Homeowners paying off mortgages at record rate

In 2010, homeowners paid back over £24bn of their mortgage borrowings, which was the highest amount since records began in 1970. Detailed figures from the Bank of England also showed that £7bn was repaid in the final quarter of 2010, compared to £6.6bn in the third quarter. This means that mortgage repayments have exceeded borrowings for eleven consecutive quarters. This … Continue reading

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House building crumbles

Only 102,570 new homes were completed in 2010, which was 13% down on the previous year, and the lowest level during peacetime since 1923. And, this is at a time when the country is experiencing a severe housing shortage. Projections for the number of new houses needed show that no less than 232,000 new homes need to be built in … Continue reading

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House prices still rising in an uncertain market

House prices rose by 0.5% in May according to the latest survey from the Nationwide Building Society. This pushes up the average price of a home in the UK to £169,162 which is an increase of £15,000 on the same month last year. This means that prices have now risen in 12 of the last 13 months. According to Martin … Continue reading

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Household wealth rises five-fold over the past 50 years

Household wealth in the UK has risen from £1.251 trillion in 1959 (measured in today’s prices) to £6.316 trillion by the end of last year. This represents a five-fold increase in household wealth according to new research by the Halifax. This gives an average value of wealth per household of £236,998 which is up from £72,719 in 1959. This rise … Continue reading

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House prices rose by 5.9% last year

I would like to take this occasion to wish all our readers a Happy and Prosperous New Year.   But the first question to be addressed in 2010 is whether the housing market is going to be happy and prosperous. According to the Nationwide building society, house prices continued to grow for the eighth continuous month in December, rising by … Continue reading

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First annual increase in mortgage lending for two years

Lending for house purchase showed its first annual growth in July for the first time since early 2007, according to the latest Council of Mortgage Lenders’ survey.   House purchase lending accounted for 56,000 loans totalling £7.5 billion, which was up from 47,000 loans in July last year. There was an increase in the number of loans on the previous … Continue reading

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The pain is spreading

I was on the phone to a friend in South Africa last night who works in the construction industry. He told me that sales made by his company were down 25% this year, and they were giving up any wage increases in order to save jobs. This was backed up by the news released yesterday that the South African economy … Continue reading

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Slump in house building could become critical

The number of applications from builders to start new homes fell by almost two-thirds year-on-year during the three months from November 2008 to January 2009, according to the National House Building Council (NHBC). The NHBC also revised down its predictions for new home starts during the current financial year 2008-09 by 5,000 to 80,000. This would give a figure which … Continue reading

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