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.
'Borrowers will need larger deposits in 2008'
Financial institutions are more likely to insist on larger deposits from potential buyers this year, it has been claimed. According to the Royal Institution of Chartered Surveyors (Rics), the slowdown in the housing market is set to continue during the coming months. This, coupled with concerns over the credit crunch, will lead banks and building societies to tighten lending criteria, and insist o...Read More
The Royal institution of Chartered Surveyors predicts 50,000 repossessions this year
In direct contrast to the figures released by the Council of Mortgage Lenders (CML) the Royal Institution of Chartered Surveyors (RICS) has today revealed a forecast that 50,000 homes will be repossessed in the UK this year. This is significantly less than the 75,000 forecast by the CML and places yet more confusion into the UK property market. Interestingly, the figure of 50,000 repossessed homes...Read More
Student flats scam proving a disaster
While the life of a student can be one of small budgets and wafer thin expenses, an ongoing student flats scam is proving a disaster for many. Fraudsters are using the Internet to attract students to "cheap properties" and asking them to forward their bank details or send money to secure a deal for the property. However, many students have found out these properties do not actually exist and when...Read More
Northern Ireland house prices continue to fall
Despite indications that the UK housing market is showing signs of recovery the same cannot be said of Northern Ireland where prices are still falling at a substantial rate. Amid claims that the average UK property value rose by 1.1% in the second quarter of 2009 the same period in Northern Ireland showed a fall of 4.7%. So why the big difference?
When you consider that the average...
Redrow seeks to start building homes again
After a period of significant unrest and a collapse in demand for UK homes it has been revealed that UK house builder Redrow will soon begin building again. Steve Morgan, the original owner of Redrow, who recently regained control after a boardroom coup, has revamped the company's strategy and announced a wish to take advantage of any recovery in 2010. This is by far the most positive sign we have...Read More