Property value of the over 60’s has risen since May 2012. ONS figures revealed in August that the nation’s pensioners own property worth more than £750 billion. Nationally, properties gained an average of £2,956 per building, or £13.66 billion nationwide. This comes at a time when by comparison to this time last year, national property values have grown by 2.3%.
A new independent research paper by Professor Michael Ball at the University of Reading, entitled Renting in London: The Coming Boom, claims that the lack of housing supply in the capital is expected to push rents up significantly over the next 10 years.
Rental costs across England and Wales hit a further new high in October suggests new data released by LSL Property Services although the pace of rent increases has slowed. LSL, the parent company of Capital Fortune’s mortgage network Home Loan Partnership said that the "heat" had come off the UK rental market as the busy period of new tenants has now subsided.
The market for UK expat mortgages has tightened further in the last week with the withdrawal of Halifax, Birmingham Midshires and Lloyds TSB Spearhead from the market. The lender has said it is reviewing policy before deciding on the next steps forward.
The shortage of national credit has caused many would be home movers to look at their current property’s development potential before looking at purchasing a new property. People generally commence a ‘financial lifecycle’ often buying a small flat in the early years, moving to their first house when they get married, a bigger house as they have children, then a larger house out in the suburbs as the kids reach school age, swapping the ease of the commute for greater property value. However, the standard norms of home moving may be radically changing as financial insecurity, coupled with the availability of new mortgage credit is starting to hit home.
The Association of Mortgage Intermediaries has issued its recent Economic Bulletin which focuses on the UK Economy, Housing and Mortgage Market. With the economy emerging out of recession, an environment of low rate mortgages, positive news on inflation, improvements in the balance of trade and employment, AMI feel that consumer confidence will start to improve. They state however that there still remain fears based upon job security and the lack of pay awards.
HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering. The bank issued a statement after the Daily Telegraph newspaper said it was at the centre of a major investigation by HM Revenue and Customs (HMRC).
New data released by the Council of Mortgage Lenders (CML) indicate that the number of mortgage possessions has fallen again in , the period between July and September.