Findaproperty.com rental index shows a 1.3% decrease in rent levels for the UK in December 2009, this is still 3% lower than a year ago. Supply levels are 1.7% higher than last month and an average property takes 56 days to rent.
See www.findaproperty.com for full information
Analysts at Moody’s have proposed a new misery index based on both unemployment and unmanageable debt leading to economic misery. The index uses the unemployment rate and the fiscal deficit as a percent of gross domestic product to calculate figures.
This measure, Moody’s says, is intended to reflect the expected challenges facing some major economics over the next decade.
The index value in the United States and United Kingdom is high, but then it’s much worse in places like Spain, Latvia, Ireland and Greece. Which is perhaps not terribly comforting.
For the full story see http://economix.blogs.nytimes.com/2009/12/15/a-new-misery-index
Martin Ellis, Halifax housing economist, commented
“House prices increased by 1.4% in November. This was the fifth successive monthly rise with prices more than 4% higher over the first eleven months of the year.
Somewhat higher demand has combined with a low level of properties available for sale to push up prices. Further ahead, the prospects for the market will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale. Overall, our view is that house prices will be flat during 2010.”
See www.lloydsbankinggroup.com for the full report
The number of loans for house purchase in the UK reached 55,000 in October 2009, its highest level since December 2007, according to new data released by the Council of Mortgage Lenders. The amount of buyers has risen from a low in January 2009 when only 23,000 loans were advanced. It is now up 140% from that low point. For the full story see the following link http://www.cml.org.uk/cml/media/press/2489
The number of new mortgages approved by the main banks for house purchase grew slightly in October.
(Source: http://news.bbc.co.uk/1/hi/business/8375865.stm)
The Bank of England, along with 5 other central banks have cut their interest rates on Wednesday 8th October by half a percentage point as an attempt to stable the stumbling global economy.
The impulsive verdict, a day earlier than expected came as the Treasury announced a £50 billion bail-out of the banking system. (more…)
OPP magazine reported the successful trend of the Cyprus Property Market. Investment, increased construction and rising tourism all add up to a market predicted to weather current economic conditions.
UK house prices fell a further 1.7 per cent in September, according to the latest figures from Nationwide, leaving them 12.4 per cent lower than a year ago – the sharpest annual drop since 1991.
New research shows the majority of landlords declare students are punctual rent payers, who look after their property. According to the latest survey from buy-to-let lender Paragon, landlords are more than satisfied with their student tenants.
According to a current Knight Frank global survey of property trends, it’s been established that property prices in Cyprus have increased by 12.5 percent in the second quarter of 2008.