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Friday, May 29
Rise reported in UK house prices
by
Jet-to-Let Magazine
on Fri 29 May 2009 09:45 BST
House prices rose 1.2% in May on April, offering evidence of activity in the UK housing market, according to figures from the Nationwide building society. The annual rate of house price falls eased from 15% in April to 11.3%, with a typical home now costing £154,016. Over the past three ... more » Thursday, May 28
Pound falls back against dollar
by
Jet-to-Let Magazine
on Thu 28 May 2009 10:01 BST
Sterling has fallen back against the dollar after the US currency rallied in early trade and a Bank of England policymaker warned of "false dawns". The pound capped a rise in recent weeks by hitting $1.60 on Wednesday for the first time since November last year. But it fell to ... more » Wednesday, May 27
Dominic Farrell Press Release: Repossessed Property Investment Is The New Buy-To-Let
by
Jet-to-Let Magazine
on Wed 27 May 2009 17:06 BST
A significant by-product of the credit crunch and subsequent recession in the UK is the number of properties repossessed by banks and financial institutions as a consequence of borrowers defaulting on their repayments. The Council of Mortgage Lenders has reported that the number of properties repossessed in the UK rose to ... more »
Protection scheme hits Nationwide
by
Jet-to-Let Magazine
on Wed 27 May 2009 16:46 BST
Nationwide, the UK's biggest building society, said profits had been hit by its "unfair" level of contribution to a savings protection scheme. Pre-tax profits fell by 69% to £212m for the year to 4 April. It said the £241m it had to pay into the Financial Services Compensation Scheme - ... more » Tuesday, May 26
Dominic Farrell: UK Repossessed Property Bargains And Cyprus Update
by
Jet-to-Let Magazine
on Tue 26 May 2009 16:56 BST
Dear Investor, I spent last week in Cyprus, where the temperatures were close to 35C and the skies clear and blue. I attended the monthly site meeting at The Grove Spa Resort in Mazotos, Cyprus and had a number of meetings with the banks, contractors, consultants and of course our ... more »
Mortgage market recovery 'contingent on return of FTBs'
by
Jet-to-Let Magazine
on Tue 26 May 2009 16:38 BST
The recovery of the UK's mortgage market is contingent on the return on first-time buyers (FTBs), it has been claimed. According to chartered financial planner at Fairinvestment.co.uk Sharon Bratley, it is "about time" that big high street lenders begin offering competitive products to such people. She made her comments following ... more » Friday, May 22
Biggest spending drop since 1980
by
Jet-to-Let Magazine
on Fri 22 May 2009 17:18 BST
The output of the UK economy fell by an unrevised 1.9% in the first three months of 2009, new figures from the Office of National Statistics show. However, spending by households fell by 1.2%, the biggest drop since 1980. The only sector of the economy making a positive contribution to ... more » Thursday, May 21
Tenants 'let down by extra costs'
by
Jet-to-Let Magazine
on Thu 21 May 2009 10:09 BST
Some tenants face "unjustified and excessive" charges from lettings agents in England and Wales, says a charity. A report by Citizens Advice says that extra costs, including administration fees and reference checks, could add up to £600 to the cost of renting a home. The charity claimed the charges often ... more » Wednesday, May 20
Pound strengthens against dollar
by
Jet-to-Let Magazine
on Wed 20 May 2009 09:32 BST
The pound has strengthened against the dollar, after Bank of England minutes revealed that policymakers considered boosting money supplies. The prospect of the move, which could encourage lending - stimulating the economy - boosted sterling. On Wednesday, the pound rose as high as $1.5794 against the dollar, its strongest level ... more » Tuesday, May 19
Property slump worsens across the globe
by
Jet-to-Let Magazine
on Tue 19 May 2009 17:24 BST
The slump across global commercial property markets has accelerated since the turn of the year, with the emerging markets in particular struggling under the combination of capital value and rental falls. The pace of decline in capital values accelerated in the first quarter, while almost every country in the world ... more » Monday, May 18
UK housing market: Asking prices for properties 'on the up'
by
Jet-to-Let Magazine
on Mon 18 May 2009 09:59 BST
Asking prices for properties have risen for the fourth month in a row as new sellers continued to quote optimistic prices for their homes, research showed today. The average asking price of a property in England and Wales increased by 2.4%, or £5,000, during the four weeks to May 9, ... more » Friday, May 15
UK repossessions up 50% in a year
by
Jet-to-Let Magazine
