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Gross mortgage lending up 43% in February

Gross mortgage lending in February 2014 increased by 43 per cent year-on-year in a clear sign of the progress being made in the market at present. While the £15.2 billion advanced during the month was actually down six per cent on January, it still represents the highest total for a February since 2008, according to the Council of Mortgage Lenders (CML). Housing ...

21st Mar 2014

Scottish house prices record biggest increase for 50 months

Average house prices in Scotland rose by 3.9 per cent year-on-year in January 2014. The typical property in the country now costs £160,270, according to data from LSL Property Services, with January representing the largest monthly increase for 50 months. It demonstrates the positive sentiment in the housing market at present, with buyers keen to take advantage of ...

20th Mar 2014

Property news archive

One in three will still have a mortgage in their 60s

Almost one-third of homeowners with repayment mortgages will be in their retirement years before they have repaid their loan. This is the stark situation facing many people in the UK at present, with one in 20 expected to be in their 70s before their mortgage runs out, research by Ocean Finance has found.  It means more than one million Britons will still owe money at ...

19th Mar 2014

Homeowners pay £124 less than renters each month

Homeowners are £124 better off a month compared to renters, according to latest reports. In the past four years the cost of renting a home has increased by 18 per cent, research by Halifax has revealed. Average monthly costs for a property stood at £645 in December 2013, well below the typical figure of £769 for a bought house of similar standing. ...

18th Mar 2014

First-time buyers mortgages up by 38%

Lending to first-time buyers increased 38 per cent year-on-year in January 2014 as the market continues to gain strength.  There were 21,800 loans advanced in the first month of the year and their total value was £3.1 billion, according to data from the Council of Mortgage Lenders (CML). While both figures are down on December 2013, this can be explained by the ...

14th Mar 2014

Buyer numbers slow as market 'levels off'

Buyer numbers are starting to level off in the UK as the "initial clamour" surrounding the property market dies down, a national body has stated.  After a surge in demand in the previous year, the increase in the number of homebuyers dropped to its slowest rate since March 2013 last month, according to the Royal Institution of Chartered Surveyors (Rics). This ...

13th Mar 2014

Londoners 'should be offered new homes first'

Newly-built homes in London should be offered on a "first or first equal" basis to people from the capital, its mayor has stated.  Foreign cash buyers are driving up prices in London and making it difficult for people who already live and work in the city to purchase property. That is why Boris Johnson is encouraging developers to sign up to the new Mayoral ...

12th Mar 2014

First-time buyer lending hits six-and-a-half year high

Lending to first-time buyers reached its highest level since 2007 in the final three months of last year as government measures encouraged more activity.  Some £10.6 billion worth of loans was advanced to first-time buyers in Q4 2013, which represents a year-on-year increase of 41 per cent, newly-released figures from the Bank of England show. The early ...

11th Mar 2014

Four-fifths of UK cities see home affordability rise since 2009

Home affordability has improved in more than four out of five UK cities over the past five years, although this growth has been checked in the past 12 months.  The average cost of a property in the country now stands at £184,215, which represents 5.8 times gross annual average earnings, according to the Lloyds Bank Affordable Cities Review. There has been a ...

11th Mar 2014

Stamp duty thresholds 'have to be modernised'

Stamp duty thresholds should be altered to make the property market fairer, a national body has stated. There are a dearth of properties on sale for between £250,000 and £275,000 because buyers are worried about the additional costs associated with such a move, according to the Royal Institution of Chartered Surveyors (Rics). Under the current system, people who ...

10th Mar 2014

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