Real Estate

Bovis Homes is cautiously optimistic; posts loss of £8.6m for H1

Bovis Homes, one of Britain's smaller house-builders, has reported a pre-tax loss of £8.6 million for the first half of 2009. Group's revenues plunged to 123 million pounds, down by 18 per cent.

Bovis Homes constructed 754 homes during the first half of the current year, down from 851 in the same period previous year.

However, Longfield, Kent-based Bovis Homes is "cautiously optimistic" as it has started witnessing signs of stabilization in the housing market. It has plans to buy more land.

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Tenants to be protected from covert landlords

Landlord Assist, the nationwide tenant eviction and rent-collection company, has backed government’s proposal to offer greater protection for tenants.

A rising number of vulnerable tenants are facing eviction as their landlords falling into mortgage arrears.

Housing Minister John Healey has come up with a new proposal that dictates people renting from landlords who fail to inform banks that they are letting out their property will be able to stay in the house for two-month period after the house is repossessed.

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Chelsea suffers £41m mortgage fraud

UK's Chelsea Building Society has plunged into a loss for the first half of 2009 after it was hit hard by an alleged mortgage fraud of £41million.

Buy-to-let loans have caused problems for Chelsea, which said the alleged fraud cases occurred between 2006 and 2008. 

Chelsea has blamed third-party professionals like mortgage brokers and surveyors. Chelsea holds them responsible for the artificial inflation of the property values, which is used as a base for providing loans.

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British Land posts 3.7% fall in its property portfolio

British Land, commercial property giant, reported smaller-than-expected 3.7% fall in its property portfolio to £8.1 billion for the quarter ended June 30.

British Land’s fall in valuation is smaller as compared with its earlier two quarters, indicating that Britain’s ailing market is on the mend.

The company has registered a 10% rise in rental income to £143 million owing to sound letting. Company’s occupancy rate stood at 94%.

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Housing market records largest fall this year

British housing market has recorded a 2.2% drop in average asking prices in the past one month as compared with the previous month’s figures.

Data compiled by Rightmove, a property website, revealed that the average asking price for a home in England and Wales was £222,762, about £5,102 as compared with the last month.

However, the market is still optimistic regarding approaching time. It should be noted here that summer is usually a sleeping time for the housing market.

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