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London loses 'most expensive' tag
London is no longer the most expensive city in terms of property prices , according to new figures. For the first time in five years, Monaco has overtaken England's capital and homeowners can get better deals here than in the tax haven, Knight Frank has found. In London , the cost of property per square foot is £3,291, while in Monaco it has grown to £3,762, the ...
25th Sep 2008
Home working 'could lead to relocation'
With more and more people working from home , the demographics of the UK property market could change, according to a local information site. First-time buyers could be moving to new areas of the country as the need to be in prime locations for work decreases, UpMyStreet has suggested. House prices in areas such as the north-east and Scotland have been noted as possible ...
25th Sep 2008
Property news archive
Property sales lowest for 50 years
The last time that the number of houses sold in the UK was lower than the current rate was 1959, figures have revealed. Last month, just 62,000 houses were sold, less than half the number sold in August 2007, according to HM Revenue & Customs. This news was coupled with the British Banker's Association's (BBA) news that mortgage approvals have dropped by 64 per cent ...
24th Sep 2008
Mortgage rate rise 'imminent'
Homeowners are being urged to find suitable mortgages as soon as possible as attractive deals could soon be withdrawn, according to a money website. Climbing interest rates for the first time in six months are behind the probable withdrawal of the best deals, Fool has claimed. The London Interbank Offered Rate (LIBOR), which banks pay when they borrow off each other, has ...
24th Sep 2008
August a 'month of indecision'
Last month was a difficult period for the housing market, with the government's dithering over stamp duty contributing to the tough time, an industry body has stated. The National Association of Estate Agents (NAEA) has suggested that stamp duty indecisiveness, plus the economic climate and the usual slowdown over the holiday period left homeowners "stalling". ...
23rd Sep 2008
First-time buyers 'prepared for sacrifices'
First-time buyers have to sacrifice other aspects of their lives in order to find the money to buy a first home , new research has shown. In the past, 57 per cent of first-time buyers would not sacrifice anything in order to get on the housing ladder, according to a survey from the Co-operative Bank and Places for People's shared equity scheme, Ownhome. However, since the ...
23rd Sep 2008
Mortgage hunters urged to buy
Now could be a good time to take advantage of falling house prices , a mortgage analyst has suggested. An independent advisor at Gordon Brown Associates has commented that right now first-time buyers and other people seeking mortgages can take advantage of some good value deals. Craig Armstrong told Homemaker: "At the moment there are some excellent mortgage products ...
22nd Sep 2008
Property crisis 'could last until 2010'
There is unlikely to be a full recovery for house prices until 2010, according to experts. Property prices could even fall further and the UK could find itself in a recession similar to that of the 1930s, Opal Property Group has suggested. Stuart Wall, the group's chairman, told the first Crain's Commerical Property Market Forecast: "Property values have dropped by 30 ...
22nd Sep 2008
Bank merger affects mortgage market
The merger between HBOS and Lloyds TSB could result in less competitiveness in the mortgage market, according to experts. In a reported £12 billion takeover this week, a deal between the two major banks was reached, with Scottish first minister Alex Salmond complaining the deal was forced through by "spivs and speculators". A knock-on effect could be ...
19th Sep 2008
Property 'more secure' than stocks and shares
Investing in property is a much safer move than going into the stocks and shares market, according to one expert. Young Group has pointed to house prices dropping just five times in the last 55 years, signalling long-term investors and homeowners can reap the rewards of owning property. Chief executive of Young Group, Neil Young, commented that the relative simplicity of ...
19th Sep 2008