on Fri 15 May 2009 17:30 BST
The number of homes repossessed in the UK rose to 12,800 in the first three months of the year, the Council of Mortgage Lenders (CML) has said. This was up 23% from the 10,400 in the previous three months and 50% up on the 8,500 in the same period last ... more » Wednesday, May 13
Bank sees slow economic recovery
by
Jet-to-Let Magazine
on Wed 13 May 2009 17:15 BST
The Bank of England says that the UK economic recovery is likely to be slow and protracted. The Bank has cut its growth forecast over the next two years and raised its estimate for inflation since February. It appears to be gloomier than the government, which has forecast a decline ... more » Tuesday, May 12
Dominic Farrell: UK Bank Repossessed Property And Jet-to-Let Tax Breaks For Owners
by
Jet-to-Let Magazine
on Tue 12 May 2009 16:46 BST
Dear Investor, It has been 4 weeks since my last newsletter. Personally, I have been very busy refinancing some of my UK assets in order to invest in more, and also conducting personal due diligence and negotiations on a large UK commercial property which has been repossessed by a finance company. ... more »
Dominic Farrell: UK Bank Repossessed Property And Jet-to-Let Tax Breaks For Owners
by
Jet-to-Let Magazine
on Tue 12 May 2009 11:48 BST
Dear Investor,
It has been 4 weeks since my last newsletter. Personally, I have been very busy refinancing some of my UK assets in order to invest in more, and also conducting personal due diligence and negotiations on a large UK commercial property which has been repossessed by a finance ... more »
'Recovery signs' in housing poll
by
Jet-to-Let Magazine
on Tue 12 May 2009 11:40 BST
Surveyors have reported "tentative signs" of a recovery in the property market, despite small numbers of homes being sold. Only 10.6 homes were sold on average per UK surveyor in the three months to the end of April, down 41% on the same period a year earlier. But the Royal ... more » Monday, May 11
House Prices 'Could Rise by End of 2009'
by
Jet-to-Let Magazine
on Mon 11 May 2009 11:02 BST
House prices may begin to increase by the end of the year, experts have suggested. The UK's biggest mortgage lender has predicted that property prices will only fall by another six percent - and could even begin to rise by the end of 2009. Lloyds, which owns 30 percent of ... more » Friday, May 8
Fixed-rate mortgages to rise
by
Jet-to-Let Magazine
on Fri 08 May 2009 10:07 BST
A number of lenders are set to increase their fixed mortgage rates next week, particularly for longer-term deals, following a jump in funding costs. Yorkshire Building Society, which withdrew a number of mortgage rates this week, will raise the price of its five-year deals by up to 0.3 percentage points. ... more » Thursday, May 7
Clear view of house price slump
by
Jet-to-Let Magazine
on Thu 07 May 2009 16:53 BST
A comprehensive review of house prices in England and Wales by the Land Registry has revealed the depth of the slump in early 2009. The average property price in the first three months of the year was 3.14% lower than the previous quarter and down 9% on the same period ... more » Wednesday, May 6
More house price falls 'likely'
by
Jet-to-Let Magazine
on Wed 06 May 2009 09:21 BST
UK house prices are continuing to fall sharply, according to the latest survey from the Halifax. The lender, now part of the Lloyds Banking Group, says prices fell by another 1.7% in April, pushing the annual decline from 17.5% to 17.7%. It means that the average UK property is now ... more » Tuesday, May 5
Letting agents set for regulation
by
Jet-to-Let Magazine
on Tue 05 May 2009 16:41 BST
New guidelines are being brought in aimed at protecting tenants and homeowners who use letting agencies. The Association of Residential Letting Agents (Arla) is introducing a licensing scheme for its UK members and a code of practice for letting agents. This would hopefully stop the rentals market being seen as ... more » Monday, May 4
Home values 'down 28% from peak'
by
Jet-to-Let Magazine
on Mon 04 May 2009 09:21 BST
UK property prices will have fallen by 28% from their peak before the market downturn ends, the Centre for Economics and Business Research (CEBR) has said. The economists' group predicted prices would reach their trough early next year, but said there was little chance of real price growth until 2013. ... more » Friday, May 1
March mortgage approvals grow 4%
by
Jet-to-Let Magazine
on Fri 01 May 2009 17:27 BST
The growth in mortgage lending is likely to continue, according to figures from the Bank of England. Approvals for mortgages rose 4% to 39,230, with a value of £4.6bn, well above their six-month average. Total lending to individuals rose £900m in March, which was below February's rise of £1.5bn and ... more » Thursday, April 30
