The tech evolution of the mortgage market October 25, 2017 Babylon, 611 BC: the year of the first recorded loan using real estate as security. Written to Mr. Nabu-etir with an interest rate of 11.3 per cent, our ancient ancestors agreed to the financial instrument that survives two and a half thousand years on. Now this loan forms the bedrock of the modern financial system [...]
First-time home buyers come roaring back despite investor surge in March April 29, 2016 The number of first-time buyers soared to its highest level in nearly two years last month, according to Your Move, in a new study which counters claims that a surge in buy to let investors has squeezed out homeowners. Homes bought by newbies rose by 48 per cent between February and March to a total [...]
Property transactions were resilient throughout 2016 January 24, 2017 The number of property transactions fell 8.5 per cent year-on-year in December 2016 – but over the year as a whole, the market was resilient. Data from HM Revenue and Customs shows that there were 1,231,120 residential transactions last year, ahead of the number of transactions in both 2014 (1,225,120) and 2015 (1,225,970). However, the [...]
Thousands of £250,000 starter homes are about to be built (outside London) January 3, 2017 Housing minister Gavin Barwell has given the green light for the construction of thousands of new starter homes outside of the capital. Built on brownfield sites, the new homes are designed for first-time buyers between 23 and 40 years old, and will be sold at a discount of 20 per cent below market value, with [...]
The government’s assault on buy-to-let landlords is hurting tenants February 10, 2017 The bill for the government’s misguided war on buy-to-let is coming due. The Royal Institution of Chartered Surveyors (RICS) said yesterday that rents are likely to rise by 25 per cent over the next five years, outpacing house price growth, as landlords pare back their portfolios and tenants are left to fight over a diminishing supply [...]
Quarto turns the page as talks with mystery buyer end August 16, 2017 Shares in book publisher Quarto closed down 18 per cent today, after a brief flirtation with a mystery potential buyer came to an abrupt end. Just last week, the London-listed company announced that it was in talks with an unnamed potential bidder following an unsolicited approach. But this morning it said that discussions had been [...]
First-time buyers need £50k per year to get on the property ladder – GoCompare November 5, 2015 The average UK salary of £22,000 is less than half the average needed to get on the property ladder, research from comparison website GoCompare has found. On average a minimum household income of £50,000 is required, with a 90 per cent mortgage. Unsurprisingly, London was found to be the most unaffordable, with household incomes of [...]
Five things you should know before you buy a leasehold property January 21, 2017 In its effort to turn Generation Rent into Generation Buy, the Government has announced a £1.4bn fund to build 40,000 new ‘affordable homes’. Typically, these tend to be leasehold flats, especially for first-time buyers wanting to live in city centres. But how many buyers taking their first step on to the property ladder understand fully [...]
Budget 2017: Here’s how the Budget will affect landlords and the buy-to-let sector March 8, 2017 With the housing crisis in full throes, the last few years have been difficult ones to be a landlord – indeed, many have felt punished by measures such as an end to mortgage tax relief and higher stamp duty on buy-to-let homes. The good news for landlords was that today's Budget didn't include any further [...]
The MoD has issued a clarion call to developers as it mulls the future of Hyde Park Barracks February 21, 2017 The fate of Hyde Park Barracks, the central London barracks which plays host to the Household Cavalry, may be about to become clearer after the Ministry of Defence (MoD) issued a clarion call to the property industry. A notice issued by the Defence Infrastructure Organisation (DIO), the organisation in charge of managing the army's estates, has [...]