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.
What could you do with £23,000?
It has been revealed that the average home across the UK has lost £23,000 in value over the last 12 months. However, with many observers forecasting harder times ahead for the property market it seems as though this figure may grow substantially unless we see a major turnaround in the economy.
Many people will be shocked to learn the true extent of the UK fall off because figures...
Norwich City council pledges action after homes scandal
Norwich City council, a Labour controlled council, has today confirmed it will "make good the damage" caused after revelations that elderly tenants were evicted from their properties in order to accommodate senior council staff. It appears a number of senior citizens were evicted from their prime low rent homes only to be replaced by senior Norwich City council officials who were able to enjoy ver...Read More
Do home improvements increase the value of your house?
While the housing market in the UK is struggling to say the least there has been a pickup in interest in home improvements. However, in these times of economic distress is it worth while investing into your home or should you be putting money aside for a rainy day?
Unfortunately there is no one answer fits all for this particular question as it is literally the "horses for courses"...
Expect to spend a third of your salary, new homeowners told
Stamp duty, mortgage fees, moving costs, solicitors' fees, bills .it all adds up and new homeowners should expect to spend about a third of their salary in the first year alone on costs associated with buying a house.GE Money estimates that the average costs in the first year of owning a home come to about £11,000 - the good news is that many prospective borrowers actually over-budget for th...Read More
UK Housebuilders Feeling The Pressure
There are real concerns this morning that we are on the verge of a 1990s style housing slump which could literally wipe out a whole host of the UK’s best known housebuilders. Since January this year the sector has seen £4.6 billion wiped off it’s overall value and share prices are again in freefall this morning due to concerns about a possible repeat of the 1990s style slump.