 27.8% tools and reports to help you plan what to build, where
balanced on the surface, when we look at the of stock compared to 35.2% of leads. to build it and how best to market your properties.
numbers based on bedroom number, we can see an
imbalance in the distribution of stock versus demand. Flats present a much more stable picture across
While four and five-bedroom houses make up 37.2%
all bedroom numbers, with demand meeting
supply at a national level.
Available from your New Homes Account Manager:
of new build stock, they only receive
27.5% of leads. Build the right property types in the right Supply & Demand Report Fair Share Report
locations with Rightmove’s supply and demand
report – speak to your Account Manager. Make data driven decisions around land Discover how your Rightmove listings are
Houses stock Flats stock
acquisition, property specifications and pricing performing compared to your competition
using Rightmove's demand, availability and to identify under-performing plots and
Houses demand Flats demand
pricing insights. developments early.
Supply vs demand by bedroom numbers nationally
Buyer Insight Report House Price Index
Find out where your enquiries are coming The largest monthly sample of residential
from, identifying new opportunities to target property prices sent straight to your inbox,
potential buyers more effectively. on the third Monday of every month.
Insights at your fingertips with Rightmove Plus:
Property Performance Reports Lead Reports
Quickly see how each of your plots is Never miss a lead – all the emails and tracked
performing compared to similar properties calls for your development are listed in one
and clearly identify how they can be improved, place. Activate call recording to listen back to
Studio 1bed 2bed 3bed 4bed 5bed 6bed helping you sell your site faster. your calls to identify opportunities and deliver
sales training.
Page 32 Source: Rightmove data Jan-Sep 2019 Page 3320 years in
20
Looking back at 20 years of
evolution in property
property
Peter Brooks-Johnson
Chief Executive Officer,
Rightmove
It’s hard to believe that 20 At Rightmove, we’ve grown from a small team of
just 12, to over 500, spread across the length and
years have passed since breadth of Britain. The team work tirelessly to
Rightmove first launched. maintain and improve the site, build new tools and
troubleshoot support issues to help agents and
Which got us thinking – just developers alike achieve your business goals.
how much has the world of
In the next few pages we’ll take a walk down memory
property changed since then? lane, looking at some of the milestones in property
over the last 20 years. We’ve also asked some
Looking at the housing market, we’ve witnessed industry leaders to share their experiences and what
numerous legislative changes, home buying we might expect to see in the years to come.
schemes and stamp duty reforms, not to mention
Housing Ministers.
Then Now
Of course, we can’t forget Lehman Brothers,
Northern Rock and all the pain in our industry which Average new seller £130,306 £306,712
followed in 2008. That I still see so many familiar asking price1
As Rightmove reaches our 20th anniversary,
customer faces from when I joined Rightmove in
2006 is testament to the resilience, adaptability, Percentage of households 29.4% 36.5%
ambition and hard work of agents and developers. in rented property2
we look back at the key milestones and Technological advances have had a huge impact on Average income3 £16,276 £27,742
changes our industry has faced since our industry. Agents and developers have learnt new
skills and adapted to the demands put on them by
2000, plus what’s just around the corner.
consumers in an increasingly digital, fast paced world.
1
Rightmove House Price Index October 2001 vs October 2019 2Ministry of Housing, Communities & Local
Page 35
Government. 2000 vs 2018. 3ONS weekly wage report. 2000 vs Jan–June 2019Timeline: 20 years in property
2000 2003 2006 2008 2012 2014 2016 2018
Rightmove launched 3G goes live in the Property sales Credit crunch 4G goes live in the Stamp duty reform 3% stamp duty - Rightmove launches
United Kingdom transactions peak United Kingdom slab structure scrapped surcharge on Tenant Passport
at 1.6 million2 Scotland: Home second homes (turn to page 23)
Reports launched
EU referendum Average new seller
asking prices peak at
£309,439 (turn to page 4)5
2019
Tenant Fees Act
is introduced
(turn to page 21)
Average annual income
peaks at £27,7426
2002 2004 2007 2011
New Homes launched 100m pages viewed on First iPhone launched Affordability ratio
on Rightmove Rightmove in one month
for the first time1 New build starts peak at
220,600 (turn to page 28)3
reaches its lowest point
(turn to page 5) 2013 2015 2017 2020
Help to Buy launched Mobile traffic overtakes Start of tax relief Final stage of tax relief
(turn to page 30) desktop on Rightmove4 changes for landlords changes for landlords
Regulation of Property
Agents (turn to page 41)
Page 36 Rightmove data 2HMRC 3Ministry of Housing, Communities and Local Government, Scottish Government, Welsh Assembly Government
1
Google Analytics 5Rightmove House Price Index 6ONS weekly wage report Jan - June 2019
4
Page 37Agent's view: How technology has Industry view: Advice for agents that
changed estate agency stands the test of time
Tony Robinson Peter Knight
Group Operations Director, Founder,
Robinson Jackson Group The Property Academy
London & Kent
The Robinson Jackson Group boasts a unique " Technology has made it quicker As Rightmove celebrates its 20th anniversary, I Whilst the private rental sector has exploded
number of "old-timers" (better referred to by realise that I’ve now passed the 40-year milestone in the last 20 years, home ownership is still the
us as "experienced" Owner Partners) who work than ever to launch a property in my property industry career. most desired tenure for many people.
