The British Bankers Organisation has reported on 26th May, that “Overall lending to companies remains subdued, although the annual rate of contraction appears to have bottomed out.”
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Author: News_Desk
Property Market Fact File – May 2010
The monthly property market survey fact file from the Propertysurveying.co.uk team collating survey data from the building and property market. To read click here.
Coalition Government Property Proposals
The Coalition Government has issued a list of things they plan to do while in Parliament.
Some of this agenda will directly affect property, for example lifting the ban on tenants running businesses from home, and the installation of smart meters in homes.
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HIPs have been suspended
The government has today announced that Home Information Packs are to be suspended from 21st May 2010. This confirms the Conservative Party’s intention stated prior to the election. The Energy Performance Certificates will continue, as they are a European Union directive, and will be valid for 10 years.
Private Water Supplies Regulations Change
From January, 2010, there has been a reshaping of the law forcing Local Authorities to carry out a risk assessment and to test all Private Water Supplies in England and Wales.
This will affect every property with a private water supply, except an individual (non commercial) property where the owner has not requested an assessment.    To read more click here.
March Property Lending Figures Released
The rate of the recovery appears to have stalled according to figures released by the Bank of England for March 2010.
The net lending secured on dwellings increased by £0.3 billion, well below the February increase of £1.8 billion and the previous six-month average of £1.5 billion. The twelve-month growth rate was unchanged, at 1.0%.
Gross Mortgage Lending of property market increases.
The Council of Mortgage Lenders have published survey data which shows that gross mortgage lending on buildings, property and land in the UK was approx.£11.5 billion in March, up by 24% on February (£9.3 billion). To read more, click here.
Source: Council of Mortgage Lenders. 19/4/10
Inflation Figures released for March 2010.
The Consumer Prices Index, which is used by the government to measure the annual inflation rate, rose to 3.4% last month (March). It was 3% in February. The increased price of petrol and diesel, and the knock-on effects of this on other sectors, is blamed for the increase. Also, the bad weather in January forced the price of certain produce up, as some vegetables became more scarce as a result.
Source: Office for National Statistics 20/4/10
Property Market Survey Fact File April 2010
The monthly property market survey fact file from the Propertysurveying.co.uk team collating survey data from the building and property market. To read click here.
Bank of England Maintains Bank Rate
The Bank of England has maintained the help to the economy and the property market by leaving bank rate at 0.5% for another month. Â
The Bank Rate was previously changed by a reduction of 0.5 percentage points to the current 0.5% on 5 March 2009. This will no doubt encourage the property mortgage rate for the majority of lenders to stay at relatively low levels.Â
Building Survey and Valuation data has shown that the general property market is relatively active for those able to pay larger deposits. The extent of the recent stamp duty changes on property sales has yet to be accurately established.  Many lenders are charging higher rates and limiting the availability of funds to those with smaller deposits available for property purchases.
8 April 2010