Rents in England and Wales rose for the first time in three months in April, according to the latest buy-to-let index from LSL Property Services. The lettings agent chain recorded a 0.5% average increase, to £709 per month, although the annual rate of gain steadied to 2.4%, compared to 2.7% in March. Rents rose in [...]
arrears
Repossessions landscape stable
Lenders took back 9,600 homes in the first quarter of 2012, up from 8,700 in the final three months of last year, according to the Council of Mortgage Lenders (CML). However, the increase is in line with seasonal trends and the UK’s repossessions landscape would appear to be stable for the time being. The first [...]
Rents fall for second month
Rents in England and Wales dipped by 0.3% in March, falling for the second consecutive month to an average £705 pcm, according to the latest buy-to-let index from LSL Property Services. The South West and East Midlands saw the biggest decreases, with rents falling by 1.5% and 1.4% respectively compared with February. Average rent also [...]
Debt charity highlights rise in rental clients
New figures from the Consumer Credit Counselling Service (CCCS) indicate that UK households in rented accommodation are “swimming against a tide” of falling real incomes when it comes to repaying unsecured debt. An analysis of the 370,000 people who made contact with the charity in 2011 show that renters have been affected most severely by [...]
Arrears and repossession down but worse to come
Last year 36,200 homes were taken back by first-charge mortgage lenders, the lowest annual total since 2007, according to the Council of Mortgage Lenders (CML). Buy-to-let properties accounted for 5,900 repossessions in 2011, up from 4,700 in 2010. However, arrears improved across both the buy-to-let and owner-occupier sectors and as 2011 drew to a close, [...]
Arrears and repossession down but worse to come
Last year 36,200 homes were taken back by first-charge mortgage lenders, the lowest annual total since 2007, according to the Council of Mortgage Lenders (CML). Buy-to-let properties accounted for 5,900 repossessions in 2011, up from 4,700 in 2010. However, arrears improved across both the buy-to-let and owner-occupier sectors and as 2011 drew to a close, [...]
Repossessions up, arrears down
Latest figures from the Financial Services Authority (FSA) show repossessions rising by 2% in the third quarter of 2011, compared with the previous three month period, with 9,670 homes returned to lenders. However, there were only 34,900 new arrears cases in Q3, down 2% on the previous quarter. As a result, the total number of [...]
Sharp rise in buy-to-let lending
The number of new buy-to-let loans increased by 16% in the third quarter of 2011, according to data from the Council of Mortgage Lenders (CML). In the three months to September, 34,500 landlord loans were advanced, up from 29,700 in the preceding quarter. Over the period, the value of mortgages increased by 19% as the [...]
Repossessions nudge up
Repossessions have nudged up slightly, with 9,200 homes taken back by mortgage lenders in the three months to the end of September, compared with 9,100 in the previous quarter. However, 27,500 properties have been taken into possession so far this year, with the figure down 4% on the equivalent period of 2010, according to the [...]
Repossessions nudge up
Repossessions have nudged up slightly, with 9,200 homes taken back by mortgage lenders in the three months to the end of September, compared with 9,100 in the previous quarter. However, 27,500 properties have been taken into possession so far this year, with the figure down 4% on the equivalent period of 2010, according to the [...]
Buy-to-let lending hits record high
New lending for buy-to-let (BTL) has increased in each of the last three quarters, figures from the Financial Services Authority (FSA) show, accounting for 8.9% of overall residential lending in the second quarter of 2011. The proportion is up 19% on the first three months of the year and at £3.2 billion, has not been [...]
Repossession set to rise through 2012
The Council of Mortgage Lenders (CML) has published forecasts for the UK mortgage and housing market, in which it predicts that arrears and repossessions are set to rise during the remainder of 2011 and throughout 2012. The lenders’ body also expects the base rate to remain unchanged at its current level of 0.5% for most [...]
Repossessions up but mortgage arrears improve
Repossessions rose 15% in the first three months of 2011, compared with the previous quarter, according to new data from the Council of Mortgage Lenders (CML). A total of 9,100 properties were taken back by lenders, equating to 0.08% of all loans, but the figure was 10% lower than a year earlier and fell in [...]
