first – 9japroperty

Survey shows fewer first time home buyers

9japroperty — Mon, 25 Jul 2016 14:25:54 +0000

The age of first time buyers in England has increased over the past 20 years, up from 30 to 33, according to the latest English Housing Survey published by the government, according to a report by Propertywire.com.

In 2014/2015 the majority of first time buyers, some 61 per cent, were aged 25 to 34 and this was similar to 1994/1995 but between 1994/1995 and 2014/2015 the proportion of first time buyers aged 16 to 24 fell from 23 per cent to 10 per cent, while the proportion aged 35 to 44 increased from 11 per cent to 20 per cent.

The survey, from the Department of Communities and Local Government also shows that more first time buyer households were couples than single people, compared with 20 years ago.

The proportion of first time buyers that were single households halved from 29 per cent in 1994/1995 to 14 per cent in 2014/2015, meaning 80 per cent of all first time buyers were couple households, a marked change since 1994/1995 when it was 63 per cent and 2004/2005 when it was 62 per cent.

The report suggests that this may be due to an increasing need for two incomes to be able to buy.

The analysis shows that among first time buyers that were couples, those with dependent children have increased the most from 20 per cent to 31 per cent and first time buyers had higher incomes and more help with funding their deposits than was required 20 years earlier.

Some 72 per cent of first time buyers were in the fourth and fifth quintile income bands in 2014/2015, up from 62 per cent in 1994/1995 and there was an increase in the proportion of first time buyers that had help from friends and family from 21 per cent to 27 per cent, while those that used inherited money for their deposit increased by three per cent to 10 per cent.

Expectation to buy declined among private renters between 2013/2014 and 2014/2015, after a period of relative stability since 2006/2007. A breakdown of the figures show that in 2014/2015 some 57 per cent of private renters were more likely to expect to buy property at some point in the future than social renters at 24 per cent.

Since 2006/2007 the proportion of private renters who expect to buy a home has remained relatively consistent. However, there was a decline from 61 per cent in 2013/2014 to 57 per cent in 2014/2015.

There was no such decline in the proportion of social renters who expected to buy over the latest year. This was in large part due to the fall in the proportion of 25 to 44 year old private renters who expect to buy in the latest year.

Expectation to buy for 25 to 34 year olds in the private rented sector was relatively stable from 2008/2009 but the 71 per cent of 25 to 34 year olds expecting to buy their own property in 2014/2015 signified a decrease from 78 per cent in 2013/2014. A similar pattern was evident among private renters aged 35 to 44 years, with a decline from 68 per cent to 60 per cent in the latest year.

There were more older social and private renters expecting to buy than in 2010/2011. Among social renters, the proportion of 45 to 54 year olds expecting to buy increased from 15 per cent in 2010/2011 to 24 per cent in 2014/2015. In the private rented sector, the proportion of 45 to 54 years olds expecting to buy increased from 33 per cent in 2010/2011 to 48 per cent in 2014/2015.

Couples with dependent children were more likely to expect to buy a home than couples without children or single households and in 2014/2015 some 28 per cent of all renting households who expected to buy a home in the future were couples with dependent children.

The next most likely household type to expect to buy were couples with no children at 19 per cent and single person households at 18 per cent.

Among renters not expecting to buy, two thirds cited affordability as the main barrier to home ownership. In 2014/2015, the proportion of people who felt they were unlikely to buy a home due to affordability was similar across the social and the private rented sectors, with 65 per cent in the private rented sector and 66 per cent of people in the social rented sector citing affordability as the main barrier to home ownership.

A minority of households did not expect to purchase a home because they preferred their current circumstances as renters. Some nine per cent said they liked it where they were and one per cent preferred the flexibility of renting.

PUNCH.

The post Survey shows fewer first time home buyers appeared first on 9japroperty.

