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Budget was 'missed opportunity' for housing market

The chancellor "missed an opportunity" for the housing market with yesterday's Budget, according to the National Association of Estate Agents (NAEA). Peter Bolton King, chief executive of the NAEA, said on the sales side, Alistair Darling had missed his chance to "really stimulate the market" by not extending the stamp duty holiday far enough. ...

23rd Apr 2009

Some lenders will 'choose not' to back mortgage support scheme

Some mortgage lenders will "choose not to" sign up to the government's Homeowner Support Scheme (HMS) because they are already providing a similar service, according to the Council of Mortgage Lenders (CML). Bernard Clarke, a spokesperson for CML, said it was "already presumed" by some lenders that they would not agree to the scheme. "Because they ...

23rd Apr 2009

Property investment news archive

Number of properties sold rises by '40%'

Homeowners have "more chance of selling" than they did six months ago, according to Knight Frank. The comments by Liam Bailey, the head of residential research at the independent property consultancy, comes after a report by HM Revenue & Customs which said that in March there was a monthly 40 per cent rise in the number of properties being sold for more than ...

23rd Apr 2009

Property buying costs have 'come down substantially'

The cost of buying property has fallen "substantially", according to a home-movers service. Simon Preston, chairman of the free change of address service, said: "The real cost of someone doing a housing transaction has come down." He added that the UK is in the "zone of affordability" and house prices are unlikely to go much ...

21st Apr 2009

Unregulated credit created 'speculative bubble'

More unregulated lending will see a return to an "insane speculative bubble", according to a property expert. Commenting on the government's proposed £50 billion package to increase mortgage lending, Paul Holmes, chief executive at Firstrung, said that the unregulated credit had "got us into this home loan mess". He said the property market should ...

21st Apr 2009

Government due to 'throw' £50 billion at housing market

The property market will be boosted by a £50 billion package due to be announced in tomorrow's Budget, according to reports. Chancellor Alistair Darling will offer high street lenders the money in unwritten government-backed guarantees in an attempt to stimulate activity in the housing sector. But Paul Holmes, chief executive of property specialist Firstrung, said for ...

21st Apr 2009

Housing affordability shows 'marked improvement'

Houses are at their "most affordable" for almost seven years, according to the Halifax Affordability Review. Martin Ellis, housing economist at Halifax, said there has been a "marked improvement" in housing affordability in the last 18 months. He credited this to a fall in house prices combined with a cut in interest rates. "Mortgage payments for a ...

20th Apr 2009

Negative equity 'not a major problem'

Homeowners should not worry about negative equity, according to an independent mortgage adviser. Last week the Council of Mortgage Lenders (CML) released figures which said up to 900,000 homes are in negative equity. But Andy Pratt, chief operating officer at Alexander Hall, said it was "not a major problem". "Negative equity is only a reality when and if you ...

20th Apr 2009

Property market 'close' to bottom

The bottom of the property market in London is "very close", according to London Central Portfolio. House prices in the capital fell by 1.6 per cent in March, after decreasing by 1.5 per cent in February, Knight Frank reported. Naomi Heaton, chief executive at London Central Portfolio, said that once the bottom of the market was reached buyers would return and ...

20th Apr 2009

Negative equity will have 'few adverse effects for majority of households'

Although negative equity will affect the property market, it will have "few adverse effects" for most homeowners, according to the Council of Mortgage Lenders (CML). Bob Pannell, head of research at CML, said homeowners would still be able to move home and borrow money as long as they had a good payment record. He was commenting on new research by James Tatch, ...

17th Apr 2009

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