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Friday, June 29
Housing quality and consumer rights to improve
by
Jet-to-Let Magazine
on Fri 29 Jun 2007 17:28 BST
The OFT study into house building in the UK should focus more on the poor quality, rather than the current problems in housing stock, claims New Build Inspections. The OFT study investigating the £20bn house building industry aims to improve consumer satisfaction and increase the number of new homes. However, ... more »
Ireland to abolish stamp duty for first-time buyers
by
Jet-to-Let Magazine
on Fri 29 Jun 2007 17:26 BST
Irish Finance Minister Brian Cowen on Wednesday published proposed legislation that will exempt first-time house buyers from paying a stamp duty levy on their new homes. The bill, which Cowen hopes to get enacted before lawmakers begin their summer break on July 5, will end months of uncertainty that analysts ... more »
Mortgage approvals up but lending slows
by
Jet-to-Let Magazine
on Fri 29 Jun 2007 17:24 BST
Mortgage approvals rose in May for the first time since January but lending secured on dwellings slowed unexpectedly, notching its smallest increase in more than a year, official data shows. The mixed signals on the housing market are unlikely to alter expectations that the Bank of England will raise interest ... more »
Europe to fight Spanish land grab laws
by
Jet-to-Let Magazine
on Fri 29 Jun 2007 17:22 BST
Embattled Spanish homeowners have taken a major step forward in their fight against land grab laws after the European Commission launched legal action against Spain's controversial legislation. Houses owned by foreigners in Valencia, many of them British, have been demolished or left virtually worthless by property developers exploiting the rules. ... more » Thursday, June 28
Bank chief: 'Rates must go up next week'
by
Jet-to-Let Magazine
on Thu 28 Jun 2007 17:20 BST
Interest rates need to rise next week to help head off an unsustainable boom in the City and the property market, one of Britain's most senior bankers warned last night.
House price growth 'bounces back'
by
Jet-to-Let Magazine
on Thu 28 Jun 2007 17:05 BST
UK house price inflation "bounced back" in June with prices rising by 1.1%, according to the latest survey from the Nationwide building society. The stronger-than-expected increase lifted the annual rate of growth to 11.1% from 10.3% in May. Nationwide said prices were rising more than twice as fast as last ... more »
UK In Danger of ‘Warehousing’ the Poor
by
Jet-to-Let Magazine
on Thu 28 Jun 2007 17:02 BST
Academic Professor John Hills issued a stark warning that social housing could end up simply ‘warehousing the poor’ if issues of inequality and worklessness are not tackled. Following publication of his influential report in February 2007, Ends and means: the future roles of social housing, Professor Hills used the conference ... more » Wednesday, June 27
IMF warns of inflation pressures as it raises world growth forecasts
by
Jet-to-Let Magazine
on Wed 27 Jun 2007 17:28 BST
The long boom may not be over. Even though 2007 will be the fifth consecutive year of world growth in excess of 4 per cent - and thus the longest period of sustained expansion in three decades - the signs are that it may have further to run, but with ... more »
Rates too low, Bank deputy says
by
Jet-to-Let Magazine
on Wed 27 Jun 2007 17:20 BST
UK interest rates are too low and are helping to drive demand for loans and credit, Sir John Gieve, deputy governor of the Bank of England, has said. Speaking in Guildford, Surrey, Sir John explained why he was one of four rate setters who voted to raise interest rates at ... more »
US New home sales fell 1.6 percent in May
by
Jet-to-Let Magazine
on Wed 27 Jun 2007 17:18 BST
Sales of new U.S. homes fell 1.6 percent in May to a lower-than-expected level while prices climbed from April, according to a government report on Tuesday that continued to point to weakness in the housing sector. New single-family home sales fell to an annual rate of 915,000 from a revised ... more » Tuesday, June 26
FTBs in offset mortgage charge
by
Jet-to-Let Magazine
on Tue 26 Jun 2007 17:02 BST
Offset mortgages have surged in popularity, new figures from the Council of Mortgage Lenders reveal. During 2006 170,000 offset mortgages were taken out, worth £29.3 billion - equivalent to 7% of all new lending. And, the year-on-year growth of offset mortgages between April 2006 and March this year was 49% ... more »
