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Thursday, November 20
Dominic Farrell: Opportunities Are Everywhere - Become A Property Entrepreneur Now
by
Jet-to-Let Magazine
on Thu 20 Nov 2008 17:55 GMT
Dear Investor, I am now back in the UK and coming to terms with the weather! You should have now received Issue 6 of Jet-to-Let Magazine, unless you live in a remote part of the world, where I am told by subscribers that it can take up to a month ... more » Friday, November 14
London house prices to fall from 2007 peak
by
Jet-to-Let Magazine
on Fri 14 Nov 2008 14:47 GMT
LONDON (Reuters) - Prime central London house prices will fall 30 percent from peak 2007 levels before mounting a recovery in 2010 as economic sentiment and job security in the UK capital plunges, consultant Savills said on Friday. In a bearish revision on earlier estimates, Savills said London's prime house ... more »
Big fall in Scottish house prices
by
Jet-to-Let Magazine
on Fri 14 Nov 2008 14:38 GMT
Scottish house prices have suffered their biggest quarterly fall for at least 16 years, according to research by Lloyds TSB. The bank's Scottish House Price Monitor showed the average domestic property dropped in value by 4% in the three months to 31 October. It said the fall was the largest ... more »
The good news - house prices will rise again (and then they'll fall)
by
Jet-to-Let Magazine
on Fri 14 Nov 2008 10:50 GMT
In the mid-19th century, big names in the building business were failing. Developers on the Grosvenor Estate in Belgravia, London, such as Thomas Cubitt were in financial trouble and Thomas and Joseph Cundy went bankrupt. A speculative bubble in railway stocks burst in 1847, causing a great slump. No doubt, ... more » Wednesday, November 12
World's most mortgaged town: U.S. town where 90 per cent of homeowners owe £80,000 more than their houses are worth
by
Jet-to-Let Magazine
on Wed 12 Nov 2008 14:09 GMT
Mountain House in California has become the world capital of the credit-crunch – a town where 90 per cent of people live in properties with mortgages bigger than the value of their homes.
US eases loan repayment terms for homeowners
by
Jet-to-Let Magazine
on Wed 12 Nov 2008 12:15 GMT
Hundreds of thousands of American homeowners are to make lower mortgage repayments under a sweeping programme of loan renegotiations brokered by the US government to slow down the rate of property repossessions. Treasury officials yesterday announced a programme restricting repayments to 38% of household income for many borrowers. The arrangement ... more »
Squillionaires' Row defies the squeeze
by
Jet-to-Let Magazine
on Wed 12 Nov 2008 12:04 GMT
Prepare to be amazed. Three enormous houses in Hampstead with billionaire price-tags are being launched in London's depleted and depressed property market with as much chutzpah as if there had been no recession at all. Jersey House in The Bishops Avenue at £40 million, The Mansion and The Villa, both ... more »
New deal to bring property investors and struggling landlords together
by
Jet-to-Let Magazine
on Wed 12 Nov 2008 10:41 GMT
Buy-to-let landlords in the UK are being offered an escape plan from investments if they are struggling to cover their mortgage repayments. It comes after the latest Financial Stability Report from the Bank of England highlighted the threat to buy-to-let investors and suggested they were likely to face higher levels ... more » Tuesday, November 11
Housebuilder's sales plunge by 27%
by
Jet-to-Let Magazine
on Tue 11 Nov 2008 10:30 GMT
HOUSEBUILDER Taylor Wimpey today reported a 27 per cent plunge in house sales since the summer and warned there was no immediate end in sight for the UK property slump. The group said net reservations averaged 165 a week since July 1. Britain's biggest housebuilder - which owns the George ... more » Monday, November 10
Dominic Farrell: Bulgarian Property Prices Collapse As Investors Run For The Exit
by
Jet-to-Let Magazine
on Mon 10 Nov 2008 17:47 GMT
