Buy to let investors are under tremendous pressure as much as mortgage lenders due to surge in arrears. The latest data from the National Landlords Association indicates that 74% of calls seeking advice pertain to tenants not paying rent. Read the rest of this entry »
The housing downturn has hit house builder Redrow very hard, as its sales tumbled down by 50% and revenues fell sharply.
According to company report, number of completed home sales was 1,042, as against 2,111 sold in the same period in 2007. Read the rest of this entry »
There are 304 property companies facing financial crisis and many of them are on the verge of insolvency.
The figures given by Begbies Traynor’s early warning system, ‘Red Flag’, indicate sharp rise in number of companies in critical condition from 185 in 3rd quarter to 221 in 4th quarter of 2008. Read the rest of this entry »
The British Bankers’ Association has revealed slight increase in number of mortgage approvals in month of January.
BBA reported that banks had sanctioned 23,376 mortgages in January, the highest number in last four months and up from 22,416 that were approved in December 2008. But the number is still less by 43% when compared with January 2008. Read the rest of this entry »
The rise in home repossessions is alarming as revealed in the data by the Council of Mortgage Lenders (CML). A large number of homeowners in the UK are losing their property.
Repossessions in the year 2008 rose by 54% to 40,000, making it a 12-year high, although this figure was less than forecasted by the CML. Read the rest of this entry »
The credit crunch, which forced most building societies and banks to withdraw 100% lending, are being called by the Prime Minister Gordon Brown and Chancellor Alistair Darling not to provide these types of loans, once lending conditions normalise. Read the rest of this entry »
Latest data from the Council of Mortgage Lenders (CML) reveals that new buy-to-let lending continued to go down in the fourth quarter.
Compared to third quarter, volume was down by 12% to 37,000 and value declined by 19% to £3.9bn. When annualised, the fall amounts to 56% and 65% by volume and value respectively. Read the rest of this entry »
The increase in repossessions and mortgage arrears reported by the Council of Mortgage Lenders (CML) is making tenants worried as they are paying rent regularly but landlords could be failing to pay their mortgages on time.
CML has observed that repossessions of properties where tenants are staying, generally takes place when homeowners fail to obtain permission from their lenders for letting. Read the rest of this entry »
Aspiring landlords are being advised by the Edinburgh-based Braemore Property Management to keep their properties in order before joining rental market.
As a result of housing market downturn, a new type of landlords is emerging nationwide, since people who are unable to find buyers for their homes are opting to let their properties out. Read the rest of this entry »
Government-owned Northern Rock, aiming to kick-start lending, is going to offer mortgage loans of up to 90% of property value to the struggling first-time buyers.
Northern Rock had faced severe criticism for irresponsible lending when it started offering 100% mortgages. Read the rest of this entry »