UK Secured Loans Blog: April 2006

Saturday, April 29, 2006

Flourishing rental market in London

London's rental market is booming, the latest survey has claimed.

The Association of Residential Letting Agents (ARLA) found that 48 per cent of its agents believe the balance of demand, calculated by comparing available properties with prospective tenant numbers, has tipped towards favouring supply.

This compares to only five per cent believing the same in 2002, showing a pronounced increase in the prime rental market which will buoy property investors.

"Much of this London market is driven by the financial sector, so not only is this a sign of confidence in London but the ripple effect should have a major impact on rental markets away from London," ARLA chief executive Adrian Turner remarked.

Buy-to-let investors will be especially encouraged by the survey's findings, which reported that the majority of ARLA agents had seen rent levels increasing over the past six months.

Nemo´s typical rate is 9.0% APR variable. A NEMO LOAN IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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Thursday, April 27, 2006

Britons failing to plan finances

Britons have been urged to dedicate more time to their financial affairs, following the release of new research.

According to the Preparation Nation study conducted by Scottish Widows, 56 per cent of Britons spend 60 minutes a week or less reviewing their finances.

The average time spent considering financial options is just one hour 19 minutes each week, which is the lowest amount of time in Europe.

It was found that borrowers spend only two hours 11 minutes deciding what personal secured loan to choose, which may result in many opting for a product which is less suited to their needs compared to alternatives.

"This research shows that as a nation we find sorting our personal finances a difficult and daunting task," commented George Andrews, head of market relations at Scottish Widows.

When choosing a financial product such as a personal secured loan, Britons are urged to seek specialist advice and consider all the options available to them.

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Mortgage approvals continue to grow

Mortgage approvals increased by over a quarter in February, statistics from the British Bankers' Association (BBA) have shown.

Close to 58,000 mortgages were approved during February, reflecting a 22 per cent year-on-year increase in what is typically the lowest month of the year, according to the figures released on March 27th 2006.

Despite impressive advances on last year's figures, the BBA is reluctant to predict continued growth during 2006.

"The comparative weakness of the mortgage market in the first half of last year means that current indicators of activity - such as gross lending and approvals - are much stronger than they were twelve months earlier when the housing market was somewhat subdued," said David Dooks, the BBA's director of statistics.

This report attributes the rises to increased demand, which it predicts is unlikely to lessen during the coming months.

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Tuesday, April 25, 2006

First time buyers look to new homes

Construction companies are offering first time buyers a foot on the property ladder by offering them affordable schemes.

Research from Halifax, published on January 28th, showed recently that first time buyers have to save for an average of five years before being able to produce the deposit on existing houses – something which new homes do not necessarily require.

Property marketing schemes offer a range of deals designed to attract first-time buyers, including assistance with stamp duty, legal and financial fees, generous shared-equity arrangements and joint-ownership offers.

"Quite often first-time buyers can afford the mortgage payments but it's the deposit which they find hard to raise," commented a spokesman for the New Homes Marketing Board.

"This is an area where new home builders can help out by providing special packages specifically tailored to first-time buyers."

With rising house prices pushing the average value above the £200,000 mark and crucially, strong demand continuing to prove robust and sustainable, the climate for first time buyers remains unfavourable.

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Birthday spending rockets

Britons now spend £1.6 billion a year on birthday celebrations, it has been found.

Research by financial services provider Mint showed that around one fifth hold a big party, while another fifth go on holiday to celebrate.

Looking good for the big day also appears to be extremely important, with 16 per cent of men getting a haircut and 11 per cent of women topping up their tan with a sun-bed, while a quarter of both sexes admitted buying a new outfit.

"In our survey, close to a third of people said they used their birthday as an excuse to celebrate and it's clear they’re looking for something more than a cake and a few candles these days," said Jerry Toher, managing director of Mint.

"But far from being extravagant in their spending, people are planning months rather than days in advance."

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Monday, April 24, 2006

Personal budget plans 'can help you out of debt'

A detailed personal budget could help many people plan their way out of debt, according to a national charity.

People concerned with rising debt levels could take a step towards regaining control of their spending habits by drawing up a budget plan that provides detailed information on all their financial activities.

A spokesman for National Debtline, a charity that provides free telephone advice to those with money worries, said: "The first stage is to do a personal budget listing your income and all essential outgoings to keep the roof over your head."

The plan should include any essential monthly payments such as mortgage, rent, fuel, council tax, water, phone, housekeeping, and travel, as well as any incomings from wages or benefits.

This information will then allow specialised advisors to assess where cutbacks can be paid or if alternative forms of lending are needed to help reduce overall debt levels.

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Sunday, April 23, 2006

New products from Principality

A range of fixed rate mortgage products have been unveiled by Welsh building society Principality.

New products designed to attract Welsh customers include a two-year fixed rate mortgage of 4.59 per cent for up to three quarters loan to value (LTV) and a 95 per cent LTV with a rate of 4.69 per cent.

In addition a three-year discounted rate of 4.94 per cent without the need to pay valuation fees has been unveiled, along with a tracker mortgage with no early repayment charge.

