Buy to let market running out of steam
The CML has today revealed that the UK buy to let market has rebounded strongly from post-credit crunch levels although it would appear to be running out of steam. The number of buy-to-let mortgages agreed increased by 13% in the second quarter of 2010 with around 25,000 confirmed. While these figures are welcomed by investors in the buy to let market they are just around 25% of the business levels seen prior to the credit crunch and the worldwide economic downturn.
There is no doubt that the buy to let market is "over the worst", at least in the short-term, but with many experts predicting difficult times for the UK economy and a difficult period for the property market it will do well to maintain current growth levels. Indeed even the CML believes that there are signs that the sector is easing back although how far it will fall remains to be seen. It is also worth noting that a large number of buy to let investors of years gone by have now left the market, many having been forced to sell on their properties at knockdown prices. The buy to let sector enjoyed something of an Indian summer for much of the first decade of the 2000s although whether these "good times" will return again remains to be seen.
London rents 'booming'
The number of people renting properties in prime central London locations is approaching record levels, a new survey has revealed.Knight Frank says that the annualised rental rate in the capital in the 12 months to June was 12.2 per cent.The estate agent claims that the proportion recorded in June was the highest since the fourth quarter of 1999.Quarterly growth in rents now stands at 4.2 per cent...Read More
Moscow 'more expensive than London'
Moscow has pipped London to be named as the world's most expensive city for expatriate workers.The annual cost of living survey from Mercer Human Resource Consulting ranks the Russian capital at number one for the second year running.A statement from the firm explained that the high cost of accommodation and the favourable exchange rate against the US dollar had helped Moscow retain its top rankin...Read More
UK house prices fell in April
In a bitter blow for those who expected the UK property sector to take the UK economy out of recession, it was revealed that house prices fell in April negating much of the boost to confidence from the apparent rise in March. It was also revealed that Nationwide, among others in the financial sector, believes that the UK property sector is likely to take some time to recover with no quick fix on t...Read More
Million-pound property sales rose 36% last year
Burgeoning house price inflation fuelled a significant increase in the sales of million-pound properties last year, new data has shown. Over the course of 2007, 8,257 properties costing £1 million or more were sold, according to research from Halifax. This represents a rise of 36 per cent compared with the figure of 6,057 recorded in 2006. The areas posting the highest number of sales of high-val...Read More
UK government launches landlord feedback system
The UK government has today launched a new initiative which will allow tenants to post feedback on their landlords on a new online forum. There will also be a new hotline offering advice to tenants as well as a National Landlord Register which will allow prospective tenants to see how quickly their prospective landlords fix problems and how well their properties are maintained. While there is n...Read More