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30
Jul
2010
House values increased by 0.1 per cent in June, according to the latest data.Land Registry's monthly house price index revealed an overall 8.4 per cent rise on this time last year.June is the eighth month in a row where the annual figure has risen.
Continue reading "House prices show annual 8.4 per cent rise"...
Mortgage approvals fell below the six month average in June, according to new data.The Bank of England has released its latest figures on lending to individuals.Total net lending rose to £0.6 billion last month, but the twelve-month growth rate remained at 0.8 per cent.
Continue reading "Mortgage approvals show June decline"...
Home builders are innovating to meet the government's target for carbon neutral homes by 2016, according to one industry expert.Housing minister Grant Shapps said that the definition of carbon zero would be extended in order to allow developers and councils more flexibility in constructing new homes.
Continue reading " New carbon neutral homes 'possible through innovation'"...
29
House prices fell this month for the first time since February, according to new figures.Nationwide's monthly house price index revealed a decline of 0.5 per cent in July.In addition, the annual rate of house price inflation fell from 8.7 per cent to 6.6 per cent.
Continue reading "House prices dip in third quarter"...
Mortgage interest rates could remain affordable until the middle of this decade, claim industry experts.The latest Ernst & Young ITEM Club forecast has predicted that the current historically low interest rates of 0.5 per cent could stay in place until at least 2014.
Continue reading "'Mortgages will remain affordable'"...
More people are seeking mortgage advice to deal with how complicated the post-recession market is, claims one industry expert.Research published this week by unbiased.co.uk found that there had been close to a quarter (24 per cent) increase in the number of people seeking mortgage advice since the same period last year.
Continue reading "'Buyers left baffled by post-recession mortgage market'"...
28
Councils are to blame for excessive housing benefit payments, claims one housing industry body.The National Landlords Association (NLA) has spoken out against the government's decision to cap local housing allowance (LHA).Reductions in payments by a third could adversely affect up to 750,000 households renting in the private sector, according to recent estimates from the National Housing Federation.
Continue reading "'Target local authorities, not landlords'"...
House prices could decline by six per cent by the end of the year, according to one real estate service provider.Figures from Hometrack this week revealed that property values fell for the first time in 15 months in July.The decline was recorded as 0.1 per cent, with overall demand also falling by 1.3 per cent.
Continue reading "Six per cent drop in property values could happen by end of 2010"...
Consumers looking to move home or expand their portfolios could find that lending remains thin on the ground, according to one professional body.The Association of Mortgage Intermediaries' (AMI) latest Quarterly Economic Bulletin has estimated that gross mortgage lending for 2010 will not meet its previous estimate of GBP 150 billion.
Continue reading "'Mortgage lending for 2010 will not meet demand' "...
27
House prices in East London have increased by more than a quarter since the London 2012 announcement, according to new figures from Lloyds TSB.Two areas have seen house prices rise by almost double the London average of 36 per cent since 2005.
Continue reading "Landlords in East London real winners of 2012"...
The number of people looking for mortgage advice has grown 24 per cent year-on-year, according to new figures.Unbiased.co.uk has reported that it received 45,000 mortgage advice queries in the first half of 2010.The first half of 2009 only saw 36,000 searches on this topic.
Continue reading "Mortgage advice searches on the increase"...
Social tenants are being stopped from moving home because of a lack of available lettings, according to new research.A report from the Human City Institute, commissioned by the housing association Circle Anglia, has estimated that the UK economy loses around GBP 542 million a year because of the impact of this immobility, Inside Housing has reported.
Continue reading "Lettings shortages 'are failing social tenants'"...
26
The government has announced plans to protect families in rural villages from being priced out of the market. Housing minister Grant Shapps last week launched the 'Community Right to Build' initiative which will hand back planning powers to local authorities. According to the minister, the programme will mean that rural communities will have more say in where new developments are built in their area. On the plans he commented: "Far from the Nimbyism that often hits the headlines, up and down the country there are entire communities willing and eager to give the go-ahead for new developments in their area."The countryside must be a vibrant place to live, and cannot be allowed to become a museum. "I want to give communities the power to preserve their villages, which are currently struggling to survive because of a shortage of affordable homes."
Continue reading "Rural villages to get more affordable homes?"...
More than 750,000 people face homelessness under the government's decision to cap housing benefits. This is according to the National Housing Federation, which has estimated in London alone, around 425,000 people could lose their home. Housing minister Grant Shapps announced last month that households can only now only claim a third of the average market rent of an area. Rental rates in London are so high that many families could be forced to leave the area in search of work or struggle and fall into arrears. The organisation has claimed that the rates of homelessness could be the highest in over 30 years. It has called on the government to create a poverty commission to assess the impact of the cuts on the poorest in the country. David Orr, chief executive of the Federation, said: "For many people, particularly those with disabilities, moving could be an enormous upheaval. It will also disrupt the education of thousands of children. "The resulting impact on people's lives would be huge as would the cost to the taxpayer." He added that councils could face huge costs from temporarily re-housing families while others would be unable to support homeless families. Posted by Luella Ravelin Get a landlords insurance quote today from Simple Landlords Insurance.
