Property prices increased for the third time in the previous four months in June due to a shortage of properties for sale, according to Nationwide.
Nationwide had recorded an increase in house price by 0.9% in June - which is resulted as the third rise in four months. As reported, the average house prices rose from £154,016 in May to £156,442. The increase in house prices was analysed in relation to the shortage of properties for sale under the current situation.
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Council of Mortgage Lenders (CML) forecast fewer homes being repossessed for this year - as emerged last week (22nd June, 2009) - due to the historically low interest rate set by the Bank of England (BoE) in March.
CML (Council of Mortgage Lenders) revised and reported its latest forecast on home repossessions last week - 22nd June 2009 - with an estimation of 65,000 repossessions this year compared to 75,000 homes lost resulted in the previous prediction. Net lending has also reported a decrease by £5 billion in comparison to £25 billions in the previous forecast. Read more…
A new scam, from the “landlords” who advertised properties on the rental websites, ask prospective tenants to transfer money to their relatives in order to provide sufficient evidence for paying the rent.
Renters who search properties on sites such as Gumtree and Craig’s List are now being warned about a new scam. “Landlords” try to attract and “trap” more prospective tenants by offering properties in top locations with reasonably cheap rents. They claim to be out of the country and ask the tenants to provide them with evidence to prove their affordability to pay the deposit. Read more…
Researches have found that many Londoners struggle to get themselves contents insured due to the financial problems. This increases the concerns of Associations of British Insurers (ABI) to promote insurance among homeowners.
Associations of British Insurers (ABI) resulted that there are about 750,000 people living in social housing or local authority in London. Those people are the most vulnerable households in terms of crime and burglary. Report showed that households in the social housing areas are twice as likely to experience burglary whilst three times more likely to have fire accidents occurred. Read more…
Survey found that an increasing number of landlords have taken the opportunity of falling house prices and low interest rates to further invest in the buy-to-let market and boost their property portfolios.
Letting Agents Associations had taken a survey in the Private Rented Sector (PRS) where it showed that nearly double of the letting agents had reported an increase in landlords trying purchase more rental properties - from 8% in the first 3 months of the year to 17% over the course of the second quarter. Read more…
Getting closer to the big events, households living in the local areas could come up with ideas to take this chance to earn extra money from the visitors. However, it is important to check with the insurers to see if the activities involved are covered by the policies.
When big events such as Wimbledon or Olympics are on its way; local pubs, restaurants and retail shops should be ready for the rush-in of the massive crowd. Not only do the local businesses have to be prepared for the events, local homeowners could also come up with some ideas to earn extra money from the visitors by offering a range of domestic services. Yet, households have to check with their insurers and make sure that the activities and services they provide are covered adequately in the policy. Read more…
The current economic situation with house prices started to show signs of stability; more demand but less supply are on the market. Researches showed that more home buyers are interested in the housing market and it has been revealed that every property has attracted four home buyers to chase after.
Researches revealed that about four home buyers are interested and chasing after one property. Experts explained this phenomenon as a “flood back” of potential buyers to the housing market. Property prices reviewed by different House Index showed signs of stability. Read more…
National Landlord Registration Scheme was announced by the Government in response to the “Rugg Review” since 13th May 2009. The public hold different views and criticisms on it.
In the response to the “Rugg Review”, the Government announced a proposal on Private Landlord Registration Scheme in the buy-to-let Sector last month. Following the announcement, the proposal has been put under assessment and consultation to study and finalise the possible options and assumptions generated by the initial plan. Read more…
When an individual is facing negative equity, there is always no easy solution to get out of this; hence the “borrowers” would often find themselves helpless in this situation. This article will examine some options for homeowners to survive through negative equity in this tough economic climate.
House prices have fallen by 19% in a year and a half since 2007, which decreased the value of properties and lowered the rate of equity of every borrower. Even worse, negative equity was resulted for some when the value of their homes fallen below the mortgage they had taken out. Every individual in negative equity is trying to get out of this state; yet unfortunately, there is no easy way so solve this problem. Read more…
The latest quarterly bulletin by the Bank of England (BoE) emerged today estimating the figure of negative equity in the UK, which suggested between 7% - 11% of Britain’s homeowners are currently struggling under negative equity.
Bank of England (BoE) emerged its latest quarterly bulletin estimating that around 7,000,000 to 1.1 millions of Britain’s homeowners may have fallen into negative equity (similar to the level in mid-1990s). A negative equity occurred when the value of the property went below the outstanding value of the mortgage secured. The fall in house prices would affect the value of equity and is likely to result in negative equity when it falls excessively. Read more…
