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Mortgage approvals booming

Mortgage approvals have flown up by 40 per cent this year, according to the latest figures from the banking industry. Loans for home purchases are at their highest levels since December 2009, with around a quarter of the 40 per cent rise over the last 12 months coming in September alone. The statistics, provided by the British Bankers' Association (BBA), are a ...

24th Oct 2013

Property tax boost for UK Treasury

A property tax bonanza is boosting the Treasury, as transactions rise. George Osborne could even get as much as £1.2bn more in stamp duty than he predicted in his March Budget. This will be welcome news to the chancellor, evidence that the government's investment in the £12bn Help to Buy mortgage guarantee scheme is bearing fruit. Frank Nash, a senior ...

23rd Oct 2013

General news archive

Length of buying process blamed for cost of failed transactions

The "protracted length" of the buying process is to blame for the hefty price of a failed property transaction, according to an industry expert. Prospective buyers shell out on surveys, legal fees and estate agent costs before anything is written in stone, meaning they lose an average of £1,752 if the deal falls apart. This shows just how much property ...

21st Oct 2013

Help to Buy could be damaged by housing shortage

The flagship Help to Buy scheme could be hindered in the next few years by the fact the number of homes available is lower than levels of demand. The scheme's second phase, Mortgage Guarantee, was opened on Monday (7th October), and this has seen the number of people looking to buy UK property increasing according to reports. Phil Cliff, of Santander, said: “Our ...

8th Oct 2013

Brits fail to budget for additional costs when moving home

The additional costs associated with moving home are proving a shock to buyers in the UK failing to properly budget for them. While most are aware of the price for the mortgage, deposit and estate agent's fees, many are overlooking things such as hiring a removal company and buying new furniture, according to Family Action. David Holmes, chief executive of the ...

7th Oct 2013

Deposits remain a barrier to ownership for many Brits

The price of deposits for mortgages remains the main barrier to home ownership in the UK property market. In the past 12 months, the costs of deposits have been driven down by the Funding for Lending and Help to Buy schemes, both of which have helped to reduce down payments to as little as five per cent. However, a new survey from Santander has discovered that 16 per cent ...

4th Oct 2013

Housebuilding is now the strongest arm of the construction sector

Housebuilders are now the strongest performers in an ever-improving UK construction sector, a new survey has found. In the past six months, newly-built UK properties have swelled in number thanks to the Help to Buy scheme introduced by the government.  This allowed people to purchase a brand new house or flat with just a five per cent deposit - a scheme aimed at ...

3rd Oct 2013

UK property prices to rise by a quarter in 5 years

The price of UK property is set to rise by a quarter in the next five years as mortgage lending becomes more and more affordable, a think tank has forecast. In its latest prediction, the Centre for Economics and Business Research (CEBR) said prices across the country will rise 2.9 per cent to an average of £225,000 this year, before jumping by 3.4 per cent this year. ...

1st Oct 2013

Medieval castle scoops top architecture prize

A medieval castle which has been renovated in every century since it was built in the 12th century has scooped a top architecture prize, making it the first residential property to have ever done so. Astley Castle in Warwickshire, a renovation project designed by Witherford Watson Mann Architects, won the Royal Institute of British Architects (RIBA) Stirling Prize for the ...

30th Sep 2013

Osborne asks bank to keep an eye on Help to Buy

George Osborne has become the latest figure to ask the Bank of England to keep an eye on the Help to Buy scheme to ensure it does not fuel a UK property bubble, with fears rising recently that a crash could be on the cards. Earlier this month, the Royal Institute of Chartered Surveyors asked the Bank of England to curb mortgage lending if house price rises exceed five per ...

27th Sep 2013

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