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January 30, 2009
BoE: Mortgage approvals see slight improvement in December
Permalink: BoE: Mortgage approvals see slight improvement in December
by Kay Murchie
Figures released from the Bank of England (BoE) today show a slight rise in mortgage approvals for December.
According to the Bank, December saw 31,000 home loans approved, a slight increase from the 27,000 approved in November. However, the figure ...
Government signals start to council house building
Permalink: Government signals start to council house building
by Lin Freestone
The Prime Minister has signalled that Treasury rules preventing local authorities from building social housing would be relaxed within months. He said there is significant demand for housing and there is clearly spare capacity in the house building sector.
Gordon Brown ...
Land Registry reports 13.5% fall in 2008 house prices
Permalink: Land Registry reports 13.5% fall in 2008 house prices
by Lin Freestone
The Land Registry reports that house prices in England and Wales fell by 13.5% in 2008. The average house price is now £158,946. In London the average price fell by 12.9% annually to £307,071, a level similar to ...
Low tracker deals may not be good long-term option
Permalink: Low tracker deals may not be good long-term option
by Lin Freestone
Latest research has revealed that, during the past three months, mortgage lenders have more than tripled the margins they charge on tracker deals.
When the Bank of England base rate stood at 5% in October 2008, the average margin ...
Over 1m trapped in negative equity
Permalink: Over 1m trapped in negative equity
by Kay Murchie
Michael Saunders, head of European economics at investment bank Citigroup, has warned that every month 200,000 people are falling into negative equity, with around 1.2 million currently trapped in negative equity.
Mr Saunders is predicting that the figure will rise to ...
January 29, 2009
Rise in first-time buyer mortgage applications
Permalink: Rise in first-time buyer mortgage applications
by Lin Freestone
Compared to the number of loans available for potential homeowners who have a 10% deposit, there are currently twice as many lenders and three times as many products on the market for homebuyers looking for an 80% mortgage.
However, mform, a ...
Nationwide: House prices fall 16.6% on year
Permalink: Nationwide: House prices fall 16.6% on year
by Kay Murchie
The Nationwide’s latest house price index has revealed that property prices continued to fall in January with a slide of 1.3%, taking the annual rate of fall to 16.6% - the largest annual fall on record.
However, the rate of fall ...
January 28, 2009
Seventy-five per cent of mortgaged landlords in profit
Permalink: Seventy-five per cent of mortgaged landlords in profit
by Gill Montia
The Residential Landlords' Association (RLA) has reported that the number of landlords with buy-to-let mortgages who are in profit is at roughly the same level as in 2007, when the property market was booming.
Research conducted by buy-to-let mortgage broker, ...
“Reluctant” landlords need to do their homework
Permalink: “Reluctant” landlords need to do their homework
by Gill Montia
Edinburgh-based Braemore Property Management is advising “reluctant" landlords to make sure their properties are in order before entering the rental market.
The housing market downturn has initiated a new type of landlord nationwide, as people who are unable to sell their ...
January 27, 2009
Rental demand up 49% over the year
Permalink: Rental demand up 49% over the year
by Gill Montia
New research from Your Move shows a 63% year-on-year rise in rental demand in December.
However, the month also saw a 14% month-on-month decline in the number of tenants signing up to new leases, although this is in line with the ...
9% fall in equity release lending in 2008
Permalink: 9% fall in equity release lending in 2008
by Lin Freestone
The body that represents 90% of UK equity release providers has issued figures that show that lending fell by 9% in value, and 4% in the number of plans sold, in 2008.
The director general of Safe Home Income Plans ...
January 26, 2009
52% fall in new mortgage approvals in 2008
Permalink: 52% fall in new mortgage approvals in 2008
by Lin Freestone
The number of new mortgages for house buyers approved by the UK's banks fell by 52% in 2008.
Industry figures indicate that the number of mortgages approved for house purchase rose in December 2008 from November’s record low. Even ...
Hometrack: House prices fall for 16th consecutive month
Permalink: Hometrack: House prices fall for 16th consecutive month
by Kay Murchie
Housing intelligence company Hometrack has today revealed that house prices in England and Wales fell for the 16th month in a row during January.
The further fall means house prices have lost a further 1% of their value, leaving the ...
January 23, 2009
Economic downturn grips London’s West End
Permalink: Economic downturn grips London’s West End
by Lin Freestone
Great Portland Estates, a London-based property company, experienced a 12.4% fall in the value of its portfolio in the final three months of 2008. The portfolio value fell £175.5m to £1.25bn in the quarter.
Demand for business space in the West End ...
January 22, 2009
Mydeposits continues to welcome unaffiliated letting agents
Permalink: Mydeposits continues to welcome unaffiliated letting agents
by Gill Montia
Mydeposits has announced that it will continue to offer services to letting agents that are not affiliated to a recognised profession body, such as the Association of Residential Letting Agents, National Association of Estate Agents, National Approved Lettings Scheme or ...
FSA: UK repossessions nearly double
Permalink: FSA: UK repossessions nearly double
by Kay Murchie
Figures from the Financial Services Authority show that in the third quarter of last year, the number of people losing their homes after failing to meet their mortgage repayments almost doubled.
According to the UK's financial watchdog, 13,161 properties were repossessed during the ...
January 21, 2009
CML: Mortgage lending slumps further
Permalink: CML: Mortgage lending slumps further
by Kay Murchie
Figures published by the Council of Mortgage Lenders (CML) today revealed that gross mortgage lending declined to £12.6 billion in December, down 11% compared with November and 47% compared with December 2007.
Meanwhile, the CML said UK mortgage lending for the whole of ...
Mortgage Works launches buy-to-let fixed-rate range
Permalink: Mortgage Works launches buy-to-let fixed-rate range
by Gill Montia
Nationwide subsidiary, The Mortgage Works (TMW), has launched a new range of fixed-rate buy-to-let loans that are less costly than some of its existing deals.
The range includes a three-year fix at 4.79%, available at up to 70% loan-to-value (LTV) and ...
NLA merges with South of Scotland Landlords’ Association
Permalink: NLA merges with South of Scotland Landlords’ Association
by Gill Montia
The National Landlords' Association (NLA) has merged with the South of Scotland Private Landlords' Association (SoSPLA).
Both organisations represent private residential landlords (in the case of the NLA around 20,000 across the UK) and joining forces presents an opportunity for ...
January 20, 2009
Planning applications in England fall by up to 50%
Permalink: Planning applications in England fall by up to 50%
by Lin Freestone
The Planning Officers’ Society has made a national snapshot of the impact of the economic downturn with regard to the number of planning applications received by local authorities.
The survey, which covers new housing, commercial buildings and domestic planning ...
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