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Thursday, May 31
US economy weakest in four years
by
Jet-to-Let Magazine
on Thu 31 May 2007 16:29 BST
The US economy grew at a pace of 0.6% in the first three months of 2007, its weakest rate in more than four years, official figures have shown. Hit by Americans importing more goods and firms cutting their supply stockpiles, the figure was a downward revision on the initial 1.3% ... more »
Irish house price woe
by
Jet-to-Let Magazine
on Thu 31 May 2007 16:19 BST
This latest fall comes after a drop in March that marked the first monthly decline in over five years, a survey showed on Wednesday. The average price of a house in Ireland fell 0.8 percent in April versus a 0.6 percent drop the previous month according to the permanent TSB/ESRI ... more »
Mortgage rate blunders cost borrowers thousands
by
Jet-to-Let Magazine
on Thu 31 May 2007 16:12 BST
Homeowners are being overcharged by up to £50,000 in a mortgage scandal involving some of Britain’s biggest banks and building societies. Evidence drawn up by an independent financial auditor reveals a catalogue of mistakes made by Nationwide, Alliance & Leicester and Abbey that led to some customers being overcharged interest ... more »
Rate rise puts brakes on investment property sales
by
Jet-to-Let Magazine
on Thu 31 May 2007 16:09 BST
Any property investor entering the market in recent years should have found it fairly simple to make money. Rental yields have been at a premium to interest rates, and phenomenal house price growth has meant that even unseasoned landlords have pocketed significant profits. But as interest rates rise and ... more »
Further rise 'could come next week'
by
Jet-to-Let Magazine
on Thu 31 May 2007 16:06 BST
Interest rates could be raised to 5.75pc as soon as next week, economists warned after the most dovish member of the Bank of England's Monetary Policy Committee said inflation was likely to remain high for some time. David Blanchflower, who until last month was a proponent of lower borrowing costs, ... more »
Mortgage lending dips to year low
by
Jet-to-Let Magazine
on Thu 31 May 2007 16:05 BST
New mortgage lending in the UK fell for the third month in a row in April to the lowest in a year, according to the Bank of England. New home loans rose £8.9bn, down from a rise of £9.9bn in March, suggesting the exuberant housing market could be losing steam. ... more » Wednesday, May 30
Demand still outstripping supply
by
Jet-to-Let Magazine
on Wed 30 May 2007 16:10 BST
Regionally, Greater London saw the biggest rise in property supply with a 14% increase of properties going onto the market, whilst Wales saw the greatest drop of 5%. These regional variations may be contributed to the recent interest rate rise that helped stabilise the South East and Greater London property ... more »
Rate rises damp Eurozone mortgage lending
by
Jet-to-Let Magazine
on Wed 30 May 2007 16:06 BST
Mortgage lending growth in the 13-country eurozone has slowed to the lowest for more than three years as higher interest rates begin to bite, according to European Central Bank figures. The steady deceleration in lending for house purchases over the past year will cheer the ECB, which has been wary ... more »
City fears interest rates at 6% this year
by
Jet-to-Let Magazine
on Wed 30 May 2007 16:03 BST
The City was last night braced for two further increases in interest rates to 6% by the end of the year after the Bank of England signalled that continued robust growth in the economy would lead to higher borrowing costs.
