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Archive for April, 2009
April 30th, 2009
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Personal loans companies showed no falling sign in number of home improvement loans taken out under economic climate. The unaffected figure led to new research, which revealed that one in four British homeowners planned to increase their house sizes during economic downturn.

The new study by Personal Loans companies reported a surprisingly increasing trend of people improving their home conditions under recession.

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Author: Categories: Homeowners Tags:
April 29th, 2009

10,000 landlords being surveyed in a new research by Letting Protection Service (LPS) reported that almost 1 in 5 landlords had experienced or received fake references from all age of tenants.

It is believed that older tenants are more trustable than other age groups. However, Letting Protection Service (LPS), offering specialist insurance, referencing and protection products and services for landlords, reported that older tenants are not necessarily more honest. A new research done by LPS surveyed 10,000 landlords revealed 21% of them had received fake tenant references from prospective tenants aged 60 and above. It has emerged that a total of 43% landlords experienced this similar problem from tenants aged over 50 (see figures below).

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Author: Categories: Landlord Insurance Tags:
April 28th, 2009
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Nationwide, Britain’s Largest Building Society, introduced a higher mortgage rate (SMR) for new borrowers, emerged yesterday. It is launched to balance the needs of both their savers and borrowers.

The Largest Building Society in Britain, Nationwide, breaks its promise and increases the Standard Variable Rate (SVR), known as Standard Mortgage Rate (SMR), yesterday from 2.5% to 3.99%, for new customers who take out new mortgage deal from 30th April, 2009 onwards.

Nationwide promised their mortgage holders that they would never have to pay mortgage rate more than 2% above the base rate of Bank of England with guarantee. Existing customers are enjoying a low mortgage rate, Nationwide’s Variable Home Loan (BMR), currently at 2.5%; however, for those customers who wish to secure mortgages with Nationwide from Thursday (30th April, 2009) onwards are requested to pay its Standard Mortgage Rate (SMR) of 3.99% with no guarantee.

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Author: Categories: Mortgages Tags:
April 27th, 2009
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Norwich Union, one of the biggest UK insurers, predicted burglary rate would increase by 50% by the end of 2009 due to the high unemployment rate under economic recession. As a result, there is an urge of home insurance for home-owners to secure themselves against the high risk of burglary.

The prediction of 50% increase in burglary rate by Norwich Union is highly correlated with the rise in unemployment rate and the economic downturn. Home Office statistics reported 280,000 burglaries in 2008; with average theft claim cost of £1000, we could expect 420,000 burglaries during 2009 costing a total of £421 million, according to Norwich Union.

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Author: Categories: Economic Situation Tags:
April 23rd, 2009
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Association of Residential Letting Agents (ARLA) released a report in March 2009 on numbers of landlords purchasing properties in the first quarter of 2009 and revealed an increase of 4.7% compare to the previous quarter.

It has been claimed that buy-to-let properties are an excellent long-term investment. As the house prices were falling hugely since first quarter of 2008 (see graph below), now could potentially be a good time to buy and boost the landlords’ existing portfolio. Read more…

Author: Categories: Landlords and Tenants Tags:
April 22nd, 2009
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After first announcement last November and five-month negotiation, government finally launched the Homeowners Mortgage Support Scheme (HMS) to help homeowners who suffer from income and financial problem. Yet, the scheme was launched without much support from the major mortgage lenders.

Background of HMS

Housing Minister, Margaret Beckett, initially launched the HMS back in November to help homeowners who suffer from the fall of income from repossession. This scheme aims to defer their interest payment for up to two years. Margaret Beckett promised in November that the eight largest lenders that cover 70% of mortgage market would involve in the Scheme; yet, only a few of them are taking part as finalised in April 2009. This scheme that is treated as “immediate help” was only available on 21st April 2009 after its first announcement in November last year with 5-month delay.

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Author: Categories: Mortgages Tags:
April 21st, 2009
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Latest House Price Index revealed yesterday, found an increase in average property asking prices from March to April. This is a result of 3 consecutive monthly increases and the largest rise in 14 months.

Different reports had showed signs of gradual recovery in the property market: from contradiction of house prices reported from major banks (Halifax and Nationwide) in early March 2009 and rise in mortgage approvals to an increase in buyers’ interests and enquiries on property market and stronger sterling against euro and dollar. Now, another sign of recovery arises – thelatest house price index reported an increase in average property asking prices from £218,081 in March to £222,077 in April. Read more…

Author: Categories: Property Market Trends Tags: