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November 7, 2008
Lenders reluctant to pass on rate cut to homeowners
Permalink: Lenders reluctant to pass on rate cut to homeowners
by Lin Freestone
Banks and building societies are under growing pressure to reduce their interest rates in line with the Bank of England’s 1.5% cut in the interest rate.
Following yesterday’s rate cut, approximately 30 lenders withdrew their tracker mortgage products from ...
November 6, 2008
Liberty International doubles bad debt provision
Permalink: Liberty International doubles bad debt provision
by Lin Freestone
The owner of eight of the UK’s top 21 shopping centres has doubled its provision for retail tenants going out of business. For the nine months to September 2008, Liberty International raised its bad debt provision from £4.5m in September 2007 ...
UK interest rates slashed 1.5% to 3%
Permalink: UK interest rates slashed 1.5% to 3%
by Kay Murchie
The Bank of England’s Monetary Policy Committee has opted to slash rates 1.5% to 3%.
Many analysts believed that a half percentage point cut was on the cards but the Bank has opted for an aggressive cut after it has ...
First-time buyers rely on bank of mum and dad
Permalink: First-time buyers rely on bank of mum and dad
by Kay Murchie
The Halifax has today reported that house prices are continuing to decline with a 2.2% fall recorded last month.
This takes the annual rate of fall to 13.7% over the past year and according to the lender, the latest ...
Halifax: £30k wiped off house prices
Permalink: Halifax: £30k wiped off house prices
by Kay Murchie
According to the Halifax’s latest survey, house prices continued to fall last month with a 2.2% fall recorded.
This takes the annual rate of fall to 13.7% over the past year and according to the lender, the latest fall takes the average ...
November 5, 2008
Landsbanki piles on the grief for Spanish property investors
Permalink: Landsbanki piles on the grief for Spanish property investors
by Gill Montia
Retired Britons living in Spain could face repossession proceedings because their investments with the Luxembourg subsidiary of the failed Icelandic bank, Landsbanki, have turned sour.
The bank provided an equity release scheme that was sold to ex-pats by local ...
Fears that negative equity could affect up to three million homeowners
Permalink: Fears that negative equity could affect up to three million homeowners
by Lin Freestone
The Bank of England’s warning that the number of homeowners caught in negative equity could rise from about half a million at present to 1.2 million by 2011, has been considered to be too optimistic.
Michael Saunders, ...
First home saver account from Abbey offers 8%
Permalink: First home saver account from Abbey offers 8%
by Lin Freestone
A regular savings account - First Home Saver - has been launched by Abbey dedicated to customers who are saving for their first home.
On offer to non-home owners aged between 16 and 35, a variable rate of 8% will ...
Rugg Review raises licensing of landlords
Permalink: Rugg Review raises licensing of landlords
by Gill Montia
The Rugg Review of the UK's private rented sector has been presented to housing minister, Margaret Beckett.
The study, undertaken by Dr Julie Rugg and David Rhodes of the University of York, was commissioned by Mrs Beckett's predecessor, Caroline Flint, and sets ...
November 4, 2008
MPs urges banks to pass on interest rate cuts
Permalink: MPs urges banks to pass on interest rate cuts
by Kay Murchie
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%.
Central banks in the US, Japan and China have all cut interest rates in ...
£460m Chester regeneration scheme on hold until 2012
Permalink: £460m Chester regeneration scheme on hold until 2012
by Lin Freestone
Developer ING Real Estate and its joint venture partner Chester City Council have decided to officially put on hold the £460m Northgate regeneration of Chester’s city centre. However, ING is optimistic that a deal to deliver the project can ...
November 3, 2008
Commercial demand continues to fall
Permalink: Commercial demand continues to fall
by Lin Freestone
The Royal Institution of Chartered Surveyors (Rics) has issued figures for the third-quarter that show that demand for commercial property fell at its fastest pace for a decade during the period. Rics began issuing its Commercial Property survey in 1998.
Of the chartered ...
November 2, 2008
NatWest introduces Sharia-compliant mortgage
Permalink: NatWest introduces Sharia-compliant mortgage
by Lin Freestone
In response to customer demand, NatWest bank has launched its first mortgage product compliant with Islamic Shariah law. In accordance with Shariah law, the product will not charge interest.
Available from NatWest Business Banking, the product is for commercial properties and is specially tailored ...
Latest real estate survey shows reduction in property holdings
Permalink: Latest real estate survey shows reduction in property holdings
by Lin Freestone
The latest CBI/GVA Grimley Corporate Real Estate Survey reveals that fewer firms expanded their property portfolios over the last six months.
Of the private sector firms participating in the survey, which comprised firms of all sizes and from ...
October 31, 2008
Goodman targets tenants for Leicester office development
Permalink: Goodman targets tenants for Leicester office development
by Lin Freestone
Goodman, the international property group which owns, develops and manages office and industrial space, officially launched the final phase of a £25m regeneration project in Leicester at the end of October.
The final phase – Two Colton Square – comprises 55,040 ...
Further delays for Hammerson’s £600m Sheffield retail development
Permalink: Further delays for Hammerson’s £600m Sheffield retail development
by Lin Freestone
Speculation surrounds the future of a Hammerson development which, in August 2006, received outline planning approval for the proposed New Retail Quarter in Sheffield.
The approval was granted by Sheffield City Council, following detailed consideration and months of public consultation. ...
October 30, 2008
Nationwide: House prices down nearly 15%
Permalink: Nationwide: House prices down nearly 15%
by Kay Murchie
According to the Nationwide, house prices in the UK have now fallen for the twelfth consecutive month.
The building society's latest survey has revealed that property prices fell by 1.4% in the last month, taking the annual rate of fall up from ...
Westfield London opens today 99% let
Permalink: Westfield London opens today 99% let
by Lin Freestone
Defying the economic gloom, up to 170,000 shoppers are expected to visit Westfield Shopping Centre in west London on its opening day today, Thursday 30 October.
Covering a site of 43 acres in Shepherd’s Bush, the £1.7bn shopping centre is the second ...
October 29, 2008
Hips continue to be subject to criticism
Permalink: Hips continue to be subject to criticism
by Kay Murchie
Margaret Beckett, the newly-appointed housing minister, has acknowledged that Home Information Packs (Hips) are still not achieving what they set out to do.
Hips were introduced to speed up the home buying and selling process as well as providing consumers with ...
BoE: Slight rise in mortgage lending in September
Permalink: BoE: Slight rise in mortgage lending in September
by Kay Murchie
Figures published today by the Bank of England reveal that mortgages approved for house purchase in the UK rose in September for the first time in a year, after hitting an all-time low in August.
According to the Bank, 33,000 ...
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