ABI offers advice to homeowners hit by flash floods
by
Jet-to-Let Magazine
on Tue 26 Jun 2007 16:58 BST
Many homeowners have been affected by the recent severe weather and floods seen across the country. The damage caused so far is expected to cost millions of pounds, and the average flood-related insurance claim will be in the region of £20,000. Additionally, homeowners who fail carry out repairs in the ... more »
US home builder posts loss, says housing market may worsen
by
Jet-to-Let Magazine
on Tue 26 Jun 2007 16:55 BST
Lennar Corp., the second-largest U.S. home builder, posted a quarterly loss on Tuesday, forecast a loss in the current quarter and warned that the housing market could deteriorate further. "As we look to our third quarter and the remainder of 2007, we continue to see weak, and perhaps deteriorating, market ... more »
US home sales hit new low
by
Jet-to-Let Magazine
on Tue 26 Jun 2007 16:52 BST
Sales of existing homes in the US fell to their lowest in almost four years last month as price reductions by sellers proved insufficient to tempt large numbers of buyers into the market, data showed today. The National Association of Realtors said sales dropped 0.3% month-on-month to an annualised total ... more » Monday, June 25
Tax call for buy-to-let homes
by
Jet-to-Let Magazine
on Mon 25 Jun 2007 17:27 BST
Tax changes to discourage people buying property to let it out have been called for by a housing body. The Chartered Institute of Housing says there is a crisis in affordable housing in the UK. It blames the tax relief given to buy-to-let landlords on the interest paid on their ... more »
Hips fiasco causing ‘chaos’
by
Jet-to-Let Magazine
on Mon 25 Jun 2007 17:19 BST
The rush to beat the information packs deadline means thousands of homes put up for sale are suddenly available to let. The government's confusion over home information packs (Hips) has thrown the buy-to-let market into chaos in many parts of the country. Many of those who put their properties up ... more »
Negative equity stalks homeowners
by
Jet-to-Let Magazine
on Mon 25 Jun 2007 17:11 BST
The grim spectre of negative equity is rearing its ugly head again as thousands of borrowers take out new, bigger loans... In part, the trend is being driven by leading lenders luring first-time buyers with offers of loans worth anything from 100 to 125% of the price of a house. ... more »
‘Bank’s bank’ calls for higher interest rates
by
Jet-to-Let Magazine
on Mon 25 Jun 2007 17:06 BST
Higher interest rates may be needed to rein in inflation and ensure that global imbalances are kept under control, the world's central bank warned yesterday. Friday, June 22
House sales matching 1980s boom
by
Jet-to-Let Magazine
on Fri 22 Jun 2007 17:37 BST
The number of properties being sold in England, Wales and Northern Ireland has reached its highest level since the property boom of the late 1980s. Figures from HM Revenue and Customs (HMRC) show that 1,859,000 flats and houses were sold in 2006-07. That was the largest number sold since 1988, ... more » Thursday, June 21
Swedish central bank raises rates
by
Jet-to-Let Magazine
on Thu 21 Jun 2007 11:36 BST
The Riksbank also raised its medium-term interest rate forecast to 4.4 per ... more » Tuesday, June 19
New US homes see decline in May
by
Jet-to-Let Magazine
on Tue 19 Jun 2007 17:28 BST
The number of new US homes built in May fell more than many analysts expected, according to official figures. The Commerce Department said that the number of new homes built dropped by 2.1% in May, after rising 1% in April. However, while construction fell to 1.47m units there are signs ... more » Monday, June 18
London House Prices Cooling
by
Jet-to-Let Magazine
on Mon 18 Jun 2007 17:19 BST
House price growth in the UK capital is showing signs of slowing down, according research carried out by Rightmove. Whilst the national asking price trend rose by a modest 0.8%, London has fallen slightly behind, and half of all London boroughs have shown a fall in prices. The end of ... more »
Fuel pushes up US inflation rate
by
Jet-to-Let Magazine
on Mon 18 Jun 2007 17:17 BST
US inflation rose faster than expected in May, as higher petrol costs hit consumer prices. The month-on-month rise was 0.7%, the Labor Department said, up from 0.4% in April. Core inflation, which does not include food and energy, added 0.1%. The figures showed that most prices were largely being contained ... more »
Time to invest in German property?
