The buy-to-let property market is still buoyant according to the Council of Mortgage Lenders (CML). The number of buy-to-let loans rose by 23 per cent last year, and accounted for 10.3 per cent of all outstanding mortgages. Lending to such landlords is a lower risk than to homebuyers generally, the CML indicated, as buy-to-let landlords
Hazel Blears will be the new secretary of state for Communities and Local Government. The former minister of state at the Home Office, who came sixth in the contest for the deputy Labour leadership, will replace Ruth Kelly, who moves to Transport. An ex Old Labour firebrand who opposed the abolition of Clause 4 –
House prices fell for a fifth month in succession, according to the latest house price index by Hometrack. In February the average property price was down 0.2 per cent, bringing the annual rate of growth to 1.4 per cent, the lowest level since April 2006. The largest falls were in the East Midlands and South
The Council of Mortgage Lenders released figures for May showing that the number of loans for home purchases remains low at 52,700. This is a slight rise of 4 per cent from April, but 44 per cent down in the year since May 2007. Figures for remortgaging are also down – 14 per cent on
A Treasury report looking at ways of reviving the mortgage market and headed by Sir James Crosby, has been released today. The report warns there is no quick fix and predicts that the shortage of mortgage finance will continue throughout this year and into 2010. It suggests ways of propping up mortgage lenders by allowing
As the first-year anniversary of the credit crunch arrived, construction activity in Britain continued to fall. The Chartered Institute of Purchasing and Supply construction managers’ index fell for the fifth month in a row and during July fell at its fastest rate since 1997, while the housing activity sub-index also fell for an eighth consecutive
Yesterday figures from the British Bankers’ Association revealed that the UK mortgage market is subdued despite a slight recovery in April. More than 38,000 new mortgages were approved for house purchases in April, up from 35,500 in March, but the figure was down 39.4 per cent from the same time a year ago. The figures
The Council of Mortgage Lenders (CML) released data yesterday showing that lending fell to £30.7 billion in November, down 8 per cent from the same time last year. It is the first year-on-year fall since 2005 that clearly ‘demonstrates the market slowdown has started’. CML expect the downward trend to continue next year and called
Bank of England governor Mervyn King ruled out an extension to the special liquidity scheme and warned the government not to try to offset the mortgage lending drought by bankrolling the market. He said any public sector funding would ‘severely undermine’ attempts by banks to balance their books. Speaking at a Treasury select committee he
Figures published by the department for Communities and Local Government show there is enough brownfield land in England to accommodate more than one million homes. Of the land suitable for housing, just over half was currently in use, while the rest is vacant or derelict. The report added that although the amount of brownfield land