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Friday, August 31
Rightmove predicts housing 'soft landing'
by
Jet-to-Let Magazine
on Fri 31 Aug 2007 17:15 BST
Rightmove, the UK’s biggest property website, moved to dispel fears surrounding the housing market today by insisting that, while price growth was slowing, there was no reason to panic. Ed Williams, group managing director, said that, although affordability was becoming more of a problem for potential homebuyers, the housing market ... more » Thursday, August 30
Gloomy outlook for regional house prices but London roars on
by
Jet-to-Let Magazine
on Thu 30 Aug 2007 17:43 BST
House prices are rising at the slowest rate for more than a year, with some regions suffering a highly unusual sustained drop in property values, according to authoritative government figures. Property prices rose by only 0.1pc in July, taking the annual inflation rate down from 9.1pc to 8.8pc, according to ... more » Wednesday, August 29
House price growth slows to 0.1%
by
Jet-to-Let Magazine
on Wed 29 Aug 2007 17:45 BST
House price inflation eased last month to its slowest pace in a year, new data showed today, suggesting that five interest rates rises in a year are taking their toll on the housing market. Figures from the Land Registry showed that house price growth in England and Wales slowed in ... more » Tuesday, August 28
House prices suffer worst fall since 1987
by
Jet-to-Let Magazine
on Tue 28 Aug 2007 17:24 BST
NEW YORK (Reuters) - House prices suffered their worst decline since at least 1987 in the second quarter from a year earlier as the housing downturn has deepened, according to the S&P/Case-Shiller U.S. National Home Price Index. The national index, which dates from 1987, fell 3.2 percent to 183.89 last ... more »
Figures show buy-to-let market is weathering interest rate storm
by
Jet-to-Let Magazine
on Tue 28 Aug 2007 17:17 BST
The buy-to-let market held up in July, despite the increased cost of borrowing, according to Paragon's buy-to-let index. Increasing property prices and higher borrowing costs mean that the mainstream mortgage market has slowed down, but as the demand for property has remained strong, landlords have been able to raise rents ... more » Friday, August 24
Asian subprime fears grow, Europe calmer
by
Jet-to-Let Magazine
on Fri 24 Aug 2007 11:27 BST
LONDON/SINGAPORE (Reuters) - Three Asian banks' heavy exposure to the limping U.S. home loan sector reinforced global credit jitters on Friday but Germany and Italy saw no signs of new problems. Shares in Singapore's DBS Group Holdings, state-controlled Bank of China and its Hong Kong subsidiary, BOC Hong Kong, all ... more »
Buyers 'pick home in 17 minutes'
by
Jet-to-Let Magazine
on Fri 24 Aug 2007 11:17 BST
UK homebuyers spend on average just 17 minutes looking at a new property before deciding to buy it, according to a survey for bank ING Direct.
That is less time than the 54 minutes they take to pick out the new curtains. Speaking to 1,000 people who bought homes over ... more » Thursday, August 23
Buy-to-let: What all landlords need to know
by
Jet-to-Let Magazine
on Thu 23 Aug 2007 14:17 BST
For many years, buy-to-let seemed to be a dream investment – and for many people, it was. The deal was simple: get a cheap mortgage deal, buy a place anywhere you like from Clapham to Cleethorpes, select one of the many grateful tenants, and while you let the rent roll ... more » Wednesday, August 22
Surge in US home repossessions
by
Jet-to-Let Magazine
on Wed 22 Aug 2007 17:43 BST
The number of home repossessions in the There was a 93% jump in filings for repossessions on the same month a year ago, and a 9% rise on June's figure, property firm RealtyTrac said. The figures ... more »
Rate increases start to bite
by
Jet-to-Let Magazine
on Wed 22 Aug 2007 17:40 BST
Research from the Building Societies Association has uncovered a dramatic drop in mortgage lending figures. Building society gross advances amounted to £4,465m in July 2007, compared to £4,888m in July 2006. Net Advances were £598m in July 2007, versus £1,662m in July 2006. Approvals were £4,014m in July ... more »
Home information packs are dealt new blow by lenders
by
Jet-to-Let Magazine
on Wed 22 Aug 2007 17:35 BST
The government's troubled implementation of home information packs suffered another setback last night after it emerged that some mortgage lenders are refusing to accept a crucial part of the reports. Solicitors, mortgage lenders and even some Hips providers warned that many homebuyers would have to pay at least another £200 ... more » Tuesday, August 21
