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News Tag: property market

October 26, 2012

Commission calls for radical change in housing market

by Jan Harris
Future Homes Commission calls for radical change in housing market
A new study by the Future Homes Commission suggests that the way homes are built in the UK is dysfunctional and needs a radical overhaul. The organisation, which was established by the Royal Institute of British Architects, believes that 300,000 extra homes could be built every year without any input from Government funding. Instead, the investment could come from ...




July 6, 2012

Growth in mortgage market at two-year low

by Jan Harris
Growth in mortgage market at two-year low
Growth in the mortgage market has slowed to its lowest level since July 2010, according to Connells Survey and Valuations’ latest Housing Market Activity Report. Although the total number of residential valuations increased by 16 per cent last month, this represents an increase of just 2 per cent on a year-on-year basis. The number of first-time buyer numbers increased by 19 per ...




June 22, 2012

Mortgage lending 24% higher in May

by Jan Harris
Mortgage lending 24% higher in May
Mortgage lending increased by 24 per cent to £12.2 billion in May, after a fall in April, according to the Council of Mortgage Lenders (CML). The figure was 13 per cent higher than a year ago. However, when the effect of the end of the stamp duty holiday on first-time buyer properties is excluded, the market is broadly flat, the CML warned. ...




June 7, 2012

House prices unlikely to rise says Halifax

by Jan Harris
House prices unlikely to rise says Halifax
The Halifax expects house prices to be the same at the end of the year as they were at the beginning, with uncertain economic conditions stifling demand. The bank, which is part of the Lloyds Banking Group, reported a 0.1 per cent fall in house prices in May 2012, compared with May 2011. However, compared with the previous month, house prices increased ...




May 14, 2012

Price of seaside houses doubles

by Jan Harris
Price of seaside houses doubles
Homes by the sea have shown a greater price increase than inland properties, according to the latest figures from the Halifax. The price of houses in seaside towns has increased by 97 per cent over the last decade, compared with a 95 per cent increase for the whole of England and Wales. In Seaham, County Durham, the average property price increased ...




March 13, 2012

UK property market improves

by Jan Harris
UK property market improves
Signs are emerging that the UK property market is slowly starting to improve. According to the latest figures from The Royal Institution of Chartered Surveyors (RICS), the number of house sales increased in January, helped by first-time buyers rushing to secure a purchase before the end of the stamp duty exemption on homes under £250,000. RICs reported that average sales per estate agent branch ...




March 7, 2012

House prices down 1.1% in February

by Jan Harris
House prices down 1.1% in February
House prices fell 1.1 per cent in February according to The Halifax, contradicting earlier figures from Nationwide suggesting that property prices have increased. According to the Halifax’s three monthly index, house prices were 1.1 per cent lower in February than in the previous three months. The mortgage lender’s annual index showed that property prices fell by 1.9 per cent compared with the ...




January 25, 2012

Property market remained stagnant in 2011

by Jan Harris
Property market remained stagnant in 2011
House sales fell 1 per cent in 2011, with just 869,000 residential properties sold, according to HM Revenue and Customs (HMRC). In January 2011, traditionally the weakest month for property transactions, just 45,000 houses were sold. However, the market did improve at the end of the year, with 76,000 sold in December. The property market has been in a slump for ...




January 16, 2012

Property coming to market at record low levels

by Jan Harris
Property coming to market at record low levels
Despite record levels of search activity on its website this month, estate agency Rightmove reports that the number of new homes being put up for sale has fallen to the lowest level ever recorded. More than 44 million property searches were carried out on Rightmove’s site during the first ten days of 2012, a 27% increase compared ...




January 10, 2012

Unrealistic house prices hamper market

by Jan Harris
Unrealistic house prices hamper market
Although more new houses were put up for sale in December, transactions were hampered by sellers asking too high a price for their properties, according to the Royal Institution of Chartered Surveyors (RICS). December saw the number of houses put up for sale increase for the third month in a row, especially in London where new instructions reached their highest level since ...




