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.
Property Claims Set To Test Solicitor PI Cover
As the property market continues to struggle there are concerns that a number of solicitors will be on the end of claims against their professional indemnity (PI) cover. The more house repossessions in the UK, the more likelihood of a historic title defects arising, leading to claims by mortgage companies and home owners alike, determined to reduce any potential losses.
While the C...
Hometrack finds further house price fall
House prices have fallen by one per cent this month, Hometrack said today.The property research company also claimed that the average price now stands at 3.2 per cent below that of June 2007.In addition, the Hometrack data shows that new buyer registrations have fallen by over 50 per cent - providing further evidence that fewer people are willing to get on the property ladder due to the credit cru...Read More
Are UK homes still over valued?
There is a growing debate about the UK housing market which many are still suggesting has further to fall. Indeed there was even a report earlier this week from Global Insight which forecast that by the end of the recession the UK housing market would have lost 35% of its value from the peak. So what is going on?
Even Gordon Brown has entered the debate by suggesting that home own...
The land rush around Heathrow airport
Despite the UK property sector being under significant pressure over the last 12 months there has been a rush to invest in land which may be acquired by the owners of Heathrow airport if they are allowed to introduce a third runway. Many protesters and ecologists have been very proactive in their fight against a third runway which they believe will cause yet more harm to the environment, not to me...Read More
UK house prices back to 2006 levels
Despite the fact that house prices in England and Wales have increased each month for the last eight months, and are in fact 8.4% higher than a year ago, they are only now back to levels seen some four years ago in August 2006. This was 12 months before the credit crisis struck home and perfectly illustrates how the UK property market, and indeed the worldwide property market, suffered during the...Read More