Mortgage Rise Shows Market Recovery: Mortgage experts believe the housing market in the UK is seeing a steady recovery as figures show growth in how many people borrowed money to buy last month. Lending rose by 2% in May from the £16.2 billion in April according to the Council Of Mortgage Lenders. However the CML also pointed out that the figure was down 3% on this time last year. Mortgage lenders are currently offering some of their best deals in the hope of enticing people back in to the property market but they warn that a shortage of properties coming on to the market is hindering the process.
Economy Rise Sees Property Prices Soar: With retail spending rising 0.6% in the months from March to May and long-term unemployment falling to the lowest in the last five years economists are predicting that house prices will grow. A recent surge in wages is being sited as the key component to the house price rise with average pay increasing by 2.7% a year. The strong wage increase is likely to boost all areas of the economy with research group HIS Global expecting house prices to rise by 6% this year.
Source: Daily Mail
Old Over New Is Prevailing Opinion: Twice as many people would rather buy an old property over a new one according to a survey conducted by HomeOwners Alliance and BLP Insurance. The reasons cited are that new builds lack the character of more traditional housing but also many worry the build quality is not up to the expected standard of modern consumers. In an era where TVs and computers rarely last longer than a five year window is this assumption surprising? There are advantages to new builds though with lower running costs, aid in buying them with Help to Buy schemes and no hidden issues like old piping or wiring.
Source: Property Reporter
Houses Of Parliament Renovation: All houses need due care and attention, a bit of paint here a spot of repairs there, it's called maintaining a property. But it seems one such house has been neglected and it's a fairy famous one. The Houses Of Parliament are said to be in such a sad state of disrepair that there is a risk of such things as fires and roof collapse. The real issue is the potential cost to the taxpayer to restore the building. If the peers that call Parliament their primary place of work do not decant then it could cost up to £7.1 billion and take up to 32 years. The other option is to see members of Parliament leave the building for six years while it is restored at a cost of £3.9 billion. Makes you wonder what the cost of that leaky roof you have been worried about might cost.
Source: The Mirror
Destination Dorset: As house prices in London surge many people are looking to cash-in and head to the Dorset Coast. The advancement in technology means many people are now able to work remotely from home so do not feel the need to be sitting in potential gold mines of property. Buyers are finding that where they had a two-bedroom apartment in Peckham they can now afford a four bedroom detached house with garden on the coast. We do all love to be by the sea after all.
Source: Western Gazette