Property returns fall to lowest for 12 years
by
Jet-to-Let Magazine
on Tue 21 Aug 2007 17:18 BST
Solid evidence of a slowdown in the commercial property market emerged yesterday as figures showed the lowest monthly return from the sector for 12 years. Average total returns - rent plus capital growth - were 0.2 per cent in July, according to figures from Investment Property Databank, the research company ... more » Monday, August 20
Societies losing mortgage share
by
Jet-to-Let Magazine
on Mon 20 Aug 2007 13:36 BST
The pace of approvals for mortgages rose last month, despite a surprise drop in lending by building societies. The British Bankers’ Association said that mortgage lending by its members rose by £5.7 billion in July, up from £5.4 billion the previous month. However, lending by members of the Building Societies’ ... more »
Loophole 'makes Hips redundant', says RICS
by
Jet-to-Let Magazine
on Mon 20 Aug 2007 13:33 BST
A report claiming to have found a loophole in rules governing Home Information Packs (Hips) today has sparked fresh controversy over the beleaguered scheme. The report from the Royal Institution of Chartered Surveyors (RICS) said that new regulations published by the Department for Communities and Local Government (DCLG) on Monday ... more » Friday, August 17
Banks get tough on subprime mortgages
by
Jet-to-Let Magazine
on Fri 17 Aug 2007 13:14 BST
Homebuyers will face higher interest rates and tougher tests for a mortgage if they have a poor credit history, as banks tighten their lending rules in the face of the global credit crunch. A number of home mortgage lenders, including Edeus, Kensington, DB Mortgages and Merrill Lynch’s Mortgage PLC, are ... more » Thursday, August 16
First-time buyer demand 'drops'
by
Jet-to-Let Magazine
on Thu 16 Aug 2007 13:46 BST
The number of people looking to buy a house for the first time has fallen at its fastest rate in more than three years, a report says. Inquiries from new buyers plunged in July, while the number of unsold properties rose, The Royal Institution of Chartered Surveyors (RICS) said. ... more » Tuesday, August 14
Euro area GDP up by 0.3% for Q2 2007
by
Jet-to-Let Magazine
on Tue 14 Aug 2007 17:26 BST
According to an estimate release by Eurostat, the Statistical Office of the European Communities, GDP grew by 0.3% in the euro area during the second quarter of 2007. GDP grew in the EU27 countries by 0.5% for the same period. In the first quarter of 2007, growth rates were ... more »
Buy-to-let sector remains buoyant
by
Jet-to-Let Magazine
on Tue 14 Aug 2007 17:24 BST
Borrowers took out 171,800 new buy-to-let mortgages, worth £21.2 billion, in the first half of 2007, according to data released by the Council of Mortgage Lenders (CML). By the end of June, the number of buy-to-let loans outstanding had reached a record 938,500. The value of outstanding loans totalled £108 ... more »
Inflation falls on food price war
by
Jet-to-Let Magazine
on Tue 14 Aug 2007 17:20 BST
Weaker food prices helped the The Consumer Prices Index (CPI) dropped sharply from June's level of 2.4%, raising hopes that further rises in interest rates will not be needed. It is the first time ... more » Friday, August 10
Wall St slides on credit turmoil
by
Jet-to-Let Magazine
on Fri 10 Aug 2007 16:27 BST
Stocks slid on Friday, pummelled by mounting fears about the widening fallout from losses stemming from U.S. sub-prime mortgages and their likely impact on corporate profits and the economy. Major central banks -- including the U.S. Federal Reserve, the European Central Bank and the Bank of Japan -- injected additional ... more »
Higher interest rates putting a break on lending
by
Jet-to-Let Magazine
on Fri 10 Aug 2007 16:25 BST
Consecutive interest rate rises are starting to have a slowing effect on consumer borrowing, the Building Society Association reports. The Building Society Association (BSA) has reported that building society lending figures for June 2007 were significantly down on the previous year. Building society gross advances amounted to £4,650m in June ... more » Thursday, August 9
Hawkish inflation report is seen as rate rise signal
by
Jet-to-Let Magazine
on Thu 09 Aug 2007 17:15 BST
Homeowners could see their mortgage payments rise again after the Bank of England signalled yesterday it may need to raise interest rates to 6% to ensure inflation remains under control.
