Tenants will be able to have a greater say over their housing options and where they wish to live following a £1 million allocation announced by the homelessness minister Iain Wright. More than 30 councils and partner housing associations will be able to offer greater choice to new and existing tenants after bidding to develop
The rate of housebuilding in the Thames Gateway needs to double if the government is to meet its target of 160,000 homes by 2016, according to a critical report by the National Audit Office. The NAO says building rates are rising more slowly than in the rest of the South East and that ministers have
Meanwhile homeowners desperate to attract buyers have cut asking prices by an average of nearly £17,000 during the past fortnight. Experts say that the cuts indicate a realisation that the housing market is in a dire straight and reverses recent reported increases in prices by owners trying to offset discounts demanded by buyers. In some
Mortgage lending rose 7 per cent in October according to the Council of Mortgage Lenders (CML). The figure is 44 per cent lower than in October 2007 and the CML said lending would remain weak over the next few months despite the recent interest rate cuts as consumer confidence has been affected. It also warned
Housing minister Caroline Flint accidentally revealed that experts believe house prices could fall by ‘at best’ 5 to 10 per cent, and they also expressed concern over meeting the target of three million new houses. Photographed carrying notes into a Cabinet meeting at No10 yesterday, Ms Flint has shrugged off the incident and insisted that
Hopes of further cuts in interest rates may not amount to much as minutes from the Bank of England’s monetary policy committee meeting this month showed a three way split in the decision to cut the rate to 5 per cent. Two members voted to keep the rate the same, one wanted a large drop
Mortgage lending for house purchases has fallen to its lowest level on record in May according to figures out by the British Bankers Association (BBA). The number of mortgage approvals fell to just 28,000 last month, a fall of 20 per cent in one month and down 56 per cent in year-on-year figures. BBA’s figures
Homeownership in England fell for the second year in a row last year, to its lowest level since 1998. The number of owner-occupiers dropped by 83,000 to 14.54 million, bringing the rate of owner-occupation down to 69.8 per cent, from 70.3 per cent. The main reason for the drop was put down to high prices
The Council of Mortgage Lenders (CML), which forecast that repossessions in 2007 would reach at least 30,000, has reported the figure was 10 per cent lower than expected. However, the figure still represents an eight-year high. The CML believes that the ‘payment shock’ is likely to have less impact than expected as a result of
ROOF’s Affordability Index hit the headlines today. The average price for a first-time property rose from just over £52,000 to nearly £160,000 in the decade to 2007. Mortgage payments took up almost 21 per cent of an average household’s income in 2007, compared to 12 per cent in 1997, while the average first-time buyer’s home