UK: CML REPORT INCREASE IN SECOND HOME MARKET
Article Abstract:
There has been a rise of some 22% to 1.1mn in the number of people owning second homes during the past five years, according to a report commissioned by the Council of Mortgage Lenders (CML), with mortgages for buying homes to rent now estimated at 80,000. The value of the second home market in England increased 31% to GBu 25.4bn between 1999-2000, with two-thirds of second homes being in England. Favourite destinations abroad for second homes are Spain, France, Portugal and Italy.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: HOUSEBUYING PROCESS TAKES LONGER
Article Abstract:
The housebuying process in the UK takes ten weeks in average in early 2001 versus nine weeks in early 2000, according to a report from Bradford & Bingley Estate Agents. There are now an average of eight people interested in buying each house on the market, versus six in 2000, according to the report. The average cost of a house in the UK is GBu 105,956. In 2001 the average increase in house prices is expected to be about 5%, with increased regional differences.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: EIGHT YEAR LOW ON HOUSING AFFORDABILITY
Article Abstract:
British homebuyers spent 37% of their take-home pay on their mortgage according to UK building society, Cheltenham & Gloucester, while housing affordability in the UK hit an eight year low during the second quarter of 2000. The end of MIRAS, an increase in house prices, a fall in earnings and an increase in interest rates were all contributory factors. Despite this, houses are still more affordable than they were during the 1987 to 1991 period.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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