This week the government announced a £20 million fund which has been set up to help avoid residential property repossession. Called, appropriately, the 'Preventing Repossessions Fund', it will give councils the opportunity to offer small, interest-free loans to struggling homeowners.
In other news, it seems many first-time buyers have decided that 2012 is the year in which they will take a step on the property ladder. That's because, in January, the number of mortgages lent to homes that cost less than £125,000, which typically attract this type of buyer, has increased by almost a third on last year. Saying that, there is still a large proportion of people who are continuing to rent, and savvy landlords certainly took advantage of this last year, as the number of buy-to-let mortgages taken out rose by six per cent.
And finally, if you're looking to raise the world's next superstar, you may want to consider where you set up home. Research by FindaProperty.com has found that, unsurprisingly, London produces the most talent with Wales, Scotland and the north west joining it in the top four. Places to avoid: east Anglia, Northern Ireland and the south west. Right, I'm moving!
For more on the above, and other recent property news, click here
10 February 2012
23 December 2011
Last property news of 2011
The Financial Services Authority has published its proposals on the mortgage lending reforms. The plans are aimed at restricting 'risky' lending, whereby applicants will face a more thorough assessment process, thus avoiding borrowing more than they can afford. The hope in implementing these new rules will be to avoid the return of the gung-ho attitude of lenders before the credit crunch.
In other news, research by Zoopla has revealed that 26,744 new British property millionaires were created in 2011. This demonstrates the existence of a two-tier market, as the average value of a British home fell by three per cent between 2010 and 2011. Elsewhere, the number of new home approvals has also fallen, despite a YouGov opinion poll showing strong support for building more properties. Planning for 133,346 homes was approved, which is a fall of 10 per cent on the year before.
And finally, as another challenging year for the property market draws to a close, we would like to wish you a very merry Christmas and a prosperous new year. Click here to view your MMS Christmas card and here for more details on the stories behind the news this week.
In other news, research by Zoopla has revealed that 26,744 new British property millionaires were created in 2011. This demonstrates the existence of a two-tier market, as the average value of a British home fell by three per cent between 2010 and 2011. Elsewhere, the number of new home approvals has also fallen, despite a YouGov opinion poll showing strong support for building more properties. Planning for 133,346 homes was approved, which is a fall of 10 per cent on the year before.
And finally, as another challenging year for the property market draws to a close, we would like to wish you a very merry Christmas and a prosperous new year. Click here to view your MMS Christmas card and here for more details on the stories behind the news this week.
14 October 2011
What's in the property news this week?
The Home Builders Federation (HBF) has waded into the argument over the Government's proposed planning reforms, supporting the need for a change to law and warning that a generation could face a 'house building ice age' if the changes don't go through.
Elsewhere, homeless charity Shelter has claimed that private rents are 'unaffordable' in more than half of local authority districts in England. Just 12 per cent of areas were considered to be affordable, with rent accounting for less than a third of take-home wages. Despite this the rental sector continues to be buoyant, possibly because the odds are stacked against first time buyers, the numbers of which have fallen to the lowest level in almost a year. This is being attributed to the lack of lenders willing to provide a mortgage to buyers with small deposits.
And finally, when you buy a second hand property most people expect the need to keep some money aside for updates, but £10m is more than just a few pennies. Well that's how much the new owner of a £75m mansion in Kensington will have to pay, as the home has laid empty for 10 years. Mind you, if you have £75m to spend on a property, what's £10m more?
Click for the full stories.
Elsewhere, homeless charity Shelter has claimed that private rents are 'unaffordable' in more than half of local authority districts in England. Just 12 per cent of areas were considered to be affordable, with rent accounting for less than a third of take-home wages. Despite this the rental sector continues to be buoyant, possibly because the odds are stacked against first time buyers, the numbers of which have fallen to the lowest level in almost a year. This is being attributed to the lack of lenders willing to provide a mortgage to buyers with small deposits.
And finally, when you buy a second hand property most people expect the need to keep some money aside for updates, but £10m is more than just a few pennies. Well that's how much the new owner of a £75m mansion in Kensington will have to pay, as the home has laid empty for 10 years. Mind you, if you have £75m to spend on a property, what's £10m more?
Click for the full stories.
16 September 2011
The week's top property news
It's been a week of ups and downs for the property market. A movement against the proposed planning reforms seems to be gaining momentum. The Daily Telegraph has put its weight behind the 'Hands Off Our Land' campaign, which claims that developers are sitting on vast land banks with planning permission for new homes, negating the need for any 'watering down' of the planning laws.
The Royal Institute of British Architects has said that many new properties are "shameful shoebox homes". Its study found that the average two-storey three-bedroom property was 86 sq ft too small, but the House Builders Federation has responded by saying larger homes could prove to be unaffordable. On a more positive note, a number of developers, including Barratt Homes and MMS client, Galliford Try, have released positive results, with Barratt posting its first profit in three years.
And finally, rents in the London property market have surged to epic proportions, almost doubling in the last year. Rents have reached a record £55,000 per week, with homes in Knightsbridge commanding the highest yields.
Click here for full details.