Dear Investor, I am writing this at 33,000 ft above the Mediterranean on my way back to Cyprus after a 1 day visit to London. The very noticeable change in temperature on arriving in the UK had me running to Marks and Spencer for a pullover and thermals after the ... more »
Fannie Mae posts record $29 billion loss in 3rd-qtr
by
Jet-to-Let Magazine
on Mon 10 Nov 2008 11:48 GMT
NEW YORK, Nov 10 (Reuters) - Fannie Mae, the largest provider of funding for U.S. residential mortgages, on Monday said it lost a record $29 billion in the third quarter as the company wrote down a tax-related asset that has buoyed capital and the housing slump deepened. The quarterly loss ... more »
Lenders could sidestep repossession rules
by
Jet-to-Let Magazine
on Mon 10 Nov 2008 11:44 GMT
Debt charities have criticised a High Court ruling, which has given mortgage lenders the green light to repossess homes of customers without needing to apply for a court order. The High Court supported a decision by GMAC-RFC, the mortgage lender owned by troubled US car giant General Motors, to take ... more »
Property in Yorkshire: A property game of two halves
by
Jet-to-Let Magazine
on Mon 10 Nov 2008 10:18 GMT
Hull and Beverley lie just seven miles apart in Yorkshire's East Riding, but they could be different worlds. While beverley was recently rated Britain's best place to live, Hull has been called the 'forgotten city'. But with Hull City rising to sixth in the Premier League and new partments sprining ... more » Saturday, November 8
UK landlords seeking to buy to take advantage of bargain property prices
by
Jet-to-Let Magazine
on Sat 08 Nov 2008 10:08 GMT
One in five landlords in the UK expects to buy more properties in the coming months, taking advantage of bargain prices, according to a survey. Although the current credit crisis has hit landlords in all kinds of ways including increased mortgage rates and falling prices, they are still generally optimistic ... more » Friday, November 7
Behind the news: The Bank of England statement in full
by
Jet-to-Let Magazine
on Fri 07 Nov 2008 11:31 GMT
The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 1.5 percentage points to 3 per cent. The past two months have seen a substantial downward shift in the prospects for inflation in the United Kingdom. There has been ... more »
Massive interest rate cut fails to lift stock market
by
Jet-to-Let Magazine
on Fri 07 Nov 2008 10:59 GMT
The largest interest rate cut for more than 25 years failed to prevent yet another sell-off by stock market investors yesterday, as the dramatic impact of a 1.5 percentage point reduction from the Bank of England was undermined by the worst housing market figures in living memory and a disastrous ... more »
New York: go downtown in the downturn
by
Jet-to-Let Magazine
on Fri 07 Nov 2008 09:45 GMT
The change promised by the new presidency cannot come too soon for the US housing market, which has been assailed by the sub-prime mortgage scandal and the bank failures and financial market storms that ensued from it. New York may not have suffered the same degree of catastrophic property falls ... more »
Housing market downturn likely to accelerate in 2009 says professor
by
Jet-to-Let Magazine
on Fri 07 Nov 2008 09:40 GMT
Investment landlords, the overall shortage of housing supply and the numbers now believed to be renting but waiting to buy, all suggest that there would be a fast recovery in the housing market. However, prospects for the recovery look grim. This is the view of Peter Bolton King, Chief Executive ... 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 »
European Central Bank Lowers Benchmark Interest Rate to 3.25%
by
Jet-to-Let Magazine
on Thu 06 Nov 2008 09:27 GMT
The ECB cut rates by 50 bp, with the key refi rate now at 3.25%. This was in line with consensus expectations, but there had been some speculation of a bolder move, especially after the BoE cut rates by a massive 150 bp earlier today. As usual there was no ... more »
Property lobby groups welcome Planning Bill rethink
by
Jet-to-Let Magazine
on Thu 06 Nov 2008 09:20 GMT
