WE would like to point out that the author of our new weekly market comment feature, Richard Franklin, is in fact from Franklin Gallimore and not from Nock Deighton as printed in the Ludlow Advertiser, November 24 edition.

We apologise for any confusion caused.

Here is Richard's market comment;

CHANGE is the only constant in the housing market.

Launched this Wednesday, the Redfern Review, led by Peter Redfern, CEO of Taylor Wimpey, provided a useful evaluation of the housing market and trends in home ownership throughout the UK.

The review indicates that home ownership has fallen 6.2 per cent in the last dozen years and is continuing to fall.

The three main reasons for this fall are identified as:

- Tougher first-time buyer credit constraints

- Rapidly increasing house prices

- The relative fall in wages of younger people aged 28-40.

The increase in supply will not significantly alter these causes, which are all on a macroeconomic scale.

The home ownership rate for those aged 25-34 fell the most, dropping from 59 per cent to 37 per cent.

Renting erodes the ability to save for a deposit and with the over increasing age of first time buyers this has implications on the typical progression of families through the housing market.

This impact is felt across the local market at large, no one is exempt or a special case.

Long-term renting is now seen as a viable alternative for many, but its legal framework is yet to adapt to the changes of greater permanence.

The key findings of the report require a long-term viewpoint which is often at odds with a five-year parliamentary term.

However, the need for an efficient and functional housing market is a keystone to a successful economy regardless of political persuasion.

The effect of these changes to market at large are seismic especially if coupled with an ageing population.

Many houses will become unsuitable for their owners and become under occupied and as the younger generation cannot afford them.

This will result in certain types and value bands performing radically different from others.

Property owners need to be aware of these sub-markets, and not wholly focus on the headline figures, which can be very misleading.

This change in market conditions may mean long held assumptions in terms of value, and family housing progression need to be reviewed more regularly.