Analysts said the increase could come sooner rather than later after the Bank's governor, Mervyn King, stressed that the turmoil ... more »
Latest report is further sign of HIP’s inadequacy, according to NAEA
by
Jet-to-Let Magazine
on Thu 09 Aug 2007 17:13 BST
The government received yet more criticism of its home information pack (HIPs) initiative today, this time in the form of a report published by the National Audit Office on the implementation of the Packs. Peter Bolton King, Chief Executive at the National Association of Estate Agents (NAEA), commented on the ... more »
Half of all first time buyers opt to live near the office
by
Jet-to-Let Magazine
on Thu 09 Aug 2007 17:02 BST
Most first time buyers choose an easy commute over living close to friends and family. As property prices continue to escalate, first time buyers face making more sacrifices with many opting for convenience for work over their social life, according to research by Alliance & Leicester Mortgages. Wednesday, August 8
House price growth is ‘slowing’
by
Jet-to-Let Magazine
on Wed 08 Aug 2007 17:26 BST
Halifax’s monthly price index has shown that house price growth has begun to decline. House prices increased by 0.7% in July. This is the fourth consecutive month that house prices have grown by less than 1.0%, confirming that house price inflation is slowing. House prices increased by 1.3% between April ... more »
Bank of England signals interest rate rise
by
Jet-to-Let Magazine
on Wed 08 Aug 2007 17:24 BST
The Bank of England has indicated that interest rates will have to reach 6pc if inflation is to be kept under control over the next two years.
The news will come as a blow to homeowners who will be coming off their two-year fixed mortgages over the next six months ... more » Tuesday, August 7
UK consumers to be hit by mortgage shock, Morgan Stanley warns
by
Jet-to-Let Magazine
on Tue 07 Aug 2007 16:55 BST
Consumer spending will "slow sharply" in the second half of this year as the effects of five interest rate hikes in the past year finally begin to be felt, according to a new report from Morgan Stanley. The investment bank believes that the proliferation of fixed-rate mortgages has been limiting ... more »
Fed set to leave US interest rates unchanged
by
Jet-to-Let Magazine
on Tue 07 Aug 2007 16:54 BST
US interest rates are widely expected to remain on hold, despite mounting fears about the state of the economy. While analysts predict the US Federal Reserve is will leave rates at 5.25% for a 13th month, they also believe the bank will note recent market worries. Concerns over the economy's ... more » Monday, August 6
US economic woes hit oil prices
by
Jet-to-Let Magazine
on Mon 06 Aug 2007 17:39 BST
Oil prices fell in Asian trade, extending last week's decline that was prompted by poor US economic data. US crude slid as much as $1.12 - 1.5% - to $73.63 a barrel in rocky trade. It comes after US oil fell $1.38 to $75.48 a barrel on Friday after the ... more »
Average house price to reach 300,000 pounds by 2012
by
Jet-to-Let Magazine
on Mon 06 Aug 2007 17:34 BST
House prices could rise by 40 percent during the next five years to an average 300,000 pounds because of a shortage of land on which to build new properties, a housing group said on Monday. The National Housing Federation, which represents non-profit housing associations, warned that young first-time buyers will ... more »
CML records rise in arrears
by
Jet-to-Let Magazine
on Mon 06 Aug 2007 17:33 BST
The Council of Mortgage Lenders has published its half-yearly data on mortgage arrears and possessions. According to the report, the number of mortgages in arrears of three months or more at the end of June rose to an estimated 125,100, up 4% compared with the end of December but 3% ... more » Friday, August 3
Home repossessions soar as higher rates bite
by
Jet-to-Let Magazine
on Fri 03 Aug 2007 17:27 BST
The number of people losing their homes because of bad debt hit an eight-year high in the first half of 2007 as rising interest rates push more and more borrowers over the edge despite double-digit house price growth. But economists said the situation in Britain was unlikely to add significantly ... more » Thursday, August 2
Interest rates held at 5.75 per cent as house prices 'grind to a halt'
by
Jet-to-Let Magazine
on Thu 02 Aug 2007 17:33 BST
The Bank of England today kept interest rates on hold at 5.75 per cent as house price growth continued to cool to less than 1 per cent in four months to just under £200,000. July was the fourth month in a row that house prices have risen by less than ... more » Wednesday, August 1
D-day for home information packs
by
Jet-to-Let Magazine
on Wed 01 Aug 2007 17:18 BST
Home Information Packs (Hips), paid for by house sellers, have been introduced in England and Wales. Initially, only properties with four or more bedrooms will ... more » Tuesday, July 31
Average house price £460,000 by 2025
by
Jet-to-Let Magazine
on Tue 31 Jul 2007 17:24 BST
An average house will cost £460,000 in 2025, 2.4 times as much as it does today, according to a report by the centre for economics and business research (cebr). The Consumer and Housing Prospects report said if the government met its target for building new homes, house price inflation would ... more »
Rate rises fail to slow homes market
by
Jet-to-Let Magazine
on Tue 31 Jul 2007 17:22 BST
The housing market slowdown has still not yet arrived, despite fixed-rate mortgages climbing to the highest level since the turn of the millennium, according to new Bank of England figures. The Bank's own data shows that during June mortgage lending rose at the fastest rate in three months, despite evidence ... more » Friday, July 27
Economists slash Irish house price forecasts
by
Jet-to-Let Magazine
on Fri 27 Jul 2007 17:28 BST
Irish economists have chopped their forecasts for 2007 house price growth for the second month in a row as the country's property market cools after a decade of jaw-dropping gains, a Reuters survey showed on Thursday. It also showed a small downward revision in expectations for gross domestic product growth ... more »
US economy beats forecasts
by
Jet-to-Let Magazine
on Fri 27 Jul 2007 17:26 BST
The US economy expanded faster than expected in the second quarter, growing by an annual rate of 3.4pc.