alongside talented young staff. Both old and young
to market. Within minutes we
2
are constantly discovering how technology can I work with many outstanding firms through the Identify the true motivation of every
be utilised in an industry that traditionally relies so
heavily on personal interaction.
can send emails to waiting Best Estate Agent Guide, giving me an outside-in
view of what good estate agency looks like today.
home mover and work with their
emotional drivers.
buyers, receive calls from
During our 50-year journey we’ve radically A lot has changed in the last two decades, not Our research shows that two-thirds of moves are
modified our trading framework. From closed at Rightmove users and book least thanks to Rightmove consolidating the whole due to life events (marriage, birth, divorce, death,
weekends to open 9am – 7pm seven days a week
and embracing new technology to ensure our core
viewings for that evening." market into one incredible resource, but there are
many more things that have remained the same.
job relocation, retirement etc). The remainder
are those who want a better / bigger home or are
proposition is available 24/7. buying for investment.
Technology has aided the management of Here’s some advice that’s just as important now as
3
20 years ago, we would have spent many hours information for agents, and in turn enables us to 20 years ago, and will be for many years to come… Always be professional and courteous,
sending mailing lists which was labour and cost- reach out to more home movers than ever before. listen well with the intent to understand, be
1
intensive. Now we use computers to send emails, Think about the next move for every knowledgeable and informative and always
run searches on Rightmove and data-mine our However, the emotive nature of home ownership current client and buyer; each time a new quick to respond.
CRM system. and the emotional rollercoaster of moving mean property comes to the market ask yourself
businesses will thrive if they retain the ability to “who do I know that would love this place?” The “people buy people” cliché is true. Our
Since the advent of portals, we now have filtered build their business on relationships. research confirms the main reasons why sellers
and better-quality leads landing with us throughout The best estate agents know they can make and landlords select one agent over
the week, rather than on Thursday mornings with markets by connecting people and property. another is likeability and trust.
the release of the local newspaper.
Page 38 Page 39Industry view: How times have changed Industry view: The Regulation of
for letting agents Property Agents (RoPA)
Frank Webster Mark Hayward
Owner, Chief Executive,
FC Webster Consultancy NAEA Propertymark
I started in the property industry in 1979 as a and regulation for the lettings industry, it’s an
Trainee Negotiator in Oxford, moving to Finders opportunity for agents who are prepared to " An industry that prioritises consumers interests can only lead to a
Keepers six years later, where I eventually became make bold and positive steps. healthier market, where agents are more trusted with their most
vice-chairman. During my career, the day-to-day
valuable asset."
role of a Letting Agent has changed dramatically…
" We can raise the standard of
Before the internet and portals, we used card our service to landlords and
boxes to track and keep in touch with our NAEA Propertymark has long recognised the By working towards the proposed regulation
applicants, telephoned or sent cables to our tenants alike, so the public will need for holding estate agents to account and standards, agents will become ready for the future
landlords and manually typed and posted tenancy hold our industry in the highest encouraging high standards throughout the and more appealing to potential customers.
agreements. We took photos on film cameras industry. We are, after all, a sector that relies heavily
and produced our own write ups, working hard regard and younger people on consumers to sustain us, their satisfaction For those who haven’t done so, we recommend
to ensure they were photocopied and in the post will aspire to become qualified and protection will always be a top priority. gaining a relevant qualification as proposed by
that night. We carried boards in the back of our the Working Group, which is a Level 3 for agents
cars and put them up ourselves. letting agents." The RoPA Working Group’s report to government and a Level 4 for managing agents and company
on the recommendations for future regulation is directors. Since these can take around a year
Roll forward to the early 2000’s and the millennium I also expect the title "Asset Manager" will replace the exactly what we believe the sector needs. of private study to achieve, the sooner you
bug didn’t destroy the world, but our obsession outdated title of "Property Manager" as the job will The proposals include: start, the better.
