After several months looking as if a recovery was on the way, the property market is suffering again with average house prices down, data from SmartNewHomes.com reveals.The average price of a new home in September was 255,916, down 5.3% since the same month last year. This is the sixth consecutive month of negative annual price inflation and represents a sharp decrease on last month’s average price, down 2.3%. Prices are also down an average 2.1% as compared with the last quarter – the first quarterly decrease since May 2005. Regionally, only Scotland, Wales and East Anglia escaped the downturn, seeing positive price growth over the past year. London remains the most expensive region with prices rising yet further over the past few months. The East Midlands has the cheapest average new home price but remains one of the least popular regions, with more people moving out than in. This pattern is duplicated in the West Midlands and London. Scotland, the South-West and Yorkshire and Humberside experienced the reverse trend with the influx of home buyers outnumbering departures. David Bexon, managing director of SmartNewHomes.com, says: “Though we expect house prices to pick up after the summer slowdown, we have seen a further downturn. This could be due to a number of factors with the pressure on the economy from the global oil crisis, limited consumer confidence and reduced high street spending all contributing.”
The Environment Agency commented this week that millions of UK homes are at risk of flooding. The Royal Institute of Chartered Surveyors supports the idea of encouraging home owners to minimise damage in the event of a flood. However, there are wider issues to be considered by DEFRA and the Environment Agency. Tight resources mean […]
Though the number of ARs has remained pretty static the FSA web register shows the number of networks is falling – a trend that seems likely to continue, says Richard Griffiths
Mortgage Intelligence has secured a buy-to-let exclusive with a 4.5% fixed rate for three years and no arrangement fee. At the end of three years, the rate reverts to base rate plus 1.5% for a further two years. At the end of the fix there is a two-year redemption with a discount, so it reverts […]
Pink Home Loans has launched a shared exclusive buy-to-let lifetime tracker product funded by BM Solutions. The product offers a rate of 4.89% for the life of the mortgage and rental payment is calculated on an interest-only basis.
Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]
News and expert analysis straight to your inboxSign up