News Tag: home
February 7, 2010
Property owners in danger of losing their homes as a result of consumer debt could soon be better protected.
The Ministry of Justice has launched a consultation on proposed new measures that would set a minimum level of such debt before a court can order the sale of a home.
Under the current system, a property owner who cannot pay ...
Protection for homeowners unable to pay credit card debt
by Gill Montia
November 5, 2009
New research has revealed that property-ladder obsessed Britons are changing their priorities, as a result of the economic downturn.
In a study by insurer Aviva and psychologist Dr Paul Keedwell, 74% of people questioned said they were happy to remain in their current home and 68% admitted to seeing their home as an emotional investment, rather than a money making commodity.
In ...
Emotional value of home ownership revealed
by Gill Montia
June 23, 2009
The National Association of Realtors announced today that sales of previously owned homes in the US rose in May, albeit at a slower-than-expected pace.
The organisation said sales rose 2.4% to an annual rate of 4.77 million units, up from the revised 4.66 million reported in April. Analysts had expected a 4.81 million-unit pace for the month of May.
However, the rise marks ...
US home sales experience marginal increase
by Kay Murchie
June 19, 2009
Running a household now costs an average of nearly £11,500 per year, or £31 per day, according to new research from Sainsbury's.
Homeowners spend an annual £11,455 on mortgage payments, council tax, energy bills, and property upkeep, the study found.
This is an increase of 2.6% in the past two years – a relatively low rise compared to Sainsbury's previous research in 2007, ...
Average home costs £31 per day
by David Masters
May 27, 2009
Over half of British homeowners have forked out for home improvements in the last year, spending an average of £5,300.
Halifax's Home Improvement Survey found that 55% of homeowners have undertaken a home improvement project in the last 12 months.
The most popular choice was redecorating, with two thirds (64%) of home upgrades involving a new coat of paint or changing the wallpaper.
Garden improvements ...
Half of Brits upgrade homes
by David Masters
March 25, 2009
Public outrage at the role played by leading bankers in driving the UK economy into the buffers has possibly erupted into violence, with reports that the Edinburgh home of Sir Fred Goodwin, former chief executive of Royal Bank of Scotland (RBS), was attacked in the early hours of this morning.
Windows at the property were smashed and a vehicle on the premises ...
Sir Fred Goodwin’s Edinburgh home attacked
by Gill Montia
March 23, 2009
Birmingham Midshires has reported a rise in the number of people saving for a deposit for their first home.
The lender, now part of Lloyds Banking Group, also reported a drop in the number of Britons saving for no particular purpose.
According to a recent survey, 25% of 25 to 34-year-olds savers are piling up the cash to buy a home, compared with 19% ...
Potential homeowners turn to saving
by Gill Montia
March 17, 2009
The Financial Services Authority (FSA) has reported a sharp rise in home repossessions and mortgage arrears.
During 2008, lenders repossessed a total of 46,750 properties, up from 27,900 in 2007.
Cases of mortgage arrears of three months and more rose 31% over the year, to 377,000.
The increase accelerated during the final quarter with around 68,000 homeowners moving into arrears, or 13% more than in ...
Home repossessions leap towards 47,000
by Gill Montia
February 20, 2009
Home repossessions rose to 40,000 during 2008, according to data from the Council of Mortgage Lenders (CML).
The figure is up 54% on 2007, although 5,000 fewer than forecast.
The CML attributes the respite to mortgage lenders making "strenuous efforts" to ensure that repossession is used as a last resort.
The body also points out that the figures included a proportion of abandoned properties, cases ...
Home repossessions up 54%
by Gill Montia
January 29, 2009
There is more bad news for the US economy today as the Commerce Department revealed that new home sales fell by 14.7% last month.
Meanwhile, for the full 2008 year, sales fell by 37.8% to 482,000 homes - the fewest since 1982, when 412,000 homes were sold.