with bricks and mortar grew. Our success being entail planning, budgeting, forecasting and offering
the sum of our unique parts (buying, furnishing, advice to increase the value and ROI of the asset. • A clearly outlined Code of Practice For more updates on the regulation and to
refurbishment, letting & properly resourced • Minimum qualifications hear how NAEA Propertymark will support
property management, re-sale) and the • Formal licensing their members visit hub.rightmove.co.uk
integration of good technology and great Visit hub.rightmove.co.uk and search and search “RoPA”.
systems and processes. "Frank Webster" to read the full article Those already working to a high standard will easily
transition into formal regulation, whilst the minority
There’s more change ahead for letting agents. of poor-quality agents must either increase their
As we move to a new world of qualification own standards, or naturally leave the sector.
Page 40 Page 41Developer's view: A digital revolution for Developer's view: The future of customer
home builders and consumers alike experience in home building
Allan Walker Andrew Weaver
Director of Group Marketing, Chief Executive,
CALA Homes - North, East & West Strata
Scotland, Midlands and South East Northern England
I’ve been involved in the new homes industry The consumer has tremendous power to We believe that the future of home building The tool helps them understand their budgets
for around 15 years and it has changed beyond research and make key decisions without will centre around the customer experience. better and increases the sense of excitement and
recognition in that time. engaging the house builder until they are ready. anticipation around what their home will become,
What is happening across all industries is a We are seeking to embrace modern methods leaving them free to dream about their future.
When I joined the industry (originally on the digital revolution, powered by smartphone and of construction that will, over time, help ease
agency side) marketing of new homes was communications technology and it is only going the skills shortage and make delivery times and
still very traditional and led by “the property to go one way. quality more predictable. Rather than building "The result is an experience
section” in printed media, with very little genuine
understanding of who we were actually courting. Similarly, the availability of data to inform effective
homes at a distance and the customer buying
the finished product, we have been working on
they’ll remember forever and
land acquisition and the technology to streamline a project to offer our customers something a home that is truly reflective
At CALA, we were harnessing digital marketing
opportunities in a much more serious way by 2008
build process has never been more readily available.
As an industry we have been slower to react than
incredibly special - the ability to configure and
customise their new home.
of them."
when the credit crunch hit, and I believe that really others – but I think the tide is turning.
accelerated the change and value associated with Our customer base is young, urban and keen We believe the power of personalisation and
digital marketing of new homes. to engage. The configurator tool allows them to advocacy from creating this experience will
personalise their new home and share inspiration increase our brand awareness, reservations
with like-minded people via social media. and ultimately reduce our cost of sale.
" House builders are really starting to turn on to the value of digital Customers can personalise their home when it
technology and the power it presents not only to sales and suits them, without the need for many visits to
marketing, but the broader team from land through construction the show homes. They can see exactly what
their home interior will look like.
and beyond."