Continue reading "More than 750,000 impacted by HB cuts"...
The government's decision to slash costs for the mortgage rescue scheme is "incredibly bad timing", according to one industry expert. Housing minister Grant Shapps said last week that the scheme will be streamlined, with a reduced grant for housing associations and tighter limits on property price and repair costs. Future reductions will be decided through the government's comprehensive spending review in the autumn. Commenting on the plans, the editor of Your Mortgage Paula John said: "More people are likely to struggle with the cuts in public sector spending which are likely to impact on redundancies, increase unemployment and affect people's abilities to repay their mortgages. What you would hope for is more support rather than less at this juncture." Since the scheme began in April 2009, it has only extended support to 34 people. However, government has decided to keep the scheme in place until the next financial year, with cuts, in case interest rates are hiked up. Posted by Luella RavelinGet a landlords insurance quote today from Simple Landlords Insurance.
Continue reading "Mortgage cuts leave homeowners in the lurch"...
23
The number of UK residential landlords experiencing rent arrears has improved slightly over the last three months, according to a new report.Figures recently released by the National Landlords Association (NLA) have revealed that 21 per cent of landlords were experiencing rent payment troubles in the second quarter of 2010.
Continue reading "NLA figures show slight improvement in rent arrears"...
22
Residential landlords with properties in Runcorn and Widnes could be set to benefit from the launch of a new accreditation scheme.Halton Borough Council has announced the free scheme in a bid to support "decent" landlords in the area.Landlords who opt to join the voluntary scheme will gain from interest-free property improvement loans, a recognised "quality mark" for their properties and a range of discounts on goods and services from local and national businesses.
Continue reading "Local authority launches new landlord accreditation scheme"...
21
UK landlords may find that an interest rate rise leaves them unable to pay their mortgage, according to one organisation.A report by the site spareroom.co.uk found that even an anticipated increase in rental yields would still not be enough for just over a fifth (22 per cent) of landlords to cover higher mortgage repayments.
Continue reading "Landlords could be 'pushed over edge' by interest rate rise"...
At least £9.5 billion worth of funding is needed over the next four years in order to prevent a housing crisis, according to several industry bodies.The National Housing Federation, the National Federation of ALMOs and the Chartered Institute of Housing have submitted a statement for the government's 2010 Comprehensive Spending Review.
Continue reading "New homes need £9.5bn funding"...
20
Landlords have seen a three-fold rise in tenant demand in the last quarter, according to a new survey.Paragon Mortgages has found that 29 per cent of property investors report growing demand, in comparison to 10 per cent who said it was falling.
Continue reading "'Tenant demand will remain strong'"...
The planning system needs to be overhauled in order to prevent a housing deficit, claims one industry body.An independent report commissioned by the National Housing Federation (NHF) has claimed that there will be a shortage of 85,000 new homes because the coalition has scrapped house-building targets.
Continue reading "'Govt needs to reform planning for new homes'"...
19
There are opportunities for large-scale institutional investment in the private rented sector (PRS). A report from the Chartered Institute of Housing into alternative funding streams for affordable housing has highlighted the potential role of the burgeoning private rented sector in plugging the social housing deficit. According to the study, it is currently too difficult for social housing renters to move into the private rented sector. This is because of upfront costs such as deposits, as well as the attitudes of landlords. Seventy per cent of property investors surveyed said they would prefer not to rent to benefit claimants, while sixty per cent said claims processing takes too long. However, the report's authors also claimed that with more institutional investment, the PRS could "contribute to the wider housing market in terms of delivering new and affordable property supply, securing higher levels of institutional investment, contributing to homelessness prevention and the discharge of homelessness duty; and facilitating greater flexibility and mobility in the housing system." Posted by Luella Ravelin
Continue reading "Property investment: Government 'could invest more in PRS'"...
The shortage of new rental homes in the private rented sector is likely to continue[delete extra space] over the next four to five years, according to one expert.A report published by the Association of Residential Letting Agents (ARLA) last week found that more than two-thirds (70 per cent) of branches were unable to meet tenant demand for new properties.
Continue reading "'Rental demand will remain high until 2015'"...
Close to 15,000 families in inner London could find themselves moving to the suburbs because they can no longer afford to live in the capital.According to a report from London Councils, the government's plans to cut Local Housing Allowance - benefit to help families rent privately - will disproportionately impact on families in the capital.