The Royal Institute of British Architects has said that many new properties are "shameful shoebox homes". Its study found that the average two-storey three-bedroom property was 86 sq ft too small, but the House Builders Federation has responded by saying larger homes could prove to be unaffordable. On a more positive note, a number of developers, including Barratt Homes and MMS client, Galliford Try, have released positive results, with Barratt posting its first profit in three years.
And finally, rents in the London property market have surged to epic proportions, almost doubling in the last year. Rents have reached a record £55,000 per week, with homes in Knightsbridge commanding the highest yields.
Click here for full details.
9 September 2011
Top Property News Stories
There may be hope for those struggling to get onto the property ladder, as for the first time since the credit crunch a 100 per cent mortgage has come onto the market, meaning buyers won't have to raise a deposit. Instead, the Family Guarantee Mortgage offered by Aldermore bank will ask applicants to nominate a relative willing to guarantee any borrowing above 75 per cent.
Elsewhere, research has found that more than anything, parents would like to leave their property to their children. 59 per cent of respondents said they would prefer to pass their home down over other assets, such as savings and investments. Children have other ideas meanwhile, as most aspire to own their dream property by the age of 35. It seems children in Yorkshire are the most hopeful, while the majority believe their ideal home will cost between £500,000 and £1 million.
And finally, with autumn nearly upon us, most people in the property industry are usually glad to wave goodbye to summer and the seasonal slowdown experienced annually. However, research conducted by Connells Survey and Valuation has found that residential mortgage valuation activity in the UK was virtually unaffected. Makes a change!
Want the full story? Click here
Elsewhere, research has found that more than anything, parents would like to leave their property to their children. 59 per cent of respondents said they would prefer to pass their home down over other assets, such as savings and investments. Children have other ideas meanwhile, as most aspire to own their dream property by the age of 35. It seems children in Yorkshire are the most hopeful, while the majority believe their ideal home will cost between £500,000 and £1 million.
And finally, with autumn nearly upon us, most people in the property industry are usually glad to wave goodbye to summer and the seasonal slowdown experienced annually. However, research conducted by Connells Survey and Valuation has found that residential mortgage valuation activity in the UK was virtually unaffected. Makes a change!
Want the full story? Click here
26 August 2011
What's in the property news this week?
Halifax has stated this week that Low Cost Home Ownership Schemes (LCHO) are a vital part of the housing market, helping to get buyers with affordability issues onto the property ladder. In particular, shared ownership and shared equity are the most popular incentives, accounting for 87% of total sector transactions.
Persimmon has seen an increase in house sales, despite the usually slow summer season. Mike Farley, chief executive, feels as if the market is more stable, thanks to better mortgage availability and low interest rates. In other news, there are many things we look for when buying a new home, but it comes as no surprise that a good school catchment area is a high priority for families. Indeed, it was top for 37 per cent of house hunters with a child aged 10 or under, with many willing to pay an extra £12,000 to secure the property.
And finally, the average age of a first time buyer, which is currently 35, has risen by eight years since the 1960s and over half of respondents surveyed by Post Office Mortgages feel that they will never be able to afford to get on to the property ladder.
Click for more details
Persimmon has seen an increase in house sales, despite the usually slow summer season. Mike Farley, chief executive, feels as if the market is more stable, thanks to better mortgage availability and low interest rates. In other news, there are many things we look for when buying a new home, but it comes as no surprise that a good school catchment area is a high priority for families. Indeed, it was top for 37 per cent of house hunters with a child aged 10 or under, with many willing to pay an extra £12,000 to secure the property.
And finally, the average age of a first time buyer, which is currently 35, has risen by eight years since the 1960s and over half of respondents surveyed by Post Office Mortgages feel that they will never be able to afford to get on to the property ladder.
Click for more details
5 August 2011
What's new in property news
Surely a frustration for house builders is how ill prepared buyers seem to be and new research released this week appears to back this up. Halifax has found that just 14 per cent of non-homeowners are saving for a deposit, while only a third of respondents have a realistic plan to purchase in the next five years.
Elsewhere, renters who want to take their first step onto the property ladder may have reason to hope, as one building society is offering to take their rental payment history as evidence that they can afford a mortgage. In other news, anyone wanting a home in one of Britain's idyllic national parks will have to fork out, on average, an extra £100,000 - that's a high price for beauty.
And finally, move over One Hyde Park! There's a new development looking to take over the crown of 'most elite London address' and that's The Glebe in Chelsea. Residents can expect their own private pool and lift and competition will surely be rife for the most exclusive homes, with one penthouse and two luxury villas available!
Click here for the stories behind the headlines
Elsewhere, renters who want to take their first step onto the property ladder may have reason to hope, as one building society is offering to take their rental payment history as evidence that they can afford a mortgage. In other news, anyone wanting a home in one of Britain's idyllic national parks will have to fork out, on average, an extra £100,000 - that's a high price for beauty.
And finally, move over One Hyde Park! There's a new development looking to take over the crown of 'most elite London address' and that's The Glebe in Chelsea. Residents can expect their own private pool and lift and competition will surely be rife for the most exclusive homes, with one penthouse and two luxury villas available!
Click here for the stories behind the headlines
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