Page 42 Page 43Your local Contents
property data 46
48
50
Scotland
North East England
Yorkshire and The Humber
52 North West England
54 Wales
56 West Midlands
58 East Midlands
60 East of England
62 Greater London
70 South East
74 South West
Page 45Scotland - Sales Scotland - Lettings
First-time buyer properties (1 or 2 bedroom) 1 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
East Scotland £99,121 4.2% 10.8% -12.6% East Scotland £420 -0.1% 7.1% -5.3%
Edinburgh £195,735 2.9% 29.8% -2.1% Edinburgh £802 3.3% 34.1% -0.8%
Glasgow £119,468 6.1% 20.6% -5.6% Glasgow £613 5.8% 24.9% -10.2%
Highlands and Islands £119,041 3.7% 10.4% -9.6% Highlands and Islands £484 5.4% 5.0% -20.4%
North East Scotland £110,280 1.4% 4.2% -4.2% North East Scotland £454 -0.9% -16.9% -12.5%
South West Scotland £83,288 2.4% 7.7% -12.8% South West Scotland £390 1.9% 4.5% -4.1%
Second stepper buyer properties (3 or 4 bedroom) 2 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
East Scotland £166,802 2.8% 14.2% -5.4% East Scotland £544 1.5% 10.5% -16.2%
Edinburgh £331,798 1.1% 15.5% -1.2% Edinburgh £1,039 3.6% 30.2% 3.1%
Glasgow £180,148 -0.6% 13.8% -2.8% Glasgow £769 1.2% 19.3% -5.6%
Highlands and Islands £188,877 2.0% 9.3% -5.5% Highlands and Islands £606 2.8% 5.3% 2.1%
North East Scotland £194,098 1.9% 4.1% 1.7% North East Scotland £627 -1.2% -12.1% -15.7%
South West Scotland £153,225 2.7% 11.0% -7.5% South West Scotland £506 1.3% 6.8% -2.0%
Page 46 Page 47North East England - Sales North East England - Lettings
First-time buyer properties (1 or 2 bedroom) 1 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
County Durham £86,405 1.7% -1.0% -8.4% County Durham £395 2.4% 1.9% -12.4%
Northumberland £110,599 0.4% 1.0% -7.0% Northumberland £388 -2.9% -1.1% -29.5%
Tyne and Wear £105,136 1.1% 1.5% -9.8% Tyne and Wear £520 5.0% 10.4% -15.6%
Second stepper properties (3 or 4 bedroom) 2 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
County Durham £135,793 0.9% 4.1% -5.2% County Durham £450 0.0% 2.5% -8.8%
Northumberland £180,670 -0.6% 5.6% -3.1% Northumberland £475 0.7% 5.0% -24.9%
Tyne and Wear £163,681 3.3% 8.4% -5.6% Tyne and Wear £577 3.0% 9.0% -17.2%
Page 48 Page 49Yorkshire & The Humber - Sales Yorkshire & The Humber - Lettings
First-time buyer properties (1 or 2 bedroom) 1 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
East Riding of Yorkshire £110,764 -0.1% 8.3% -4.3% East Riding of Yorkshire £417 -0.4% 6.6% 3.0%
North Yorkshire £179,473 3.5% 16.2% -2.0% North Yorkshire £573 4.0% 10.6% -10.2%
South Yorkshire £107,108 3.5% 11.2% -5.1% South Yorkshire £510 3.7% 14.3% -12.4%
West Yorkshire £122,803 2.1% 12.9% -5.9% West Yorkshire £502 1.9% 13.1% 0.0%
Second stepper properties (3 or 4 bedroom) 2 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
East Riding of Yorkshire £172,805 2.2% 17.2% -3.1% East Riding of Yorkshire £508 2.4% 8.0% -4.6%
North Yorkshire £269,129 3.1% 15.0% 0.3% North Yorkshire £709 3.6% 9.5% -8.4%
South Yorkshire £157,588 3.2% 16.5% -3.3% South Yorkshire £562 3.0% 15.3% -12.0%
West Yorkshire £190,042 4.3% 19.4% -5.7% West Yorkshire £619 4.0% 15.4% -1.1%
Page 50 Page 51North West England - Sales North West England - Lettings
First-time buyer properties (1 or 2 bedroom) 1 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
Cheshire £156,956 4.7% 17.8% -3.5% Cheshire £514 2.8% 12.4% -10.4%
Cumbria £119,200 -0.7% -0.8% -5.6% Cumbria £432 3.0% 6.9% -16.4%
Greater Manchester £140,393 4.6% 28.7% -3.4% Greater Manchester £675 7.3% 28.6% -1.3%
Lancashire £110,381 1.5% 5.1% -4.8% Lancashire £438 2.6% 6.0% -13.3%
Merseyside £113,418 2.8% 10.6% -9.8% Merseyside £514 4.4% 13.2% -3.6%
Second stepper properties (3 or 4 bedroom) 2 bedroom properties
Average asking price New listings Average asking rent New listings
Price 1 year 5 year 1 year Rent 1 year 5 year 1 year
Region Region
(Q3 2019) change change change (Q3 2019) change change change
Cheshire £242,090 3.5% 17.8% -2.4% Cheshire £655 3.5% 10.8% -4.2%
Cumbria £193,991 0.4% 3.6% -6.1% Cumbria £501 3.0% 7.6% -9.7%
Greater Manchester £213,461 4.0% 32.8% -1.0% Greater Manchester £760 6.8% 27.5% -6.4%
Lancashire £168,053 2.2% 8.7% -2.1% Lancashire £531 2.2% 7.9% -10.8%
Merseyside £170,065 5.1% 15.8% -5.3% Merseyside £592 2.2% 12.5% -14.9%
Page 52 Page 53You can also read
