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October results

Allsop raised £73m from 155 lots at its autumn auction last week. One hundred and eleven lots sold, representing a success rate of 71.5%.

Savills sold 19 lots out of 31 at its autumn commercial auction, a success rate of 62%.

 

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Key points of the Comprehensive Spending Review

Deep cuts to many government departments and up to half a million public sector jobs in jeopardy. Chancellor George Osborne stressed that "we are all in this together" as he unveiled the government's Comprehensive Spending Review.

So what was annnounced? Here are the key points.

Land Registry Privatisation

Union Chiefs have threatened strike action if the government attempts to privatise the Land Registry, a public sector organisation that employs hundreds of people. The Land Registry is responsible for recording land titles and keeping an inventory of UK property deals. Ministers have indicated that they want to carry out a feasibility study to see whether it could be privatised, but unions say previous studies have already shown privatisation is not viable, and warn that if ministers try to pursue a sell-off they "won't hesitate" to ballot members for strike action.

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House prices fall for third month

House prices fell for the third month in a row during September as properties flooded on to the market, research indicates.

The balance of surveyors reporting a rise in new instructions nearly doubled during the month to 22%, according to the Royal Institution of Chartered Surveyors (RICS).

The group attributed the jump to homeowners testing the water ahead of the Government's spending cut announcement, or trying to sell their property before a further deterioration in the economy.

New FSA Call Recording Regulations for all Mortgage Markets

In June 2010 the FSA announced a requirement for compulsory telephone call recording which will affect all organisations working within mortgage markets. The new legislation has been introduced to improve mortgage arrears handling and must be implemented by all mortgage practitioners by December 2011. The legislation stipulates compulsory recording of all telephone calls made to clients in respect of arrears handling, and all call recordings must be kept for a minimum of three years.

King Sturge 85% SOLD

Despite current market uncertainties and apparent difficulties in raising mortgage finance, King Sturge is delighted to report that 85% of the lots they offered in their 6th October auction, have now sold at an average of 10.71% over the reserve.

All the sale results have are now showing on their website.

They are now accepting entries for their 1st December auction.
 

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Energy Price Rise

The cost of "rewiring" Britain's energy network could add an average £6 a year to consumers' dual fuel bills over the next decade, the industry regulator has said.

Ofgem said £32 billion worth of investment in pipes and wires was required across the country, twice that seen in the last 20 years, to secure supplies to households and to move to a low-carbon economy.

The watchdog said a hike in bills would support a revamping of Britain's "ageing networks", which were mostly built in the 1950s and 1960s.

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Nationwide: House prices up just 0.1% in September

The latest house price index from the Nationwide Building Society has revealed a 0.1% rise for the month of September compared with August, when values fell by 0.8%

The latest house price gain means the annual rate of house price inflation fell to 3.1%, down from 3.9% in August, with the average UK home costing £166,757.

Meanwhile, the three-month-on-three-month rate of change, which is a more reliable indicator or near-term price trend, fell from 0.0% in August to -0.9% in September.
 

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Paragon returns to new lending

Paragon Group has made its much-anticipated return to new lending with a buy-to-let mortgage range targeting professional landlords.

The company will lend through its Paragon Mortgages brand and is to start lending with immediate effect through a panel of buy-to-let brokers.

Paragon will expand its distribution over the next few weeks, and will accept both intermediary and direct business.

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Clive Emson' late summer success

LATE SUMMER SALE ACHIEVES EXCELLENT RESULT IN TOUGHENING MARKET smiley

Clive Emson's latest triple auction event once again proved a very popular affair. Prospective bidders know that those Lots catalogued are not put to the market to test their popularity but are entered into the catalogue by Clients motivated to sell.

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