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London property prices are now almost twice the average for England and Wales, according to research from a leading estate agent.
The latest Chesterton Humberts “Poll of polls” shows that the average price of a home in the capital has reached £338,583, compared with £174,367 elsewhere. London also stands out as the only part of England and Wales showing an annual increase in prices in the year to March – of 2.2%. Prices in Scotland held steady, with a “rise” of just 0.1%.
There has been a significant boost to mortgage lending, as the market emerged from “hibernation”.
According to the Council of Mortgage Lenders (CML), lending rose to £11.3 billion in March. That represents an increase of 21% on the previous month, and the highest total since November. The rise pushed lending for the first three months of 2011 just above the amount achieved in the first quarter of 2010.
There are fears that credit card borrowing could cost more in future. HBOS is to link the APR (annual percentage rate) charged on its credit cards to changes in Bank Rate – the base rate set by the Bank of England. Lloyds TSB (like HBOS, part of Lloyds Banking Group) is also reviewing its interest charges, and analysts warn that other lenders are likely to follow suit.
House prices rose slightly in the year to February, say official figures.
According to the Department for Communities and Local Government, average UK prices rose 0.7%, leaving the value of a typical home at £204, 164. That’s still well below levels seen before the credit crunch struck in 2008.
Latest house price figures show a rise of just 0.1% in March – so small as to be insignificant. According to the Halifax, the average UK house price reached £162,912 in the month.
Quarterly figures are viewed as giving a better indication of the underlying trend. These show a modest decline of 0.6% in the early part of 2011, compared with the last three months of 2010. And if the comparison is extended further, they reveal a drop of just under 3% over the past year.
(more…)The Bank of England is now widely expected to keep interest rates on hold this week.
Fresh economic worries have tilted the balance of opinion away from a rate rise to curb inflation. And it’s thought these doubts will be uppermost in the minds of the majority when the Bank’s Monetary Policy Committee (MPC) makes its monthly decision on Thursday.
(more…)The availability of mortgages is increasing, according to latest Bank of England research.
In its Credit Conditions Survey for the first quarter of 2011, the Bank found that lenders were showing a greater willingness to lend at high loan-to-value (LTV) ratios. That is to say, they were more prepared to lend upwards of 75% of a property’s value.
(more…)The number of those remortgaging is at its highest for more than two years, according to latest figures. And, to the surprise of some, there has been an increase in the number of mortgage approvals for house purchase.
Figures from the Bank of England show that there were 35,725 loans for remortgaging approved in February (up from 33,972 the previous month), and not far short of 47,000 loans for house purchase. The remortgaging total was the highest since 2008.
(more…)The Bank of England’s chief economist has called for a rise in interest rates to curb inflation, in a speech to financial leaders.
With the likelihood of the inflation rate staying high, Spencer Dale noted that by mid-2012 it would have been above the official target for more than six years. Higher interest rates were needed to stop rising costs becoming ingrained and continuing to push up prices.
(more…)It looks like 2011 could be a good year for anyone seeking to develop or improve property.
Sweeping reforms to the planning system are set out in the Budget and other government documents. The aim – to create far more favourable conditions for all kinds of development to help boost growth. There will now be a presumption in favour of “sustainable development” – which, in other words, doesn’t conflict with key environmental goals, set out at a national level.
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