Tag Archives: british
New standard format mortgage charge tariff launched in UK
A new tariff of mortgage charges has been launched in the UK that introduces a standard format for how lenders communicate their fees, to make it easier for customers to understand charges and compare deals. Following a campaign by consumer organisation Which? to end the confusion around mortgage costs, the Chancellor of the Exchequer George Osborne asked the Council of Mortgage Lenders and Which? to work together to find ways to make it easier for consumers to understand and compare the costs of different mortgages with different lenders. Since then they have worked jointly to address this problem and believe that the new tariff to help make it easier for people to understand mortgage fees and charges. There are two key improvements within the tariff. Firstly there will be standard terminology. Different lenders will now use the same names for fees, as Which? research previously found consumers find the existing range of names for similar fees too confusing. Secondly it introduces a new common format. Each lender will list fees in the same order, and with the same descriptions, to make it easier to compare between lenders. The new tariff has been tested on consumers, and results show that they found it much easier to understand and compare costs than when they used existing versions. Lenders representing 85% of the market have already committed to introducing this tariff and putting it on their website by the end of the year, and we anticipate that other lenders will also choose to adopt it. Continue reading
London mayor gives approval for over 12,600 new homes in Greenwich
The Mayor of London has given his seal of approval for the city's largest single regeneration development in the Greenwich Peninsula which includes over 12,600 new homes. A revised masterplan on the previously disused gasworks will create an entire new district formed of five neighbourhood zones and 12,678 homes on the 80 hectare site. Developers Knight Dragon are already in the process of building a further 2,822 homes on the site, which will bring housing delivery on the Greenwich Peninsula to 15,720. Plans also include 220 serviced apartments, 24,000 square metres of retail use, 60,000 square metres of business use, two new schools and two new hotels. The development will also feature a 40,000 square metre film studio, a visitor attraction and increased green open space including an extension to the existing Central Park. In August, Greenwich council gave outline planning permission for the site, which runs along the River Thames, and the Mayor Boris Johnson has now also given the masterplan the go-ahead. The Greenwich Peninsula site is part of the Mayor's ambitious plans to release surplus public land to boost construction jobs, drive investment and deliver the additional housing to meet a growing population. Of the developable land taken on by the Mayor in 2012 some 99% is now in the development pipeline, while the Greenwich Peninsula is a key element of Johnson's City in the East masterplan, which looks to deliver at least 200,000 homes in east London over the next 20 years. ‘This gigantic site at Greenwich Peninsula has sat dormant for far too long, so I'm pleased that since City Hall took control of this land, we are already beginning to see construction underway. This will not only provide thousands of much-needed new homes for Londoners, but also bring jobs as part of the wider regeneration towards the east of the capital,’ said Johnson. Developers Knight Dragon has 2,882 homes already under construction as part of existing planning permission, of which 1,002 are affordable. The masterplan approved by the Mayor includes 2,928 affordable homes, while a review mechanism has been included in plans, which could deliver an additional 1,572 affordable homes. The affordable housing mix, which will be delivered in all five neighbourhoods in the new district, will be split between social rent and intermediate. Councillor Danny Thorpe, Royal Borough of Greenwich Council member for regeneration and transport explained that the Council has long held a vision to make the most of the huge potential offered by the Greenwich Peninsula. ‘The approval of this planning application makes it one of the most exciting developments in London, bringing huge long term regeneration benefits to the peninsula and cementing it as a new district for London,’ he said. ‘We are particularly proud that, at a time of critical housing shortage, this development will deliver so many affordable homes, of which more than two thirds will be for social rent, at no more than 50% of market rent…. Continue reading
Two sets of figures confirm improvement in sales and prices in Spain
Residential property sales and prices in Spain are rising year on year and more new mortgages are being granted, suggesting the market continues to recover from the economic downturn. The latest figures from the General Council of Notaries show that in September sales increased by 8.7%, house prices rose by 1.7%, and the number of new mortgage loans granted grew by 17.4%. Overall sales stood at 30,328 transactions in September but saes of new homes are not doing well. Indeed, while second hand homes sales increased by 13% year on year, sales of new homes fell by 19.7%. Sales of individual family homes also registered significant growth of 14.7% year on year. The data also shows that the average price per square meter was €1,242, a rise of 1.7% compared to September 2014. Apartments saw prices rise by 2.7% year on year and individual family homes were up 2.3%. A breakdown of the figures shows that new apartments are doing better than existing sales. The average price per square metre of second hand apartments was €1,359, a rise of 2% year on year, while the average price for new apartments was €1,632 euros per square metre, an increase of 13.6% year on year. The Notaires report also says that the home mortgage market in Spain is improving and mirroring the upturn in the real estate sector. The number of new loans approved increased by 17.4% year on year. The average mortgage value was €122,993, a rise of 0.1% compared to September 2014. The statistics also shows that the percentage of home purchases financed through a mortgage was 39.7%, with the average amount of the loan 77.1% of the property value. The latest quarterly data from property registrars confirms the good news. They show that prices increased by 6.6% year on year in the third quarter of 2015, and 2.2% quarter on quarter. It means that prices are now 28.4% below the peak of the market in 2007. The data also shows that sales increased by 6.4% quarter on quarter and 16.6% year on year but they also confirm that new home sales are not doing as well. Quarter on quarter existing homes sales increased by 8.8% while new home sales fell by 2.5%. There has also been an increase in foreign buyers. They bought 13.5% of properties sold in the third quarter compared to 12.8% in the second quarter of 2015. British buyers were the most prolific with 23% of sales to overseas buyers, followed by the French at 8.7%, Germans at 6.4%, Swedes also at 6.4% and Belgians at 5.5%. The number of Russian buyers continue to fall, down to 3.4%. Continue reading
