House prices down in most regions finds Land Registry

Average house prices in England and Wales saw an annual fall in February, the Land Registry has said, but prices in London and the East of England rose.
The body said the average home in England and Wales fell in value by 1.7% in the year to February, to £162,215.

But house prices in London were up [...]

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Scheme designed to help cash strapped first time buyers could subsidise housebuilders

Campaigners are warning that George Osborne’s “Firstbuy” scheme to help cash strapped young voters onto the property ladder is a subsidy for housebuilders that could lock vulnerable buyers into a falling market.
The £250m scheme, under which homebuyers with a 5% deposit will be able to borrow a further 20% of the price of a new [...]

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Mortgage lending stalled during February as buyers continued to sit on their hands

A total of £9.5 billion was advanced during the month, broadly in line with January’s one year low of £9.48 billion, the Council of Mortgage Lenders said.
The lenders said that although it had seen a seasonal pick-up in interest from property-buyers during the past few weeks, demand was weaker than a year ago, despite the [...]

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New scheme launched to protect home renters

A new project has been launched as the number of complaints against estate agents was described as “unacceptably” high by the Property Ombudsman, despite inactivity in the housing market.
Christopher Hamer said he had dealt with 1,338 new cases last year. This was a record number during the scheme’s 20-year existence.

Among the cases, which reach the [...]

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Councils to help first time buyers on to housing ladder

Councils are to help first time buyers get on the housing ladder by topping up their deposits.
Five councils are pioneering a scheme aimed at buyers who can afford the monthly mortgage repayments but do not have a lump sum saved up.

Many first-time buyers find it difficult to purchase a home because lenders are asking for [...]

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UK house prices are mixed picture govt figures show

UK house prices fell by by 1.4% in January compared with the previous month, government figures show.However, there were significant regional variations in the monthly data from the Department for Communities and Local Government (DCLG).

In the East of England, prices rose by 2.8% but there was a 3.6% fall in property values in Yorkshire and [...]

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Housing shortage crisis predicted by report

England is facing a “growing housing crisis”, according to a report which estimates a shortfall of 750,000 homes by 2025.
The country needs to build more homes even if the economy continues to stall, the Institute for Public Policy Research (IPPR) concludes.

It found the biggest shortfall would be in London, the South East of England, the [...]

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Bovis homebuilder doubles profits and resumes dividend payments

Profits at Bovis Homes more than doubled last year and the firm said it had had an “encouraging” start to 2011.
The housebuilder saw pre-tax profits rise from £7.5m to £18.5m, on revenues up 6% to £298.6m.

Bovis, which expects to open 33 sales outlets in 2011, said customer reservations had risen 11% in the first nine [...]

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Big slump in mortgage lending official lenders find

The number of new mortgages lent to house buyers slumped by 29% in January compared to December, the Council of Mortgage Lenders (CML) said.
At just 28,500 the figure was also 12% lower than in January last year.

The CML said the fall was larger than expected at the time of year and due to an “unusual [...]

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Bank of England Governor- banks putting profits before customers

Banks are trying to maximise short-term profit at the expense of customers, the Bank of England governor has said.
Mr King said that, over the past two decades, too many people in financial services had thought “if it’s possible to make money out of gullible or unsuspecting customers, that’s perfectly acceptable”.

He said: “Why do banks in [...]

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