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October 19, 2008
Northern Rock denies its reputation for aggressive repossession
Permalink: Northern Rock denies its reputation for aggressive repossession
by Lin Freestone
The housing charity Shelter has revealed that the nationalised bank Northern Rock is repossessing 50% more properties than other banks and building societies.
Northern Rock has denied the allegations that it is more aggressive than its competitors on repossessions, yet ...
Spain’s property market slump puts pressure on “cajas”
Permalink: Spain’s property market slump puts pressure on “cajas”
by Gill Montia
The prime minister of Spain, Jose Luis Rodriguez Zapatero, has warned that the downturn in the country's property market could have a severe impact on small Spanish banks.
Regional banks and small lending institutions, known as cajas, are heavily involved ...
OFT reveals its sale and rent back findings
Permalink: OFT reveals its sale and rent back findings
by Lin Freestone
The Office of Fair Trading (OFT) has published the results of the market study it has been conducting into the sale and rent back sector. It was alerted to the problems being experienced by some customers by the Citizens' ...
Knight Frank: House prices to fall 30%
Permalink: Knight Frank: House prices to fall 30%
by Kay Murchie
According to Knight Frank estate agents, house prices in the UK will fall 30% from their high of summer 2007 and fall to levels of September 2003.
The agent predicts that prices will start to rise again by 2010.
Meanwhile, it ...
October 16, 2008
Paragon reports booming tenant demand
Permalink: Paragon reports booming tenant demand
by Gill Montia
Buy-to-let lender, Paragon, has reported that a record number of landlords are seeing growth in tenant demand.
In its Mortgage Trends survey, 51% of respondents described tenant demand as either "growing" or "booming" during the three months to the end of September.
The result ...
October 15, 2008
Good news for mortgage market as Libor eases
Permalink: Good news for mortgage market as Libor eases
by Kay Murchie
After the Governments of Europe and the US announced bailout packages for its banks this week, it has emerged that Libor, the rate at which banks lend to one another, has fallen slightly.
Libor fell from 6.249% to 6.21%, marking ...
Warning of further 10% fall in house prices
Permalink: Warning of further 10% fall in house prices
by Lin Freestone
It has been predicted by a leading economist that house prices could drop by a further 10% before the market bottoms out.
Talking to an influential committee of MPs on 14 October, David Miles, Visiting Professor of Finance at Imperial ...
NLA will support FSA regulation of sale-and-rent-back
Permalink: NLA will support FSA regulation of sale-and-rent-back
by Gill Montia
The National Landlords' Association (NLA), which represents around 20,000 individual landlords across the UK, is stressing its level of commitment to raising standards in the sale-and-rent-back sector.
The body is responding to an Office of Fair Trading (OFT) Market Study on ...
Eurozone property investors sell up to cash in on currency trends
Permalink: Eurozone property investors sell up to cash in on currency trends
by Gill Montia
Baydonhill, the overseas mortgage and foreign exchange specialist has reported that Britons with properties overseas are selling up and transferring their funds back to the UK.
Long into the credit crisis, the enthusiasm of Briton's for investment ...
October 14, 2008
August mortgage lending falls by 63%
Permalink: August mortgage lending falls by 63%
by Lin Freestone
According to figures released by the Council of Mortgage Lenders (CML), 42,200 people borrowed money to buy a property in August 2008. This was the lowest figure since the Council began collecting data in 2002.
The value of approved mortgages in August ...
Rics says property sales at 30-year low
Permalink: Rics says property sales at 30-year low
by Lin Freestone
The latest figures from the Royal Institute of Chartered Surveyors (Rics) reveal that the number of property sales per surveyor fell to less than one a week in September. The average number of transactions carried out by each surveyor over ...
Bellway reports 30% fall in profits
Permalink: Bellway reports 30% fall in profits
by Kay Murchie
The fall in house prices and the squeeze on mortgage lending has led housebuilder Bellway to report a 30% fall in annual profits.
The group said profits before one-off items were £165.7 million, compared with £234.8 million the previous year.
The housebuilder ...
October 13, 2008
Confidence to return to mortgage market
Permalink: Confidence to return to mortgage market
by Kay Murchie
According to experts, confidence should return to the mortgage market and loans should be easier to obtain following the Government’s rescue plan announced today.
It was unveiled today that the Government is to pump £37 billion into three of the country’s largest ...
October 10, 2008
Birmingham’s buy-to-let market worst hit by falling property prices
Permalink: Birmingham’s buy-to-let market worst hit by falling property prices
by Lin Freestone
A survey has been carried out to identify the ten areas in England and Wales which have experienced the greatest fall in annual property prices.
Conducted by property website mouseprice.com, the study found that owners of buy-to-let properties ...
Unpaid rents bring bailiffs to JJB stores
Permalink: Unpaid rents bring bailiffs to JJB stores
by Lin Freestone
It has been reported that bailiffs have visited at least twelve stores operated by JJB Sports after landlords reported unpaid rents.
It is estimated that the company owes at least £500,000 on empty stores for which it still has liability for ...
Balfour Beatty reaches agreement with SFO
Permalink: Balfour Beatty reaches agreement with SFO
by Lin Freestone
Balfour Beatty has reached an agreement with the Serious Fraud Office (SFO) this week relating to certain payments in respect of the execution of its joint venture contract to build the Bibliotheca Alexandrina in Egypt. Balfour Beatty is paying £2.25m to ...
Increased call on Citizens’ Advice Bureau for debt management advice
Permalink: Increased call on Citizens’ Advice Bureau for debt management advice
by Lin Freestone
Since October 2007, the Citizens’ Advice Bureau has been contacted by 77,324 new callers in England and Wales with problems relating to mortgage and loan arrears.
There has been a surge of 51% in the last three ...
Investors look to property amid market turmoil
Permalink: Investors look to property amid market turmoil
by Kay Murchie
As the global financial turmoil continues, investors are looking for a safe place to put their cash.
Liam Bailey of estate agent, Knight Frank, said they are seeing a growth in interest from investors who are coming to them, partly because ...
October 9, 2008
Lenders cut mortgage rates in wake of interest rate cut
Permalink: Lenders cut mortgage rates in wake of interest rate cut
by Kay Murchie
Following yesterday’s 0.5% cut in UK interest rates, some mortgage lenders have responded and said they plan to cut their standard variable rate by half a percentage point.
Cheltenham & Gloucester (the home-loans branch of Lloyds TSB), ...
0.5% cut in base rate helps homeowners with tracker mortgages
Permalink: 0.5% cut in base rate helps homeowners with tracker mortgages
by Lin Freestone
The decision by the Bank of England’s Monetary Policy Committee to announce a cut in the UK’s base rate a day ahead of the scheduled date is an indication of the seriousness of the conditions in the ...
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