RICS calls for planning reforms
by
Jet-to-Let Magazine
on Wed 30 May 2007 15:57 BST
Ahead of the UK government's White Paper on planning, RICS has called on them to push their sustainability agenda in the built environment by reforming the planning system. RICS believes that all new development proposals should be given a sustainability rating which integrates environmental and social value as well as ... more »
Irish house-building boom steadies
by
Jet-to-Let Magazine
on Wed 30 May 2007 15:54 BST
Much has been said of late about the level of housing development in Ireland, with some concerns being expressed as to whether Ireland’s housing market is oversupplied. There is no doubt that Ireland has enjoyed a very buoyant period of expansion in recent years, significantly ahead of our European counterparts.... more »
Taxman warns landlords over buy-to-let bill
by
Jet-to-Let Magazine
on Wed 30 May 2007 15:52 BST
Officials from the Revenue & Customs department warned that an estimated 80,000 landlords could be liable to pay extra tax on their buy-to-let rental income - many because they have incorrectly assumed that they can offset the full cost of a repayment mortgage against their profits for tax purposes. "We ... more » Tuesday, May 29
US home sales figures fall back
by
Jet-to-Let Magazine
on Tue 29 May 2007 17:31 BST
Existing homes sales in the US dropped by 2.6% in April, making it the ninth month in a row that the volume of non-new build homes fell. The National Association of Realtors (NAR) said that the pace of monthly sales, at 5.99 million units, was the slowest since June 2003. ... more »
US slump draws buyers to Florida Market
by
Jet-to-Let Magazine
on Tue 29 May 2007 17:30 BST
A report from GE Money Home Lending claims a 100% increase in business this year. In spite of low house price inflation in the US, it remained steady at 9.5% in Florida last year, and the strength of Sterling against the Dollar is attracting more buyers and investors. "The Florida ... more »
House inflation slows
by
Jet-to-Let Magazine
on Tue 29 May 2007 17:28 BST
Hometrack's latest housing survey revealed that property prices went up by 0.6% during the month, down on the 0.7% rise recorded in April. Annual house price inflation also slipped back from 6.8% to 6.7% in May. The average home in England and Wales now costs £175,600, Hometrack's figures showed. Richard ... more »
Taxman to ‘swoop’ on buy-to-let
by
Jet-to-Let Magazine
on Tue 29 May 2007 17:26 BST
HM Revenue & Customs will target tens of thousands of property owners who have failed to declare rental income or capital gains made from sales or claimed too much tax relief.
Dominic Farrell - New development scheme
by
Jet-to-Let Magazine
on Tue 29 May 2007 13:38 BST
Dear Investor It's a very warm start to the morning here in Cyprus and I am looking forward to jumping into my pool after writing this newsletter before going to the office for a couple of hours before hitting the beach this afternoon. Why am I telling you this? Well, ... more » Friday, May 25
Prices to hit 12-year high says CBI
by
Jet-to-Let Magazine
on Fri 25 May 2007 15:29 BST
Economists have put the chances of 6pc interest rates this year at one in three, after fresh signs emerged that the Bank of England has lost control of prices and the Organisation for Economic Co-operation and Development (OECD) said Britain has the worst inflation problem in Western Europe.
Houses 'are priced 65 per cent too high'
by
Jet-to-Let Magazine
on Fri 25 May 2007 15:26 BST
The housing market in Britain is up to 65 per cent overvalued and needs further interest rate rises to cool it, reports the Daily Mail. The Organisation for Economic Co-operation and Development revealed that UK property prices are among the most stretched of any major world economy. At the same ... more » Thursday, May 24
HIPs now ‘irrelevant’
by
Jet-to-Let Magazine
on Thu 24 May 2007 17:24 BST
Energy Performance Certificates should be removed from the HIPs pack, according to the judge hearing the Royal Institution of Chartered Surveyors application for a judicial review of Home Information Packs. This latest move all but renders HIPs irrelevant following the announcement that their introduction is to be postponed from June ... more »
Energy meters allow ‘spies’ in your home
by
Jet-to-Let Magazine
on Thu 24 May 2007 17:22 BST
Every home in Britain is to be fitted with a high-tech meter to track its energy usage, the Government announced yesterday, reports the Daily Express So-called “smart” meters will show precisely how much gas and electricity is consumed by households – down to the nearest penny. They then send the ... more »
Greenspan warns of Beijing shares crash
by
Jet-to-Let Magazine
on Thu 24 May 2007 17:21 BST
Alan Greenspan has warned of an impending Chinese stock market crash, saying that sharp rises in Beijing shares were "clearly unsustainable". His warning caused US shares to stall and is expected to cause a subdued opening to trading in London today. The former Federal Reserve chairman, addressing a Madrid conference, ... more » Wednesday, May 23
Bank may flag push for bigger rate hike
by
Jet-to-Let Magazine
on Wed 23 May 2007 15:09 BST
Only one person has voted for a 50 basis point rise in domestic interest rates since the Bank of England's Monetary Policy Committee was set up in 1997.
