Property and housing update for Mendip
By Wells_Jaqui | Tuesday, August 10, 2010, 12:44
House prices fell last month for the 1st time in a year according to a report published by the Royal Institute of Chartered Surveyors.
Private property sales, but also homelessness increasing locally
The root cause is that there has been a sudden influx of properties coming onto the market and insufficient demand.
While the house market in Wells has been sluggish for a good eight months, local estate agents confirm that sales have actually increased significantly in Wells and a look to any of their websites show a good proportion of the properties listed as ‘ sold subject to contract’ which is good news for the legal profession too.
By contrast, the number of homeless people in Mendip District Council’s locality has increased since the onset of the recession and today it announced that it could no longer remain within budget for providing temporary housing this year as a result.
The economic downturn means more people need bed and breakfast accommodation and the Council will be overspending by around £65,000 more than budgeted for to cope with demand.
A spokeswoman for the District Council said that it will be impossible to make cuts because it’s a vital service saying “we have a statutory duty to house people so we cannot turn them away.”
The council doesn’t yet know how much money will be cut from their budget in –line with Government targets, but the council will have to divert funds from other areas of expenditure to compensate.