Continue reading "15,000 families at risk from HB cuts"...
16
There are not enough rental properties to meet demand, according to new research.The Association of Residential Lettings Agents (ARLA) has found that more than two-thirds (70 per cent) of their members report having more tenants than properties.
Continue reading "Rental demand hits high"...
UK house prices rose by 0.7 per cent in May, according to the latest government data.Communities and Local Government has reported that UK house prices rose by 11 per cent over 12 months.This means that the average house price in the UK was GBP 209,505 two months ago.
Continue reading "UK house prices show 11 per cent annual rise"...
One in six people living in homes with prepayment meters have experienced having their energy supplies cut off in the past year.This could be a concern for landlords that are letting properties with prepayment meters.Research by Consumer Focus also found that half of the 1.4 million homes that have been cut off are occupied by someone with a disability or an illness.
Continue reading "Prepayment meter customers need 'affordable energy'"...
15
The government needs to clarify its position on the future of affordable homes if it is to avoid a housing crisis, according to one industry body.Housing minister Grant Shapps last week said that the Treasury backed his decision to abolish the Tenant Services Authority (TSA) despite reports that officials in the department were concerned about how funding for social housing would be affected.
Continue reading "'Affordable homes' funding debate needed "...
New landlords who are waiting out the property market by renting out their homes should make sure they have the appropriate insurance.This is according to one comparison site, which notes that landlord insurance can be bought for under £100 from Simple insurance.
Continue reading "'Landlord insurance is a cheap essential'"...
There were fewer properties on the market in June for the first time in four months, according to new data.The National Association of Estate Agents (NAEA) reported that the decreased stock coincided with more registrations from house-hunters.
Continue reading "Property demand increases"...
14
Low interest rates will continue to make finance affordable for landlords, according to one property expert.The Bank of England's decision to keep interest rates at 0.5 per cent will mean that repayments on buy-to-let will remain low.Landlords are reportedly more positive about the economic climate, despite the slowing market.
Continue reading "Landlord finance is "stable and affordable""...
Protection measures for mortgage borrowers may be premature, claims one expert.The Financial Services Authority this week published a paper on reforming lending practices in order to prevent borrowers from over-committing themselves.Measures outlined in the paper included the banning of the self-certified and fast-track measures.
Continue reading "New self-cert mortgage regulation 'unnecessary' right now"...
House prices in the UK could take a decade to return to pre-recession levels, according to a new study.PricewaterhouseCoopers (PwC) have estimated that there is a 50 per cent chance that values could remain below pre-recession 2007 levels even in 2020.
Continue reading "UK house prices set to remain below recovery levels"...
13
Mortgage rates are currently at their most affordable in 35 years, according to new figures.The Council of Mortgage Lenders (CML) has reported that new homeowners in May only spent 9.5 per cent of their income on interest payments.In May 2009, mortgages accounted for around 11.4 per cent of income for the average homeowner.
Continue reading "New homes mortgage rates 'at their most affordable'"...
New buyer enquiries fell last month, for the second time since the beginning of the recession.The Royal Institution of Chartered Surveyors (RICS) found that five per cent of its members reported a fall in demand.Worries about the state of the economy and the impact of austerity measures have been held accountable for the slowdown in activity.
Continue reading "Buyer interest dipped in June"...
New measures to protect consumers from over-borrowing on mortgages could unfairly restrict access to credit, according to one housing industry body.The Financial Services Authority has issued a consultation paper on responsible lending, which will see the end of self-certified and fast-tracked mortgages.
Continue reading "CML: 'Gain from mortgage protection not worth pain'"...
12
The number of new homes being built in the private residential sector has fallen on last year.According to the latest Glenigan Index, it has fallen by two per cent on June 2009.Construction in the social housing sector shows a much steeper decline, with new starts more than a third (40 per cent) down.
Continue reading "Private residential construction slides"...
More protection is needed in the private rented sector for families that are ineligible for social housing, according to one charity.Shelter has criticised a proposal from the Greater London Authority to raise the threshold for low-cost home ownership schemes to GBP 74,000 in the capital.
Continue reading "'Tighten conditions in private rented sector' for poorest households"...
People on the lookout for a new home should not place too much faith in house price indexes, according to one industry expert.Halifax's latest index found that prices fell for the third successive month in June, showing a decline of 0.6 per cent on May.
Continue reading "New homes buying 'should not be based on house price indexes"...
9
The government has reportedly cut the funding for eco-towns.According to an exclusive in Inside Housing, housing minister Grant Shapps told local councils last week that he planned to halve the available funds for this year.Shapps also called on council officials to give evidence of support from local residents for eco-development plans, claimed the site.
Continue reading "Eco-towns funding 'to be cut radically'"...