So news that anyone had followed in the maverick Willem Buiter's footsteps at the bank's last meeting would certainly cement expectations of ... more »
Are Brits over-reliant on property?
by
Jet-to-Let Magazine
on Wed 23 May 2007 15:05 BST
The National Institute of Economic and Social Research (NIESR) considered recent Datamonitor research which found that 55% of the UK’s national wealth is held in property (compared to 58% held in financial vehicles and other investments in 1996). With this proportion forecast to rise to 60% by 2009, NIESR director ... more » Tuesday, May 22
Hips delayed until August
by
Jet-to-Let Magazine
on Tue 22 May 2007 16:30 BST
The government today announced plans to delay the introduction of controversial home information packs (Hips). Communities secretary, Ruth Kelly, told the Commons that a judicial review of the energy performance certificates in the packs meant the government had decided not to introduce the packs as planned on June 1. Instead, ... more »
House prices up 20,000 pounds in a year
by
Jet-to-Let Magazine
on Tue 22 May 2007 16:27 BST
The average property price has risen by more than 20,000 pounds in the past year, an overview of the main house price indices shows. It jumped by 20,498 pounds to 208,174 pounds in the year to end-April, according to property investment firm Assetz. Its "House Price Watch" pulls together data ... more »
House price surge 'could be last'
by
Jet-to-Let Magazine
on Tue 22 May 2007 16:25 BST
The surge in Scottish house prices in the last quarter could be followed by a slowdown, an economist has warned. The low number of properties on the ... more » Monday, May 21
Mortgage lending growth slows
by
Jet-to-Let Magazine
on Mon 21 May 2007 14:49 BST
Leading mortgage lenders have said that the mortgage market is slowing following four successive interest rate rises since August. The Council of Mortgage Lenders (CML) announced today that the total lending last month was £28.8bn, a figure 18% higher than the same time last year, but down on the ... more »
Asking price growth at slowest rate of 2007
by
Jet-to-Let Magazine
on Mon 21 May 2007 11:17 BST
Property website Rightmove have announced in their latest survey that asking prices for homes in Britain rose at their slowest rate so far this year over April and early May. Asking prices rose just 0.4% between the 8th April and the 12th May, easily the slowest increase ... more » Friday, May 18
Sub-prime crisis to hit market, says Fed chief
by
Jet-to-Let Magazine
on Fri 18 May 2007 16:40 BST
US Federal Reserve chairman Ben Bernanke warned that the sub-prime lending crisis crippling homeowners across the US would hurt the housing market for at least the next 18 months as foreclosures continue to increase. But he forecast that the problem would not spread to other areas of the economy or ... more »
US home construction accelerates
by
Jet-to-Let Magazine
on Fri 18 May 2007 16:33 BST
According to the Commerce Department, 1.528 million new homes were started in April, up from 1.491 million in March. However, analysts warned that the outlook for the construction industry may not be rosy, underlining fears that the housing market may be softening. Building permits - a measure of future construction ... more »
'Big rise in payments' for borrowers on fixed rates
by
Jet-to-Let Magazine
on Fri 18 May 2007 16:30 BST
Borrowers with fixed-rate mortgages due for renewal could be in for a shock, Nationwide Building Society has warned. Graham Beale, Nationwide's chief executive, said: "A very high percentage of borrowers have fixed-rate mortgages, which were the most popular product two years ago, and so they have been desensitised to rising ... more »
UK Prices set to soar in May
by
Jet-to-Let Magazine
on Fri 18 May 2007 16:27 BST
Your Move’s new monthly house price predictor is forecasting a 1.65% increase in the exchange price of the average UK property in May.
The predictor is based on Your Move’s agreed sales data (Jan / Feb) adjusted to reflect the Land Registry’s sales distribution in those months. The predictor anticipates the ... more » Thursday, May 17
Tory HIP operation fails
by
Jet-to-Let Magazine
on Thu 17 May 2007 17:32 BST
Conservative leader David Cameron had tabled a motion calling for the regulations to be annulled, but that was defeated by 306 votes to 234 -- a government majority of 72. The packs -- designed to making the home-buying process more efficient, cut the number of transactions that fall through and ... more »
Bank of England hints at more rates rises
by
Jet-to-Let Magazine
on Thu 17 May 2007 17:30 BST
The Bank of England dropped a broad hint yesterday that interest rates would be raised for a fifth time within a year over the coming months after its quarterly health check of the economy pinpointed risks that would push up inflation.
