Is the UK turning into a rental economy?
Despite the fact that the first choice for many in the UK property market is to buy a property for the future, there are now signs that more and more people are looking to rent in the short to medium term. The Chartered Institute of Housing has today issued a report suggesting that those on incomes between £12,000 and £25,000 are stuck in between being eligible for social housing and been able to afford their own property.
In what has the potential to become a self-fulfilling prophecy, the fewer people who can afford to acquire their own property the more pressure this will place on the rental market and the more properties will come under the "buy to let" banner. This is despite the fact that many buy-to-let participants have fallen by the wayside after the credit crunch and the worldwide recession. However, there is also the UK phenomenon of a housing shortage which has been ongoing for decades and many people believe is one of the reasons why UK property is so expensive.
Despite the fact that the UK government recently announced a number of incentives for local authorities to build affordable housing this will take some time to kick in and more and more people will be forced to look at renting property before acquiring their own property in years to come.
Lloyds faces a £200 million hit after property company collapse
Lloyds bank today stands on the verge of a potential £200 million hit after the collapse of Thornfield Ventures. This is an operation which was backed by Lloyds bank's HBOS division to the tune of around £500 million. The main parent company and three subsidiaries are now in administration with a potentially enormous loss on the cards for Lloyds bank. Even though there has been some recovery...Read More
Land Securities looks to invest for the future
Property powerhouse Land Securities has today announced plans for an expansion of its property portfolio and a further assessment of two major developments in London's West End planned for next year, even though they had been put on ice as the recession continued to bite.
Slowly but surely we have seen interest in the UK commercial property market where prices have fallen by 44% sin...
Persimmon positive on 2010
UK housebuilder persimmon has confirmed that the outlook for 2010 is much more positive than 2009 with £500 million in sales already taken for next year. The order book looking forward is very healthy and the company is cautiously optimistic about the short, medium and long-term situation in the UK. However, there are potential problems on the horizon.
Persimmon, while being upbeat...
Nationwide Building Society concerned about UK property sector
The Nationwide, one of the more savvy lenders in the mortgage market, has this week issued a very downbeat assessment of the UK housing market. After we saw the first fall in UK property prices for 10 months, between January and February, there is growing concern at the Nationwide that we could well be on the verge of a second downward slide in the UK housing sector. But why has the Nationwide bec...Read More
Sellers 'could save thousands' online
It was reported yesterday that the new trend for selling houses without the assistance of an estate agent can be more profitable than was first imagined - thanks to the increasing use of the Internet in property sales. There is the potential for users 'going it alone' to save thousands on agency fees if they act through a neutral property website instead of relying on an estate agency. It is thoug...Read More