Londoners’ pay squeezed most by crash years July 14, 2014 London incomes were hit harder than for any region in Great Britain in the aftermath of the financial crisis and recession, once the capital’s lofty housing costs are considered. Real median incomes dropped by around four per cent in London between 2007-08 to 2009-10 and 2010-11 to 2012-13, roughly in line with the UK average, [...]
Family Building Society pledges to support young homebuyers July 14, 2014 A new building society that aims to help young adults onto the property ladder by allowing family members to share the financial burden has launched today. The Family Building Society, an offshoot of the National Counties Building Society, joins a growing list of lenders and “challenger banks” looking to take on the traditional high street [...]
London Report: Unemployment figures set to show recovery July 14, 2014 UNEMPLOYMENT figures this week are expected to show that the number of people out of work has dropped again, as the UK recovery takes hold. Jobs data is likely to show an unemployment rate of 6.5 per cent in the three months to May, down from 6.9 per cent in the quarter to February. Despite [...]
UK house prices in graphs: For one London square metre you could buy a new car July 11, 2014 Buying a square metre of Kensington and Chelsea property now costs roughly the same as a new entry-level Ford Fiesta. With one square metre costing £10,854, the area is the most expensive local authority in the country to live in. According to data from Halifax, average house prices in this and six other London boroughs [...]
Housing boom shows signs of slowing down July 9, 2014 BRITAIN’S house price boom slowed down in June, according to figures published yesterday – but strong demand is expected to keep prices rising steadily. Prices jumped 8.8 per cent across the country in the 12 months to June, Halifax said, to an average of £183,462. However, in June alone prices slid 0.6 per cent, reflecting [...]
Average London house price to hit £500k next year July 8, 2014 The average house in London is likely to cost about £500,000 in just a year’s time, according to a forecast by professional services group PwC. PwC’s latest economic forecasts, to be released today, show that the average property price in the capital is expected to reach £565,000 by the end of this decade, with its [...]
Taylor Wimpey backs stricter mortgage rules July 7, 2014 Taylor Wimpey yesterday welcomed new Bank of England rules to temper the housing market as “a positive move” as the housebuilder delivered a strong first half of the year. The group said a strengthening housing market helped sales rates and prices of its new homes come in at the top end of forecasts, while operating [...]
Bottom Line: There’s still plenty of time to build on this bull run July 7, 2014 CRITICS of the government’s Help-to-Buy programme, which is often accused of doping up already-too-high house prices, sometimes refer to it as “Help-to-Sell”. The scheme, which either backs up or even contributes to mortgages, is certainly helping housebuilders to sell a few more properties and thus bolster their earnings. Such fortunes are reflected clearly in the [...]
Watchdog may probe banks on mortgage rates July 7, 2014 BANKS that hiked the rate of their floating rate mortgages might have acted unfairly to customers, the City watchdog warned yesterday. The Financial Conduct Authority (FCA) is asking borrowers and lenders if it is fair that banks can raise the rates on loans when they are stressed. Banks gave the mortgages before the crisis and did [...]
London report: Housing data to show soaring market levelling July 6, 2014 Housing prices are likely to be in focus this week, as two surveys show prices are still rising, though the market is levelling off. The RICS survey, published today, is expected to show less growth than in past months. Barclays’ Armela Mancellari said: “We expect the overall balance to have edged down [...]