Primelocation

Greater protection against mortgage repossessions, an extension to the Income Support Mortgage Interest scheme and more debt advice services for those moving into arrears on their mortgages have been unveiled by the Chancellor in his Pre-Budget Report as he attempts to kick-start the property market and wider economy. See http://www.primelocation.com/news/chancellor-draws-praise-and-barbs/

Struggling buy-to-let owners have been hit by another blow, with the news that HM Revenue & Customs (HMRC) has launched 7,371 informal investigations into landlords suspected of failing to declare and pay tax. See http://www.primelocation.com/news/buy-to-let-landlords-snagged-in-tax-net/

The Government’s taxation of empty business properties has come under fresh pressure after its chief whip called for the practice to end in the North East. See http://www.primelocation.com/news/bombsite-britain/

Homeowners are substantially underestimating the decline in value of their properties, according to a new survey. While home values have fallen by at least 6% in the last three months, homeowners believe that the value of their homes has dropped by a mere 0.1%. See http://www.primelocation.com/news/turning-a-blind-eye-to-harsh-realities/

The latest statistics from the Council of Mortgage Lenders and the Royal Institution of Chartered Surveyors (RICS) appear to show further depressing evidence of the state of the property market. Yet underneath the bad news come fresh indications that property market experts believe that better times may not be too far away. See http://www.primelocation.com/news/better-times-predicted/

A dramatic 1.5% cut in the base rate has underlined the level of problems in the property and financial markets. The scale of the Bank of England’s rate cut caught analysts by surprise, with the base rate now falling to 3% – the lowest level since 1955. For full story go to http://www.primelocation.com/news/housing-markets-boost/

Plans to build three million new homes by 2020 should be reconsidered given the state of the property and financial markets, the Government has been told by an influential group of MPs. See http://www.primelocation.com/news/house-building-targets-too-ambitious/

Glimmers of hope are emerging in the residential property market, with mortgage lending rising, inter-bank lending rates falling and the prospect of further moves by the world’s major central banks to again cut base rates. For full story go to http://www.primelocation.com/news/hope-emerges/

One of Ireland’s largest housebuilders – with property development interests in England and much of the world – has collapsed. The Belfast-based Taggart Holdings was placed in administration at the request of its two largest lenders, the Bank of Ireland and Ulster Bank (part of the Royal Bank of Scotland). Continued at http://www.primelocation.com/news/Irish-collapse-a-sign-of-continued-trouble/

New rules to protect homeowners from repossession by mortgage lenders have been announced by the Treasury. Housing minister Margaret Beckett said the move would ensure that repossessions could only take place after all other avenues have been explored. Continued at http://www.primelocation.com/news/protecting-homeowners-from-repossession/

Home equity release schemes in which homes are sold and rented back should be subject to regulation by the Financial Services Authority, the Office of Fair Trading has concluded after an investigation. See http://www.primelocation.com/news/regulation-likely-on-home-sale-and-rent-back/

Further falls in house prices can be expected, according to the latest Housing Market Survey from the Royal Institution of Chartered Surveyors (RICS). However, the survey found some signs of gradually improving market sentiment. See http://www.primelocation.com/news/house-prices-fall-further-according-to-rics-survey/