This week, the chief economist of the Organisation for Economic Co-operation and Development has suggested that Britain implements a property tax based on market values, replacing the likes of stamp duty and bringing in more money. However, although considered revolutionary by leading accountants, they expect it would prove unpopular due to the negative effects on house prices.
In other news, first time buyers have a better chance of climbing the property ladder thanks to the high number of mortgage products available in the market for those with a ten per cent deposit. Elsewhere, news for renters is not so rosy, as figures released by LSL Property Services' Buy-to-Let Index show that the average monthly rental property in England and Wales exceeded the £700 barrier for the first time.
And finally, Barclays may have just started a price war between lenders, as it has launched its cheapest mortgage deal in 15 years. The reduction in rates is the bank's sixth consecutive cut, which experts believe will lead to competitors doing the same.
To read more, click here.
22 July 2011
24 June 2011
Top Property News
It's good news for first time buyers this week, as the Government has launched a new equity scheme, FirstBuy, whereby house hunters will only have to raise a deposit of 5 per cent for a 75 per cent mortgage. The Government and housebuilder will offer a loan of up to 20 per cent, boosting the purchaser's chance of getting a foot onto the property ladder.
According to Rightmove, house prices have risen for the sixth consecutive month, up to £240,394, which equates to a 0.6 per cent month-on-month increase and a 1.3 per cent year-on-year rise. However, forecasting shows the second half of the year is unlikely to be so positive. Elsewhere, research has found that homeowners in the best performing economic areas of the UK have seen the price of their property rise by almost £150,000 over a decade. The East London areas of Canary Wharf and Docklands come out on top. Eight out of ten areas with the lowest levels of economic activity were in Wales and the North West.
And finally, savvy homeowners are renting a room out to lodgers in a bid to earn some extra money. One in ten householders currently does so, the combined efforts of which are worth £3.9 billion a year in payments, averaging out at £182 per month.
Click here for the full stories behind the news.
According to Rightmove, house prices have risen for the sixth consecutive month, up to £240,394, which equates to a 0.6 per cent month-on-month increase and a 1.3 per cent year-on-year rise. However, forecasting shows the second half of the year is unlikely to be so positive. Elsewhere, research has found that homeowners in the best performing economic areas of the UK have seen the price of their property rise by almost £150,000 over a decade. The East London areas of Canary Wharf and Docklands come out on top. Eight out of ten areas with the lowest levels of economic activity were in Wales and the North West.
And finally, savvy homeowners are renting a room out to lodgers in a bid to earn some extra money. One in ten householders currently does so, the combined efforts of which are worth £3.9 billion a year in payments, averaging out at £182 per month.
Click here for the full stories behind the news.
10 June 2011
What's hot in the property world this week
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?
Click for more...
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?
Click for more...
6 June 2011
Round-up of top property news w/e 3 June
Last week the extent to which house builders have been supporting first time buyers was revealed. The likes of Taylor Wimpey, Persimmon and Barratt have ploughed almost £1billion into shared equity schemes to help those struggling to buy a home, which has resulted in 28,000 sales.
In other news, the Centre for Economics and Business Research (CEBR) predicted that house prices could rise by almost 16 per cent by 2015, although they will continue to fall for the rest of 2011. The positive from this is that banks could see improvements to their balance sheets meaning strict lending criteria would be loosened. Elsewhere, it seems not everyone is so keen to jump on the digital bandwagon, including property letting agents, of which 90 per cent admit that technology could improve their service, but they are reluctant to invest the money.
And finally, there's no doubt estate agents need to be cunning when trying to secure a sale, but describing one £3.6 million property in County Durham as having countryside views, while neglecting to mention the gasworks and scrapyard next door is taking it a bit too far!
Click here for all the details.
In other news, the Centre for Economics and Business Research (CEBR) predicted that house prices could rise by almost 16 per cent by 2015, although they will continue to fall for the rest of 2011. The positive from this is that banks could see improvements to their balance sheets meaning strict lending criteria would be loosened. Elsewhere, it seems not everyone is so keen to jump on the digital bandwagon, including property letting agents, of which 90 per cent admit that technology could improve their service, but they are reluctant to invest the money.
And finally, there's no doubt estate agents need to be cunning when trying to secure a sale, but describing one £3.6 million property in County Durham as having countryside views, while neglecting to mention the gasworks and scrapyard next door is taking it a bit too far!
