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Item Club warns against early rate rise

Interest rates should be held at their record low of 0.50 per cent until wages rise at a faster rate to avoid stalling the economic recovery, according to a new report from the EY Item Club. The think tank says that the Bank of England should add to its forward guidance policy by saying that wages need to rise significantly to help households catch up on the drop in real ...

20th Jan 2014

Rise in cost of renting slows in 2013

The cost of renting went up by 1.5 per cent in the last 12 months and the average cost of a rental property in England and Wales was £745 a month at the end of December 2013, according to the latest LSL Property Services Buy-to-Let Index. The annual rise in rental costs in 2013 was less than half the level of 3.2 per cent recorded in 2012 and provides some respite to ...

17th Jan 2014

Property news archive

Property sales at highest level for almost six years

The number of homes sold by each individual surveyor reached the highest level for almost six years in the final quarter of 2013, according to a new survey by the Royal Institution of Chartered Surveyors (Rics). Rics said the recovery in the housing market was continuing “full steam ahead”. The survey revealed there were 21.3 sales per estate agency branch in ...

16th Jan 2014

CBI calls for improvements to rental sector housing policy

As the housing sector focuses more on home ownership a generation of renters could be left behind unless the government does more to encourage investment in the rental sector, according to business group the CBI. The CBI said that by 2018, one in five households will live in private rented accommodation and if demand continues at that rate, £57 billion of investment ...

15th Jan 2014

Mortgage lending falls in November

The number of mortgage loans advanced to homeowners for new house purchases fell slightly in November, but was still the fourth highest monthly figure since December 2007, according to new data published today by the Council of Mortgage Lenders (CML). The CML said loans to existing homeowners fell by three per cent in November from October. First-time buyers took out 27,000 ...

15th Jan 2014

Property costs push one in five into debt

Almost 20 per cent of people are using loans, overdrafts, credit cards or borrowing money off someone they know to pay their rent or mortgage, according to housing charity Shelter. In a survey of 3,500 people, Shelter found that 19 per cent of people had borrowed money to pay for their housing costs in 2013 and many of these were taking on risky loans to try to keep their ...

15th Jan 2014

ONS reports annual house price growth of 5.4% in November

House prices in the UK went up by 5.4 per cent in the 12 months to the end of November, according to the latest house price index from the Office for National Statistics (ONS). The rate of growth slowed slightly from the year ending October 2013 when prices went up by 5.5 per cent. The ONS said the average house price in November 2013 was £248,000, a new record high ...

14th Jan 2014

House prices in Kent expected to soar

Kent has recorded a 25 per cent increase year-on-year in the number of property transactions completed, Kentnews.co.uk reports. The figures, revealed by Kent County Council cabinet member for economic development Mark Dance, suggest the housing market could be seeing brighter days after five years of muted activity. Indeed, property experts argue that the jump in prices and ...

13th Jan 2014

Housebuilding drives record growth in construction sector

A big rise in house building helped the construction sector grow in 2013 and firms expect this trend to continue this year, according to a new report from the Royal Institution of Chartered Surveyors (RICS). The construction sector reported the strongest workload balance ever recorded since the survey begun in 1994 at the end of 2013. Respondents said the construction ...

10th Jan 2014

Property investment in Central London hits new high in 2013

Investment turnover for the Central London property market reached the highest level ever recorded in 2013, driven by foreign buyers, according to real estate services provider Savills. Turnover exceeded £20.56 billion, a 39 per cent increase on the figure from 2012 of £14.8 billion. Stephen Down, head of Central London investment at Savills, comments: ...

9th Jan 2014

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