UK house prices 'down in April'
by
Jet-to-Let Magazine
on Thu 30 Apr 2009 10:53 BST
House prices in the UK fell by 0.4% in April reversing some of the rise seen in March, according to the Nationwide. The building society's figures show that the pace of decline in house prices slowed, but the typical home still cost 15% less than a year ago. The price ... more » Wednesday, April 29
Price split in home rental market
by
Jet-to-Let Magazine
on Wed 29 Apr 2009 17:19 BST
Rents for UK homes are cheaper than a year ago, according to a survey, but while flats have come down in price larger houses are bucking the trend. The average rent stood at £819 a month in April, falling from £827 in March and £873 a year earlier, said website ... more » Tuesday, April 28
US house prices continue to fall
by
Jet-to-Let Magazine
on Tue 28 Apr 2009 09:01 BST
US house prices continued to fall in February, but the rate of decline in some markets is slowing down, a leading index has indicated. Prices were 18.6% lower than in February 2008, the Standard & Poor's/Case-Shiller Home Price index said. This was slightly better than the 19% annual fall seen ... more » Monday, April 27
Nationwide axes mortgage promise
by
Jet-to-Let Magazine
on Mon 27 Apr 2009 10:22 BST
The UK's biggest building society, the Nationwide, will no longer promise new borrowers that it will peg its variable rate mortgages to the Bank rate. Existing customers on the Nationwide's variable rate home loan, called BMR, are guaranteed to pay no more than 2% above the Bank rate, currently at ... more » Friday, April 24
Banks face fines for poor service
by
Jet-to-Let Magazine
on Fri 24 Apr 2009 09:38 BST
Banks will face fines for poor treatment of their customers when the City watchdog takes over regulation of retail banking conduct in November. The Financial Services Authority (FSA) will replace a voluntary banking code with its own rules for banks, building societies and credit unions. It said this would ensure ... more » Thursday, April 23
Borrowers flock to Northern Rock
by
Jet-to-Let Magazine
on Thu 23 Apr 2009 17:21 BST
The nationalised Northern Rock bank has reported an upsurge in potential mortgage customers. The number of new mortgage applications rose by 70% between February and March. The bank said its deals had become more competitive, even before it embarks on its plan to lend an extra £14bn in the next ... more » Wednesday, April 22
Pound hit as debt burden to soar
by
Jet-to-Let Magazine
on Wed 22 Apr 2009 09:20 BST
The pound has fallen against the dollar and the euro after Chancellor Alistair Darling forecast a massive increase in UK public debt. In his Budget speech, Mr Darling said that debt would increase to 68% of the UK's economic output next year. Analysts said the rise had triggered concerns about ... more » Tuesday, April 21
Mortgage support scheme underway
by
Jet-to-Let Magazine
on Tue 21 Apr 2009 16:31 BST
A scheme to allow some mortgage borrowers to stay in their homes if they fall on hard times has begun. The Homeowners Mortgage Support Scheme (HMSS) will allow borrowers to defer up to 70% of mortgage interest payments if they lose some of their income. The plan is one of ... more » Monday, April 20
Economy 'no longer in free fall'
by
Jet-to-Let Magazine
on Mon 20 Apr 2009 09:27 BST
The economy is no longer in free fall and a recovery next spring is likely, a renowned economic think tank has said. Stabilising markets and the easing of credit conditions may well mean that the worst of the recession is over, the Ernst & Young Item Club said. It is ... more » Thursday, April 16
CML research on housing equity through the downturn
by
Jet-to-Let Magazine
on Thu 16 Apr 2009 17:17 BST
At the depth of the last housing market recession in 1993, 1.5 million households or more were estimated to have negative equity. Most sat tight, saved, continued to pay their mortgages and eventually recovered their equity position. And, according to the Council of Mortgage Lenders, this is what most of today's ... more » Wednesday, April 15
Mortgage lending shows signs of stabilising
by
Jet-to-Let Magazine
on Wed 15 Apr 2009 10:57 BST
The housing market is showing signs of stabilising, albeit at very low levels, with average sales up slightly in March and a smaller majority of estate agents still reporting falling prices, according to a leading survey. The monthly findings from the Royal Institution of Chartered Surveyors show that the number ... more »
Dominic Farrell: Is The UK Property Market Reaching A Bottom?
by
Jet-to-Let Magazine
on Wed 15 Apr 2009 09:54 BST
Dear Investor,
There has been some encouraging news recently concerning the UK property market. The news can be summarised as follows:
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