UK Property Market
Archive for May, 2007
Borrowers Warned About Lenders' Home Insurance and Life Insurance
A Post Office survey showed that approximately eight million home borrowers paid on average £127 more in order to buy home insurance and life insurance offered by their mortgage provider.
About 10 percent of borrowers questioned admitted that they chose to do so because they thought it was compulsory, while 5 percent felt that their chances of getting the mortgage would decline if they refused to buy the insurance. At the same time, 60 percent of borrowers acknowledged that they took insurance from their lenders because it was a more convenient option. Experts, however, state that this is not the best value for the money borrowers can get, as independent providers can offer better insurance deals. Moreover, buying home insurance and life insurance from the lender is not a compulsory criterion for obtaining the mortgage.
This article was written by Oliva Glover, she is a contributor to ModernCleo . Oliva is slowly becoming an authority on accent treatment.
read users' comments (0)Home Price Growth Down to 0.6% in May
According to a recent study by Hometrack, annual house price growth reached 6.7 percent in May, after home price growth stood at 0.6 percent last month. Moreover, in a number of regions, such as north-west and
Analysts also point out that sales growth has declined over the last month, with supply going up and the number of buyers remaining at the same level. This slowdown is thought to be caused by the rise in interest rates, which put extra pressure on the purchasing power of new buyers.
The submitter of this article is Katie Cox, she is a regular poster to Smuge . Katie is a noted online voice concerning home information packs.
Parental Financial Help Needed by Three in Four Young First-time Buyers
According to a recent survey by the Council of Mortgage Lenders, more than three thirds of young first-time buyers need their parents’ assistance when taking their first step on the property ladder. Research also points out that a quarter of young new buyers were able to buy their first home thanks to the financial help they received from their parents.
This percentage was higher in
Despite the difficulty of buying a home, the survey shows that only as little as eight percent of young persons feel their parents should make extra efforts to help them out. The explanation lies in the fact that parents have already supported their children significantly, and it is unlikely that they can do much more.
This entry was submitted by Ed Fidler. Ed also regularly contributes to the Harrynomics and has been quoted often on non surgical cosmetic treatments.
Changes in Home Planning Legislation
The government intends to adjust the current legislative frame related to home improvements. Consequently, changes such as conservatives, extensions or eco-friendly improvements will be carried out more easily. These improvements will no longer require planning permission, unless they interfere greatly with neighbouring homes.
The application process for planning permission will also be simplified, with common householder appeal decisions being taken in eight weeks rather than 16, as it is the case now. Moreover, a full planning application will no longer be necessary for minor adjustments to a plan already approved of.
While the National Association of Estate Agents (NAEA) was appreciative of the proposals, the Royal Institute of British Architects (Riba) stated its concern regarding the more speedy implementation of poor design decisions.
The submitter of this article is Hanna Cartlidge, she is a regular poster to Webmasters Desk . Hanna is building up herself up as a online specialist on non surgical treatments london.
New House Prices Up by 0.7%
According to a survey by SmartNewHomes, new properties went up by about £1,700 on average over the last month. However, this translated into a slight increase of the annual average price – only 0.3 per cent.
The biggest rises were registered for town houses, which went up by 2.1 per cent, reaching an average price of £239,196. At the same time, prices for detached and semi-detached homes saw moderate rises of up to 0.4 per cent, while apartment prices increased by up to 0.2 per cent.
The region with the highest rises in new property prices was
This post was written by Ella Peterson, she is also a author on Rafaelmeavitali . Ella is fast becoming an authority on glycolic acid peel uk.
Change of Course in the Introduction of Hips
Although the initial plan was for the home information packs (Hips) to be introduced on
As a result, there will be a gradual implementation of the information packs, with more homes requiring Hips by the end of 2007. Moreover, for an undetermined period, the energy performance certificate which is an integral part of the packs will be valid for one year, instead of only three months. This decision was also influenced by the fact that the number of qualified energy assessors is still very low.
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99.6% Drop in Asking Prices Growth in May
Research shows that the record £8,307 rise in asking prices in April was followed by a slight rise of only £871 this month. Consequently, on average, the asking price in
Real estate specialists state that this decrease is caused by the introduction of home information packs (Hips) on
This entry was written by Kiri Self, she regularly contributes to Comedy hogwash . Kiri is fast becoming an online authority on acne pron skin.
6% Drop in New Houses Started Last Year
In the last 12 months fewer new homes were started, which accounted for a 6 percent overall decrease, from 184,906 to 173,369. At the same time, there was a rise in the number of completions, which went from 163,398 to 167,691. This adds up to the 22 percent registered in starts and 26 percent recorded in completions in the last six years. According to surveys, over the last 10 years the majority of homes were completed in the north-east, the east Midlands, Yorkshire And Humber, and east
As for the new homes, with 44 percent flats and maisonettes represent almost half of the new houses started in the first three months of 2007. Terraced houses come in the second place with 20 percent, while detached houses make up 19 percent of new property projects started. With 14 percent of new developments, semi-detached homes are on the fourth position.
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Landlords Charge Higher Rents after Interest Rates Increase
Recent surveys show that average rents went up by 6.5 percent in the first four months of the year, reaching £10,591 from their former level of £9,942. It seems that this trend is related to the increase in interest rates and the strong demand for rental accommodation on the market.
With a stable growth above six percent over the last year, rental properties continue to be attractive for the buy-to-let portfolios of current landlords. While 43 percent of them are satisfied with their current status and are not planning to expand, 12 percent of landlords are interested in investing further in buy-to-let properties. The means of financing used are mostly equity and debt, with a common ratio of one third cash and two thirds borrowing.
This entry was composed by Ethan McHugh. Ethan is also one of the primary writer for Webmasters Desk Blog and has started to become a authority on the topic of buying overseas investment property.
Home Prices Up in April
According to a report by the Royal Institution of Chartered Surveyors (RICS), house prices continued to increase in April. At the same time, the market continued to register more increases than falls, for the 18th month in a row.
The rise in property prices continues despite the increase in interest rates. With a slowdown unlikely anytime soon, the Bank of England will probably announce another rise in the summer.
In April, the number of properties on the market was high for a second month, a consequence of the upcoming introduction of home information packs (Hips) in June. As owners are looking to avoid paying for the packs, the number of unsold properties went up. However, in April the number of new buyers went down for the fifth month running.
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