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August 25, 2008

£605m sale and leaseback deals by Tesco

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by Lin Freestone

£605m sale and leaseback deals by Tesco
The supermarket group, Tesco, has secured further sale and leaseback agreements with four institutional buyers for a total consideration of £605m. Under the agreements, Tesco has sold the freeholds of 13 stores and rented them back from the new pension fund ...


Halifax Estate Agents to close one quarter of its branches

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by Lin Freestone

Halifax Estate Agents to close one quarter of its branches
The Halifax is to close 53 of its estate agency branches following a significant decline in the number of house sales made over the past year. The precise locations of the affected branches have not yet been disclosed ...

August 22, 2008

Simplyzigzag promotes Turkish Wellness & Spa property

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by Gill Montia

Simplyzigzag promotes Turkish Wellness & Spa property
Online property firm, Simplyzigzag.com, has signed an exclusive agreement with Turkish property developer, NaturaHan Residences, to sell the latter's property development in Beycik. NaturaHan is in the process developing a Wellness & Spa property at the resort, which sits on the ...


Moneyfacts: Mortgage rates back to August 2007 levels

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by Kay Mitchell

Moneyfacts: Mortgage rates back to August 2007 levels
Research by price comparison website, Moneyfacts, has discovered that mortgage rates are back to the same level they were at the start of the credit crunch. According to Moneyfacts, the average rate on a two-year fixed deal is now 6.59% ...

August 21, 2008

Housing starts in England fall in Q2

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by Kay Mitchell

Housing starts in England fall in Q2
According to the Department for Communities and Local Government, the number of new housing starts in England has fallen significantly in the second quarter of 2008. During the period April to June, 33,400 new homes were started which represents a 19% ...


Homebuyers demanding discount on properties

Permalink: Homebuyers demanding discount on properties
by Kay Mitchell

Homebuyers demanding discount on properties
As the housing slowdown continues, a report from the Bank of England has revealed that buyers are asking for discounts of 20% off the asking price of a property. The report also discovered that an increasing number of buyers who have ordered homes ...


Persimmon adds to housebuilder woes

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by Kay Mitchell

Persimmon adds to housebuilder woes
UK housebuilder, Persimmon, reported a 64% slump in first-half pre-tax profits to £100.9 million for the half-year to the end of June, this compares with £281.1 million in the same period last year. Along with many other housebuilders, Persimmon has been hit by ...

August 20, 2008

CML: Slump in mortgage lending continues

Permalink: CML: Slump in mortgage lending continues
by Kay Mitchell

CML: Slump in mortgage lending continues
According to the Council of Mortgage Lenders (CML), the mortgage lending slump continued last month. The CML figures showed that gross mortgage lending rose slightly in July by 5% compared with June, however this is 27% lower compared with July 2007. Commenting on ...


Lodger could help homeowners during credit crunch

Permalink: Lodger could help homeowners during credit crunch
by Kay Mitchell

Lodger could help homeowners during credit crunch
With rising food and fuel costs, homeowners are struggling with day-to-day living costs and according to Abbey Mortgages, taking in a lodger could help them during these difficult times. According to Abbey Mortgages, spare bedrooms could net over £60 billion each ...


Reminder to students of tenancy deposit protection scheme

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by Lin Freestone

Reminder to students of tenancy deposit protection scheme
Students in England and Wales are being reminded of a Government-approved tenancy deposit protection scheme when arranging their accommodation for the new academic year. It is important for students to ask their new landlord where their cash is and with ...

August 19, 2008

Wolsey: Housing transaction levels fall to dangerously low levels

Permalink: Wolsey: Housing transaction levels fall to dangerously low levels
by Kay Mitchell

Wolsey: Housing transaction levels fall to dangerously low levels
According to Wolsey Securities, the housebuilder finance specialist, housing transaction levels in the UK have fallen to dangerously low levels and are set to fall 60% below the worst period of the early 1990s. According to Mike Ratcliffe, chief ...


UK lending to fall by 20%

Permalink: UK lending to fall by 20%
by Kay Mitchell

UK lending to fall by 20%
Business intelligence company, Datamonitor, believes the UK mortgage market will shrink by a fifth by the end of the year. Datamonitor is forecasting that mortgage lending will continue to fall, by a total of 19.3% this year and by a further 3% ...


Rics expects oversupply to hit rents

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by Gill Montia

Rics expects oversupply to hit rents
Predictions that the rental market will be flooded by properties coming onto the market because their owners are reluctant or unable to sell, are borne out by figures from the Royal Institutions of Chartered Surveyors (Rics). According to the latest Rics ...


Skandia predicts exodus of buy-to-let investors

Permalink: Skandia predicts exodus of buy-to-let investors
by Gill Montia

Skandia predicts exodus of buy-to-let investors
Investment company, Skandia, is predicting that the UK private rented sector will shrink by around two-thirds over the coming years, as landlords abandon the market. The firm expects the value of buy-to-let mortgages to fall from its end 2007 level of £120 ...


NAEA to launch property website

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by Kay Mitchell

NAEA to launch property website
The National Association of Estate Agents (NAEA) has announced its intention to launch Property Live, a new free website which will allow its 10,000 members to advertise properties for sale free of charge. The NAEA, which represents residential estate agents, said it ...

August 18, 2008

Halifax and Abbey begin price war

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by Kay Mitchell

Halifax and Abbey begin price war
Halifax and Abbey, the UK’s two largest mortgage lenders, have launched a price war in a bid to tempt new borrowers. The two lenders are competing on two-year tracker mortgages, which are usually linked to the Bank of England base rate. However, ...


Rents decline as “forced landlords” flood market

Permalink: Rents decline as “forced landlords” flood market
by Gill Montia

Rents decline as
Letting agents are forecasting a fall in UK rents, which could decline by as much as 10% by the end of the year. Despite predictions that potential first-time buyers would buoy up the rental market until mortgage lending and confidence in ...


Landlords struggle with rising mortgage arrears

Permalink: Landlords struggle with rising mortgage arrears
by Gill Montia

Landlords struggle with rising mortgage arrears
Independent financial adviser, Hargreaves Lansdown, has calculated that around 10,000 buy-to-let landlords are more than three months behind with their mortgage repayments. Set against the larger picture of the UK property market, buy-to-let borrowers in arrears form only a small proportion of ...


Sellers cut prices in wake of housing slowdown

Permalink: Sellers cut prices in wake of housing slowdown
by Kay Mitchell

Sellers cut prices in wake of housing slowdown
In its latest survey of the housing market, property website Rightmove, said sellers are now being more realistic with property prices after figures show that asking prices are being slashed. Rightmove, which is the UK's largest online housing website, said ...

August 15, 2008

Mortgage repossession orders surge by 24%

Permalink: Mortgage repossession orders surge by 24%
by Kay Mitchell

Mortgage repossession orders surge by 24%
Figures from the Ministry of Justice have revealed that the number of mortgage repossession orders made by courts in England and Wales in the second quarter of 2008, rose by 24% to 28,658, compared with the same period last year. The figures ...