April 24, 2008

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Property prices could now fall 30% warns fund manager

Permalink: Property prices could now fall 30% warns fund manager
by Kay Murchie

Recent reports have suggested property prices in the UK could fall anywhere between 5% and 20%. However, a leading fund manager has warned that house prices in the UK could crash by around 30% from their highest levels recorded ...

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Mortgage approvals fall almost 50%

Permalink: Mortgage approvals fall almost 50%
by Kay Murchie

According to figures from the British Bankers Association (BBA), there were just 35,417 new mortgages approved for house purchases last month - 18% lower compared with the previous month. Compared to March 2007, approvals were down 46% - the lowest figure for over ...

April 23, 2008

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Homeowners seek lodgers to offset rising mortgage costs

Permalink: Homeowners seek lodgers to offset rising mortgage costs
by Gill Montia

With difficult times ahead for 11.8 million British mortgage holders, more people are choosing to rent out spare rooms in their homes to help with rising interest rates and the "payment shock" that awaits many who will be remortgaging ...

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Community spirity alive and well in the north

Permalink: Community spirity alive and well in the north
by Kay Murchie

A report from the Institute for Public Policy Research North (IPPRN) has established that the community spirit is the strongest in the north of England. The report found that 80% of people in the north-east see their neighbours ...

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Government urged to provide mortgage security for homeowners

Permalink: Government urged to provide mortgage security for homeowners
by Kay Murchie

Concerns that repossessions could surge this year has resulted in a meeting between Chancellor Alistair Darling and leading banks and building societies. The meeting comes amid increasing concerns that many of Britain's 11.8 million homeowners are struggling to make their ...

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Global prime property prices rise 11%

Permalink: Global prime property prices rise 11%
by Gill Montia

Knight Frank's latest global property report shows an 11% rise in prime residential properties in 2007. Highest growth was recorded in Antigua at 40%, followed by St Jean Cap Ferrat in France 39%, and Russia's St Petersburg at 38%. During the year, ...

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Construction drops to lowest level for 2 years

Permalink: Construction drops to lowest level for 2 years
by Kay Murchie

The Federation of Master Builders (FMB) has discovered that the construction workload in the UK has declined to its lowest level for 2 years. The decline in construction is further evidence of the slowdown in the UK housing market, according ...

April 22, 2008

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Bradford & Bingley reports rise in arrears

Permalink: Bradford & Bingley reports rise in arrears
by Gill Montia

Buy-to-let specialist, Bradford & Bingley (B&B), has reported a rise in mortgage arrears. The proportion of borrowers one month in arrears rose from 2.78% in March, to slightly over 3% in April. Over 50% of B&B's lending is in the buy-to-let sector ...

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UK’s least popular destinations revealed

Permalink: UK’s least popular destinations revealed
by Kay Murchie

Research has shown that Halifax, West Yorkshire, has been labelled the least popular property destination in the UK this year. A study by MoveMe, the property move website, found that 57% more movers have left the town than arrived during 2008. The second least popular property ...

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Abbey withdraws buy-to-let lending

Permalink: Abbey withdraws buy-to-let lending
by Gill Montia

Abbey is withdrawing the majority of its buy-to-let mortgages. The Spanish-owned bank says that the move is temporary and will allow it to focus on products aimed at the residential market. The lender also reported that it expects the buy-to-let sector to contract and is ...

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20% fall in house prices say Capital Economics

Permalink: 20% fall in house prices say Capital Economics
by Kay Murchie

Capital Economics, the macroeconomic research consultancy, believes property prices could fall by up to 8% this year. The organisation then predicts a 10% fall in 2009. Added to the fall in property prices during the final months of last year, ...

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£50bn rescue package brings no relief for homeowners

Permalink: £50bn rescue package brings no relief for homeowners
by Kay Murchie

The Bank of England has announced plans to pump £50 billion into the financial system to prevent the credit crisis causing more harm to the UK banking system and economy. Despite the rescue plan, Chancellor Alistair Darling, admitted that many ...

April 21, 2008

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Rents fall in Nottingham and Liverpool

Permalink: Rents fall in Nottingham and Liverpool
by Gill Montia

Latest figures from the housing intelligence firm, Hometrack, show that rents in Liverpool and Nottingham dropped by an average of 2% in the first three month of this year. In Newcastle, rents remained static during the quarter. The trend reflects an oversupply ...

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Mortgage crisis must be stopped to avoid crash

Permalink: Mortgage crisis must be stopped to avoid crash
by Kay Murchie

A report by property website, Rightmove, warns if the mortgage meltdown is not stopped, falling property prices could result in a crash. Traditionally, March and April are good months to sell your property as it is a time when the ...

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Asking prices in London plummet

Permalink: Asking prices in London plummet
by Kay Murchie

Figures from property website, Rightmove, have shown that asking prices for houses in nearly every London borough have plummeted in just a few weeks with the average asking prices in Kensington and Chelsea falling £33,000 to £1,458,558, which represents a 2.2% fall ...

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17% year-on-year fall in mortgage lending

Permalink: 17% year-on-year fall in mortgage lending
by Kay Murchie

New research from the Council of Mortgage Lenders (CML) shows the credit squeeze on homeowners continues as they reveal a 17% year-on-year fall in mortgage lending. The CML said there was £26.3 billion worth of gross mortgage lending in March compared ...

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Euro mortgages cost UK salaries dear

Permalink: Euro mortgages cost UK salaries dear
by Gill Montia

Britons who have purchased second homes in European Union counties are feeling the pinch as the euro continues to rise against sterling. The value of the euro is currently around the 80p mark, compared with 66p in January 2007, leaving those on ...

April 18, 2008

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Turkey suspends property transactions

Permalink: Turkey suspends property transactions
by Gill Montia

Turkey has been reviewing its property laws with regard to foreign investors and has temporarily suspended the issuing of title deeds to foreign buyers, as from 16th April. The move is aimed at allowing the Turkish Constitutional Court to re-draft legislation and amend two ...

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Taylor Wimpey: fall in property prices is disaster for housebuilders

Permalink: Taylor Wimpey: fall in property prices is disaster for housebuilders
by Kay Murchie

Taylor Wimpey, the UK’s largest housebuilder, has warned that the fall in property prices is turning into a disaster for housebuilders. The group, which was formed by the merger of Taylor Woodrow and George Wimpey last July, said ...

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Morgan Stanley predict 10% house price falls this year

Permalink: Morgan Stanley predict 10% house price falls this year
by Kay Murchie

Analysts at US investment bank Morgan Stanley, predict that property prices will fall by 10% this year and 5% in 2009 and, as a result, will push more than 1 million homeowners into negative equity (where their home ...