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Thursday, January 8
Rates tipped to hit all-time low
by
Jet-to-Let Magazine
on Thu 08 Jan 2009 10:49 GMT
The Bank of England is expected to cut interest rates to the lowest level in its 315-year history when it makes its monthly decision later. With rates currently at 2%, the Bank's Monetary Policy Committee is tipped to announce a reduction of between 0.5 and one percentage point. This would ... more » Tuesday, December 23
Lending Levels Will Increase In 2009
by
Jet-to-Let Magazine
on Tue 23 Dec 2008 15:58 GMT
The 2009 housing market forecast from Assetz predicts that although there will be some moderate house price falls in the first half of the year, the second half will see the property market start to bottom out. Sales activity is also expected to pick up in the latter half of ... more » Wednesday, December 17
Nationwide in 95% mortgage market
by
Jet-to-Let Magazine
on Wed 17 Dec 2008 15:51 GMT
Nationwide has launched a new mortgage for existing borrowers who have just 5 per cent equity in their homes. The lender is the first to re-enter the high loan-to-value market following a mass withdrawal by mortgage providers earlier this year as property prices started to fall. Nationwide’s new deal is, ... more » Wednesday, December 10
Mortgage lenders seek greater clarity as the lending slump continues
by
Jet-to-Let Magazine
on Wed 10 Dec 2008 15:27 GMT
There were 39,900 house purchase loans in October, worth £5.5 billion, according to new data from the Council of Mortgage Lenders. This was an increase of 14% in volume and 10% in value from September, but an annual decline of 52% in volume and 57% in value. The rise in ... more » Tuesday, December 9
Mortgages issued for house purchases rise for first time in six months
by
Jet-to-Let Magazine
on Tue 09 Dec 2008 15:13 GMT
The number of loans for house purchase - issued to first-time buyers and home movers - rose to 39,900 in October, up 4,900 on the previous month. And the number of remortgages rose to 70,000 in October, up 8,000 on the previous month, according to the Council of Mortgage Lenders.... more » Monday, December 8
CML may drop house price forecast
by
Jet-to-Let Magazine
on Mon 08 Dec 2008 15:09 GMT
The Council of Mortgage Lenders (CML) said that it may abandon its annual house price forecast due to the market downturn. The trade body, which is currently finalising its forecasts for 2009, said it was considering not predicting what would happen to house prices during the year because of the ... more » Thursday, November 6
Base rate cut shows complexity of modern economy is lost on Brown
by
Jet-to-Let Magazine
on Thu 06 Nov 2008 17:01 GMT
It's been forgotten in the ensuing credit crisis, but as recently as July last year Gordon Brown was calling for more long-term fixed rate mortgages as a way of controlling house prices. If he’d taken his own advice and bought a 25-year fixed rate loan, the sort of thing he ... more » Wednesday, November 5
First-time buyers 'benefiting from more affordable housing market'
by
Jet-to-Let Magazine
on Wed 05 Nov 2008 17:15 GMT
The number of people on modest incomes buying their first home has jumped by 16% during the past four months, figures showed today. Spicerhaart Financial Services said the increase in purchases by first-time buyers earning less than £40,000 suggested property was becoming more attainable at the lower end of the ... more » Sunday, November 2
Gazundering is back With prices plunging,it's a buyer's market and the gazunderers are out in force
by
Jet-to-Let Magazine
on Sun 02 Nov 2008 13:39 GMT
Rick and Carrie Horne had it all planned. He had just accepted a promotion in Plymouth, another baby was on the way, and they were moving to a perfect family home in Newton Abbot, 35 miles away. Then everything came crashing down: the day the couple were due to exchange ... more » Friday, October 31
Prices of homes dropping at fastest rate since 1952
by
Jet-to-Let Magazine
on Fri 31 Oct 2008 14:59 GMT
The average price of a house in Britain is £30,000 less than it was a year ago, Nationwide said yesterday, with prices tumbling in the year to October at their sharpest rate since 1952. Britain's biggest building society said prices fell 14.6% over the past 12 months to £158,872, and ... more » Thursday, October 30
Lloyds TSB borrowers stopped from switching to interest-only deals
by
Jet-to-Let Magazine
on Thu 30 Oct 2008 13:16 GMT
The bank introduced the new rules earlier this week, preventing borrowers with a low amount of equity in their homes from opting to pay just the interest on their mortgages. Switching to an interest-only deal is one way that borrowers can reduce their monthly repayments if they are struggling to ... more » Tuesday, October 28
Fewer home loans for first-time buyers
by
Jet-to-Let Magazine
on Tue 28 Oct 2008 12:12 GMT
Just 40 home loans are available to those with deposits of 5pc, who are often first-time buyers. This is a fall of almost 50pc in just a week, according to Moneyfacts, the financial information group. In July last year the figure was 1,079. Borrowers with deposits of 10pc of the ... more » Monday, October 27