September 23, 2011

Irish economy sees strong growth in Q2

by Kay Mitchell
”Irish
Figures today have revealed Ireland’s economy continued to see growth in the April to June period. According to the Central Statistics Office, the economy grew by a better than expected 1.6% in the three-month period and this follows a revised 1.9% growth rate in the first quarter. This represents the first time since 2006 that Ireland’s economy has grown for two ...




May 26, 2011

Asian buyers take interest in London property market

by Kay Mitchell
”Asian
According to Knight Frank LLP, 59% of new-build property in London has been acquired by Asian buyers in the six month period to April. This is up from 48% a year earlier as buyers seek alternatives from rocketing property prices in China and Singapore. The estate agent said Asian buyers are taking advantage of the weakness of the pound after acquiring ...




December 20, 2010

OECD forecasts growth for Spain next year

by Kay Mitchell
OECD forecasts growth for Spain next year
Spain has featured heavily in the news recently after speculation mounts that the country will need to seek an emergency bailout from the EU. However, the country’s Government continues to deny the claims. Earlier this month, Spain’s finance minister, Elena Salgado, said: “Our fiscal adjustment is on track… we have done all the things that we had to do with our financial ...




November 22, 2010

Ireland in €90bn bailout

by Kay Mitchell
Ireland in €90bn bailout
Ireland’s Prime Minister, Brian Cowen, announced last night that his Government has made a formal request for an emergency bailout. In the euro zone’s second emergency rescue this year, Ireland will receive between €80 and €90 billion but the country’s finance minister, Brian Lenihan, said a precise figure has not been determined. The loan will come from the EU rescue fund, which was established ...




November 21, 2010

Ireland in emergency talks as bailout looms

by Kay Mitchell
Ireland in emergency talks as bailout looms
Irish finance minister, Brian Lenihan, has today said the country is preparing to make a formal request for an emergency bailout. The exact amount of the loan, which will come from the EU rescue fund, which was established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year, was not disclosed. However, Mr Lenihan said it ...




November 11, 2010

Market jitters as Ireland debt crisis worsens

by Kay Mitchell
Market jitters as Ireland debt crisis worsens
The former "Celtic Tiger" economy is sending jitters throughout the euro zone today after borrowing costs surged to record highs. Rumours of financial aid for the economy increased and come just months after Greece’s debt crisis. However, claims that Ireland will have to turn to the EU rescue fund have been denied but developments are being monitored closely by European officials. The EU ...




October 28, 2010

Santander hit by bad loan provisions

by Kay Mitchell
”Santander
Spanish banking giant, Santander, has today reported a fall in third quarter profits, due to changes on bad loan provisions. The bank, which is the euro zone’s largest, said third quarter profits fell 13% to €2.1 billion (£1.8 billion) as provisions for bad loans hampered results. Before the changes to one-off provisions, which were put in place as a precautionary reserve for ...




September 30, 2010

Ireland warns of Anglo Irish rescue bill

by Kay Mitchell
Ireland warns of Anglo Irish rescue bill
Ireland’s central bank has warned that a potential rescue for troubled lender, Anglo Irish Bank, will cost up to €34.3 billion (£29 billion). The figure is much higher than last month’s estimation of between €22-€25 billion and the revised figure is the equivalent of Ireland's annual taxation revenues. The central bank said that the nationalisation of Anglo Irish Bank has cost about ...




September 27, 2010

Anglo Irish debt rating cut by Moody’s

by Kay Mitchell
”Anglo
Troubled lender, Anglo Irish Bank, has today had its debt rating slashed by credit agency Moody's, sending the euro down against the US dollar. Moody's cut the bank's senior unsecured debt by three notches to Baa3 - just one notch above junk status. It also downgraded Anglo Irish's subordinated debt by six notches to Caa1. The bank, which was nationalised in January 2009, ...




May 30, 2010

Further blow for Spain as Fitch cut rating

by Kay Mitchell
Further blow for Spain as Fitch cut rating
Fitch Ratings cut Spain's credit rating from the maximum AAA to AA+ on Friday and the news comes just a week after one of the country’s banks, CajaSur, was bailed out. Standard & Poor's cut Spain’s credit rating a month ago and comes as the country has been forced to implement tough austerity measures in order to tackle the country’s ...