However, on a positive note, while sales of new homes have fallen, the slump ...
US new home sales drop/factory orders tumble
by Kay Murchie
January 26, 2009
Figures from the National Association of Realtors have revealed a surprise rise in US home sales in December, as buyers took advantage of lower house prices.
The organisation said sales of existing homes rose 6.5% to an annual rate of 4.74 million, from 4.45 million in November.
According to the National Association of Realtors, for 2008 overall, sales declined 13.1% to 4.91 ...
Americans take advantage of lower house prices
by Kay Murchie
January 20, 2009
The credit crunch is a lot like the World War II Blitz, new research has revealed.
The poll by Cahoot, Abbey's online branch, found that recession induced penny pinching is bringing families closer together in a 'Blitz' type spirit.
Brits are choosing to spend time at home with loved ones instead of going out and spending money - saving on average £408 each per ...
Credit crunch brings families together
by David Masters
January 15, 2009
Property owners hoping to reduce running costs by erecting a home wind turbine should take a look at the latest research on the subject.
A report by Encraft, the engineering consultant that specialises in low carbon buildings, has revealed that most installations perform well below the levels promised by manufacturers.
The least effective turbines provided just 41 watt-hours a day, which would not run ...
Home wind turbine claims adrift
by Gill Montia
December 4, 2008
Halifax has reported a further 2.6% fall in the average price of a UK home, in November.
The annual rate of decline now stands at 14.9% (compared with 13.7% in October), with the average cost of a property at £163,605, roughly the same as in July 2005 and down £31,485 over the past 12 months.
The annual figure is calculated on a ...
House prices down 2.6% in November
by Gill Montia
November 27, 2008
In the past fortnight homeowners in London have begun to drastically reduce asking prices to secure a sale.
Research from property search engine, Globrix, has revealed that those anxious to find a purchaser before Christmas are prepared to knock over £100,000 off the price of their homes.
In the capital's two most expensive boroughs, Westminster and Kensington & Chelsea, the average price ...
Londoners make large cuts in asking prices
by Gill Montia
November 12, 2008
Taylor Wimpey is the latest housebuilder to reveal the full extent of the downturn in the UK property market.
The company has revealed that its order book for the first 44 weeks of 2008 fell by around 40%, to 6,607.
The figure compares with 11,074 over the same period of 2007.
During the six months to the end of June, the average selling ...
Taylor Wimpey order book down 40%
by Gill Montia
November 4, 2008
Investment firm, Alliance Trust, has revealed that the property market downturn has shaken homeowners' confidence in funding part of their retirement by cashing in on the family home.
According to recent research by the company, only 33% of Britons list property investment among their top three methods of pension savings. The proportion compares with 43% a year ago.
Correspondingly, the number ...
Britons review faith in property to fund retirement
by Gill Montia
October 20, 2008
Home sellers in England and Wales appear largely unmoved by the continued shortage of mortgage funds and dramatically worsening outlook for the economy and are still marketing their properties at unrealistic prices.
Property website Rightmove has reported that asking prices in England and Wales rose by 1% in the four weeks to 11th October.
The increase is the first since May of ...
Average asking prices rise by 1%
by Gill Montia
September 29, 2008
The Royal Institution of Chartered Surveyors (Rics) has reported that the average selling price of a UK home is now 9% below the asking price.
Rics chief economist, Simon Rubinsohn, warns that the gap could widen in the coming months as vendors are forced to accept lower offers in a shrinking market.
Figures from leading mortgage lenders show the average price of ...
Widening gap between asking and selling prices
by Gill Montia
September 22, 2008
Rightmove has reported a 1% fall in the asking price of the average home in the month to 13th September.
The decline is below the 2.3% recorded by the property website in August but puts the average asking price at £227,438 or £14,204 less than a year ago.
The firm has also noted a slight decline in the number of ...
Average asking price of a home down £14,200
by Gill Montia
