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Archive for July, 2009
July 13th, 2009
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Figures showed that the average rent prices for a room in London has dropped fastest this year – especially in the City with a decrease of 19%.

Average rent for a room in London have dropped 1.7% in the second quarter this year with 2.6% decrease annually – that resulted in a drop in rent of a room in London from £554 to £544 per month. In particular, the rent prices in the City have dropped tremendously with 19% fall this year. Experts suggested that the main reason for the downfall of rents in London was due to over-supply within the market. Read more…

Author: Categories: Homeowners, Landlords and Tenants Tags:
July 9th, 2009
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Seeing that the credit crunch is starting to ease, Nationwide (Britiain’s biggest building society) introduced 125% loan-to-value mortgages for their existing customers who suffer from negative equity and are planning to move.

With 25% drop in house prices, an estimate of 1 million households resulted in negative equity, according to the Council of Mortgage Lender (CML). In order to tackle or reduce the problem of negative equity, Nationwide – the UK’s biggest building society – introduced 125% loan-to-value mortgages to individuals who are suffering from this situation. This offer can only be applied to the existing customers in negative equity who are in need to move. The introduction of providing mortgages more than the house value was last found in 2007 when housing market was at its peak. Read more…

Author: Categories: Mortgages Tags:
July 7th, 2009
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The Land Registry, the governmental body, decided to increase the land registration fees first time since 1993. It is claimed that the increase is due to the downturn of the property market.

Effective from 06/07/2009, the Land Registry had enforced an increase in the new land registration fees since 1993 – claiming that the downturn of the property market and the recession of the economic climate had caused a heavy fall and unsustainable reduction in the fee income of the organisation. The governmental body maintains a record and guarantee the ownership of all the domestic and commercial properties in the UK – in order to cover the operation costs; an increase in fees is inevitable.

Read more…

Author: Categories: Plans and Regulations Tags:
July 3rd, 2009
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David Miles, property expert of the Bank of England (BoE) – suggested that the housing market had undergone the worst crash and will experience recovery soon.

The housing market is likely to see its recovery soon as suggested by David Miles – property expert of the Bank of England (BoE). Positive signs, such as the house prices and the consumer confidence index, within the market had become more convincing to lead to the prediction of “recovery”. Last month, the house prices had resulted a third time increase in four months; whilst the consumer confidence reviewed its index at its 14-month high. Read more…

Author: Categories: Economic Situation Tags: