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Further 15 per cent fall predicted
House prices have been predicted to fall by a further 15 per cent by the end of next year by the compilers of a new report. This could see property prices fall back to the same level as in 2003, according to Knight Frank. House values of five million homes – just under a quarter of the total private housing market - would decrease to less than the purchase price if ...
16th Oct 2008
Downsizing in retirement 'sensible option'
Downsizing to a smaller home has been described as a 'sensible option' as it can lead to financial benefits and an easier life, a survey has revealed. More time to enjoy life and unlocked equity have been cited as the main reasons why moving could have a positive effect, according to David Wilson Retirement Homes research. The survey found that 62 per cent of people who had ...
16th Oct 2008
Property news archive
Homeowners 'need better protection'
Consumers in the sale and rent back sector need better protection, which can be achieved through statutory regulation, research has indicated. In order to prevent people entering this sector when it is unwise to do so, more transparency is required, according to an Office of Fair Trading (OFT) market study. The report suggests that many people lose their homes when ...
15th Oct 2008
'Irresponsible lending' caused slump
The slump in the property market has been caused by irresponsible lending, an expert has claimed. Lenders lending too much money to too many people has lead to house prices plummeting and sales decreasing, Kinleigh Folkard and Hayward has suggested. Lee Watts, the London estate agents' managing director, believes that homes will not regain their previous values for a ...
15th Oct 2008
Extension is 'an opportunity to do so much more'
A home improvements expert has said building an extension such as a new kitchen or play room should be considered as a great opportunity. Kevin McCloud, presenter of Channel 4's Grand Designs, told the Grand Designs Live show in Birmingham that is was a chance to "do so much more" with space. Speaking during a seminar named Don't Move, Improve, he said an ...
14th Oct 2008
House sales down, Rics reports
September saw average property transactions fall to less than one a week per surveyor, it has been reported. The Royal Institute of Chartered Surveyors (Rics) says that last month, a decline in the number of mortgages being lent saw buyers struggling to commit to a purchase. The average number of transactions per surveyor based on the last three months is now at 11.5, the ...
14th Oct 2008
Property investment decreasing
There has been a decrease in property investment in the past 12 months as the difficulty in getting help financing deals has grown, experts have claimed. With the banking sector in trouble, securing loans is proving more and more difficult, especially as rising house prices make it more difficult to guarantee profit on homes. David Skinner, head of property research at ...
13th Oct 2008
House builders 'should finish projects'
House builders should be forced by the government into finishing all projects that have been started, according to an industry spokesman. Extra homes completed by private house builders could be turned into social housing, the Union of Construction, Allied Trades and Technicians (UCATT) spokesman said. The 'Housing Green Paper' set out by the government made plans for three ...
13th Oct 2008
Mortgages 'becoming more competitive'
The possibility of finding a good deal on a home is on the rise, according to a housing market expert. There are still more than 3,500 mortgage products on offer, despite falling house prices and declining confidence in financial institutions. Andrew Frankish, managing director for Mortgage Talk, commented that decreasing interest rates could soon impact upon property ...
10th Oct 2008
Interest rate cut 'not enough'
Despite the reduction of the interest rate, more still needs to be done in order to drag the housing market up into a more healthy state, experts have suggested. The Bank of England has cut the interest rate by 0.5 per cent to 4.5 per cent, but property analysts insist this will not be enough to stabilise UK house values . Simon Rubinsohn, the Royal Institute of Chartered ...
10th Oct 2008