Mervyn King, the Bank's governor, issued a stiff warning ... more »
Euro area annual inflation stable 1.9%
by
Jet-to-Let Magazine
on Thu 17 May 2007 17:28 BST
Euro area annual inflation was 1.9% unchanged compared with March. A year earlier the rate was 2.5%. Monthly inflation for April 2007 was 0.6%, illustrating that the inflation rate for the Euro area remains beneath the target figure of 2%, and is relatively stable. For the European Union, the annual ... more »
Dominic Farrell - Returns on Investment
by
Jet-to-Let Magazine
on Thu 17 May 2007 13:35 BST
Dear Investor Another week of airports and aeroplanes, culminating in an extended visit to Cyprus and a slower more sedate few weeks in the sun. I had a long meeting with my architect, civil engineer and other stakeholders yesterday to take my new development scheme to the next stage which ... more » Wednesday, May 16
Cyprus and Malta get euro boost
by
Jet-to-Let Magazine
on Wed 16 May 2007 17:18 BST
Cyprus and Malta look set to be the next EU members to adopt the euro after their applications cleared the first major hurdle. Their bids to join the single currency next year were backed by the European Commission and European Central Bank. They will become the 14th and 15th members ... more »
Japanese central bank appears set on rate rise course
by
Jet-to-Let Magazine
on Wed 16 May 2007 12:04 BST
Strong growth is usually a cause for cheer. But when Japan's first-quarter gross domestic product figures, which are expected to show the economy growing above what economists consider its current potential, are released tomorrow, they could spark concern. If growth is shown to have risen strongly, it will strengthen the ... more »
U.S. April CPI up 0.4 pct
by
Jet-to-Let Magazine
on Wed 16 May 2007 11:59 BST
U.S. consumer prices advanced 0.4 percent in April on a continued rise in energy and food prices, but that was below expectations and painted a somewhat stable inflation picture, a government report on Tuesday showed. Richard Dekaser, Chief Economist of National City Corp commenting on the figures, said “On the ... more »
Government taken to court over HIPs
by
Jet-to-Let Magazine
on Wed 16 May 2007 11:57 BST
The government is being taken to court over an alleged failure to consult properly on its controversial home information packs (HIPs) legislation. The Royal Institution of Chartered Surveyors (RICS) said it had started Judicial Review proceedings against the Department for Communities and Local Government for what it regards as its ... more » Tuesday, May 15
Inflation slows to 2.8% in April
by
Jet-to-Let Magazine
on Tue 15 May 2007 17:03 BST
The UK's rate of inflation slowed in April after energy bills were cut, official figures have shown. The Retail Prices Index, an inflation measure often used in pay bargaining, fell to 4.5% ... more »
Uk inflation down from record high
by
Jet-to-Let Magazine
on Tue 15 May 2007 11:20 BST
Cheaper household utility bills helped push inflation down in April from its record high, but the measure has now been above the government's target for a full year, data released on Tuesday showed. The Office for National Statistics said its index of consumer prices rose by 0.3 per cent between ... more »
Rates may not yet have hit peak, say economists
by
Jet-to-Let Magazine
on Tue 15 May 2007 11:18 BST
Borrowers should brace themselves for the possibility of another interest rate rise this year, as economists are warning that this week's increase to base rates is unlikely to herald the peak of the cycle. Base rates were increased by a quarter of a point to 5.5 per cent on Thursday ... more » Monday, May 14
BTL a ‘safer bet’
by
Jet-to-Let Magazine
on Mon 14 May 2007 16:23 BST
Buy to let mortgages are now, in some cases, cheaper than homebuyer loans as lending to investors is seen as a safer, lower-risk, option by lenders… Lenders offering cheaper deals include BM Solutions whose buy-to-let mortgage rate currently tracks 0.50% below Bank of England base rate for two years, according ... more »
UK property prices move upwards
by
Jet-to-Let Magazine
on Mon 14 May 2007 16:20 BST
UK house prices rose 1.1% between February and March, according to the Department for Communities and Local Government (DCLG). The DCLG index showed the average home cost £206,890 in March, up from £204,556 in February. The figures mirror those of the Nationwide and Halifax which have both shown a buoyant ... more » Friday, May 11
House price inflation unchanged say Halifax
by
Jet-to-Let Magazine
on Fri 11 May 2007 17:32 BST
House price inflation remained largely unchanged in April, according to Halifax bank’s latest monthly survey. Halifax say prices rose by only 1.1% last month, lowering the annual rate slightly from 11.1% in March to 10.9% for April – meaning the average cost of property in the UK is now £196,745.... more » Thursday, May 10
Federal Reserve keeps US interest rates steady
by
Jet-to-Let Magazine
on Thu 10 May 2007 15:15 BST
The Federal Reserve held interest rates steady, extending a nearly yearlong period of stability that has positives for savers and borrowers.