Persimmon forced to write down £600m
by
Jet-to-Let Magazine
on Mon 27 Oct 2008 11:36 GMT
HOUSEBUILDER Persimmon today announced a further £600m write down on its landholdings as it reported more house price falls in the stricken property market. The Charles Church builder said house prices had fallen further since the end of its half-year, with cancellation rates on house reservations also soaring to around ... more » Thursday, October 23
NEW GOVERNMENT GUIDANCE ON ARREARS AND REPOSSESSIONS
by
Jet-to-Let Magazine
on Thu 23 Oct 2008 11:20 BST
Prime Minister Gordon Brown said new guidance was being given to the courts to halt actions to repossess properties unless all alternatives had been "fully examined". Around 18,900 people lost their homes during the first half of the year, 48 per cent more than during the same period of 2007 ... more » Wednesday, October 22
UK is in recession, says Bank of England Governor Mervyn King
by
Jet-to-Let Magazine
on Wed 22 Oct 2008 11:11 BST
Britain is now in recession after the banking system came closer to collapse than at any time since the beginning of the First World War, according to the Governor of the Bank of England. Mervyn King has become the first major UK economic policymaker to warn explicitly that Britain is ... more » Saturday, October 18
Northern Rock accused over level of repossessions
by
Jet-to-Let Magazine
on Sat 18 Oct 2008 11:30 BST
Debt charities have accused Northern Rock, the state-backed bank, of “aggressively” repossessing the properties of mortgage borrowers who have been struggling to meet repayments. Shelter, the homeless charity, has published figures showing that the number of repossessed homes on Northern Rock’s balance sheet jumped by 68 per cent in first ... more » Wednesday, October 15
Lenders at odds over mortgage promise as home loans slump again
by
Jet-to-Let Magazine
on Wed 15 Oct 2008 11:23 BST
As number of mortgages falls, lenders are worried about details of the bailout Mortgage lending is continuing to fall, leading home-loan providers warned, as they demanded further clarification of the small-print in the Government's bank bailout which appears to require a return to levels of advances last seen in 2007.... more »
Housing slump could be over next year, MPs hear
by
Jet-to-Let Magazine
on Wed 15 Oct 2008 11:22 BST
A drop in home loan rates by a further half point could turn the housing market around by next year, an economist says The housing market slump could be over as soon as next year if the cost of home loans falls by a further half-point, a leading housing market ... more »
House prices to fall by another 15pc, says Knight Frank
by
Jet-to-Let Magazine
on Wed 15 Oct 2008 11:19 BST
House prices are likely to fall by a further 15pc and will not fully recover until 2015, new research says. According to upmarket estate agent Knight Frank, the housing market will continue to decline until late 2009 or early 2010 and will not return to the peak of levels it ... more » Tuesday, October 14
CML reports decline in August lending
by
Jet-to-Let Magazine
on Tue 14 Oct 2008 11:12 BST
The UK's Council of Mortgage Lenders has reported that the house purchase lending in August 2008 was at GBP6 billion, 63% lower than in August 2007. The Council of Mortgage Lenders (CML) has said that the first-time buyers accounted for just under a third of the total house purchase lending ... more » Thursday, October 9
Interest rate cuts overshadowed by spectre of recession
by
Jet-to-Let Magazine
on Thu 09 Oct 2008 11:06 BST
Interest rates across the world were slashed yesterday as central banks took unprecedented emergency action in an effort to contain the worst economic threat since the Great Depression. Hours after the Government unveiled a £500 billion rescue package for the British banking system, the Bank of England joined forces with ... more » Wednesday, October 8
Finance crisis: Banks slash interest rates, UK homeowners should benefit
by
Jet-to-Let Magazine
on Wed 08 Oct 2008 10:20 BST
More than four million home owners will enjoy an immediate cut to their mortgage repayments after interest rates were slashed by the Bank of England as part of a coordinated global response to the financial crisis. The Bank was joined by the US Federal Reserve and the European Central Bank ... more »
CBI urges interest rate cut
by
Jet-to-Let Magazine
on Wed 08 Oct 2008 10:18 BST
Pressure is building on the Bank of England to reduce interest rates this week after Britain's biggest business lobby called for a sharp cut and City economists warned of "a deeper and longer" recession than initially feared. Economists at UBS slashed their global growth forecasts in response to "the dramatic ... more »
Blinded by dogma
by
Jet-to-Let Magazine
on Wed 08 Oct 2008 10:14 BST
Central banks' obsession with inflation is stopping them from tackling a far more pressing threat Again, too little, too late. While the finance sector and the world's debtors must have noticed that central banks co-ordinated a 0.5% cut in interest rates, be sure they cared little. The fact is, this ... more » Friday, October 3