The figures showed the economy staging an impressive rebound from the first three months of the year, when GDP grew by just 0.6pc, prompting fears of a recession. Signs the US economy ... more » Thursday, July 26
House price inflation slips below 10%
by
Jet-to-Let Magazine
on Thu 26 Jul 2007 17:28 BST
House price inflation in the UK slipped below 10% this month as higher interest rates took their toll on the property market, Nationwide building society said today.
Reporting the smallest increase in house prices for more than a year, the Nationwide said the annual rise in the cost of a ... more » Wednesday, July 25
Northern Rock predicts house price slowdown
by
Jet-to-Let Magazine
on Wed 25 Jul 2007 17:33 BST
UK's fifth largest mortgage lender says the residential borrowing market is still strong, but pricing will start to cool. Northern Rock said today that UK mortgage lending was robust but admitted that it expects a slowdown in house prices during the second half of the year. The bank announced that ... more »
Nationwide offers flood advice for homeowners affected by floods
by
Jet-to-Let Magazine
on Wed 25 Jul 2007 17:30 BST
With more flooding expected this weekend, Nationwide Building Society offers tips for homeowners who could be affected. Tuesday, July 24
Govt unveils £8bn housing plans
by
Jet-to-Let Magazine
on Tue 24 Jul 2007 16:57 BST
The government has announced details of an £8 billion investment in the housing market as it seeks to build tens of thousands of new homes. Aimed at first-time buyers, the reforms are designed to improve the supply of housing, meaning more people can get on to the property ladder. Housing ... more »
Bank of England Governor ‘wants house prices in inflation’
by
Jet-to-Let Magazine
on Tue 24 Jul 2007 16:47 BST
The Governor of the Bank of England has admitted he is 'surprised' that rising house prices are not included in the official inflation figures, according the BBC. Mervyn King told Radio 4's Money Box programme that he wished the Consumer Prices Index (CPI) – the measure that tracks the cost ... more » Monday, July 23
Bank must not 'squeeze economy'
by
Jet-to-Let Magazine
on Mon 23 Jul 2007 17:30 BST
The Bank of England's monetary policy committee (MPC) faces a balancing act, an influential forecast group says. The Ernst & Young Item Club says the strong housing market must be closely watched, but the MPC must not rush into "damaging" interest rate rises. It is predicting strong GDP growth of ... more » Friday, July 20
Halifax ups house price forecast
by
Jet-to-Let Magazine
on Fri 20 Jul 2007 17:28 BST
Halifax, the UK's biggest mortgage lender, has raised its house price inflation forecast for the year from 4% to 6%, despite higher interest rates. Halifax is part of the HBOS group and made the change after house prices rose faster in the first six months of the year than it ... more »
Invest 50% Below Market Value, only in the next 5 minutes – Hurry!
