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.
Housing affordability at "critical" point
The availability of affordable housing has reached a "critical" point, with the next generation of home buyers likely to need ten times their average salary to purchase a house unless action is taken, new research has warned.Growing demand for housing is increasingly pricing first-time buyers out of the market, a report from the newly-established National Housing and Planning Advice Unit (NHPAU) s...Read More
Persimmon sets the foundations for recovery
Leading UK homebuilder Persimmon has today given homeowners up and down the UK food for thought after suggesting that house prices were stabilising and the company itself does not plan to issue any more write-downs on its land bank. While the issue of house prices will not come as a major surprise to many people, it is the intention of the group not to write down the value of its land bank in the...Read More
Public support needed to tackle 'housing crisis'
Public support is essential if house builders are to play their part in resolving the UK's housing crisis, the industry has warned.With demand in desirable parts of the country continuing to outstrip supply, the country needs more houses.But the Home Builders Federation (HBF) has said local communities are often unwilling to have new developments on their doorsteps."We need to build more homes con...Read More
Hips will provide "clearer transaction"
It has been claimed that the implementation of Home Information Packs (Hips) across all properties in 2008 will offer a better transaction for homebuyers.Stephen Ludlow, director of residential property agent Ludlowthompson, explained that Hips can potentially provide a "clearer transaction" and increase the speed of sales, if used correctly.He said: "The better agents will get geared up; and then...Read More
Is it fair to blame the media for falling house prices?
A number of estate agents and surveyors around the UK are attempting to place the blame for the ongoing downturn in the UK property market on the media sector. However, a number of prominent media property experts also point out that when the market is rising there is no credit given to the media in the UK and it is only when prices began to fall that damaging headlines "are to blame". While th...Read More