by
Jet-to-Let Magazine
on Mon 18 Jun 2007 17:15 BST
After over a decade of being left out in the cold, recent media reports would suggest that the German property market is now one of the hottest prospects on the investment block. Is now the time to invest in German property?... Between 1996 and 2006, while other European markets such ... more »
Prospects for eurozone growth become brighter Economic Outlook
by
Jet-to-Let Magazine
on Mon 18 Jun 2007 12:28 BST
Business sentiment in Prospects for economic growth this year in Friday, June 15
HIPs fiasco hits prices
by
Jet-to-Let Magazine
on Fri 15 Jun 2007 16:07 BST
House price growth slowed in May as a raft of properties came on the market in order to avoid costs associated with the forthcoming introduction of home information packs (Hips), a new survey has revealed. Of the estate agents and surveyors questioned by the Royal Institution of Chartered Surveyors (RICS) ... more »
Home pack plan faces chaos, say surveyors
by
Jet-to-Let Magazine
on Fri 15 Jun 2007 15:56 BST
Labour's Home Information Pack fiasco sparked chaos as families rushed to sell their houses before a deadline that was abandoned Plans to introduce Home Information Packs should be scrapped, property experts will tell ministers today. The controversial project is "unworkable, unenforceable and unfair", says the Royal Institution of Chartered Surveyors. ... more »
Much of US sees 'faster growth'
by
Jet-to-Let Magazine
on Fri 15 Jun 2007 15:53 BST
Many parts of the US saw economic growth increase in April and May, despite the fallout of problems within the housing industry, a report says. The Federal Reserve's Beige Book showed that some areas of the country reported growth "somewhat faster" than that seen in recent months. Analsysts said this ... more » Thursday, June 14
Rise in number of 100% mortgages
by
Jet-to-Let Magazine
on Thu 14 Jun 2007 17:32 BST
First-time buyers struggling to save a deposit and worried about budgeting for their mortgage repayments in the face of rising interest rates were offered some consolation today. According to research from price comparison service MoneyExpert.com, the number of fixed rate mortgages that will lend the entire value of a property ... more »
Another month, another record broken in the Central London housing market
by
Jet-to-Let Magazine
on Thu 14 Jun 2007 17:30 BST
Latest figures from the Knight Frank Prime Central London Residential Index reveal that prices of the best properties in central London have risen by over 33.3% in the 12 months to the end of May 2007 This is the fastest rate of growth since March 1979 and means that prices ... more »
Home packs 'led to selling rush'
by
Jet-to-Let Magazine
on Thu 14 Jun 2007 17:20 BST
The number of properties put up for sale in May reached a new record high according to the Royal Institution of Chartered Surveyors (RICS). Overall, 39% more chartered surveyors reported a rise in new instructions, up from 12% in April. People were trying to get their properties on the market ... more » Wednesday, June 13
CML reports mortgage interest payments at 15 year high
by
Jet-to-Let Magazine
on Wed 13 Jun 2007 16:37 BST
Interest rate rises have pushed up mortgage interest payments for first-time buyers to their highest levels for 15 years. Data from the CML's regulated mortgage survey showed that first-time buyers in April were paying 18.7% of their income on mortgage interest - the highest level since 1992 and up from ... more »
UK sees unemployment total fall
by
Jet-to-Let Magazine
on Wed 13 Jun 2007 16:33 BST
The number of unemployed people in the UK fell in the three months to April, according to official figures, dropping by 15,000 to 1.68 million. Average earnings rose by 4% on an ... more » Tuesday, June 12
HIP replacement a ‘shambles’
by
Jet-to-Let Magazine
on Tue 12 Jun 2007 17:15 BST
The National Association of Estate Agents (NAEA) has reiterated its dismay over the Government’s plans for home information packs (HIPs) following the release of revised regulations today by the department of Communities and Local Government (CLG). The Government has confirmed that there will be three stages for the implementation of ... more »
Inflation dips in May
by
Jet-to-Let Magazine
on Tue 12 Jun 2007 17:10 BST
Cheaper food and energy helped drag Britain's inflation rate down to a seven-month low of 2.5% last month, the government said today. Figures from the Office for National Statistics showed that the annual increase in the cost of living as measured by the consumer prices index slipped back from 2.8% ... more »
Bank chief hints at rate rise to 6pc
by
Jet-to-Let Magazine
on Tue 12 Jun 2007 17:04 BST
Mervyn King, the governor of the Bank of England, last night issued a stark warning to indebted households, fuelling fears that borrowing costs could soon rise to six per cent. He said that families should borrow on the assumption that interest rates were going to rise further. The warning came ... more » Monday, June 11
