June 30, 2008

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BoE: mortgage approvals fall to record low

Permalink: BoE: mortgage approvals fall to record low
by Kay Murchie

Figures released by the Bank of England today revealed that 42,000 home loans were approved in May, which is a 27% decline compared with April and represents a 64% fall compared with 12 months ago. The Bank said the figures were ...

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BSA’s new service could impact authority of CML

Permalink: BSA’s new service could impact authority of CML
by Lin Freestone

Earlier this month the Building Societies Association (BSA) announced that it was planning to expand the work that it does on behalf of building societies by representing their interests in the mortgage and housing markets. In recent years the Building ...

June 29, 2008

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£500m cash injection for Taylor Wimpey

Permalink: £500m cash injection for Taylor Wimpey
by Kay Murchie

Housebuilder Taylor Wimpey is close to receiving a huge cash injection in a bid to shore up its balance sheet. The rescue is being co-ordinated by investment bank UBS, and JP Morgan Cazenove. The agreement, which is believed to raise as much as ...

June 27, 2008

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Shools boost property prices in London

Permalink: Shools boost property prices in London
by Kay Murchie

According to Katy Stern of estate agent Foxtons, people are prepared to pay a little extra for a property as they are so determined to get their children into a good school. New homes built just yards from the schools in the ...

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Seven in 10 find faults in new-builds

Permalink: Seven in 10 find faults in new-builds
by Kay Murchie

According to research by the Office of Fair Trading (OFT), 70% of buyers of new-build homes have found faults with their new property. The OFT commissioned a survey of 1,000 people in Britain who had bought a newly-built home in the ...

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Land Registry: House prices unchanged in May

Permalink: Land Registry: House prices unchanged in May
by Kay Murchie

According to figures published today from the Land Registry, house prices in England and Wales were unchanged in May compared with the previous month. In addition, figures from the organisation showed that house sales were down during March at 53,080, compared ...

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Edinburgh tops student accommodation investment tables

Permalink: Edinburgh tops student accommodation investment tables
by Gill Montia

Estate agent, Knight Frank, has published its latest Bricks & Mortarboard Student Accommodation Review, in which it reveals that for investors, student accommodation is now more profitable than residential, industrial and retail property. The report states that between 2003 and 2007, ...

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House prices buck national trend in Ribble Valley

Permalink: House prices buck national trend in Ribble Valley
by Lin Freestone

The Ribble Valley area of Lancashire is defying the national slump in house prices, with an average increase of 17.1% being recorded in the first quarter of 2008. The area continues to be popular with purchasers because of the proximity ...

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£150m office development planned for Derby city centre

Permalink: £150m office development planned for Derby city centre
by Lin Freestone

Norseman Investments, a Derbyshire developer with more than 35 years experience, is planning a £150m office development which could bring millions of pounds of investment into the centre of Derby. The development on a three-acre site in the heart of ...

June 26, 2008

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Lenders increase cost of fixed-rate mortgages

Permalink: Lenders increase cost of fixed-rate mortgages
by Lin Freestone

Three mortgage lenders have raised the cost of their fixed-rate mortgages as banks find it increasingly difficult to finance loans. Bradford & Bingley has increased the cost of its fixed-rate residential mortgage by between 0.5% and 0.7%. This is the second increase ...

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GVA Grimley reports on Liverpool’s office market

Permalink: GVA Grimley reports on Liverpool’s office market
by Lin Freestone

In recognition of Liverpool's year as European Capital of Culture, GVA Grimley has prepared a report on the state of the office market in the centre of the city. The report reflects on the office market in terms of take-up, ...

June 25, 2008

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Family home loses 40% in value in just 4 months

Permalink: Family home loses 40% in value in just 4 months
by Kay Murchie

A six-bedroom Victorian family home has seen its value fall by 40% in just 4 months. The home, which is in the desirable area of Bedford Park, west London, is believed to be the capital's steepest property reduction. ...

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Britons reclaim tax on Spanish property sales

Permalink: Britons reclaim tax on Spanish property sales
by Gill Montia

A group of British non-residents who sold property in Spain between June 2004 and December 2006 have begun their action to reclaim capital gains tax from the Spanish authorities. During the period, British non-residents selling property in the country paid capital ...

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Developer starts building 37 new homes in Formby

Permalink: Developer starts building 37 new homes in Formby
by Lin Freestone

A Southport-based property developer, Marcel Zachariah, has received backing from the Royal Bank of Scotland’s property finance team in Liverpool to build 37 new homes in Formby. The £14m development by York Homes will feature a mix of three-and four-bedroom ...

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Gleeson closes regional offices as credit crunch bites

Permalink: Gleeson closes regional offices as credit crunch bites
by Lin Freestone

M J Gleeson, a housing and property development group that is battling against exceptionally difficult trading conditions, has decided to close its Sheffield office and wind down its operations in the south of England. Future opportunities in Yorkshire will ...

June 24, 2008

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Fixed-rate deals hit 7%

Permalink: Fixed-rate deals hit 7%
by Kay Murchie

Research from financial information service, Moneyfacts, has revealed that the average cost of a two-year fixed-rate mortgage deal has risen above the 7% mark and are at their most expensive since February 1997. In addition, those looking for a five-year fixed-rate mortgage will find ...

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Rental yields hit 6.4%

Permalink: Rental yields hit 6.4%
by Gill Montia

Buy-to-let lender, Paragon, has reported that average rental yields rose to 6.4% in May, their highest level since February 2006. The increase reflects the fact that average rental income has risen 12% over the past year and close to 6% in the past six ...

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Ten de-licensed pub buildings for sale in the north of England

Permalink: Ten de-licensed pub buildings for sale in the north of England
by Lin Freestone

Enterprise Inns is to dispose of property worth a total of £3m. The sales are being handled by the Newcastle office of Sanderson Weatherall. The ten pubs in the portfolio have all been de-licensed, making them ...

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National Housing Federation’s £1bn proposals under consideration

Permalink: National Housing Federation’s £1bn proposals under consideration
by Lin Freestone

As housebuilders and developers grapple with the problem of thousands of unsold, empty properties, some of which are only part-built, the National Housing Federation is proposing that the government releases £1bn of public funding to ease the situation. The National Housing ...

June 23, 2008

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Official figures reveal slump in home sales

Permalink: Official figures reveal slump in home sales
by Kay Murchie

Figures from HM Revenue and Customs (HMRC) have revealed that UK property sales have fallen 32% this year. The information was gathered from its stamp duty receipts which established that in the first 5 months of the year, there were 504,000 ...