Real Estate

Slowdown in Mortgage Approvals Raises Fears of Double-Dip in Housing Market

With the news of poor net lending and slowdown in the number of mortgage approvals in the month of September, the apprehensions related to the double-dip in the mortgage market grew on Friday.

As per the statistics brought out by the Bank of England, the number of new home loans sanctioned in September stood at 47,474, almost similar to the figure of 47,498 witnessed in August. The net lending came down to £112m in the same month from £1.62bn in August.

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Mortgage lending decreases alarmingly

The Council of Mortgage of Lenders report s that the number of mortgages, taken out in the UK this September, reached its lowest point in the last 10 years.

Due to insecurity on side of house owners stemming from recent government announcements to plan the reduction of the public sector budget, the CML draws a warning résumé. Gross lending increased 9% within one year and was at a lower amount than the current £12bn a whole decade ago.

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Mount designer honored with National award

On Friday night the Architectural Designers NZ Awards occurred at The Rutherford Hotel in Nelson.

Will was too a finalist for a residence he planned in Rita Street, Mount Maunganui. The national awards follow a sequence of 6 regional award proceedings held all through July. Regional category winner plan chosen by branches all the way through New Zealand were take into account for the national awards presentation at the ADNZ/Resene Design Awards Gala Dinner in Nelson.

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Affordable Homes in London Pressurized by Budget Cuts

An industry analyst today cautioned that social housing cuts looming this week could severely hit the Housebuilder Galliford Try. Galliford Try is deemed to be the bigger player in the sector.

The stringent cuts yet to be introduced to the £8.4 billion budget are likely to shut the construction of affordable homes in London and the South-East, the National Housing Federation warned.

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London Leads the Way in Sales Price Rise

A recent research has suggested that the sellers are negligent about the changes in the new market conditions and refuse to make adjustments. The houses in London are said to have seen the biggest rise, with an increase in the property asking prices by more than 3% in the month of October.

A property website, Rightmove has suggested a rise in sale price by an average person vending his home, by as much as 3.1%, or in other words over £7,000, to £236,849.

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