Lobby groups have today welcomed a change to the Planning Bill that removes a link between the level of the new community infrastructure levy (CIL) and the increase in land value once planning permission has been granted. The link had been opposed by the likes of the British Property Federation, ... 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 » Tuesday, November 4
UK construction sector shrinks at record pace in Oct
by
Jet-to-Let Magazine
on Tue 04 Nov 2008 17:08 GMT
LONDON (Reuters) - Britain's construction sector shrank last month at its fastest pace since records began more than a decade ago after falling house prices and tight credit took their toll, a survey showed on Tuesday. The Chartered Institute of Purchasing and Supply/Markit construction index fell to 35.1 from 38.8 ... more » Monday, November 3
Property sales slump by 50pc
by
Jet-to-Let Magazine
on Mon 03 Nov 2008 17:06 GMT
The number of property sales recorded by HM Revenue & Customs in September plunged to just 59,000 from 126,000 last year. The figures cover property sales across the UK worth £40,000 or more. "September was the first month following the Chancellor's change to the stamp duty threshold," said Henry Pryor, ... more »
HBOS takes 5.2 billion pound hit
by
Jet-to-Let Magazine
on Mon 03 Nov 2008 16:39 GMT
LONDON (Reuters) - Home lender HBOS Plc doubled its hit from toxic assets and bad loans to over 5 billion pounds on Monday and its takeover partner Lloyds TSB warned of a sharp fall in profits. Lloyds also said it plans to writedown assets held by takeover target HBOS by ... more » Sunday, November 2
Want to avoid the negative equity trap? Build your own home
by
Jet-to-Let Magazine
on Sun 02 Nov 2008 15:54 GMT
For years, the term "negative equity" barely featured in the vocabulary of the modern homeowner. But things have changed. The Bank of England revealed last week that 1.2 million homeowners are likely to find themselves trapped in a home worth less than the mortgage secured against it as prices continue ... more »
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 » Saturday, November 1
Supply of properties to let in London starting to outweigh demand from tenants
by
Jet-to-Let Magazine
on Sat 01 Nov 2008 16:52 GMT
The London lettings market will remain fragile in 2009 and it is inevitable that more tenants will default. This is the view of Judienne Wood, lettings director at Kinleigh Folkard & Hayward, who on the plus side also believes that London investments are likely to perform better. She said: “In ... 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 » Wednesday, October 29
Fed cuts to 1%
by
Jet-to-Let Magazine
on Wed 29 Oct 2008 14:48 GMT
A 1% interest rate got Alan Greenspan into trouble, being widely blamed - probably a bit too much - for stoking up the housing boom. But the Fed under Ben Bernanke is back there again, having cut by half a percentage point. In its statement the Federal Open Market Committee ... 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 »
Still no end in sight
by
Jet-to-Let Magazine
on Tue 28 Oct 2008 11:59 GMT
THOSE looking for an end to America's housing bust will have to wait a little longer. Although sales of new homes rose slightly in September, prices are continuing to fall fast. On Tuesday October 28th the S&P/Case-Shiller index of house prices for ten cities showed a record decline of 17.7% ... more »
Home repossessions and arrears rise as borrowers struggle
by
Jet-to-Let Magazine
on Tue 28 Oct 2008 11:51 GMT
The number of properties repossessed by lenders in the second quarter of this year was up 71% on the same period last year, figures showed today. Rising household bills and increasing mortgage costs resulted in 11,054 new possessions cases in the three months between April and June this year, compared ... more »
Stick or twist - The first time buyer gamble
by
Jet-to-Let Magazine
on Tue 28 Oct 2008 11:44 GMT
First time buyers who delay their decision to get on to the property ladder could find market conditions have moved in their favour, and not just because falling house prices mean they will need to borrow less money, says moneyfacts.co.uk.