House price inflation may have peaked
by
Jet-to-Let Magazine
on Mon 11 Jun 2007 16:54 BST
Conflicting figures show that while prices surged to 11.3 per cent in April, mortgage approvals have since fallen. House-price growth accelerated in April, suggesting that recent interest rate rises have yet to entirely stifle a resilient property market, government figures showed today. Annual house price gains stood at 11.3 per ... more »
New law to close debtor’s loophole
by
Jet-to-Let Magazine
on Mon 11 Jun 2007 16:51 BST
A new law could see more people with debt problems in England and Wales at risk of losing their homes, according to Citizens Advice. In future, creditors will be able to secure debts against properties, even if the debtor has kept up court repayments. The government says the change will ... more »
Japanese growth revised upwards
by
Jet-to-Let Magazine
on Mon 11 Jun 2007 16:48 BST
Japan grew faster than previously estimated in the first three months of 2007, official figures have shown. The economy grew at an annualised rate of 3.3% from January to March - up from an earlier estimate of 2.4% - thanks to strong factory investment by firms. While economic growth over ... more »
Most buy-to-let landlords looking for 'long-term investment'
by
Jet-to-Let Magazine
on Mon 11 Jun 2007 16:46 BST
The Association of Residential Landlords (ARLA) has said that the typical UK buy-to-let landlord is looking for a long-term investment, which has led to a steady and secure growth in the market. Malcolm Harrison, spokesperson for ARLA, said that although the buy-to-let market is relatively small in comparison to the ... more »
Inflation likely to ease but rates may still hit 6 per cent
by
Jet-to-Let Magazine
on Mon 11 Jun 2007 16:44 BST
Inflation will take centre stage in a busy week of economic data, which analysts will scrutinise for clues about the next move in interest rates.
Having eased from a decade-high 3.1 per cent in March to 2.8 per cent in April, figures tomorrow are expected to show inflation slowing further ... more »
US consumer borrowing slows down
by
Jet-to-Let Magazine
on Mon 11 Jun 2007 16:41 BST
US consumer borrowing has grown at its slowest rate in six months during April, Federal Reserve figures show. Some analysts said that the figures showed that many US consumers were paying off ... more » Friday, June 8
US trade deficit shrinks
by
Jet-to-Let Magazine
on Fri 08 Jun 2007 15:58 BST
The United States trade deficit shrank by much more than expected in April as the weak dollar kept the lid on import demand and pushed exports to a record level. The Commerce Department reported a deficit of $58.5bn (£29.7bn), 6.2% down from a revised March deficit of $62.4bn. Wall Street ... more »
London property market remains hot
by
Jet-to-Let Magazine
on Fri 08 Jun 2007 15:54 BST
The cost of the average London home has risen to just under £350,000, according to the latest FT house price index published on Friday, well above the £200,415 average for the rest of the country, indicating the growing wedge between prices in the capital and the regions. The FT index, ... more »
Dominic Farrell - Interest rates & Germany
by
Jet-to-Let Magazine
on Fri 08 Jun 2007 13:41 BST
Dear Investor, Interest Rates Global interest rates are clearly trending upwards and it was no surprise to see the ECB raising rates by 25bps to 4% yesterday. In line with expectations, the Bank of England has kept rates on hold in the UK, but given the economic data we shouldn’t ... more » Thursday, June 7
House price growth cools
by
Jet-to-Let Magazine
on Thu 07 Jun 2007 13:53 BST
House prices rose at their weakest monthly pace this year in May, a survey showed on Thursday, suggesting higher interest rates may be starting to cool the market even as the annual rate held in double digits. There have been signs in mortgage approvals and lending figures that Britain's housing ... more »
The future of house prices: 10 times pay
by
Jet-to-Let Magazine
on Thu 07 Jun 2007 13:51 BST
The next generation of first-time buyers will face house prices equivalent to ten times their average incomes, putting home ownership out of reach for the majority of young people, a new government agency says today. The average home in England currently costs seven times annual earnings, but that is set ... more »
UK interest rates remain at 5.5%
by
Jet-to-Let Magazine
on Thu 07 Jun 2007 13:49 BST
The Bank of England has held UK interest rates at 5.5% following its latest meeting, but analysts say a rate rise later this year remains likely. The decision to freeze rates had been expected, to give the Bank time to assess the impact of recent rate rises. UK rates have ... more » Wednesday, June 6
