Many plan to sell their home and rent property
April 24, 2008
According to a recent report many homeowners who are planning to sell their properties are planning no to get back on the property ladder just yet, opting instead to rent a home for a while to see what happens with house prices. There have been many different predictions with regards to what will happen with house prices over the next couple of years, with most indicating that house prices could fall significantly. This has resulted in more people trying to sell up whilst house prices are still high, and then waiting before purchasing again to give house prices a chance to fall. Read more
Former government adviser casts gloomy outlook for house prices
April 3, 2008
A former government advisor and senior economist has cast a gloomy outlook for house prices, predicting that the value of the average property in the UK could plummet by 20% over the next two years, leaving some homeowners facing the pitfalls of negative equity, and seeing many others lose thousands of pounds off the value of their properties. Should this situation come to fruition the average house price could fall from £200,000 to £160,000 in the space of two years. Read more
Increase in buy to let mortgage lending
March 20, 2008
According to a recent report the end of last year saw a rise in the level of buy to let mortgage lending, with an increase of around 25% compared to the end of the previous year. By the end of last year buy to let mortgage figures had broken through the £1 million barrier, with outstanding buy to let mortgage figures now at £1,038,000. Buy to let mortgages are continuing to thrive despite reductions in house price inflation and a bleak outlook for the housing market. Read more
Bank of England will not follow suit following Fed rate cuts
February 11, 2008
The US Federal Reserve has slashed interest rates considerably over the past couple of weeks, taking them down the first time by 0.75% amidst fears of a recession, and then reducing them further to 3%. The move resulted in many homeowners in the United States flocking to try and refinance to a lower rate deal whilst rates were at such as low. Read more
Average property prices plummeted in three months
February 8, 2008
According to a recent report the average UK property value plummeted between October of last year and January of this year, with around £11,000 being shaved off the average property value. The reports show that this has seen some properties fall in value by over £100 per day, and according to some industry officials things are going to continue getting worse for homeowners when it comes to falling property prices. Read more
Second UK home for two million Brits
February 6, 2008
According to a recent report around 5% of the adult population in Britain has a second home in the UK, equating to more than two million people with a second home. The figures show that more than two million people have a family home and on top of that have another property within the UK. Read more
Investment professional predicts house prices to fall by 10%
February 5, 2008
According to one investment professional house prices in the UK are set to fall by 10% this year, and the average home could actually fall in value by around £18,500, which equates to around £50 per day. The prediction has been made by Neil Woodford from Invesco Perpetual, who states that house prices in the UK are simply too high. The investment expert, aged 47, stated that some parts of the country are set to be hit harder than others. Read more
100% mortgage getting increasingly difficult to find
January 30, 2008
A recent report has indicated that finding a 100% mortgage deal has become increasingly difficult over recent months, as credit conditions have become tighter and tighter in the UK, and this situation is set to get worse over the course of the year according to some industry officials. The credit crunch that swept across the UK last year has had a number of repercussions, and many lenders have had to tighten their belts when it comes to lending in light of factors such as bad debt levels and difficulties with inter-bank lending. Read more
Buy to let mortgage lender reduces lending
January 23, 2008
Recently the Nationwide commercial division announced that it would be limiting its lending by not lending to new clients and not taking on broker referrals, focusing instead on existing borrowers. One official stated: “I am using market conditions to be very selective about the type of lending we do. There is an enormous appetite out there for borrowing, half of my competitors have disappeared and a lot of people are looking for finance.” Read more
Landlords finding it easier to find tenants
January 9, 2008
According to officials figures landlords in the UK are now finding tenants for their properties more quickly than they were in the third quarter of the year. Read more