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December 30, 2008
Land Registry: House prices fall further
Permalink: Land Registry: House prices fall further
by Kay Murchie
Official data has revealed that house prices in England and Wales fell by a further 1.9% last month.
The Land Registry puts the annual fall at 12.2%, this represents the 15th month in a row that prices have fallen and takes figures ...
December 29, 2008
5% of homes for sale remain unsold
Permalink: 5% of homes for sale remain unsold
by Kay Murchie
New research shows that the UK property market remains stagnated after property website Globrix revealed that in some areas of the UK, one in five properties have been on the market for the entire year.
The problem is the most ...
Lenders continue to say ‘no’ to potential borrowers
Permalink: Lenders continue to say ‘no’ to potential borrowers
by Kay Murchie
According to reports, lenders are making any excuse to refuse a mortgage to potential homeowners.
A report in the Daily Mail suggests that one application was refused simply because the customer had exceeded their overdraft limit by only £30.
Paul ...
December 24, 2008
Rics: House prices to fall further 10%
Permalink: Rics: House prices to fall further 10%
by Kay Murchie
The Royal Institution of Chartered Surveyors (Rics) is the latest organisation to forecast further house price falls next year.
Rics is estimating that house prices will fall by a further 10% in the next 12 months, meaning house prices will ...
December 22, 2008
Hometrack adds to house price fall predictions
Permalink: Hometrack adds to house price fall predictions
by Kay Murchie
Housing intelligence company Hometrack is predicting that house prices will fall by a further 10% in 2009 and 3% in 2009.
The company said the average cost of a home has fallen by about 9%, meaning house prices will have fallen ...
Nationwide and Halifax to end house price forecasts
Permalink: Nationwide and Halifax to end house price forecasts
by Lin Freestone
UK lenders Nationwide and Halifax have decided not to issue house price forecasts for 2009.
According to Nationwide, it is too difficult at the moment as the market changes so rapidly. Halifax, which is owned by HBOS, says making a ...
December 18, 2008
CML predicts repossessions will rise to 75,000 in 2009
Permalink: CML predicts repossessions will rise to 75,000 in 2009
by Lin Freestone
House repossessions will rise to 75,000 by the end of 2009. This would be an increase of 67% on the 2008 figure of 45,000 repossessions. The number of households more than three months behind with their repayments will ...
TSA monitors finances of six housing associations
Permalink: TSA monitors finances of six housing associations
by Gill Montia
The newly launched Tenant Services Authority (TSA), which operates as a watchdog for the social housing sector, has reported that it has put six housing associations under close observation because of their finances.
In a recent appearance before the Communities ...
Return of 95% LTV mortgage from Nationwide
Permalink: Return of 95% LTV mortgage from Nationwide
by Lin Freestone
Nationwide Building Society has reintroduced a 95% loan-to-value mortgage to its existing customers. However, borrowers will have to pay an interest rate of 7.18%, which is 5.18% above base rate, for a two-year, fixed-rate mortgage.
A minimum of £25,000 must be ...
December 17, 2008
Equity release set to increase throughout recession
Permalink: Equity release set to increase throughout recession
by Kay Murchie
According to Norwich Union, the equity release industry is set to surge as a result of the economic downturn.
Equity release is a scheme designed to allow homeowners to release cash from the value of their property.
Retirees, in particular, are set ...
UK architect funds research into revolutionary BMW technology for affordable housing
Permalink: UK architect funds research into revolutionary BMW technology for affordable housing
by Lin Freestone
A research programme at Harvard University Graduate School of Design, funded by UK-based international architecture firm RMJM, is exploring housing concepts based on a new ‘elastic skin’ technology that challenges architecture as something fixed and static.
Students ...
Falling construction puts 2020 target for new homes at risk
Permalink: Falling construction puts 2020 target for new homes at risk
by Lin Freestone
Newly released figures have revealed that the building of houses in the UK has fallen to the lowest point since a period of severe deflation in 1924, when work began on 87,000 houses. There is now considerable ...
December 16, 2008
Barclays warns that house prices could fall by further 15%
Permalink: Barclays warns that house prices could fall by further 15%
by Lin Freestone
The chief executive of Barclays has warned that house prices are likely to fall a further 10% to 15% next year. Barclays had expected property prices to drop by about 25% to 30% between 2007 and the ...
£100m government aid for first-time buyers
Permalink: £100m government aid for first-time buyers
by Lin Freestone
The government has added £100m to the HomeBuy Direct scheme, which could help 18,000 first-time buyers get onto the property ladder.
First announced in September with a budget of £300m, HomeBuy Direct offers an equity loan, which will be free of charge ...
December 15, 2008
Rent guarantee insurance becomes more appealing
Permalink: Rent guarantee insurance becomes more appealing
by Gill Montia
HomeLet, the specialist provider of insurance to the rental sector, is alerting landlords to the fact that rent guarantee claims are increasing.
The recession and the rise in unemployment resulting from the credit crisis mean that more tenants are facing financial difficulties ...
Rightmove predicts further 10% drop in house values in 2009
Permalink: Rightmove predicts further 10% drop in house values in 2009
by Lin Freestone
Average asking prices for houses in England and Wales have now fallen by 10.2% from their peak in May 2008, representing a £24,692 drop. The figures are from property website Rightmove, which predicts that sellers will drop ...
Launch of three new Belvoir franchise offices
Permalink: Launch of three new Belvoir franchise offices
by Lin Freestone
Three new Belvoir lettings agency offices are being launched in Chichester, Newcastle Central and Glasgow North. Added to the resale of a Cheshire office, this brings the total number of Belvoir franchises to 146, each owner-managed by a local lettings ...
December 12, 2008
CoPSO welcomes extension of HIPs regulations
Permalink: CoPSO welcomes extension of HIPs regulations
by Lin Freestone
The government’s decision to extend the transitional arrangements for Home Information Packs (HIPs) has been welcomed by the Council of Property Search Organisations (CoPSO).
Margaret Beckett delivered a written ministerial statement to the House of Commons on 8 December proposing ...
December 10, 2008
Rics predicts continuing commercial property price falls
Permalink: Rics predicts continuing commercial property price falls
by Lin Freestone
The latest forecast from the Royal Institution of Chartered Surveyors (Rics) is for a fall in commercial property values of 25% over the next two years, due to a sharp drop in rents.
Rics estimates that there will ...
December 9, 2008
Landlords must provide evidence to withhold deposits
Permalink: Landlords must provide evidence to withhold deposits
by Gill Montia
mydeposits.co.uk is reminding landlords that they need to provide sufficient evidence to support a decision to withhold part or all of a tenant's deposit.
The firm, which operates as a Government-approved tenancy deposit protection scheme, explains that while some disputes arise ...
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