February 27, 2009

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Land Registry: House prices fall 15.1% on year

Permalink: Land Registry: House prices fall 15.1% on year
by Kay Mitchell

Figures from the Land Registry show that house prices in England and Wales fell for the seventeenth consecutive month in January, taking the annual fall to 15.1%. The Land Registry compiles its data from completed transactions and therefore lags behind ...

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Research group reveals millions close to negative equity

Permalink: Research group reveals millions close to negative equity
by Kay Mitchell

Research group GfK NOP said if house prices continue to fall, five million homeowners could find themselves with a mortgage worth more than their property by the end of 2009. The group said an estimated 3.8 million people are in, ...

February 26, 2009

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Nationwide reports further fall in property prices

Permalink: Nationwide reports further fall in property prices
by Kay Mitchell

According to the Nationwide’s house price index, February saw a further 1.8% fall in property prices, taking the annual fall to 17.6% - wiping off £31,612 in value. The average property price currently stands at £147,746 according to the lender with ...

February 25, 2009

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RBS and Lloyds to follow Northern Rock by boosting mortgage lending

Permalink: RBS and Lloyds to follow Northern Rock by boosting mortgage lending
by Kay Mitchell

Following on from Monday’s announcement that Northern Rock is set to return to the mortgage market by lending £14 billion over the next two years, Royal Bank of Scotland (RBS) and Lloyds Banking Group are set ...

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Barratt announce loss as housing market downturn continues

Permalink: Barratt announce loss as housing market downturn continues
by Kay Mitchell

Housebuilder Barratt Developments have announced big losses today of £592.4 million in the second half of 2008, compared to a £196.4 million profit for the same period the previous year. The struggling builder said the bulk of the losses came ...

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New lobby group wants 100,000 affordable homes

Permalink: New lobby group wants 100,000 affordable homes
by Gill Montia

A newly formed body is urging the Government to build more than 100,000 affordable homes over the next two years. The 2020 Group, which is chaired by former Government housing adviser, Kate Barker, is arguing that the economy could be kick-started ...

February 24, 2009

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House sales at Redrow slump

Permalink: House sales at Redrow slump
by Kay Mitchell

Housebuilder Redrow has been hit hard by the housing downturn after it reported that house sales halved and revenues fell. The company said that in the second half of 2008, the number of completed house sales was 1,042, compared with 2,111 during the ...

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BBA: Mortgage approvals sees slight rise in January

Permalink: BBA: Mortgage approvals sees slight rise in January
by Kay Mitchell

Figures released today by the British Bankers' Association (BBA) have revealed a slight rise in January mortgage approvals. According to the BBA, a total of 23,376 mortgages were approved in January - the highest level for four months and up ...

February 23, 2009

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Return of the 90% mortgage from Northern Rock

Permalink: Return of the 90% mortgage from Northern Rock
by Kay Mitchell

In a bid to kick-start lending, Government-owned Northern Rock is set to return to the mortgage market offering loans of up to 90% of a property’s value. In the past, Northern Rock has been criticised of irresponsible lending after offering ...

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Tenants given longer notice of landlord repossession

Permalink: Tenants given longer notice of landlord repossession
by Gill Montia

The rise in mortgage arrears and repossessions reported recently by the Council of Mortgage Lenders (CML) is of concern to tenants because while they are paying rent, their landlord could be defaulting on his or her mortgage. According to the CML, ...

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New buy-to-let lending down 12%

Permalink: New buy-to-let lending down 12%
by Gill Montia

Latest figures from the Council of Mortgage Lenders (CML) show that new lending for buy-to-let continued to decline in the fourth quarter of 2008. Compared to the previous three months, volume was down 12% to 37,000 and value by 19%, to £3.9 ...

February 22, 2009

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PM calls for ban on 100% mortgages

Permalink: PM calls for ban on 100% mortgages
by Kay Mitchell

Prime Minister Gordon Brown and Chancellor Alistair Darling are calling for a ban on 100% mortgages. The credit crunch led to most banks and building societies withdrawing these types of home loans but the Government wants to ensure they do not ...

February 20, 2009

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Home repossessions up 54%

Permalink: Home repossessions up 54%
by Kay Mitchell

Figures from the Council of Mortgage Lenders (CML) have revealed an alarming rise in the number of people losing their homes in the UK. Repossessions rose last year by 54% to 40,000 (a 12-year high), however, the number was less than the CML had ...

February 19, 2009

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Land Securities is latest property company to announce rights issue

Permalink: Land Securities is latest property company to announce rights issue
by Kay Mitchell

As the housing market continues its slowdown as a result of a lack of mortgage funding and falling property prices, Land Securities is the latest property company to announce a rights issue. The company, which is ...

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CML: Mortgage lending falls further in January

Permalink: CML: Mortgage lending falls further in January
by Kay Mitchell

Figures released from the Council of Mortgage Lenders (CML) today revealed that mortgage lending fell by 8% in January, compared with the previous month, but represents a fall of 52.1% compared with January 2008. According to the organisation, lenders granted £12.4 ...

February 18, 2009

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Lower rates raise interest in buy-to-let investors

Permalink: Lower rates raise interest in buy-to-let investors
by Gill Montia

Edinburgh property management specialist, Cullen Property, has reported a rise in inquiries from prospective investors in the rental sector. The firm believes that lower interest rates filtering through to the buy-to-let mortgage market mean that rental yields are set to grow. Operations ...

February 17, 2009

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DCLG: House prices fall 10.2% on year

Permalink: DCLG: House prices fall 10.2% on year
by Kay Mitchell

Data from the Department for Communities and Local Government (DCLG) has revealed house prices fell by 2.3% during December, taking the annual fall to 10.2% during the 2008 year. The double-digit drop is the first since the DCLG began collating the ...

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Falling rents give tenants room for negotiation

Permalink: Falling rents give tenants room for negotiation
by Gill Montia

Sourcing Property is urging prospective tenants to drive a hard bargain with landlords. The firm, which specialise in searching for property in the London area, is aware that rents are falling but says many tenants lack the knowledge or experience to ...

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NLA launches online fire safety logbook

Permalink: NLA launches online fire safety logbook
by Gill Montia

The National Landlords' Association (NLA), which represents private residential landlords across the UK, has launched a Fire Safety Logbook which aims to help landlords maintain high fire safety standards. The online tool, which is available at no charge, allows records of fire ...

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Home sales to pick up but FTBs still unable to obtain mortgage

Permalink: Home sales to pick up but FTBs still unable to obtain mortgage
by Kay Mitchell

Royal Institution of Chartered Surveyors (Rics) has said lower house prices is leading to an influx of enquiries from potential buyers. Rics said 71% of surveyors thought that falling prices were the main reason behind the ...