Annual Change in House Prices Source: Land Registry

Prices are now falling very fast More to come Plus… Loss of new build premium New home prices down by 20-40% Source: Nationwide, Halifax

with a big hit to turnover – particularly take up of new homes most notably amongst investors first time buyers Source: HBF, Bank of England

Fastest falls are in the South of England

Underlying demand is still there But… Higher supply is leading to rental weakness

From Recession to recovery: a local dimension. ( November 2008) LGA and PACEC Functional Economic Areas High levels of economic self containment Distribution of 1.7m fewer jobs? London is the region most likely to underperform the national average in a recession City job losses and bonuses?

From Recession to recovery: a local dimension. (November 2008)

Issues for discussion… Commuting patterns in the sub-region Relationship of housing supply, tenure and the nature of employment Economic regeneration across the sub region. The role of the sub region in supporting the wider London Economy How can housing and economic development be planned to improve sustainability The trajectory of the local economy and the impact of the recession in terms of job losses and reduced incomes The potential for Local Housing Strategies and Local Development Frameworks to support economic development and the labour supply