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 » Friday, October 24
Dominic Farell: Cyprus Property Rises 1% in September, RICS and Eastern Europe Gloom
by
Jet-to-Let Magazine
on Fri 24 Oct 2008 17:44 BST
Dear Investor, Greetings from Cyprus where the temperature under my pergola is a hot 30C and it’s only midday! I was invited to speak at the annual Royal Institution of Chartered Surveyors (RICS) Real Estate Conference in Nicosia yesterday. The underlying theme was the impact of the global credit crunch, ... more »
POLL-Housing market rout to last up to two years more
by
Jet-to-Let Magazine
on Fri 24 Oct 2008 11:29 BST
LONDON (Reuters) - Property prices will fall 15 percent this year, another 10 percent in 2009 and will take up to two years to stabilise despite the prospect of several more interest rate cuts, a Reuters poll showed on Friday. The poll of 38 analysts at banks, investment firms and ... more »
Freddie Mac's September portfolio fell 37.9 percent
by
Jet-to-Let Magazine
on Fri 24 Oct 2008 11:23 BST
NEW YORK, Oct 24 (Reuters) - Freddie Mac (FRE.P: Quote, Profile, Research), the second-largest U.S. home funding company, on Friday said its mortgage investment portfolio shrank by an annualized 37.9 percent rate in September. The portfolio decreased to $736.9 billion, the McLean, Virginia-based company said in its monthly volume summary. ... 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 »
A helping hand to homeowners
by
Jet-to-Let Magazine
on Thu 23 Oct 2008 11:07 BST
Some economists think the credit crisis needs to be fixed at its source—in America’s housing market GOVERNMENTS across the rich world have taken drastic steps to save the banking system. As the fears of outright collapse recede, their focus has turned to improving the supply of credit to households and ... 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 » Tuesday, October 21
Collapse in mortgage lending intensifies
by
Jet-to-Let Magazine
on Tue 21 Oct 2008 11:14 BST
The collapse in mortgage lending continued last month as banks further tightened the screws on home loans and would-be buyers shied away from the plunging housing market, new figures confirmed today. The total amount of mortgage lending by banks and building societies last month fell to just £17.7 billion, the ... 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 » Thursday, October 16
The buy-to-let battle is on
by
Jet-to-Let Magazine
on Thu 16 Oct 2008 11:32 BST
Should landlords tough it out or cut their losses as property prices fall and decent mortgage deals become more scarce? It has been an uncomfortable fortnight for Britain's army of landlords. House prices are falling faster than at any point in the past 50 years and experienced lenders have been ... 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 » Tuesday, October 7
Dominic Farrell: It’s Been An Extraordinary Week – Don’t Blink Or You’ll Miss It!
by
Jet-to-Let Magazine
on Tue 07 Oct 2008 17:37 BST
It’s been an extraordinary week in many respects. We’ve had the Irish and Greek governments guaranteeing 100% of depositors’ cash in their banks (and others following suit yesterday), a $700 billion rescue package approved by both the US Senate and House of Representatives, a meeting of the “Big Four” of ... more » Friday, October 3
Overseas property owners renting out to cover costs in current economic downturn
by
Jet-to-Let Magazine
on Fri 03 Oct 2008 11:10 BST
The credit crunch is having a major impact on overseas property owners who are finding it more expensive to visit their second homes. The general economic climate means they are now trying to rent out their property but the rising cost of flights and travel is impacting that market too.... more »
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 »
Halifax raises mortgage rates
by
Jet-to-Let Magazine
on Fri 03 Oct 2008 10:21 BST
There was another blow for homeowners today as it emerged the UK's largest mortgage lender is about to reduce its range and put up prices on the remaining deals. Halifax, which is to become part of Lloyds TSB after shares in its parent company HBOS collapsed at the start of ... more »
A guide on where to buy property abroad
by
Jet-to-Let Magazine
on Fri 03 Oct 2008 09:55 BST
Never mind the property slump in the UK. What about a villa in Thailand, a beachfront apartment in Venezuela, a safari lodge in Botswana or a house in Florida? Falling house prices may be deterring buyers over here but to some property investors, unstable politics, rioting, economic downturn and long-haul ... more » |
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