Lender forbearance disguises scale of mortgage arrears
The risks faced by the UK’s mortgage lenders have been highlighted by the first Prudential Risk Outlook (PRO) to be published by the Financial Services Authority (FSA). According to the FSA, the lower arrears and repossessions seen during the current downturn, compared with the previous recession, are down to falling mortgage interest rates and lower [...]
Mortgage arrears capitalised at “increasingly rapid rate”
A new report from the Financial Services Authority (FSA) highlights some of the current and emerging risks in the UK mortgage market.
The regulator has published its first Retail Conduct Risk Outlook (RCRO), which seeks to identify potential risks for customers across a range of financial services sectors.
On mortgages, the RCRO notes that in terms of [...]
UK first: mortgage firm fined for irresponsible lending
In the first case of its kind, the Financial Services Authority (FSA) has fined DB Mortgages for irresponsible lending practices and unfair treatment of customers in arrears.
The firm is part of the Deutsche Bank Group and in addition to paying an £840,000 penalty is facing a bill of around £1.5 million in compensation to borrowers.
DB’s [...]
Buy-to-let lending makes promising recovery
Buy-to-let mortgage lending grew by 7% in 2010, according to the latest data from the Council of Mortgage Lenders (CML).
By the year-end, there were an estimated 1.3 million buy-to-let loans outstanding, worth £152 billion.
The total value of lending during 2010 stood at £10.4 billion (up 22% on 2009), and the total number of loans [...]
Repossessions set to rise after 2010 falls
The number of repossessions by the UK’s first-charge mortgage lenders fell to 36,300 in 2010, with the figure down 24% on 2009, according to the Council of Mortgage Lenders (CML).
The decline meant that 0.3% of all mortgages were subject to possession proceedings last year, while arrears fell by 13% to 169,600 (1.49% of all home [...]
HomeLet launches new eviction guarantees
HomeLet has launched two specialist services offering protection to landlords who may need to reclaim a property in the event of a tenant breaching their tenancy agreement.
“Optimum” is a tenant referencing service which includes a guarantee to remove the tenant if they don’t pay their rent.
Claiming to be a market first, Optimum costs £26 for [...]
Mortgage lending at its lowest since 2000
Gross mortgage lending fell 6% in December, compared with a month earlier, to the lowest level recorded since 2000.
According to the Council of Mortgage Lenders (CML), the £11 billion total also reflects an annual decline of 18%, although comparisons are distorted by the ending of the 2009 stamp duty holiday.
For 2010 as a whole, lending [...]
Landlords note rise in cash-strapped tenants
More tenants were at risk of slipping into arrears in the final quarter of 2010, with 40% of landlords reporting a rise in cash-strapped renters, the Association of Residential Letting Agents (ARLA) has reported.
The proportion compares with 35.9% of landlords with tenants in financial straits during the previous three-month period, representing the first increase for [...]
Solid outlook for buy-to-let lending
In its outlook for 2011, Paragon is predicting that landlord finance will be more readily available as the year progresses.
The buy-to-let mortgage specialist is expecting gross lending to finish the year between 10% and 15% above 2010 levels, as the number of lenders and products increase.
According to the firm’s chief executive, Nigel Terrington, strong tenant [...]
Repossessions fall to end-2007 levels
New mortgage lending data from the Financial Services Authority show repossessions falling to 9,145 in the third quarter of 2010.
The total represents an 8% decline on the previous three-month period and is at its lowest since the end of 2007.
In addition, the number of new arrears cases fell to 36,600 in Q3, having declined in [...]
Landlord confidence up but arrears loom
The year is ending on a high note for the buy-to-let sector, according to online lettings agent, Upad.co.uk.
The firm’s latest confidence index reveals that 60% of residential landlords surveyed are feeling more confident than a month earlier, up from 54% in November.
Increased rental demand is the main reason for the rise, with respondents also citing [...]
