Selecting Your Tenants – the most important task for landlords and agents? Download the Full Newsletter Editorial: Vince Cable in his new book—”The Storm: The world Economic Crisis and What it Means”—quotes an old Arabic saying: “Those who claim to foresee the future are lying, even if by chance they are later proved right” He [...]
New database will provide homebuyers with prices that nearby houses sell for within a day of the exchange Julia Belgutay, TimesOnline.co.uk – 29 March 2009 Homeowners and buyers will soon be able to find out how much properties in their area have been exchanged for, free of charge, within 24 hours of the sale going [...]
Professional landlords are beginning to expand their property portfolios again as they make the most of house price falls, research has shown. Telegraph.co.uk – 30 Mar 2009 The number of letting agents who said buy-to-let investors were buying properties more than doubled during the first quarter of the year, rising from 3.5pc to 8.2pc, according [...]
The flood of new-build apartments at auction has dwindled but some lenders are off-loading repossessed homes as fast as they can. Lorna Blackwood, Times OnLine – 27 March 2009 Prices of city-centre flats in Manchester appear to have finally reached the bottom of the market. These apartments felt the brunt of the credit crunch, with [...]
When looking at the potential problem of repossession for private tenants, the Council of Mortgage Lenders believes it is important to distinguish between different groups of occupiers. CML Press Release – 27 March 2009 The largest group of private tenants will have a landlord who has taken out a buy-to-let mortgage. If the landlord fails [...]
A total of 46,750 properties in the UK were repossessed during 2008 – an increase of 68% on 2007 figures, according to the financial services authority (FSA). Deirdre Hipwell, Property Week – 27 March 2009 However, it said banks are taking measures to avoid ejecting homeowners from their properties where possible meaning that many of [...]
David Salusbury, Chairman, National Landlords Association has personally encouraged landlords in the UK to stay focused, ‘keep calm and carry on’ during the recession. HousingNews.co.uk – 27 March 2009 Speaking in the latest edition of UK Landlord, Mr Salusbury reiterated the need for landlords not to over-extend themselves financially. Although he confirmed rental demand remains [...]
The Serious Fraud Office (SFO) and City of London Police are investigating an alleged fraud on Allied Irish Banks‘(AIB) corporate banking department. Georgie Hobbs, Property Week – 26 March 2009 Yesterday, it searched the central London-based business address and two residential addresses of the unnamed suspect. Between 2003 and 2007 Allied Irish Bank provided loans [...]
House builders are considering their options to deal with the large number of customers expected to default on off-plan deals signed before house prices crashed. Heating & Ventilation News – 19 March 2009 With a wave of developments started before the credit crunch hit set to be completed this year, one of the major listed [...]
The Financial Services Authority (FSA) has today published the Turner Review of global banking regulation. Lord Turner, chairman of the FSA, was asked by the Chancellor of the Exchequer to review the events that led to the financial crisis and to recommend reforms. FSA Press Release – 18 March 2009 The Review identifies three underlying [...]
