Tag: affordability

China moves to cool property prices

China moves to cool property prices

China‘s property prices have remained stubbornly high despite several Government initiatives to avoid a property bubble. The Government recently announced plans to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”. It has also made it more expensive to [...]

March 9, 2011 | 0 Comments More
First-time buyers still require hefty deposit

First-time buyers still require hefty deposit

Research from the Halifax has revealed first-time buyers are still struggling to get onto the property ladder unless they have a hefty deposit. The mortgage lender said a first-time buyer has to find at least £29,000 in order to secure a mortgage, while those in London require almost double that (£50,000). Since the credit crunch [...]

December 29, 2010 | 0 Comments More
FTB affordability eases despite house price rises

FTB affordability eases despite house price rises

In its May affordability index, FindaProperty.com has reported that first-time buyer house prices have increased for the fourth consecutive month, taking the average asking price of a starter home to £155,677. The figure is 1.2% higher than a year ago and at its highest since February 2009. At the same time, affordability has improved for [...]

May 20, 2010 | 0 Comments More
CBI calls for public sector pensions shake-up

CBI calls for public sector pensions shake-up

Business group, the Confederation of British Industry (CBI), is calling for an overhaul of public sector pensions as concerns over the affordability of pensions for workers in the state sector, including nurses, teachers and the police, is growing. The CBI is urging the next Government to establish an independent commission within weeks of being elected [...]

April 6, 2010 | 0 Comments More
Friendlier lending eases the way for first-time buyers

Friendlier lending eases the way for first-time buyers

Affordability for first-time buyers has continued to improve, according to FindaProperty.com. The website’s latest index suggests it is now easier for first-time buyers to get onto the property ladder than it has been at any time since the start of the credit crisis, in 2007. Stable prices and more borrower-friendly lending criteria are responsible for [...]

March 16, 2010 | 0 Comments More
Homeowners to be replaced by tenants

Homeowners to be replaced by tenants

Reporting on its recent “Future Housing” conference the Council of Mortgage Lenders (CML) says it expects the UK to see a smaller proportion of homeowners and a higher proportion of tenants, mostly in the private sector, in the years ahead. Changing consumer preferences and affordability pressures will drive the trend. Examining the plight of first-time [...]

March 4, 2010 | 0 Comments More
First-time buyer affordability measures “overly positive”

First-time buyer affordability measures “overly positive”

New research from the Council of Mortgage Lenders (CML) suggests why it has become harder for first-time buyers to enter the UK’s property market in recent years, despite the “sea-change” decrease in interest rates since the early 1990s. Falling interest rates should mean a rise in the size of mortgage that can be serviced from [...]

February 15, 2010 | 1 Comment More
Mortgages at their most affordable in five years

Mortgages at their most affordable in five years

Home buyers needed to use less of their income to cover their mortgage interest in November than at any time for more than five years, the Council of Mortgage Lenders (CML) has reported. Home movers were particularly well placed, typically needing only 10.6% of gross income to cover mortgage interest payments, down from 11.1% in [...]

January 14, 2010 | 0 Comments More
First-time buyer affordability best in 25 years

First-time buyer affordability best in 25 years

Potential first-time buyers on average earnings can now afford to buy a home in nearly four out of 10 regions of the UK, the Halifax has reported. According to the lender’s research, 39% of the UK’s local authority districts are accessible to those wanting to buy their first property, compared to 6% when the housing [...]

January 3, 2010 | 0 Comments More
Halifax reports 1.1% house price rise

Halifax reports 1.1% house price rise

Halifax has reported a 1.1% rise in house prices in July, marking the second increase in the last three months and the third rise in the first seven months of 2009. The lender’s more reliable three-month-on-three-month measure now shows prices up 0.8%, the first quarterly increase since October 2007. However, over the first seven months [...]

August 5, 2009 | 0 Comments More
Halifax surveys affordability of seaside towns

Halifax surveys affordability of seaside towns

Halifax has completed a round-up of seaside property prices in England and Wales in a survey that places all ten most affordable seaside locations in northern England. Whitehaven in Cumbria comes top of the list, with the lowest average house price to earnings ratio in the first quarter of 2009. Withernsea on the East Yorkshire [...]

July 6, 2009 | 0 Comments More
Affordability for first-time buyers below 25 year average

Affordability for first-time buyers below 25 year average

In its latest First Time Buyer Affordability Review, Halifax has reported a significant improvement in the mortgage payments to earnings ratio. For the average first-time buyer, mortgage repayments account for 31% of average income, down from a peak of 48% in 2007 and below the long-term average of 37% recorded over the past 25 years. [...]

May 7, 2009 | 0 Comments More
Affordability blossoms for those with a 30% deposit

Affordability blossoms for those with a 30% deposit

UK house prices are becoming increasingly affordable, especially for those who can stump up a substantial deposit. Research from Halifax shows an improving trend over the past 18 months, in terms of the proportion of earnings spent on mortgage payments. For new borrowers with 30% to put down, the proportion has fallen from a peak [...]

April 19, 2009 | 0 Comments More
House prices could bottom out by Christmas

House prices could bottom out by Christmas

A leading research agency is predicting that the property market downturn will bottom out by Christmas. According to a report in the Daily Telegraph, Lombard Street Research (LSR) is basing its forecast on affordability, which is now below the long-term average, reflecting the fact that prices have fallen by 20%, in nominal terms, in the [...]

April 14, 2009 | 0 Comments More
Affordability ratios soften for first-time buyers

Affordability ratios soften for first-time buyers

Potential first-time buyers are in a stronger position to purchase a home than at any time in the past five years. According to Halifax, the first-time buyer affordability ratio has steadily improved during 2008 and the trend should continue in 2009. Research from the lender indicates that the average house price to earnings ratio has [...]

January 1, 2009 | 0 Comments More
Abbey reassesses affordability as interest rates plummet

Abbey reassesses affordability as interest rates plummet

Abbey has changed its affordability calculations to take into account falling interest rates. The lender has informed mortgage brokers that from today, it will no longer use its standard variable rate (SRV), which is currently 5.44%, to assess affordability but a new figure of 7%. Abbey’s SVR stood at 7.09% in October, prior to November [...]

December 17, 2008 | 0 Comments More
One million homes for sale in England and Wales

One million homes for sale in England and Wales

Rightmove has calculated that there are now over one million homes for sale in England and Wales. According to the property website, the record number of homeowners eager to move include those anxious to make a sale before prices drop further and others who are keen to capitalise on the downturn by selling up and [...]

June 23, 2008 | 0 Comments More
Market downturn not enough to help first-time buyers

Market downturn not enough to help first-time buyers

Research carried out for housing intelligence firm, Hometrack, illustrates the dire affordability issue still faced by potential first-time buyers, despite falling house prices. The study, which was carried out by Professor Steve Wilcox from the University of York, shows that 28% of UK workers cannot afford to buy even the cheapest property available in their [...]

June 5, 2008 | 0 Comments More
Scotland bucks housing market downturn

Scotland bucks housing market downturn

The Council of Mortgage Lenders (CML) has revealed that residents of Scotland are finding it easier to secure mortgages for new house purchases than homemovers in England and Wales. In the first three months of the year, the proportion of home loans granted for purchases increased to 11%, up from 8% in the previous quarter. [...]

June 4, 2008 | 0 Comments More
First-time buyers locked out of property market

First-time buyers locked out of property market

Housing charity, Shelter, has published a report that highlights just how difficult it has become for first-time buyers to get a foot on the property ladder. Affordability is the main issue: the average price of a home has risen over 200% in the past ten years, while the average income in the UK has increased [...]

April 17, 2008 | 0 Comments More