Housing deposits in the UK have risen considerably over the last two decades, new research by First Direct has revealed.
The study showed such payments have increased tenfold since 1990, with a combination of house price escalation and reductions in mortgage lending to blame for the trend.
According to the investigation, the average housing deposit has increased from £6,793 to £65,924 over the last 20 years and Bruno Genovese, senior savings product manager at First Direct - a division of HSBC Bank - said such movement is why first-time buyers are getting older.
The battle over controversial new planning laws that campaigners say could allow developers a free run at building in the countryside has heated up, as George Osborne claims reforms are vital for the economy.
It has been reported that the Chancellor has said ministers will not bow to pressure to change the new planning guidelines that would make it much easier for developers to build on green land.
In a joint article for the Financial Times with Communities Secretary Eric Pickles, Mr Osborne insists: ‘When planning acts as an arbitrary brake on growth, on the new jobs and new businesses
EDF Energy is to raise gas prices by 15.4% and electricity prices by 4.5% from 10 November, the company has announced.
It is the last of the "big six" energy companies to announce increases in prices for domestic customers.
It said it had absorbed wholesale price rises for as long as possible before being forced to raise costs for customers.
Regulator Ofgem is studying whether higher prices are justified.
"We have absorbed rising wholesale energy, network and other costs as long as possible but must reluctantly now pass some of these through to consumers," said Vincent de Rivaz
A new mortgage verification scheme to combat fraud was launched nationwide in the UK on 1st September following a successful pilot, according to a latest report from Property Investor News.
HM Revenue & Customs, the Council of Mortgage Lenders and the Building Societies Association have worked together on the development of the Mortgage Verification Scheme and see it as an important additional tool to help beat fraud.
The National Fraud Authority estimates the cost of mortgage fraud was £1bn last year, so measures to tackle it are important.
The National Home Improvement Show is the UK's leading event for home improvers bringing together high quality suppliers, designers and experts in one place, making it the perfect opportunity for anyone planning a project to find out all they need to know. It's your chance to progress your ideas, find inspiration, and create your perfect home.
No other event delivers such an in-depth programme of seminars, masterclasses and expert advice in one place, at one time. Topics covered include planning permission, adding value on a budget, loft and basement conversion, kitchen design, and making
House prices showed a marginal increase on a quarterly basis last month, new Halifax figures have shown, while falls in mortgage rates have improved accessibility to the housing market.
Data from the lender revealed values were one per cent higher in August than in the previous three months, with the average cost of a home now standing at £161,743.
However, prices were down 1.2 per cent on a monthly basis, following three consecutive months of rises.
Martin Ellis, housing economist at Halifax, noted the quarterly figure is "more reliable" as it "smoothes out some of the monthly
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It has been reported this week that Aldermore Bank has launched a 100% mortgage deal which will allow homebuyers to borrow the full amount of a property’s value, without putting down a cash deposit.
The small bank, which was launched in 2009, is the first lender to offer a new mortgage at 100 per cent since the widespread withdrawal of these high loan-to-value (LTV) deals during the financial crisis. But to obtain the loan, potential homebuyers will need to secure a guarantor, such as a parent, grandparent or guardian, who is willing to support it.
Our auctioneer partner, Auction House London had a fantastic auction on Tuesday with a sale rate of 91% (20 lots sold from 22 offered) in front of a very busy auction room. There were several lots that did particularly well but we think they may have set a new auction record with lot 25 - the three bed house in Camberwell that sold for £100,500 off a guide price of just £17,500. The reserve price was no higher than the guide price, so the vendor would have been happy with £17,500! But with an eventual sale price at almost 6 times that figure, as you can imagine, the vendor was very pleased
We're no Mystic Meg, however we do want to draw your attention to the recent (and somewhat varying) house price predictions from some of the property market experts:
The NIESR says house prices will fall 10.5 per cent in real terms over five years, down 4.5 per cent this year and 1.5 per cent in each subsequent year.
Rightmove says asking prices will slip in 2011 - predicting a 5 per cent fall over the year
Howard Archer, chief UK economist at analysts IHS Global Insight, suggests prices will be 10 per cent lower than their mid 2010 levels by the end of 2011
RICS forecasts a
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