FG inaugurates Nigeria’s first hydrocarbon plant

9japroperty — Tue, 24 Nov 2015 13:05:42 +0000

The Minister of State for the Environment, Mr. Ibrahim Jibril, has inaugurated the first plant for the production of high grade hydrocarbon refrigerants used in the refrigeration, manufacturing and related servicing sectors in the country.

At the inauguration of the plant in Irolu, Ogun State, Jibril said the project was being implemented under the auspices of the Montreal Protocol on Substances that Deplete the Ozone Layer, to which Nigeria is a party.

The Montreal Protocol on Substances that Deplete the Ozone Layer was designed to reduce the production and consumption of ozone depleting substances in order to reduce their abundance in the atmosphere, and thereby protect the earth’s fragile ozone Layer.

The original Montreal Protocol was agreed on September 16, 1987 and entered into force on January 1, 1989, and includes a unique adjustment provision that enables the parties to the protocol to respond quickly to new scientific information and agree to accelerate the reductions required on chemicals already covered by the Protocol.

The minister noted that it was a milestone in the global efforts to phase out the use of ozone depleting substances such as hydrochloroflurocarbons, a substance used in the refrigeration and air-conditioning sector, which has potent greenhouse and high global warming potential.

Jibril said, “I think it is a significant milestone and its importance cannot be overemphasized. This project has so many facets, apart from attempting to make the country self-sufficient; it also creates a lot of employment opportunities, especially for those involved in the refrigeration business.

“It will also go a long way to reduce our foreign imports; even though this is a pilot project, it has the potential to grow into a bigger scale and we urge the local and international industrialists to come forward and invest in this technology.

“It has a lot of local content and anything that will not have to do with foreign exchange is a welcome development; the engineer who designed this has done a good job.”

Among the advantages of the plant are the availability of raw materials for producing HC refrigerants; availability of high grade HC refrigerants for use by the refrigeration and air-conditioning sector, and building of local capacity to produce energy efficient low global warming potential gases.

According to the minister, with assistance from the multilateral fund for the implementation of the protocol, the Federal Government is implementing Nigeria’s stage one of the hydrochloroflurocarbons phase out management plan, for which the fourth tranche has been completed.

He said the first stage of implementation commenced in 2011 and should be completed by the end of this year.

“The hydrocarbon pilot project is one of the main components of the project and is designed to demonstrate the feasibility of replacing the current use of hydrochloroflurocarbon refrigerants in the refrigeration and air-conditioning sector,” he said.

Jibril added that the project would be followed by a well-structured training and certification programme for technicians in the refrigeration and air-conditioning sector nationwide on the safe use of the HC refrigerants.

He added that basic training and prevention measures to reduce hydrocarbon emission when carrying out regular maintenance services, hands-on training and use of HC refrigerants to operate domestic air-conditioning and refrigeration appliances, among other information, would be shared.

According to the minister, opportunities also exist for individuals and corporate organisations to make profit by helping the government to phase out hydrochloroflurocarbons.

He added, “We are looking forward to harnessing the product of the hydrocarbon plant, which is also known as butane, as a source of clean energy and an alternative to firewood mostly used by a percentage of the population.

“The use of LPG as the raw material for the hydrocarbon plant is also of great environmental benefit as it will lead to the reduction of gas flaring by our refineries.”

Jibril also said that the ministry would soon be involved in an articulated campaign in both the print and electronic media to sensitise the people to the fact that the issue of the environment was beyond the monthly exercise of cleaning the streets.

“We are aware of erosion in parts of the country. In the North, desertification is hitting us hard; and in the South, coastal erosion and deforestation are hitting us hard too. We must realise that harmful practices in the environment are not in our best interest and the world has been talking about conservation and we cannot do without conserving our environment,” he said.

PUNCH.

The post FG inaugurates Nigeria’s first hydrocarbon plant appeared first on 9japroperty.

first – 9japroperty

Survey shows fewer first time home buyers

FG inaugurates Nigeria’s first hydrocarbon plant

Related posts: