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Bank of England Pull the Plug on Funding for Lending

From the end of January 2014, the Bank of England will put an end to the Funding for Lending Scheme, which was introduced in the summer of 2012 and which many people considered to be the ‘crutch’ propping up mortgage lending.

Paul Owen's insight:

This means that from February, banks and building societies will no longer be eligible for cheap funding for any new mortgage lending. Business loans will still be eligible until January 2015

Good timing?

The FLS has no doubt achieved what it was created to do with an obvious effect on mortgage rates, which have fallen by 1 per cent on average. This, though never a primary goal, has made home ownership more affordable and consequently raised demand for finance. Yet more evidence for the success of the scheme can be found when looking at the rise in the number of approvals since its launch.

Looking at the second and third quarters of 2012 there were a total of 38,469 and 35,506 approvals, respectively.

In 2013, these figures jump a respective 20.4 per cent and 37 per cent to 46,334 and 48,647.

Whilst net lending has been relatively poor, gross lending has seen an unprecedented increase with October seeing a 37% rise on the same time in 2012.

These factors have led to a steady increase in house prices in the South, though not all areas have fared equally.

The figures clearly show that whilst some parts of the country are yet to fully recover, the mortgage market is on the up and up, signaling that this is the ideal time to put the FLS to bed before the market overheats.

What next?

If the market can maintain this momentum without the support of the scheme as predicted, 2014 should be a strong year for both gross lending and approvals, though we are likely to see an increase in mortgage rates in over the coming months as the Bank weans lenders off cheap central bank funding. However if the growth trend continues, all the signs suggest the mortgage market has recovered enough to stand without the help of its ‘crutch’.

 

 

Source: Paul Thomas - Mortgage Strateg

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Planning permission for new homes in England up almost 20%

Planning permission for new homes in England increased by 19% in the fourth quarter of 2013 compared to the previous three months, according to the latest report from the Home Builders Federation.
The quarter saw permission granted for 52,534 new homes, the highest quarterly total since the first quarter of 2008 and in total 174,471 planning permissions were granted in England in 2013, the highest annual figure since 2007.
Paul Owen's insight:

This has got to be good news and very welcome for the industry

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Help to Buy: Equity Loan scheme and NewBuy statistics Data to September 2013, England

Help to Buy: Equity Loan scheme and NewBuy statistics Data to September 2013, England | Conveyancing Searches | Scoop.it

 

In the first six months (to end September) there were

5,375 properties bought with the support of the Help to Buy: Equity Loan scheme.

The total value of these equity loans was

£208 million, with the value of the properties sold under the scheme totalling £1.04 billion.

The average price of a property bought under the scheme was

£194,167, with an average equity loan of £38,703.

The majority of home purchases in the Help to Buy: Equity Loan scheme were made by

First Time Buyers, accounting for 4,948 (92 per cent) of total purchases.

For the

NewBuy Guarantee scheme, 676 home purchases were made in Q3 2013. This brings the total number of house purchases up to 4,450 since the launch of the scheme in March 2012.

 

Source:

DCLG, Housing Market Statistical Release 21 November 2013

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Decision Insight Information Group (Europe) is acquired by dmg information (dmgi)

Decision Insight Information Group (Europe) is acquired by dmg information (dmgi) | Conveyancing Searches | Scoop.it
Read our news article Decision Insight Information Group (Europe) is acquired by dmg information (dmgi) on the Today’s Conveyancer website
Paul Owen's insight:

I wonder what effect this will have on staffing at Searchflow?

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UK house price bubble warning

UK house price bubble warning | Conveyancing Searches | Scoop.it
A senior economist is warning about the dangers of a house price bubble, following figures that show prices are surging.
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House prices rising £200 a day | Property | News | Daily Express

House prices rising £200 a day | Property | News | Daily Express | Conveyancing Searches | Scoop.it
HOUSE prices have gone up by an average 0.5 per cent this month – the ninth rise in a row – as figures today suggest confidence in the market is at its highest for years.
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'House prices fall when migrants move in' because neighbouring houses are left empty and fall into disrepair, says economist

'House prices fall when migrants move in' because neighbouring houses are left empty and fall into disrepair, says economist | Conveyancing Searches | Scoop.it

Areas with many migrants suffer from lower prices, claims economistDerelict properties and crowded homes cause fall, he added

A new economic study claims that houses in areas with high numbers of immigrants are losing their value.
Dr Nils Braakmann, from Newcastle University, says people leave areas as immigrants move in and as a result properties are left empty and fall into disrepair, pushing down value.
He added that migrants from poorer countries often live in crowded conditions as it's cheaper, depressing values because demand will not outstrip supply.
His observations clash with those of other experts, who claim that high levels of migration from eastern Europe have caused prices to rise.
Dr Braakmann's research looks at specific areas, as opposed to national trends.
London is the destination of choice for migrants and has the biggest housing affordability problem in the UK, so high volumes of new arrivals in the capital may help keep housing more affordable than it would be otherwise.
The new data reinforces findings in a paper by Filipa Sa, of Trinity College Cambridge, which compared employment figures with Land Registry records.
Sa found immigration equal to one per cent of a local population was mirrored by a 1.6 per cent fall in property values. This was because 0.9 per cent of the locals, usually wealthier people, sought new pastures.
Jonathan Portes, director of the National Institute of Economic and Social Research, told the Daily Express: 'Dr Braakmann’s research suggests immigration has a modest balancing effect on house prices.'
Home Secretary Theresa May has previously stated house prices would fall by 10 per cent over the next two decades if net migration was cut to zero.

 

IGRATION AND HOUSE PRICES: FACTS AND FIGURES

Until the mid-1990s, immigrants accounted for less than eight per cent of the working age population in the UK. Today, they account for more than 12 per cent.

At the same time, average house prices have grown from just over £60,000 in 1995 to over £160,000 in 2010.

However, an inflow of immigrants equal to one per cent of the local population reduces house prices by 1.6 per cent.

An immigrant inflow equal to one per cent of the local population leads to a native outflow equal to 0.849 per cent of the local population.

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Scotland to block fracking on environmental grounds - Utility Week

Scotland to block fracking on environmental grounds - Utility Week | Conveyancing Searches | Scoop.it
Paul Wheelhouse, the Scottish environment and climate change minister, has said there are “no environmental permissions which would allow... Read more here.
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UK regional property markets attracting investors

UK regional property markets attracting investors | Conveyancing Searches | Scoop.it
Should investors be looking at regional UK property markets?

Via Docarte
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'Frack Off!': 1,000s protest shale gas drilling in UK, fear eco-disaster

A sleepy village in the British countryside is turning into a battleground between fracking giants versus anxious locals and activists. Thousands of proteste...
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Fracking is it eco warfare or just hot air?

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Budget 2014 - Housing/Infrastructure News

At a glance points of the 2014 Budget which may impact on the conveyancing market

Paul Owen's insight:

 

Help to Buy scheme extended to 2020

Support for building of more than 200,000 new homes

£270m guarantee for Mersey Gateway bridge

Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4

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Fracking could be allowed under homes in Britain without owners' knowledge

Fracking could be allowed under homes in Britain without owners' knowledge | Conveyancing Searches | Scoop.it
Planning minister says law will be changed so companies do not have to directly notify people about gas drilling in their areas
Paul Owen's insight:

Fracking is gathering pace and there are obvious concerns for home owners. But is it all bad?

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House prices 'continue to rise'

House prices 'continue to rise' | Conveyancing Searches | Scoop.it
Increased demand for homes has led to the ninth consecutive monthly increase in UK house prices, according to the Halifax.
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UK weather: Heavy rain set to batter South of England AGAIN just days after Storm St Jude

UK weather: Heavy rain set to batter South of England AGAIN just days after Storm St Jude | Conveyancing Searches | Scoop.it
The Met Office has issued a yellow weather warning - urging people to
Paul Owen's insight:

Southern England is set to be battered by rain this weekend, less than a week after Storm St Jude raged across the country.

As conveyancers make sure your clients receive the best advice re flooding and send them a Landmark/Groundsure Environmental report. Check out prices at our website www.psgconnect.co.uk/midhurst



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BBC Radio 4 - Law in Action, Too Many Law Students, Not Enough Jobs?

BBC Radio 4 - Law in Action, Too Many Law Students, Not Enough Jobs? | Conveyancing Searches | Scoop.it

Are too many students studying law in a time when jobs in the legal profession are scarce? (RT @BBCRadio4: Are too many students studying law in a time when jobs in the legal profession are scarce?


Via Jacqui Gilliatt
Paul Owen's insight:

This can't be good for the profession, can it?

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FrackNation Movie Clips - The Truth About Fracking

These clips are from the new movie FrackNation. Unlike the movie Gasland, Fracknation tells the truth about fracking. The Fracknation movie exposes the lies ...
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Grid capacity worries spark UK solar farm boom - BBC News

Grid capacity worries spark UK solar farm boom - BBC News | Conveyancing Searches | Scoop.it
BBC News
Grid capacity worries spark UK solar farm boom
BBC News
Developers are racing to install large-scale solar parks on land across the UK in unprecedented numbers.
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UK: Poor internet connections in the countryside are hitting rural property market, estate agents warn | Telegraph

UK: Poor internet connections in the countryside are hitting rural property market, estate agents warn | Telegraph | Conveyancing Searches | Scoop.it

One agent who helps customers buy homes worth more than £1 million told The Daily Telegraph yesterday he was advising all of his clients against looking at properties that have slow internet speeds.

 

It came as reports in Scotland claimed people dubbed "digital refugees" were now moving from the countryside in search of faster internet speeds in the country's towns and cities

 

Frank Speir, director at Prime Purchase said: "Slow broadband speeds are having a definite effect on the market. It's becoming a much bigger issue."

 

"We are talking about buyers moving out of London that want the flexibility to be able to work from home one day a week or need to run a business and they require a fast connection for that.

 

He added: "If the house sits between villages, it's likely to be at the end of a telephone exchange with a very slow connection.

 

"Sometimes people can buy Sky and get a satelitte connection, but if you're at the bottom of a valley and there are leaves on the trees it won't work.

 

"It's not an issue about price, it's simply that I have to advise clients against making a purchase."

 

Last year a report from the Plunkett Foundation charity warned that 23 per cent of rural households in England have no or limited broadband.

 

Plunkett Foundation spokesman Mike Kelly yesterday said: "It's a critical issue for the countryside. Having a fast broadband connection is as much of a building block in today's economy as the Post Office or trains used to be."

 

Click headline to read more--


Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc
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Shale Gas Investments' offer of 18% returns is just a fracking fraud - This is Money

Shale Gas Investments' offer of 18% returns is just a fracking fraud - This is Money | Conveyancing Searches | Scoop.it
The Bolton News Shale Gas Investments' offer of 18% returns is just a fracking fraud This is Money It says it is backed by state-owned Qatar Petroleum and its Al Shaheen Holding offshoot, adding: 'We are the investment arm for the funding and...
Paul Owen's insight:

Fracking is a hot topic. Get the GroundSure Energy (Residential)Report @ £24.00 or the Argyll Energy & Infrastructure Report @ £18.00 to find out if your property is affected.

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