New figures from the Department for Communities and Local Government (DCLG) show the average UK house price falling by 0.3% in July, with the annual rate of inflation slowing to 8.4%, compared with 9.9% in June. On a country basis, annual house price rises were evident in England 9.0%; Scotland 3.7% and Wales 10.1%, while [...]
UK mortgage fraud rose sharply in the first half of 2010, according to KPMG. The accountancy firm’s “fraud barometer” registered 21 cases in the six months to the end of June, compared with 18 in the same period of 2009. More alarmingly, the value of the fraud rose to £96 million, up from £24 million [...]
The total value of privately-owned homes in the UK has more than doubled over the past decade, new research from Halifax shows. The country saw a 118% surge, from £1,719 billion in 1999 to an estimated £3,755 billion in 2009, although the Retail Prices Index measure of inflation rose by only 29% during the same [...]
New data from Safe Home Income Plans (SHIP) suggest that the equity release market could be turning a corner. In the second quarter of 2010, the value of advances slipped to £196.7 million but the decline was smaller than in the previous three month period. Drawdown equity release proved to be the most popular course, [...]
House purchase lending increased by 45% in March, marking the ninth consecutive month of year-on-year growth, according to the Council of Mortgage Lenders (CML). Loans for house purchase were up 25% in volume (45,000) and 24% in value from February but for the first quarter of the year as a whole, there were 112,000 loans [...]
Last week, a deal was reached to help Greece manage its debt crisis, following the two-day EU summit, which was held in Brussels. The news meant the euro recovered from a 10-month low, which will see a rescue package total €22 billion (£20 billion) and will include help from the International Monetary Fund (IMF). So [...]
The full extent of UK mortgage fraud in the lead up to the credit crisis is probably as yet unknown and signs of economic recovery have prompted the National Fraud Authority (NFA) to remind lenders that they must continue to combat the crime. According to the NFA, almost £144 billion was loaned in mortgages in [...]
There were 49% fewer house purchase loans approved in January than in December, the Council of Mortgage Lenders (CML) has reported. According to the body, the steep decline “emphatically demonstrates” the impact of the end of the stamp duty holiday, in December. First-time buyers recorded the largest drop among house purchasers: in January, approvals were [...]
The UK’s equity release market held steady in the final quarter of 2009, taking into account seasonal factors. According to industry body, Safe Home Income Plans (SHIP), volumes declined by 1.9% on the previous three months while the value of the average advance showed a 4% increase. With more homeowners seeking flexible deals, the number [...]
Figures from the Bank of England show the value of mortgages approved for house purchases rising for the 11th consecutive month in October, to £8 billion. The total is up from £7.6 billion a month earlier and compares with a previous six month average of £6.7 billion. Volumes increased to 57,345, up from 56,205 in [...]
Being near a top performing primary school in England can add as much as £19,500 to the value of a home, research by Nationwide Building Society has found. Houses near a school where every 11-year-old achieves at least a level four in their Sats exams are worth 11% more than average, Nationwide discovered. However, just [...]
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, [...]
The price of gold, which is seen as an attractive investment in times of inflation, has briefly hit the $1,000 mark – it’s highest level in six months – before slipping back to $999.0 per ounce. Gold has been growing in value for the last 8 years and peaked at $1,032 an ounce in March [...]
Halifax is recommending that “straightforward” home improvements are most likely to offer the highest return in terms of adding value to a home. According to the lender’s research, fuel efficiency and energy saving measures head the list, with the potential for more than double the amount laid out to be reflected in a property’s value. [...]
As bank shares continue to plummet, the price of gold continues to soar, with prices last week hitting a seven month high of $953.30 per ounce. Former editor of The Times, Lord William Rees-Mogg, expects this trend to continue as investors seek to protect themselves against future shocks in the stock market. “People buy gold [...]
Safe Home Income Plans (SHIP), the body that represents 90% of UK equity release providers, has reported that lending fell by 9% in value and 4% in volume in 2008. New equity release plans for the year totalled almost £1.096 billion, in terms of value. SHIP points out that the decrease is far less than [...]
That well-worn estate agents’ phrase, “laid to lawn and flower beds” takes on a new meaning in the light of research from Yorkshire Bank. In its quarterly Homebuyers’ Report, the bank has revealed that the average homeowner thinks a garden is worth over £9,000 in terms of the total price of a property. According to [...]
Moneysupermarket.com is alerting homeowners to the fact that the average two-year tracker mortgage is offering increasingly good value. The price comparison website’s weekly credit crunch monitor shows that at the beginning of June, there was little difference between the cost of the average two-year fix and the average two-year tracker. However, the latest update puts [...]
Homeowners who have chosen to improve, rather than move in the current market downturn, will be dismayed by new research from Abbey, which suggests that the cost of a home improvements is unlikely to be reflected in a sale price. Falling house prices mean that previously profitable projects can now cost homeowners serious amounts of [...]
Zoopla.co.uk, the property valuation website, is suggesting that UK residential properties have lost a combined £300 billion in value since the housing market peaked, in September 2007. The firm’s database contains details of 26 million dwellings and the estimate of each property’s value is based on a variety of factors including current asking prices, property [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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