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Falling house prices unlikely to increase affordability
The housing market slump will have little long-term impact on affordability for many buyers, according to new research. A report published by the National Housing and Planning Advice Unit (NHPAU), a government advisory body, claims that a 15 per cent fall in prices would only temporarily increase access to the property ladder until 2018. Strong demand driven by population ...
3rd Jul 2008
Brits cut back on equity withdrawals
Homeowners are borrowing £2.4 billion less against the value of properties than last year, according to a new data. Figures published by the Bank of England show that equity withdrawals in the first quarter of 2008 stood at £5 billion, a steep decline on the £13.9 billion record high posted during the corresponding period last year. It also represents a ...
3rd Jul 2008
Property news archive
Householders continue to struggle with debt
Millions of homeowners are still struggling to keep up with mortgage repayments, with many being forced to take out loans or use their credit cards. According to the latest figures, 1.8 million households have had to borrow money from a lender while 2.3 million have been forced to switch to paying with plastic. The study, compiled by Moneysupermakert, also suggested that ...
3rd Jul 2008
Buy-to-let investors holding firm
A tiny number of buy-to-let investors are expected to sell their properties because of the housing market crisis as they resolve to ride out the current downturn. Just 1.3 per cent are anticipated to let falling house prices cause them to sell, with four in ten intending to increase their portfolios within the next year, according to the Quarterly Review of Landlords and ...
2nd Jul 2008
Housing market slump continues
The average UK home has seen £11,500 wiped off its value in the last year, according to new figures published by the Nationwide Building Society House. Eight consecutive months of negative growth has resulted in average prices falling to £172,415, a 6.3 per cent drop on the corresponding figure 12 months ago. Nationwide's chief economist Fionnuala Earley claimed ...
2nd Jul 2008
Luxury UK property dragged into housing downturn
For the first time in three years, last month saw UK luxury property prices fall, according to estate agent Knight Frank. Following huge declines in the US luxury housing market, where some property has lost one sixth of its value, the UK could slowly be following suit. Prime property valued at over £10 million dropped 0.9 per cent in June, the first time a drop has ...
2nd Jul 2008
Central London property prices fall further
Last month saw property prices in prime central London decline again; with a 1.5 per cent drop in May rising to a 1.7 per cent slide in June. Despite gains last year, the slowdown is eating into these as prices increase at the lowest annualised rate since November 2005. They are just 7.5 per cent higher than 12 months ago, with sales dropping by 60 per cent in the past ...
2nd Jul 2008
House price fall slowing down
The pace of the house market decline is slowing, despite prices falling at the fastest annual rate for 16 years in June. There was a drop of 0.9 per cent, just a third of the decrease seen in May, according to the Nationwide Building Society's house price index. Nevertheless, the year-on-year decline saw house prices down 6.3 per cent on last year, whereas last month the ...
1st Jul 2008
Stamp Duty 'needs reform'
Stamp Duty in the UK is "unfair, inefficient and long overdue reform", according to the Royal Institution of Chartered Surveyors (Rics). First-time buyers could be helped more by introducing a two tier marginal system, while pensioners who are looking to downsize their homes to save money would also get a better deal. The alterations could see residential Stamp ...
1st Jul 2008
New low for mortgage approvals
Figures from the Bank of England show that the number of home loans approved in the 12 months to May fell to a 15-year low. The report revealed today shows that the number of mortgages taken out plunged by 64 per cent over the period. In May 2008, just 42,000 applications were given the green light by lenders, 28 per cent less than in April. Speaking to the Times newspaper, ...
30th Jun 2008