TRENDS SPENDS
Property market remains flat The property market is set to be stagnant for much of 2011, after average property prices rose just 0.4 per cent month-on-month at the end of 2010, reversing the 0.3 per cent decline in prices in November. Housing for first-time buyers will be at its most affordable in eight years as house prices slow and mortgage interest rates remain at an all-time low. However, with the average first-time buyer needing a deposit of £31,500, according to the Council of Mortgage Lenders (CML), buying rates will remain sluggish. Martin Gahbauer, chief economist, says, ‘Despite December’s increase, house prices have fallen in four out of the last six months and it would be premature to suggest that the recent downward trend has been broken on the basis of one month’s figures.’ His prediction for the year ahead? ‘A relatively stable picture, with the possibility of a small price decline.’
?
London & Country launch mortgage app
A free download that offers users market- leading mortgage rates has been launched. The app also offers a mortgage calculator that provide borrowers with the assistance they need when trying to work out how much can be borrowed, monthly costs, and the impact of rate changes. Designed by mortgage broker London & Country, the app also incorporates a one-minute mortgage check, a blog that provides all the latest news and a comparison tool that allows for existing mortgage deals to be checked against the current market. Download the app from
www.apple.com.
Newsflash
Stay one-step ahead with the latest home news and events
Squatting to become illegal
For the first time in England and Wales squatting will be made illegal with squatters facing prison sentences should they take over empty properties. Justice Secretary Kenneth Clarke has vowed to turn squatting from a civil offence into a criminal offence after an increasing number of home owners have succumbed to squatters taking over their homes and enduring lengthy court cases
Home repossessions fall The number of homes repossessed fell by 24 per cent in 2010 to 36,300, according to the Council of Mortgage Lenders (CML). In the final quarter of 2010 home repossessions were down 26 per cent on the same period in 2009, the fifth consecutive quarterly decline. Low interest rates were attributed for the decreasing number of repossessions. However, it’s not
all good news for homeowners, as the CML are warning repossessions are likely to climb again, due to a predicted rise in interest rates and growing unemployment levels. The CML’s director general, Michael Coogan says, ‘As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have meant reductions in the level of public support available. We will be monitoring developments closely, but at present we continue to expect the number of arrears and repossessions to be in line with our forecasts of 40,000 repossessions and 180,000 arrears cases at the end of 2011.’
CELEBRITY ANGELS 2011 15
in an effort to have the squatters removed from their property. It is estimated that there are 100,000 incidents of squatting every year with celebrity’s even experiencing the problem, such as film director Guy Ritchie who had his £6 million house in Bloomsbury Square taken over by renowned squatter group, The Really Free School. With the introduction of the new law police will be given the authority to force an entry and arrest those who have occupied the property.
Dorset’s first Property &
Architecture Awards Over 20 per cent of Dorset’s businesses are in some form involved in the construction industry, hence the County’s first Property & Architecture Awards, which took place in February. Celebrating winners in 10 categories, the Awards are sponsored by Bournemouth-based planning consultants, Planning Solutions. The event attracted high levels of interest from the sector and organisers are already looking at evolving the awards in 2012. For more information, visit
www.propertyawards.org or call 01202 375862.
© ISTOCK PHOTO: FAZON 1; AMY SMITH; LUCY CLARK/ WORDS BY FIONA FORMAN AND JAMES MASSOUD
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17