Spanish agents respond to ITV’S ‘Tonight’ show
by
Jet-to-Let Magazine
on Wed 06 Jun 2007 16:38 BST
Spanish agents are indignant and disappointed at the coverage of the Spanish property market on Tonight shown on ITV on June 1. But the auctioneer featured in the programme praised it for its balanced portrayal of what’s happening in the Costa Del Sol. Programme presenter Jonathan Maitland began 'The Pain ... more »
Buyers market 'unlikely'
by
Jet-to-Let Magazine
on Wed 06 Jun 2007 16:36 BST
Property market observers are not expecting a 'buyers market' in the coming months, despite the recent drop in mortgage applications and house price growth. According to Paul Holmes from property company Firstrung, rising interest rates and fears over falling house prices will encourage many homeowners to seek a quick sale ... more »
Experts warn of 5pc inflation
by
Jet-to-Let Magazine
on Wed 06 Jun 2007 16:35 BST
One of Britain's most prominent economists has said inflation could soar to as high as 5pc in the year ahead, warning that the Bank of England has lost control of prices. Tim Congdon, the former adviser to Tory Chancellor Kenneth Clarke, said that it was foolhardy to presume that prices ... more »
Bank of England mulls rate levels
by
Jet-to-Let Magazine
on Wed 06 Jun 2007 16:32 BST
UK interest rates are expected to remain at 5.5% after the Bank of England's latest meeting, but analysts say a rate rise remains a possibility. Last month, the Bank raised rates to their highest level since February 2001 as it tried to rein in inflation. Most analysts expect the Bank ... more »
ECB raises eurozone interest rates to 4%
by
Jet-to-Let Magazine
on Wed 06 Jun 2007 16:31 BST
The European Central Bank today raised interest rates in the 13-strong eurozone to 4% - double the level of 18 months ago. The 0.25% hike to 4% is the eighth since the ECB first started tightening monetary policy in December 2005, after a 30-month freeze at 2%. It is likely ... more » Tuesday, June 5
Rise in BTL repossessions
by
Jet-to-Let Magazine
on Tue 05 Jun 2007 16:50 BST
Research by the Financial Services Authority (FSA) has revealed the extent of buy-to-let repossessions, prompting issues of repayment, regulation and lending. This is body-blow for the buy-to-let lobby and a wake-up call for intermediaries, as It looks like buy-to-let chickens are finally coming home to roost. More investors who bought ... more »
Rates seen on hold this week but heading up soon
by
Jet-to-Let Magazine
on Tue 05 Jun 2007 16:47 BST
Interest rates will stay on hold this week but it won't be long before they rise again, with analysts giving an average 80 percent probability that they hit will 5.75 percent this year, a Reuters poll showed. A survey of 58 economists taken June 1-4 showed only five of them ... more » Monday, June 4
Irish house prices witness slowdown
by
Jet-to-Let Magazine
on Mon 04 Jun 2007 17:30 BST
Around about the start of the 1990s, unprecedented economic growth began in Ireland. This phenomenon was christened 'the Celtic Tiger'. And rightly so, when one takes into account the ferociousness of this growth. During this extremely prosperous time, Ireland went from being one of Europe's poorest countries to being perhaps ... more »
1m could see mortgage bill soar
by
Jet-to-Let Magazine
on Mon 04 Jun 2007 17:27 BST
Up to a million homeowners who struck cheap mortgage deals two years ago are about to feel the pinch with their repayments soaring by as much as a third. Experts estimate that around a fifth of mortgage-holders switched to fixed-rate loans during 2005, many after an interest rate cut in ... more »
Germany: From sickness to wealth
by
Jet-to-Let Magazine
on Mon 04 Jun 2007 16:48 BST
Were Martians to land in Germany today, they would find it hard to believe that the place was once known as the "sick man of Europe" – and that the sobriquet is only two years old. Germany has turned itself from a struggling, ageing and inflexible post-war economy into a ... more » Friday, June 1
Defiant house prices 'still soaring'
by
Jet-to-Let Magazine
on Fri 01 Jun 2007 17:08 BST
The average home in England and Wales went up by more than £1,200 every month in the past year despite Bank of England attempts to dampen the market with hikes to the base rate. And in welcome news for homeowners, experts claim the possibility of a housing crash is becoming ... more »
Bank of England gets inflation warning shot
by
Jet-to-Let Magazine
on Fri 01 Jun 2007 16:53 BST
The Bank of England was sent an inflation warning shot today when the latest survey of manufacturing showed firms exploiting rising output to raise prices at the fastest rate since the turn of the millennium. In its monthly snapshot of industry, the Chartered Institute for Purchasing and Supply reported the ... more » |
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