House prices fell for the third month in succession in June, according to the latest index.Halifax has reported that the average cost of a home fell by 0.6 per cent last month.This follows a slide of 0.5 per cent in May and an 0.1 per cent dip in April.
Continue reading "More new homes on market 'pushing down prices'"...
Housing transactions increased by a fifth in June, claims an independent analysis.Academetrics' latest housing report says that there were 63,500 transactions in June, as opposed to 52,975 in May.Despite the increase in housing demand, prices dropped by 0.5 per cent, according to its research.
Continue reading "Housing transactions go up 20 per cent"...
8
Homeowners may find themselves in shock when new interest rates kick in, according to one industry organisation.The Consumer Financial Education Body (CFEB) has found that over half (51 per cent) were waiting for rates to rise.However, 54 per cent had made no plans to review their current deal, in order to get a better one, with most saying that they would leave it "to the last minute".
Continue reading "Mortgage holders 'unprepared' for interest rate rise"...
The Scottish government has announced new homes funding worth up to GBP 45 million.Ten local authorities will be the beneficiaries of the new funds, with around 800 new homes expected from the initiative.Money will be going to areas that have seen long housing waiting lists and homelessness.
Continue reading "Scottish landlords to gain from new developments"...
The UK has seen a five-fold increase in property millionaires over the past decade, claims new research.Santander Mortgages found in its study that there are now over 100,000 homes worth more than GBP 1 million in the country.In 2000, there were only 26,776 properties valued above this threshold.
Continue reading "UK sees "property millionaires" rise by 400 per cent"...
7
A falling supply of homes in the private rental sector has pushed up rents, according to a new index.Findaproperty.com's rental index for the second quarter has revealed that prices went up by 2.3 per cent.This means that rent prices are GBP 19pcm higher than they were in the first three months of year.
Continue reading "Fewer rental properties on the market pushes up rents"...
The government has announced that it will scrap targets for new homes building set by the previous Labour government.Communities minister Eric Pickles this week said that a new localism bill, to be presented this parliamentary session, would return planning powers to local authorities.
Continue reading "New development targets abolished"...
The government has found funding for an additional 8,500 homes, it claimed this week.Housing minister Grant Shapps said that GBP 390 million worth of funding became available after spending commitments across four other departments were abolished.
Continue reading "Govt frees up GBP 390m funding for new homes"...
6
Mortgage approvals are likely to remain at low levels while more cuts are pushed through by the coalition, claims one industry expert.Figures from the Bank of England last month revealed that loan approvals dropped very slightly in May, from the previous month.
Continue reading "Mortgage approvals to 'remain static'"...
Around 200,000 people could become homeless because of the government's plans to reduce housing benefit, an industry body has warned.Chancellor George Osborne announced in the Budget last month that the benefit would be slashed by ten per cent for people that had been claiming Jobseeker's Allowance for a year or more.
Continue reading "'Benefits slashing risks homes for 200,000'"...
Councils should be given incentives for refurbishing and bringing empty homes back into use, according to one organisation.Empty Homes has presented a manifesto to the coalition government, who promised in May to salvage some of the UK's 66,000 derelict properties.
Continue reading "'Councils could bring empty homes back onto market'"...
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The construction sector has shown its fourth month of increased activity.According to the Chartered Institute of Purchasing and Supply's monthly index for June, growth registered at 58.4 last month.This is only slightly down on May's figure of 58.5.
Continue reading "Construction activity continues 4-month streak"...
The rented sector in the UK increased in size by nine per cent in 2009, according to new data.Social Trends 40, based on Office for National Statistics information, examines changes in housing and household consumption habits in the UK.
Continue reading "Rented sector boosted by 1 million since 2005"...
'Affordable and decent housing' in the private rented sector needs to come onto the political agenda, claims one industry figure.The Building and Social Housing Foundation (BSHF) recently published a major report, revealing that the private rented sector could constitute one in five households by 2020.
Continue reading "Private rented sector 'will need regulation'"...
Tenants need more support to reduce bills and waste less energy, according to a new survey.Marketiers found that just over four in ten people felt that energy suppliers offered little or no assistance in helping customers cut their carbon emissions.
Continue reading "Home energy efficiency advice could be needed for tenants"...
2
New home buyers spend on average 21 minutes viewing a home before deciding to purchase it.A survey of 1,000 house hunters by ING Direct found that people spend longer on choosing items for their home than on the property itself.While buyers in Yorkshire and the Humber and London took the longest to make a decision, they still only spent a few minutes longer than the national average.
Continue reading "Homebuying decisions take under half an hour"...
Property investors will continue to face tough financing conditions, claims one housing body.The Bank of England's Credit Conditions Survey for the second quarter has forecast that risk limitation will still be high on buy-to-let and other forms of secured lending.
Continue reading "Buy-to-let finance to 'remain tough'"...