by
Jet-to-Let Magazine
on Fri 20 Jul 2007 13:58 BST
Dear Investor Yes I thought you would open this one! I often come across property sales companies offering me and their clients properties 20% or 30% or 40% and indeed 50% discount to market value. I must admit that this sales and marketing technique, which in the main is what ... more »
Annual Property Investment Conference to be held in London
by
Jet-to-Let Magazine
on Fri 20 Jul 2007 13:23 BST
Jet to Let Magazine’s Annual Property Investment Conference will be held on Saturday 8th September 2007, at The Hilton Attendance to the inaugural conference is open to anyone, and is aimed at investors wanting to take advantage of the strong returns available from well-targeted overseas property investments. ... more » Thursday, July 19
Brokers predict strong growth for 100% LTV mortgage
by
Jet-to-Let Magazine
on Thu 19 Jul 2007 17:27 BST
Research by Alliance & Leicester Mortgages reveals that more than three quarters (78%) of brokers predict the 100% plus LTV mortgage and personal loan market will grow within the next two years. Overall, brokers expect business volumes in the combined mortgage and personal loan market to grow by 9.4 per ... more »
Think before you sign – Government issues flood insurance warning
by
Jet-to-Let Magazine
on Thu 19 Jul 2007 17:25 BST
Floods Recovery Minister John Healey has urged people in flood-hit communities to seek free and impartial insurance advice before signing up with third parties who offer to help settle insurance claims. Publishing information setting out how people can access free insurance advice he warned that accepting help from third parties ... more »
UK economy grows for 60 consecutive quarters
by
Jet-to-Let Magazine
on Thu 19 Jul 2007 17:23 BST
The Office of National Statistics will NS will this week publish its preliminary GDP estimate for 2007 Quarter 2. These figures are expected to confirm that the UK economy has grown for an unprecedented 60th successive quarter. No other OECD economy can match the UK's unbroken 15 years of positive ... more »
CML reports highest mortgage lending on record
by
Jet-to-Let Magazine
on Thu 19 Jul 2007 17:21 BST
Gross mortgage lending reached a new record of £34.2 billion in June - up from £31.4 billion in May - according to data from the Council of Mortgage Lenders. This is due to seasonal effects and borrowers’ response to higher interest rates. Although lending in June was up by 9% ... more »
Fed raises stagflation fears
by
Jet-to-Let Magazine
on Thu 19 Jul 2007 17:19 BST
Ben Bernanke, the chairman of the US Federal Reserve, has painted a gloomy picture of slowing growth and rising inflation, causing a sharp sell-off on Wall Street as investors sniff a nasty whiff of stagflation. Wednesday, July 18
Agents report subdued housing market
by
Jet-to-Let Magazine
on Wed 18 Jul 2007 16:54 BST
The National Association of Estate Agents (NAEA) released figures from its latest housing market survey today, revealing a slightly subdued residential housing market in June, as consumers demonstrated apprehension about the coming month’s economic developments. Both registered buyers and the number of properties on estate agents’ books decreased slightly in ... more »
House price inflation ‘more than halves’
by
Jet-to-Let Magazine
on Wed 18 Jul 2007 16:42 BST
House price growth eased in June to half the pace of the previous month and demand weakened due to the impact of rate hikes, says the RICS UK Housing Market Survey. House prices rose for the 20th consecutive month in June but the rate of growth more than halved, falling ... more »
Buy to Let investors hail profits increase
by
Jet-to-Let Magazine
on Wed 18 Jul 2007 16:38 BST
New research from Birmingham Midshires shows that the average total return for a buy to let (BTL) investor was 13.0% over the past year to June 2007 (exclusive of fees and mortgage interest costs). This is up slightly from a total return of 11.9% for the year to June 2006. ... more » Tuesday, July 17
Survey shows a market full of dissatisfied householders
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:45 BST
Savills research has today released findings from its UK Housing Market Survey, which shows a market full of dissatisfied householders wanting bigger, better homes who are constrained by high prices and a lack of supply. The survey was sent to a random sample of nearly 500 households across the UK ... more »
Torrential rain causes acute shortage of rental properties in flood affected areas
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:43 BST
The aftermath of the recent weeks nationwide flooding can now be seen in full pelt with an estimated 27,000 homes and 5,000 businesses* having been affected by the torrential rains that swept across the UK. Additionally, it is believed that the cost of damage to homes in the UK could ... more »
CIH to Lead Research on Management of Land Supply
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:41 BST
New research will contribute to meeting the target of 3 million new homes by 2020, announced by Gordon Brown last week. The work will help key players in delivery of new affordable housing to increase the speed and output of development by better managing the supply of land. The Housing ... more »
Homeowners warned: more mortgage rate rises are on the way
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:38 BST
Millions of homeowners are facing further mortgage misery. Economists said today another increase in the cost of borrowing is almost certain and could come next month.
It would be the sixth since last August and take the Bank of England's base rate from its present 5.75 per cent to six ... more »
Inflation dips but stays in the danger zone
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:35 BST
UK inflation eased lower last month, thanks to a fall in utility bills. But price pressures in the underlying data mean the Bank of England is still likely to raise interest rates in the coming months, analysts said, with another rate hike possible as early as next month. Consumer Price ... more » |
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