Click here for all the details.
27 May 2011
In the property news this week
Good news and bad news this week as a survey by estate agent Your Move has found that eight out of ten home owners think house prices will rise over the next five years. The bad news is that owners expect prices to increase by just 6.9 per cent over that time, much less than the 10.6 per cent they predicted a year ago.
The Knight Frank Land Index for the first quarter of 2011 has revealed, perhaps not surprisingly, that developers are concentrating their efforts on buying land that will appeal to families, in central locations and have planning already in place. Elsewhere, analysts are warning that if interest rates rise to as high as 5 per cent, as some are suggesting, mortgage payments could increase to an average of 51 per cent of take home pay.
And finally, it's no longer just the supermodels of New York that can be accused of being super thin, it's the homes too! That's because the Big Apple's skinniest property, at just 9.5ft wide, has gone on the market for $4.3m. Breathe in!
Click here for all the details.
The Knight Frank Land Index for the first quarter of 2011 has revealed, perhaps not surprisingly, that developers are concentrating their efforts on buying land that will appeal to families, in central locations and have planning already in place. Elsewhere, analysts are warning that if interest rates rise to as high as 5 per cent, as some are suggesting, mortgage payments could increase to an average of 51 per cent of take home pay.
And finally, it's no longer just the supermodels of New York that can be accused of being super thin, it's the homes too! That's because the Big Apple's skinniest property, at just 9.5ft wide, has gone on the market for $4.3m. Breathe in!
Click here for all the details.
20 May 2011
The week's top property news
In the first quarter of 2011, the number of new homes started has jumped by 26 per cent, showing a slight recovery in the housebuiding industry. However, despite this positive sign, other figures released this week remind us that there is still a burgeoning deficit that needs to be met.
Property prices have risen, according to Rightmove's latest house price index. In fact, the statistics reveal that they are at their highest since June 2008. Elsewhere, the housing minister, Grant Shapps, has set out his 'definition' of the zero carbon standard to be applied to all new homes from 2016. It gives more responsibility to house builders and is designed to reduce emissions, whilst keeping costs down.
In other property news, research by Moneysupermarket has shown that buyers don't expect to own a home until the age of 38. This is due to size of deposit required, which may take years to save for and has led to a third of respondents claiming they do not intend to buy a home at all!
Click for details...
Property prices have risen, according to Rightmove's latest house price index. In fact, the statistics reveal that they are at their highest since June 2008. Elsewhere, the housing minister, Grant Shapps, has set out his 'definition' of the zero carbon standard to be applied to all new homes from 2016. It gives more responsibility to house builders and is designed to reduce emissions, whilst keeping costs down.
In other property news, research by Moneysupermarket has shown that buyers don't expect to own a home until the age of 38. This is due to size of deposit required, which may take years to save for and has led to a third of respondents claiming they do not intend to buy a home at all!
Click for details...
13 May 2011
This week's top property news stories
It appears that the spiralling cost of renting has finally had an impact, as more first time buyers are purchasing homes. Figures released by e.surv show that 27 per cent of all mortgage approvals were for properties under the £125,000 mark.
In other news, optimistic teenagers expect to own a home by the age of 25. Of the 12,000 teenagers surveyed by RBS, over half felt this was realistic, as well as many hoping to earn £35,400 by the same age, despite the current average being only £18,705. Elsewhere, sellers are being forced to reduce their asking prices by £20,000 to secure a sale. Vendors in the North in particular are found to be offering the biggest discount, led by those in Bolton where the average price reduction is 8.5 per cent
And finally, it's been proven that the number 13 is indeed unlucky – for homeowners that is. That's because properties with that number, on average, sell for £3,924 less than their neighbours.
Click here to read more...
In other news, optimistic teenagers expect to own a home by the age of 25. Of the 12,000 teenagers surveyed by RBS, over half felt this was realistic, as well as many hoping to earn £35,400 by the same age, despite the current average being only £18,705. Elsewhere, sellers are being forced to reduce their asking prices by £20,000 to secure a sale. Vendors in the North in particular are found to be offering the biggest discount, led by those in Bolton where the average price reduction is 8.5 per cent
And finally, it's been proven that the number 13 is indeed unlucky – for homeowners that is. That's because properties with that number, on average, sell for £3,924 less than their neighbours.
Click here to read more...
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