"As a Welsh building society, we have listened to our customers while devising our new range and the fee-saver products are proving very popular, with highly competitive rates and added incentives," Dominic White, Principality's head of marketing, told firstrung.com.

Principality says the new mortgages on offer feature added emphasis on legal fees, as well as a series of other benefits, designed to attract the Welsh market.

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Saturday, April 22, 2006

Secured loan for childcare

The cost of childcare has soared in the last few years, leaving many parents finding it difficult to find affordable help, Money News has reported.

A recent report shows that childcare costs have risen above the rate of inflation for the last three years.

Keeping a child younger than two in a nursery costs an average of £134 a week, compared to £128 in 2005.

Working parents are being stretched by the costs, with some nurseries taking £13,500 a year per toddler, leaving many parents considering a secured loan to cover the high costs.

The government has been called on to help meet the charges through Childcare Tax Credits.

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Thursday, April 20, 2006

Housing market accelerates in February

British house prices are growing at their highest rate since 2004, it has been claimed.

New figures from the Royal Institute of Chartered Surveyors (RICS) showed a 17 per cent increase in the amount of estate agents reporting house price rises, compared to January's rise of just nine per cent.

Recent surges in demand have been especially prevalent in London, where 49 per cent more agents had observed price rises in the past month.

"Traditionally, where London goes the rest of the market follows and agents will be hoping this is the starting gun on wider, firmer housing market growth as buyers begin to compete more aggressively for the homes they want," commented RICS spokesman James Scott-Lee.

Surveyors and estate agents certainly believe this to be the case, expressing confidence that sustained growth in housing demand will continue throughout the year.

The Office of the Deputy Prime Minister published figures in January showing that house prices had risen by 4.3 per cent in the preceding twelve months, attributing the market's recovery in part to the Bank of England interest rate cut by a quarter point in August last year.

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Thursday, April 06, 2006

New card to help fund travellers

A new pre-paid cash card is expected to be popular with gap-year students and business travellers, according to the Times.

The new cards, offered by a number of companies including American Express, ICE, Travelex and Western Union, allow up to £3,000 to be put on a card before setting off on your travels.

They can also be topped up remotely.

Their one big advantage over credit and debit cards is that the cost of using them at holes in the wall abroad are much lower.

The cards also appear to be far more convenient than queuing up in foreign banks with travellers' cheques and safer than carry around large amounts of cash.

It is likely that the move will result in more parents taking out loans to fund their children's excursions, as it is likely to prove a more cost-effective way of providing for their children's travels.

Paul Westerman, head of marketing at ICE, explained: "If your son is in Thailand and spends all his money on drink and a hotel, he can call home and his parents can reload the card. Within minutes he can take cash from a cash machine in Thailand."

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Wednesday, April 05, 2006

House prices continue upward trend

Rising house prices in London gave a helping hand to positive figures for the UK as a whole in March.

London prices rose by 1.1 per cent this month, according to Hometrack, with a 0.5 per cent increase in Britain overall.

It is the fourth consecutive month the company has recorded a rise nationally, with the average price now standing at £162,500.

Richard Donnell, director of research at Hometrack, commented: "A lack of new housing coming onto the market for sale in London is supporting particularly strong price rises at the moment."

"This, combined with the fact that London has underperformed in terms of house price growth over the last few years means that incomes and house prices in the capital are more closely aligned than is the case in other regions."

The number of new properties rose by one per cent in London during the past month, compared to a ten per cent rise in buyers.

Elsewhere in the UK, buyers rose by seven per cent, with a 3.7 per cent increase in new properties going on sale.

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Monday, April 03, 2006

Principality supports home packs

Leading Welsh building society Principality has declared their support for home information packs (HIPs) which are due to be introduced in June 2007.

Principality welcomed the announcement as "great news", saying that a firm date for their implementation meant the industry could prepare much more effectively.

HIPs are an attempt to minimise problems occurring during the house buying process, which Principality claims costs the UK around £350 million every day.

"HIPs will increase transparency in the housing market and, by speeding up the house buying process, will be good news for both buyers and sellers alike," Principality chief executive Mick McGuire remarked on March 18th 2006.

"Now that the government's timeline is certain, we are able to invest in the systems and the extra home inspectors needed to support this valuable and growing new business."

Old mortgage valuations and house surveys conducted by chartered surveyors will be replaced by one single visit from a designated home inspector whose valuation will be liable to the buyer rather than the seller.

Time will be saved by preparing the value of a property before rather than after the buying process begins, greatly reducing the chances of house purchases falling through.

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Saturday, April 29, 2006

Flourishing rental market in London

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Thursday, April 27, 2006

Britons failing to plan finances

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Mortgage approvals continue to grow

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Tuesday, April 25, 2006

First time buyers look to new homes

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Birthday spending rockets

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Monday, April 24, 2006

Personal budget plans 'can help you out of debt'

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Sunday, April 23, 2006

New products from Principality

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Saturday, April 22, 2006

Secured loan for childcare

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Thursday, April 20, 2006

Housing market accelerates in February

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Thursday, April 06, 2006

New card to help fund travellers

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Wednesday, April 05, 2006

House prices continue upward trend

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Monday, April 03, 2006

Principality supports home packs

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