According to the latest figures released by the Bank of England, households in the UK are withdrawing their long term savings at their fastest pace in a period in almost four decades.
The figures showed that the people withdrew £23 billion out of long-term savings during the previous 12 months, which is about £900 for every household in the country. The households either used the money for expenses or moved it to easy-access current accounts. The higher spending has helped revive the economic growth in the country as people increased spending on consumer goods.
According to a new survey, home buyers are increasing looking at locations other than London due to the rising prices of homes in the British capital.
Estate agent Hamptons International conducted the survey that showed that buyers move 26 miles away from the capital. The survey was also found that the pattern of reluctance was also recorded in other parts of England and Wales where people used just 2.5miles. The survey also showed that 32 is the average age that Londoners move away for beginning a family but remained close enough to commute to the city.
Robert Shiller, the winner of this year's Nobel Prize in economics, has cautioned that increasing equity and property prices could lead to a risky financial bubble that could hurt America's fiscal hopes.
UK's central bank, Bank of England has said that it has taken steps to control the rising housing prices in the country, a move that has affected house builder's sentiment.
Following the move by the central bank, investors panicked and withdrew as much as one billion pounds off the sector. Governor Mark Carney has indicated that the central bank will adopt mortgage of measures to control mortgage lending, including changes to its Funding for Lending scheme a strict credibility for borrowers.
According to the latest figures released, the total home loans have risen to its highest level in four years in Northern Ireland as the stable prices attract home buyers.
The latest data showed that the home loans were at their highest level since 2009. According to the Council of Mortgage Lenders, the total number home loans increased 22 per cent to 2,800 loans amounting to £240 million during the third quarter of the year compared to the same quarter of the previous year. The loans were also 22 per cent higher than the previous quarter of this year.
Madrid, Nov 27 : The number of home mortgages in Spain fell by 30.9 percent in September compared with the same month in 2012, the National Institute of Statistics (INE) reported Tuesday.
The INE said that the number of home mortgages fell to 14,856 in the ninth month of the year, one of the lowest figures since 2003, reported Xinhua.
According to the INE, the average value of home mortgages reached 97,298 Euros ($131,976), 5.5 percent down on September 2012 figure, while the amount of capital loaned decreased by 34.7 percent in annual terms to a total of 1.445 billion Euros.
Fannie Mae and Freddie Mac, mortgage security providers owned by the US government, have said that it will proceed with plans to cut financing of apartment-building loans next year.
Property website, Rightmove has said in a new research that the concerns that the government stimulus package for the housing sector are pushing up prices and would result in a property bubble are over stated.
The UK government is offering two schemes to revive the property market in the UK but some suggest that the schemes could result in a property market and affect Britain's financial stability. Economists in the UK have dismissed concerns that the country is headed for a property bubble.
A new study has shown that too many properties in the city of London are being developed for wealthy buyers amid a shortage of homes in the British buyers.
The development of properties is aimed at wealthy has contributed to the affordability gap in the housing stock. Experts have said that some businesses might have to move away from London as their workers will no longer be able to find suitable accommodation while overcrowding will force young professionals to live loner with their parents.
Fannie Mae and Freddie Mac, the mortgage firms backed by the government, are planning to make another dividend payment to the Treasury after recording profits during the third quarter of the year.
Persimmon, a leading home builder in the UK, has said that it expects tis sales to rise by about 25 per cent in Scotland this year.
The company built a total of 850 units in 2012 and is set to cross that level as both its east and west divisions are recording strong business. Mike Killoran, group finance director has said that Scottish market has performed well this year. The company runs Charles Church and Westbury Partnerships and has been able to attract buyers in the market.
According to the latest data released by the Land Registry, the housing prices rose almost £2,500 during the month of September in the UK.
The data showed that the house prices in England and Wales rose 1.5 per cent over the month indicating that the buyers are increasing coming forward to acquire homes in the UK. Amid concerns of a property bubble, the total property transactions are still a third lower than that in 2007 before the financial crisis and prices are higher by 3.4 per cent annually.
LIC Housing Finance Limited (LIC HFL) on Monday announced a cut of 0.25 per cent in home loan rates and lower processing fee for the festive period.
The housing finance company said it would charge 0.25 per cent lower interest on home loans from October 15 to November 30.
Subscribers to the Bhagyalakshmi Plus scheme, which specifically caters to women borrowers, the rate of interest will now start from 10.10 per cent for the first fixed 2-year period.
According to the latest figures released, the total UK construction output rose 4 per cent during the month of August compared to the same month of the previous year.
The UK's Office for National Statistics (ONS) said that the construction output rose at the rate of 1.9 per cent during the second quarter of 2013 compared to a fall of 1.3 per cent during the first quarter. The official data showed that sector has been volatile during the first two months of the third quarter as July recorded a growth of 2.8 per cent while August recorded a fall of 0.1 per cent.
Following the roll out of government's Help-to-Buy scheme, the average deposit required for buying a new home has fallen around 75 per cent to 11,108 pounds allowing more people to acquire homes in the country, according to estimates from property website Zoopla.
Uttar Pradesh (UP) topped the list of states in terms of new investments in real estate sector, but timely completion of ongoing real estate projects continued to be a major concern in state, apex industry body Assocham said.
Washington, Sep 27 - US fixed mortgage rates edged down to a two-month low after the Federal Reserve decided to keep its bond buying program in place, according to the Primary Mortgage Market Survey released Thursday.
The US Fed said the 30-year fixed-rate mortgage (FRM) dropped from 4.50 to 4.32 percent, the lowest since late July, in the week ending Sep 26, Xinhua reported.
The 15-year FRM declined to 3.37 percent this week from 3.54 percent.
According to the latest official data released, the housing prices in Chinese cities continued to rise during the month of August.
The data showed that out of the 70 major Chinese cities, 66 cities recorded a rise in prices of new as well as existing houses on the monthly basis. The figure of 66 is higher than 62 cities recorded in July, according to the data from the National Bureau of Statistics (NBS) that was released on Wednesday. The report also showed that 58 cities reported month-on-month price increases in existing and second-hand homes in August compared to 57 in July.
Business Secretary Vince Cable has warned that the government's schemes to boost the property markets will lead to an increase in the property prices and may even lead to a property bubble.
The Liberal Democrat minister warned over a possible property bubble as the property prices rise rapidly in the country. Mr Cable is expected to show a more cautious assessment of the economy than Chancellor when he speaks to the business leader today. He will say that there are encouraging signs of recovery but it can only be sustained through investments by businesses that have remained lower than other countries.
According to a new survey, the housing prices have risen by 5.4 per cent during the year till August in the UK as the economy shows signs of a strong recovery.
The Halifax's latest house price survey showed the rise is the highest annual rate since June 2010. The average price of a house also rose beyond the £170,000 mark for the first time in five years as the housing market continued to recover backed by government schemes and growing economy. The figure is still below its highest level in August 2007 when the average price was around £200,000.