News Review - May 22nd 2009 |
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A lot of mixed messages in the property news this week - some horrible results for British Land (the largest portfolio owner in the UK) with a 64% decline in net asset value, buy to let lending is down again, but on the other hand, residential property asking prices are up 2.4% according to Rightmove, gazumping is back in London and the South East and rates look like they'll stay on hold for a while to come yet. Latest NewsGood news for homeowners as Bank of England reveals interest rates won't rise for months according to the Daily Mail's interepretation of the minutes of the Monetary Policy Committe. Anatole Kaletsky, a highly respected economist with the Times, thinks the housing market may just be on the turn Landlords lose deposits as lettings agents go bust. The tenancy deposit scheme only protects the tenant it seems. Just 22,400 buy to let mortgages were advanced in the first quarter of this year - down over a third on the previous quarter. Imagine a lender that only charges you an arrangement fee that reflects their true costs and donates any late payment fines to charity... There's a lot to be said for Islamic mortgages... Asking prices in England and Wales rise by 2.4% in May - although I think this might be a triumph of optimism over reality. Especially given that mortgage lending fell by £1bn in April on the previous month. It looks like gazumping is back though with a shortage of property on the market. |