House prices recorded their strongest monthly jump in three years in March as market conditions continue to blossom, property analyst Hometrack said today. The 0.3 per cent rise was driven by a boost to London house prices, with concerns over the crisis in Cyprus and the eurozone likely to send more cash flowing into the English capital in the coming months, the study said.
The 0.3% rise was driven by a boost to London house prices, with concerns over the crisis in Cyprus and the eurozone likely to send more cash flowing into the English capital in the coming months, the study said. The national increase in house prices this month marks the highest growth seen since March 2010.
The 0.3pc rise over the last month was driven by a boost to London house prices, with concerns over the crisis in Cyprus and the eurozone likely to send more cash into the capital in coming months, the study said. Prices soared by 0.7pc month-on-month in London, showing the strongest uplift since February 2010.
The Help to Buy mortgage indemnity scheme which kicks in next January is expected to raise both house transaction levels and property prices. It has also emerged that the scheme, designed to generate £3.5bn of new lending, could be administered by 'bad banks' Northern Rock Asset Management and Bradford & Bingley, now in the umbrella of UK Asset Resolution.
House prices are being kept up by lack of stock - but affordability appears to be driving new buyers away. The latest Hometrack report, out this morning, says house prices rose by 0.3% this month, but stock volumes and the level of sales agreed were down.
There were 85,710 house sales in the UK last month, up from 81,390 in January and a 9.6% rise on February last year. The data is from HMRC which records transactions as they complete, for Stamp Duty reasons.
Question marks continue to be asked over the Budget initiatives for the housing market, with the launch next January of what have been described as 'Fannie Mae-style' government backed mortgages. From next January, taxpayers' money will be put behind efforts to encourage lenders to offer better access to low deposit mortgages on both secondhand and new homes worth up to £600,000.
In the UK, a new property portal with a difference has been launched, UKdealroom.com, the offspring of U.K.Property Professionals (UKPP). The new website does not sell property, but it does try to bring together developers with investors across the UK who are looking for investment opportunities from £100,000 up to £50 million.
It could be a long hot summer for the property industry as consumer laws are applied to estate and lettings agents for the first time, This could force them to disclose details that may make homes on the market far less appealing to would-be buyers and renters.
THE LENDER: Kim Rebecchi, Sales and marketing director, Leeds building society We very much welcome this. We know there are many first-time-buyers who can afford the mortgage repayments, but are unable to provide a large deposit. That is why we launched our Helping Hand 95% mortgages with a number of local authorities.
March 22, 2013 Forget hi-falutin adjectives and swathes of superlatives; according to some eye-catching research from the States, viewers of online property listings tend to hone in on a main image for no more than 20 seconds before completely losing concentration. Researchers at Old Dominion University at Norfolk, Va.
"I've had a few calls to discuss this, which is surprising given that the sort of people we deal with aren't usually associated with help getting a mortgage," he said. "Given the limit at £600,000 and lack of salary cap surely this is going to appeal to those wanting really quite nice property - for example three-bedroom flats and houses in Battersea and Wandsworth [in South-West London].
"We put landlords in contact with tenants and they conduct their own viewings, which enables you to meet the people who will be living in your investment." Online estate agencies such as eMoov offer a similar service to a high street lettings agent, taking photos, drawing floorplans and arranging viewings for a flat fee of £395 (excluding VAT).
We often talk about due diligence, mostly in the context of property deals. But there is a lot more to due diligence for landlords and it spans a lot of different areas. The importance of due diligence is simply this: One of the biggest mistakes that novice landlord's make is
Plans to offer state-backed mortgages were mired in confusion last night over whether they could be used by the wealthy to buy second homes. The Chancellor said the £130billion scheme was a 'big new step' that would help hundreds of thousands of families buy their own home or move home as their family grows.
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The Chancellor's £5.4 billion package of financial support to help the housing market announced in the Budget included the launch of two schemes under the Help to Buy banner - 'equity loan' (the Government will loan up to 20 per cent of the value of anew build home) and 'mortgage guarantee' (lenders will be given incentives to make more mortgages available for people with small deposits).
The uncertainty surrounding the introduction of a "mansion tax" is set to continue, with the levy likely to remain on the political agenda - despite Labour's recent defeat over the issue in the House of Commons - and on the minds of wealthy property owners for some time to come.
The Chancellor's new measures in the Budget aimed at boosting home ownership could have significant implications for 'Generation Rent'. The Help to Buy scheme will offer 95% mortgages on properties worth up to £600,000 from next January, and agents are saying that those keenest to take advantage will be tenants in the private rented sector.