Iceland's economic woes cause shivers through British economy
by
Jet-to-Let Magazine
on Fri 03 Oct 2008 10:24 BST
Its currency, the krona, has fallen 27 per cent against the dollar this week, while its largest bank Kaupthing – which has lent money to many British entrepreneurs and businesses – started to ask its clients for more money to help it shore up its balance sheet. Iceland's problems emerged ... more » Thursday, October 2
Inflation easing sees way for ECB rate cut
by
Jet-to-Let Magazine
on Thu 02 Oct 2008 11:04 BST
For eurozone interest rates to fall, it has long been clear that the European Central Bank would have to be able to say inflation was under control. On Thursday Jean-Claude Trichet, ECB president, indicated that the banking crises in the US and Europe, and a rapidly deteriorating eurozone growth outlook, ... more »
Bank must cut rates before it’s too late
by
Jet-to-Let Magazine
on Thu 02 Oct 2008 10:12 BST
How can there be any doubt that the Bank of England will cut interest rates next week? Just look around. Collapsing banks, bankrupt retailers, frozen credit markets, rising unemployment, gloomy consumers, tumbling stock market and now manufacturers at their most pessimistic for 17 years. Yet there is doubt. Even after ... more » Monday, September 29
House prices fall in September
by
Jet-to-Let Magazine
on Mon 29 Sep 2008 11:17 BST
LONDON (Reuters) - House prices fell for a 12th month running in September to stand 6.2 percent lower than they were a year ago, a survey by property consultants Hometrack showed on Monday. The drop of 1.0 percent on the month to 165,300 pounds was bigger than the 0.9 percent ... more » Wednesday, September 24
No meltdown, says MPC member
by
Jet-to-Let Magazine
on Wed 24 Sep 2008 11:07 BST
Prospects for the economy are far better than those prevailing during earlier recessions in the 1970s, 80s and 90s, despite turbulence in financial markets, according to Andrew Sentance, a member of the Bank of England’s monetary policy committee. The outlook now is merely for weaker growth, not meltdown, he said ... more » Monday, September 8
Lender HSBC cuts mortgage rates
by
Jet-to-Let Magazine
on Mon 08 Sep 2008 10:49 BST
Bank HSBC said it is lowering interest rates for its fixed-rate mortgage loans in response to a fall in funding costs. HSBC, the country's biggest bank by market capitalisation, is from Monday cutting its standard two, three and five year fixed-rate loans by 0.56 percentage point to 6.27 percent. The ... more » Monday, September 1
Accountants confirm effect of UK economic downturn
by
Jet-to-Let Magazine
on Mon 01 Sep 2008 17:55 BST
One in five UK accountants have confirmed that their clients have been refused credit or had funding restrictions imposed in the light of the credit crunch. The findings, from a survey conducted by Invoice and Asset Based Lender, Venture Finance, provide the first real evidence that UK SMEs are starting ... more »
Recession fears push pound down
by
Jet-to-Let Magazine
on Mon 01 Sep 2008 16:45 BST
The pound has hit a record low against the euro and a two-year low against the dollar amid fresh fears about the UK sliding into recession. Gloomy housing and manufacturing data and comments from the Chancellor about the UK's economic woes are to blame for the pound's decline, traders said. ... more » Wednesday, August 27
Mortgage lending figures give some hope
by
Jet-to-Let Magazine
on Wed 27 Aug 2008 16:29 BST
The number of new mortgages agreed by leading banks edged higher last month, raising hopes that the worst of the drought in the home-loans market may have passed. A total of 22,448 loans for house purchase, rather than remortgaging, were approved by banks during July. Although this was still a ... more » Saturday, August 23
Buildings razed turning British cities into 'bombsites'
by
Jet-to-Let Magazine
on Sat 23 Aug 2008 16:17 BST
The levy on empty shops, offices and warehouses, which was introduced in April, is aimed at landlords who left buildings deliberately empty as they waited for rents to rise. It intended to reduce rents, raise property supply and earn the Treasury almost £1 billion in tax. Opponents of the tax ... more » Friday, August 22
Persimmon fury at stamp duty delay
by
Jet-to-Let Magazine
on Fri 22 Aug 2008 16:08 BST
HOUSEBUILDER Persimmon yesterday blamed Government dithering over stamp duty for the creation of more confusion in the now stagnant housing market. Chief executive Mike Farley said the failure of the Government to announce firm plans for deferring stamp duty had “caused further delay and uncertainty” in a market suffering the ... more » Wednesday, August 20
Cities best for student landlords
by
Jet-to-Let Magazine
on Wed 20 Aug 2008 16:04 BST
The city of Durham offers the best returns to landlords investing in student property with annual yields of nearly 14 per cent, research showed today. Despite Durham having one of the smallest student populations in the UK, the city's relatively low house prices combined with its high rents enables landlords ... more » |
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