We Know Property

Controversial sale and rent back firms are to be investigated by the Office of Fair Trade (OFT) amid fears of a growing consumer scandal.    The Office of Fair Trading has announced a market study into the sale and rent back sector, where companies purchase troubled homeowner’s properties at below market value and then lease them back. Citizen’s Advice branded sale and rent back ‘a disaster in waiting’ last autumn and both the Council of Mortgage Lenders and charity Shelter have called for watchdogs to investigate the sector. (more…)

Statistical Service figures issued on 23 April confirmed the progress of the tourism industry in 2008, showing that arrivals in the first quarter totaled 228,962, 4.4 per cent up on the same period last year.

Revenue from tourism in January-March reached 2143.2 million, an increase of 1.8 per cent on the first quarter of 2007.Less positively, the figures revealed that average expenditure per tourist in Cyprus fell to 2622.3 in March 2008 compared with 2656.6 in March 2007. (more…)

The average UK homeowner is falling for the old adage “kitchens and bathrooms sell houses”, and believes spending money on either will add most to their asking price.

But according to estate agents, it’s loft conversions and extensions that are the real money-spinners.

In a recent study by lending specialist GE Money Home Lending, agents gave their top home improvement recommendations in terms of how much value it would add to a home in their area after costs. (more…)

The April edition of the Rightmove.co.uk House Price Index is now available, showing trends in asking prices up to 12th April 2008. Based on circa 90% of the property market, the House Price Index is the leading indicator of residential property prices in England and Wales. Click here to access your free copy of the report.

New Council of Mortgage Lenders (CML)  figures reveal positives and negatives about the UK mortgage market…

Mortgage lending for house purchase remained subdued in March but remortgaging levels held up well in the face of funding constraints, according to data released today by the Council of Mortgage Lenders. The number of loans for house purchase declined to 46,500 in March, down 1% from 47,200 in February and 48% from 89,000 in March 2007.

Gross mortgage lending was £75 billion in the first quarter, down from £83.9 billion in the first quarter of 2007. (more…)

LONDON (Reuters) - The government on Tuesday raised the basic income tax free allowance for this fiscal year at a cost of £2.7 billion as it tried to end a furore over the abolition of a tax rate that helped low earners.

The changes will all be paid through higher borrowing at a time when the public finances are already very tight and the government plans to issue a record amount of gilts this year.

The move, announced by chancellor Alistair Darling in an emergency statement to parliament, comes as the government’s popularity has slumped following voter anger over higher taxes, the rising cost of living and falling house prices. (more…)

The Cyprus Tourism Organisation (CTO) has reportedly been given the go ahead from the EU to provide support to airlines to introduce new routes to the island. The move from the EU and the Cypriot government is part of a strategy to bring in more tourists to help boost its flagging industry.“It’s a new scheme and it’s a transparent one, which is applicable to all European airlines, not just low-cost carriers,” said CTO director general Phoebe Katsouri in an interview with the Cyprus Mail. (more…)