Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it
Average Price of a Home down to £162,228 |
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Thursday, 02 February 2012 11:04 |
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House prices fell by 0.2% for the second month in succession during January, but are expected to remain relatively stable in 2012. The monthly fall means that at the end of January the average price of a home in the UK was £162,228. The figures from Nationwide show that annually, house prices have increased by 0.6%. Nationwide believe that the lack of new homes coming onto the market is helping to support house prices, with only a sideways or modest fall in values predicted to take place in the coming months. |
Boost for buy-to-let sector |
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Thursday, 02 February 2012 10:58 |
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The buy-to-let market has continued its recent upward curve of momentum, with the number of mortgages available the largest at any time since the credit crisis began, research from Moneyfacts Group has found. There are 486 buy-to-let mortgage products available to landlords, a number which has consistently increased in recent times. Two years ago, there were 243 buy-to-let mortgages - exactly half the number there is currently. The market has also expanded considerably from one year ago when there were 386 buy-to-let deals to be had. "During the peak of the credit crisis the number of buy-to-let deals shrank considerably as lenders saw it as a high risk area of the market," Louise Holmes, spokesperson for Moneyfacts Group said. " As the number of buy-to-let deals has increased, so the average rate charged on the mortgages has fallen. Two years ago, the average rate of a buy-to-let mortgage was 5.31%, falling to 5.00% 12 months ago; today, the average rate of a buy-to-let mortgage is 4.79%. "These latest figures, particularly a reduction in the average rate, should make pleasing and encouraging reading for landlords and property investors," added Ms Holmes. |
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Buying 16pc cheaper than renting |
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Monday, 30 January 2012 11:56 |
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Buying a home in the UK is £116 a month cheaper on average than renting, research from Halifax reveals. The typical monthly cost of buying a three bedroom house in the UK was £600 in December 2011.Three years ago the average cost of buying was 29% higher than the average rent paid. But homebuying costs have fallen by more than a quarter since 2008. The mortgage rate for a new borrower has been reduced to an average of 3.63% in 2011 from 5.75% in 2008, while the average house price has dropped by 11% over the same period. The average cost of renting has risen by 9% since 2009. Halifax said the higher demand for rental property, driven partly by the difficulties for potential buyers entering the housing market, has pushed up rents.Over the past year, buying costs have dropped by 5% whilst the typical cost of renting has risen by 5%, continuing the trends seen in 2010 |
Reminder on Stamp Duty holiday |
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Friday, 27 January 2012 11:59 |
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Estate agents have issued a reminder to first time buyers that the Government’s holiday on Stamp Duty Land Tax will come to an end in two months’ time, on Saturday 24th March 2012.Wendy Evans Scott, president of the NAEA said: “With only two months remaining, first time buyers must act quickly to avoid paying Stamp Duty Land Tax on their first home purchase. If you’re currently in a chain and waiting to complete your purchase then make sure that others in the chain know about the end of the tax holiday too. Good communication with your solicitor can help move the process forward, helping you beat the 24th March cut-off.”After the tax exemption has come to an end first time buyers will face a tax of one per cent on house. |
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