The Commerce Department has today revealed a sharp fall in sales of new homes in the US for the month of January. According to the Commerce Department, new single-family home sales fell 12.6% on a monthly basis to an annual rate of 248,000 units. On an annual basis, January sales were down 18.6%. However, the [...]
HM Revenue & Customs (HMRC) has reported that the number of homes sold in the UK during 2010 was 885,000. While this was a slight improvement on 2009 levels, it was just over half of the peak seen during the housing boom years of 2006 and 2007. The figures are evidence that the housing market [...]
The National Association of Realtors (NAR) has today revealed a surge in sales of previously owned homes in the US for the month of September. The industry body said sales jumped 10% in September - the biggest monthly rise in 28 years. Furthermore, it compares favourably with September 2009, when existing home sales nationwide were [...]
Buying a home has become a pipe dream for millions of young Britons, the National Housing Federation (NHF) claims. Research by the body, which represents England’s housing associations, suggests that 50% of those wanting to get a foot on the property ladder are preparing for at least a 10-year wait. The YouGov survey commissioned by [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
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