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November 30, 2008
Brits locked out of French second-home market
Permalink: Brits locked out of French second-home market
by Gill Montia
The credit crisis and fall in the value of sterling has crushed the aspirations of Britons who dream of owning a holiday home in France.
According to Fnaim, the online association of French estate agents, the market for second homes in ...
Land Registry reports 10% annual fall in house prices
Permalink: Land Registry reports 10% annual fall in house prices
by Lin Freestone
The latest figures from the Land Registry indicate that annual house prices in England and Wales fell by 10.1%, in October 2008.
The average cost of a home fell by 1.5% to £165,529 during the month, taking another ...
November 28, 2008
FSA warns lenders to be fair to borrowers in arrears
Permalink: FSA warns lenders to be fair to borrowers in arrears
by Lin Freestone
A warning has been issued to lenders by the Financial Services Authority (FSA). Mortgage providers have been given a deadline of 31 January 2009 to prove that customers facing arrears or repossession are treated fairly.
The FSA’s rules ...
Northern Rock raises its fixed mortgage rate
Permalink: Northern Rock raises its fixed mortgage rate
by Lin Freestone
In defiance of the Government’s call for banks to cut rates and start lending again, Northern Rock has increased the costs of its most competitive home loans.
The state-owned lender, which was nationalised in February, has raised the cost of some ...
November 27, 2008
Nationwide: House prices fall but pace slows
Permalink: Nationwide: House prices fall but pace slows
by Kay Mitchell
According to the Nationwide, the fall in house prices has eased slightly after prices fell by 0.4% during the month, compared with a fall of 1.3% in October.
Despite this, the lender believes that recovery is still some way off as ...
November 26, 2008
Paragon forms joint venture as profit falls 23%
Permalink: Paragon forms joint venture as profit falls 23%
by Gill Montia
Buy-to-let lender, Paragon, has reported a 23% fall in underlying profit for the year to the end of September, to £66.9 million.
The company was forced into an emergency fundraising in February of this year and then severely restricted lending ...
November 25, 2008
Crosby predicts zero net new mortgage lending in 2009
Permalink: Crosby predicts zero net new mortgage lending in 2009
by Lin Freestone
The Crosby Report predicts that net new mortgage lending will fall below zero in 2009, from the £40bn that will have been lent during 2008. In 2007, the lending figure was £108bn.
Sir James Crosby, who prepared his report ...
Over 50s prefer life overseas to UK in recession
Permalink: Over 50s prefer life overseas to UK in recession
by Gill Montia
Insurance broker, RIAS, is convinced that large numbers of Britons in the over-50 age bracket are planning to retire overseas.
According to research by the firm, more than 400,000 people who have clocked up half a century or more ...
November 24, 2008
Seven out of ten empty commercial properties will benefit from tax exemption
Permalink: Seven out of ten empty commercial properties will benefit from tax exemption
by Lin Freestone
From April 2009, empty commercial properties with a rateable value below £15,000 will be exempt from business rates. It is estimated that the exemption should cover seven out of 10 empty properties
This exemption to 2009/10 ...
Knight Frank reports global fall in house prices
Permalink: Knight Frank reports global fall in house prices
by Gill Montia
Upmarket property consultancy, Knight Frank, has published its latest global house price index which asserts that over the three months to the end of September, global house prices have fallen for the first time on record.
The average decline in ...
November 23, 2008
Buy-to-let lending profile deteriorates
Permalink: Buy-to-let lending profile deteriorates
by Gill Montia
In its overview of mortgage arrears and repossessions for the third quarter of the year, the Council of Mortgage Lenders (CML) has described the payment profile of buy-to-let lending as worsening more rapidly than the market as a whole.
At the end of September, ...
November 22, 2008
Rise in repossessed properties in third quarter
Permalink: Rise in repossessed properties in third quarter
by Lin Freestone
More than 11,300 properties were repossessed during July, August and September, a rise of 12%, according to the Council of Mortgage Lenders (CML). The number of repossession orders made by the courts in England and Wales rose by 3% to ...
November 21, 2008
Need for more long-term tenancy agreements
Permalink: Need for more long-term tenancy agreements
by Lin Freestone
There has been a call for the introduction of more long-term tenancy agreements to bring the UK in line with the Continent where such practice is commonplace.
In France the rental market is highly developed and long-term tenancy is a well-proven and ...
November 20, 2008
11% drop in value of British Land’s portfolio
Permalink: 11% drop in value of British Land’s portfolio
by Lin Freestone
British Land, which owns retail, office and business-park developments throughout the UK, has reported a fall in portfolio valuation of 10.8% over the six months to the end of September 2008.
Offices in the City of London, which represent almost ...
7% rise in October’s mortgage lending
Permalink: 7% rise in October’s mortgage lending
by Lin Freestone
Mortgage lending rose by nearly 7% during October 2008. However, the figures from the Council of Mortgage Lenders (CML) show that the month’s lending was still 44% lower than in October 2007.
Lenders advanced a total of £18.7bn in October, compared with £17.5bn loaned in September.
Despite the ...
Oldham housing project abandoned by Gleeson
Permalink: Oldham housing project abandoned by Gleeson
by Lin Freestone
Housebuilder Gleeson Homes has pulled out of a landmark housing development in Oldham. Back in January 2005, Gleeson first revealed its plans for the project, in partnership with Oldham Council.
Now needing to conserve capital as a result of the credit ...
Scottish landlords need EPCs from beginning of 2009
Permalink: Scottish landlords need EPCs from beginning of 2009
by Lin Freestone
The Scottish Government has been accused by the National Landlords' Association (NLA) Scotland of failing landlords on the forthcoming introduction of Energy Performance Certificate (EPC) legislation. In Scotland, all rental properties will require an EPC on letting with effect ...
November 19, 2008
Buy-to-let landlords at more risk of negative equity
Permalink: Buy-to-let landlords at more risk of negative equity
by Lin Freestone
Ratings agency Standard & Poor’s has estimated that between 20% and 40% of landlords could be in negative equity next year if the prices of property fall by up to 30%, as predicted. If this happens, they will owe ...
Home Builders Federation calls for £2bn boost to homes fund
Permalink: Home Builders Federation calls for £2bn boost to homes fund
by Lin Freestone
The Home Builders Federation (HBF) has called on the government to expand its £200m clearing house fund set up to buy unwanted homes from the private sector to create social housing.
The fund was one of the measures ...
Inexperienced landlords must be well-prepared, says the NLA
Permalink: Inexperienced landlords must be well-prepared, says the NLA
by Lin Freestone
Research published by the National Landlords’ Association (NLA) has identified a new breed of reluctant landlords, who are homeowners letting out their own properties to avoid selling at a loss.
The NLA feels that these new entrants to the lettings ...
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