| Bradford
& Bingley Profits dive predicted |
| Half year results from major housebuilders and
under-pressure lender Bradford & Bingley will
be closely watched this week for signs of any
further deterioration in economic conditions.
|
| Brittania
suffers as mortgage arrears soar |
| Britain's second biggest building
society today admitted that profits had plummeted
due to the rising numbers of people falling into
arrears with their mortgage repayments. For every
100 Britannia mortgage customers, just under two
have |
| Buy
to let failures double |
| Soaring numbers of buy to let landlords
are struggling to pay their loans or having their
properties repossessed. In the first half of 2008,
nearly 1,800 buy-to-let properties were repossessed,
twice as many as the same period last year. |
| buy-to-let
investors staring at negative equity |
Around 200,000 buy-to-let investors have lost
up to 90 per cent of the cash they put into
their properties, new research has shown. With
house prices falling at their fastest rate since
records began in 1973, these losses look set
to get even bigger
|
| Buy-to-let
yields at highest level in over 2 years |
The buy-to-let market was still
looking healthy in June, thanks to a combination
of strong tenant demand and steady rents, says
Paragon Mortgages. The average annual rental income
growth eased slightly from just under 12 per cent
in May to |
| Commercial
property provides a glimmer |
|
There are signs that the commercial property
sector is emerging from the doldrums, with the
launch of an investment trust and Scottish Widows
lifting the redemption period on its funds.
Commercial loan funding of £30m from Royal
Ban
|
| Commercial
property sales halved globally |
| World sales of major commercial property
fell 49 percent to $306 billion in the first six
months of 2008 from the same period last year, as
sales in developed countries were hit hard by the
credit crisis and slowing economies, a report |
| Concerns
raised over estate agents and Hips
|
| A number of estate agents have
been accused of breaking the law by not providing
prospective buyers with Home Information Packs
(Hips). The BBC has claimed that sellers are reluctant
to pay for the packs, which can cost up to 400
GBP, especially as |
| Fire
service left with headache of £10m loan
|
| South Wales Fire & Rescue Service
has been saddled with a £10m loan after the
sale of its headquarters collapsed, its departing
chief fire officer has revealed. The service took
out the bridging loan to buy and refit its new headquarters,
at the |
| Long
term care operator and the bridging loan |
| Southern Cross, Britain's largest
operator of long term care nursing homes, commented
yesterday earnings were running 8% better than
last year, but admitted that it had still failed
to resolve long-term funding issues. |
| Mortgage
lenders too hasty to repossess |
| The number of house repossessions
by mortgage lenders climbed by 40% to more than
9000 in the first quarter of the year, new official
figures have confirmed. The figures from the FSA
(Financial Services Authority) appear to suggest
a much |
| Mortgage
lending down 27% in july year on year |
| Gross mortgage lending totalled
an estimated £24.8 billion in July, up 5%
from June but down 27% from July 2007, according
to the Council of Mortgage Lenders in its recent
commentary. |
| Mortgage
possession latest |
| During the second quarter of 2008
39,078 mortgage possession claims were issued
on a seasonally adjusted basis, 17% higher than
in the second quarter of 2007 and with no change
than in the first quarter of 2008. |
| NLA
proposes draft sale and rentback code |
| The National Landlords Association
(NLA), is asking for opinions on its draft Code
of Practice for landlords involved in the somewhat
controversial sale and rent back market. The draft
Code can be downloaded in full from www.nlarentback.org.uk
|
| Shared
ownership schemes proving popular |
| As lending criteria becomes more stricter
and borrowers are expected to raise larger deposits,
shared ownership schemes are offering the giving
first-time buyer a lifeline to get onto the property
ladder. Many first-time buyers throughout the UK
|
| Tenants
falling behind on rent |
| A growing number of private tenants
in the UK are falling behind with their rent, potentially
damaging the ability of landlords to pay creditors,
insurance group AXA commented on Saturday. |
| UK
property slump means more homes to let |
| The West Midlands lettings market,
not unlike the whole UK market, is booming as
a deteriorating housing market forces would-be
sellers to rent properties, according to a survey. |
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