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A recent report published by Nationwide shows positive signs for the housing market in 2010.
Read the full report here from Nationwide.
29.01.2010
In England and Wales, homeowners have experienced a 20% drop in the
amount of take-home pay spent on mortgage payments during 2009 say the
findings of research conducted by Barclays’ Woolwich lending arm.
Read the full report here from Barclays or the article on Finance Markets
28.01.2010
Buyers have just weeks to complete house purchases before the
Government’s temporary Stamp Duty exemption on properties worth
£175,000, or less, expires.
If original thresholds return in January, those purchasing a £175,000
property can expect to pay up to £1,750 more than they would do if a
sale was completed before New Year’s Eve.
The Royal Institution of Chartered Surveyors (RICS) is warning that a
return to the previous structure of the tax could have a detrimental
affect on the UK’s fragile property market.
According to the body, regions that are already lagging behind in the recovery will be worst affected.
In a recent poll of members, the RICS found that surveyors in the West
and East Midlands, Wales and Scotland are expecting housing market
activity to decline in 2010, as stamp duty once again becomes payable
on purchases above £125,000 and above (currently £175,000).
However, in London and the South East, no falls in transactions are
anticipated when the concession ends, as average house prices are
already well above £125,000.
Surveyors in the North of England are in agreement, but in this case
because the average price of a home is well below the threshold, at
£116,051.
RICS chief economist, Simon Rubinsohn, comments: “At the time of its
introduction, we did question how great an impact this policy would
have and judging by the fact that only surveyors in certain parts of
the country are particularly concerned about the ending of the holiday,
it could be said that some areas of the UK hardly even noticed the
change”.
However, Mr Rubinsohn believes a return to the status quo “will be of
benefit to no one” and urges the Government to introduce a “wholesale
restructuring” of the duty.
He explains: “Specifically RICS favours moving from the current slab
structure to a marginal system with no homebuyer paying anything on the
first £150,000 of their new home”
Lesley Titcomb, FSA director with responsibility for mortgages and small firm supervision, says the regulator’s proposals on self-cert would not block access to the market for self-employed, as a “non-regular” income does not mean one that cannot be verified.
In a speech at the Mortgage Business Expo, she said the FSA will be working closely with lenders and intermediaries to identify what appropriate forms of income verification are and to define good practice in affordability measurements.
She argued that while lenders have the ultimate responsibility for verifying affordability, intermediaries will continue to play an important preliminary role in assessing the suitability of a mortgage product for the consumer.
In her speech, she also said that the FSA is proposing o extend the approved person regime so that individual mortgage advisers – in intermediary and other firms- will need to be assessed by the FSA as honest which will drive up standards within the UK mortgage market.
October gross mortgage lending was £13.5billion, a true rise from£12.9 billion in September but down 27% on £18.5 billion in October 2008, according to estimates from the Council of Mortgage Lenders.
The lender body says this is typical seasonal activity between September and October – the average monthly rise over the last decade has been 5%.
The annual comparison should start to improve a little in the coming months as underlying lending volumes dropped sharply in the latter part of 2008 and early 2009, it says.
The October outcome is in line with the CML’s updated forecast for gross lending of around £141 billion for 2009 as a whole. It expects some seasonal slowdown over the remainder of this year.
CML economist Paul Santar said there has been a significant change in the type of lending taking place from the start of the year. House purchase activity has picked up significantly. In contrast, remortgaging has dropped to decade-low levels as many borrowers have little incentive to refinance when they move into low reversion rates, and others find themselves unable to do so due to equity restraints.
London market leading the recovery.
- Tenant demand rises, although availability still increasing.
- Rental declines expected to ease particularly in Central London offices.
- Pace of decline in values halves for prime offices.
Lettings activity for business property moved higher in Q3, for the first time in over 2 years. Net balances for enquiries, demand and confidence turned positive for the first time since Q2 2007 with the office sector the most improved. Of the sectors, tenant demand is rising in the office and industrial markets whilst retail lettings activity is no longer in decline. Indeed, emergency measures to bolster global growth has started to lift the veil of pessimism among surveyors with regard to rental expectations and lettings activity.
The London commercial property market appears to be leading the turnaround in tenant activity with retail and office demand moving into expansionary territory at a faster pace than elsewhere. Central and Greater London office markets saw tenant demand rise for the second quarter and at more than double the pace of the previous survey period. Industrial markets in the Midlands and the South also appear to have gained some support from a lower pound and improved external climate.
A new facility has just been released aimed at small building projects, with the following features:
- £50,000 - £600,000
- 3 months – 2 years
- NHBC or Architect Supervised
- 60% of Build Costs
- Staged Release
- No Accounts Needed
- Light Adverse Considered
- 1.45% per Month on Funds in Use
- Interest Only Available
We are able to arrange facilities of 100% Loan to Value for doctors, dentists, opticians and pharmacies at rates from as little as 2.5% above Bank Base Rate.
We will be glad to respond to enquiries either on 0800 840 6513 or
Email: info@britcommercialmortgages.com
Under the aegis of the West of England group of local authorities, Bristol City Council announces the above event will be held at the University of West of England on 28th April 2010.
The Landlord Expo is a free annual event aimed at landlords and agents in the private rented sector and is intended to provide them the latest information on:
- National Legislation
- Council Policy
- Commercial Information eg. Insurance, Maintenance, Letting and Mortgage Finance
The Expo has previously had over 60 exhibitors and ran around 18 seminars.
If you would like to be kept informed about Expo 2010 please contact the Private Housing Support Team on 0117 353 3867 or email: private.landlords@bristol.gov.uk
We shall be exhibiting at the Expo and hope to have the pleasure of your company at our stand.
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