UK Property Weekly update – 6 december 2009
Posted by: John Cooper / Category: Weekly SummaryProperties Repossessed Every 11 Minutes
Research by the debt organisation Credit Action has revealed that a new property is repossessed every 11 and half minutes – a startling figure considering credit card lending has gone down.
Yet, despite stricter budgeting endeavours by the general public, more than 9,300 people are believed to be visiting Citizens Advice every day as they struggle to cope with their personal debts.
Mill Group Launch First Time Buyer Fund
Property specialists Mill Group have launched a £500m UK residential property fund in a bid to help first time buyers get onto the property ladder.
Dubbed ‘The Investors in Housing fund’, under this scheme Mill Group will help buyers to raise large enough deposits to help them invest in their very first home. How? Using a unique co-investment model.
Property Prices Keep On Rising!
Estate Agent Haart’s recently predicted that house prices will rise by a minimum of 5% during the next year – an increase which closely mirrors events currently occurring on the property market.
Speaking on these recent house price increases, the Halifax revealed that house prices have increased by twice as much as economists predicted, attributing this increase to record low interest rates and the growing need for properties across the UK.
Independent Schools Command Higher Property Prices
Research by property experts Savills has revealed sending your children to a quality school can cost more than their admittance fee.
Comparing the cost of properties within the vicinity of the top 25% performing secondary schools in the UK to those in their respective counties, houses near independent schools cost 16% more than normal properties.
5 Buyers To Every Property
Research by the National Association of Estate Agents has revealed that there are at least 5 buyers to every property that is currently for sale on the property market.
However, despite this evident increase in demand for properties, this desire to buy has not been translated into increased sales.
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Tags: mill group, National Association of Estate Agents, repossesion
