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Property market state 'good news for homebuyers'
The UK property market slide could actually be good news for people buying houses as people selling houses are being forced to accept lower offers, according to the National Association of Estate Agents (NAEA). With more properties on the market and house values continuing to fall, it may be the perfect time to buy – providing house buyers haven't been affected too ...
8th Jul 2008
Equity release 'not affected by credit crunch'
The UK equity release market could continue to thrive, despite the housing market slump, according to equity release market monitor Key Retirement Solutions. Over 8,000 plans have been taken out in the second quarter of 2008, a 6.67 per cent increase in comparison to last year's figures for the same period. Actual lending is also up to over £680 million so far in 2008, ...
8th Jul 2008
Property news archive
Second homes 'should be banned in eco-towns'
The National Association of Estate Agents (NAEA) is calling for a ban on second-home investors being allowed to buy in 'eco-towns'. A list of 15 proposed sites for the 'eco-towns' will soon be narrowed down to ten once more consultation has taken place, with the NAEA claiming planning conditions could be needed in order to give local buyers the chance to get on the property ...
8th Jul 2008
Homeowners paying '78 per cent more in mortgage repayments'
Higher interest rates have contributed to a rise of 78 per cent in the amount homeowners are paying in mortgage repayments, compared to 2003/04. The average mortgage repayment cost is now £735 per month, with people having larger mortgages also a reason for this. The price of mortgages isn't the only outgoing cost spiraling, as accountants Ernest & Young's director ...
7th Jul 2008
Property debt could lead to writedowns for banks
Property companies need to repay or refinance £34 billion this year, which could lead to potential writedowns for banks. Globally, banks have £250 billion of UK commercial real estate debt, with £121 billion needing to be refinanced in the next five years, according to De Montford University. With the number of new loans dropping rapidly to the lowest rate in ...
7th Jul 2008
Homeowners make more green improvements
People who own their home believe themselves to be more environmentally-friendly than those who rent, it has been revealed. Mortgage holders are more likely to make improvements to their property to cut costs and save energy, according to a new study by TescoCompare. The figures show that that 68 per cent of those who own their property feel they make a concerted effort to ...
4th Jul 2008
Experts predict no change to interest rates
Economists are forecasting that the Bank of England will hold interest rates at their current level of five per cent. The Monetary Policy Committee (MPC) is due to meet next week to discuss rates but a poll has found that experts are predicting no changes. A survey questioning nine economists and financial institutions found that none of them believed interest rates would ...
4th Jul 2008
Struggling homeowners forced to repay mortgages with new loans
A growing number of homeowners are taking on high-interest loans in an attempt to avoid defaulting on their mortgage, according to a new survey. Research by comparison site Moneysupermarket shows that over four million households have turned to personal loans and credit cards during the past twelve months as they struggle to meet housing costs. Tim Moss, head of loans and ...
4th Jul 2008
Bank of England warns mortgage borrowers will continue to feel the pinch
People looking to get on to the property ladder or move house will struggle to get a new mortgage as banks tighten borrowing conditions, it has been claimed. A report by the Bank of England indicates that the credit crunch is having a growing impact on mortgage availability, with 47 per cent of lenders reducing the number of deals on offer during the three months to June. ...
4th Jul 2008
Nationwide cuts price of mortgage deals
Mortgage lender Nationwide has revealed plans to slash the cost of its two-year fixed rate and tracker mortgage deals. From July 9th, customers will enjoy rates reduced by up to 0.27 per cent, while the society will also launch a new two-year tracker, available from 5.78 per cent. Nationwide claims the price cuts aim to highlight that despite the current market conditions ...
4th Jul 2008