Fed Chairman Ben Bernanke and his central bank colleagues on Wednesday left an important interest rate unchanged at 5.25 percent, where it has stood since last June. The decision ... more »
US economy tops competitive table
by
Jet-to-Let Magazine
on Thu 10 May 2007 15:08 BST
The US economy has remained the world's most competitive, despite the country's soaring trade deficit, a study says. Singapore was the second most competitive nation, moving up a place from last ... more »
Interest rates rise to 5.5%
by
Jet-to-Let Magazine
on Thu 10 May 2007 12:16 BST
The Bank of England’s Monetary Policy Committee (MPC) has today increased the interest rate by .25%, to 5.5%. The widely anticipated move has been brought about be the persistently high levels of inflation, which is well over the target figure of 2%. The surprise surge in inflation to 3.1% in ... more » Wednesday, May 9
Affordability worsens for first-time buyers
by
Jet-to-Let Magazine
on Wed 09 May 2007 16:29 BST
Higher interest rates are causing first-time buyers to spend more of their income on mortgage interest payments, according to the Council for Mortgage Lenders (CML). Data from the regulated mortgage survey revealed that first-time buyers in March spent an average 18.3% of their income on mortgage interest payments, compared to ... more »
Tuesday, May 8
London property the world's most expensive
by
Jet-to-Let Magazine
on Tue 08 May 2007 17:02 BST
London is home to the most expensive property in the world, followed by Monaco, New York and Hong Kong, a new report shows. Friday, May 4
Money supply jump sparks Governor's warning of higher interest rates
by
Jet-to-Let Magazine
on Fri 04 May 2007 10:56 BST
Bank of England Governor Mervyn King has issued his clearest warning yet that recent jumps in the money supply could be a signal that rates are not high enough to bring inflation back under control.
His warning, which formed part of a lengthy lecture delivered last night to the Society ... more »
Mortgage approvals fall as rates bite
by
Jet-to-Let Magazine
on Fri 04 May 2007 10:54 BST
Mortgage approvals fell to their lowest level in a year in March in a sign that higher interest rates are finally starting to bite and may not need to rise much further.
The Bank of England is widely expected to raise borrowing costs to 5.5 percent next week to tackle ... more » Wednesday, May 2
Interest rates 'must hit 5.75%'
by
Jet-to-Let Magazine
on Wed 02 May 2007 17:42 BST
The Bank of England should raise interest rates to 5.75% by June in order to guard against wage-driven inflation, a think tank has warned.
Home information packs under fire
by
Jet-to-Let Magazine
on Wed 02 May 2007 17:39 BST
A House of Lords committee has described the opposition to the introduction of Home Information Packs (HIPs) as "striking" and "widespread". Estate agency and legal bodies have ... more »
Mortgage approvals weaker than expected
by
Jet-to-Let Magazine
on Wed 02 May 2007 17:32 BST
Mortgage approvals fell to their lowest level in a year in March, official data showed on Wednesday, in a sign that higher interest rates are finally starting to bite.
The Bank of England said the number of approvals -- loans for house purchases agreed but not yet made -- fell ... more » Tuesday, May 1
Prices fall in Dublin
by
Jet-to-Let Magazine
on Tue 01 May 2007 17:00 BST
A new survey has revealed that property asking prices in Dublin have dropped by over ten per cent in some areas. Year on year growth in asking prices has been slowing consistently over the last twelve months and stood at just 2.1 per cent in April last year, according to ... more »
Housing market ‘cooling’
by
Jet-to-Let Magazine
on Tue 01 May 2007 16:57 BST
Higher interest rates are cooling the housing market and deterring consumers from taking on extra credit card debt. Data from the British Bankers' Association indicated that the number of mortgages approved in March was down 8% on the same month in 2006, even though increasing house prices meant the total ... more »
Mortgage approvals fall as demand weakens
by
Jet-to-Let Magazine
on Tue 01 May 2007 12:16 BST
The housing market is showing signs of cooling, but consumers have entered the new tax year in a fairly upbeat mood, reports released on Monday showed.
There were 75,098 mortgage approvals in March, said the British Bankers' Association, down 12 per cent on the same month last year. Underlying net ... more » |
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