Mortgage lending rose to its highest level for nearly a year last month as landlord activity in the buy-to-let market picked up, figures have revealed.
Gross mortgage lending totalled £12.8 billion in June, up 16% on the £10.8 billion lent in May, and the highest in a month since July 2010, although the total was 3% lower than June a year ago, the Council of Mortgage Lenders (CML) said.
Over the last three months, mortgage advances rose by 11% to £33.5 billion compared with the first quarter but was 3% lower than the comparable three months in 2010.
CML chief economist Bob Pannell said
Today we want to share with you, our mortgage partner John Charcol's fantastic monthly newsletter "Much Ado"... happy reading!
Whilst Much Ado takes great pleasure in producing its monthly compendium of great cinematography, this month we are going to tone it down somewhat. Not, you understand, because we have fallen out of love with Hollywood; rather that we have something particularly fantastic to shout about. As you know, Much Ado doesn't tend to talk about specific products every month but we are going to break with that tradition. For once, this really is Much Ado About Mortgages.
A new type of survey is now available for the residential property market. The RICS Condition Report, which forms part of the RICS Home Surveys family, gives buyers of conventional properties and newer homes a clear, concise picture of the state of a property. The report does not provide an additional price valuation, but instead is designed to complement a mortgage valuation.
RICS say that the Condition Report is an alternative to the RICS HomeBuyer Report or a building survey, and is principally aimed at buyers who would otherwise rely purely on a lender’s mortgage valuation, rather than
Just a quick reminder that a number of our Hot Pick properties are going to auction this week and next. If you fancy getting our hands on a great two bed investment flat in Hampshire, or perhaps a self contained maisonette in Oxfordshire, then check out our Hot Picks now http://www.ukauctionlist.com/hotpicks and if you're interested in any of these properties, feel free to give us a ring to find out more.
House asking prices have fallen for the first time this year as the number of unsold properties on estate agents' books reaches record levels, a report has revealed.
The average asking price for a home dropped 1.6%, or £3,797, to £236,597 in July, bringing to an end a run of six months of rises, according to Rightmove.
Greater competition to attract buyers amid "muted demand" has prompted the largest July fall since 2008 when asking prices fell 1.8%.
Seven in 10 properties put on the market so far this year have yet to find a buyer. This has helped push the average number of homes
The commercial property market in London continues to show a more positive picture than the rest of the UK according to RICS.
Meanwhile, the office sector is outperforming the industrial and retail sectors in both occupier and investment markets.
However, the outlook for capital values and rents is still negative in both the industrial and retail sectors and in all regions outside of the capital.
New development starts of offices have begun to rise but continue to fall for retail and industrial space while investment demand is rising at a faster pace nationally, especially for offices
The Latest Bank of England figures show that £5.8bn was paid off the UK’s housing debt in the first quarter of 2011, meaning equity withdrawal figures have been negative for 12 quarters (3 years) now.
The Bank’s latest figures for housing equity withdrawal showed borrowers had injected the equivalent of 2.3% of their post-tax income into their homes in the first quarter of the year.
This followed record payments of 2.8% of post-tax income, in the final quarter of 2010 and means that since the middle of 2008 homeowners have invested a total of £63.7bn in housing.
The Bank’s figures
We have a number of properties for auction in our HOT PICK area, all of which are fantastic lots, including a two bedroom flat in Hampshire and a 3/4 bedroom house in a popular village location in Kent. To check out the best of the rest click http://www.ukauctionlist.com/hotpicks and if you are interested in any of the properties, give us a ring for further details. Don't delay though, as auctions are taking place over the next two weeks!
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The average asking price of a new home rose by 3.8% in May to £228,041, the highest level since October 2008, according to SmartNewHomes.
Strong positive growth was also recorded on a three month basis, up 4%, and the annual price growth was 3.4% in May, the highest increase for eight months.
The company reported: ‘The traditional ‘spring bounce’ in buying activity, recent good weather and continued low base rate have all contributed to higher demand for new homes. All major indices have shown a rise in average house prices in recent months. The general trend shows asking prices rising