This week the government announced plans to release public land for sale to house builders in the hope of creating up to 100,000 new homes and 25,000 jobs by 2015. This will help to address the current shortage of housing and a new map of land and buildings in each area will be unveiled later this year.
According to Halifax's house price index, prices rose by 0.1% in May compared with April, although they are 4.2% lower than this time last year – the biggest annual drop since October 2009. The future looks bright however as the bank has predicted the slight improvement in the economy and low interest rates will help the market. In other news, fixed mortgage rates are at a six month low. This mainly stems from competition amongst lenders, as homeowners look to take advantage of low interest rates by fixing their mortgage before a hike.
And finally, the UK's most expensive home outside London has gone on sale for £75 million. No surprise that it's located in neighbouring Surrey; Updown Court boasts 103 rooms, five swimming pools, two penthouse apartments and a helipad and is currently owned by a property development tycoon; anyone we know, I wonder?
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