UK annual house prices increase below 5% on average

Annual house price growth across the UK’s major cities increased to 2.9% in October as southern markets showed signs of recovery.

Property values in London rose by 1% in the past year, the strongest pace of growth for two years and reversing the 1.1% dip recorded during the previous 12 months.

There was also evidence of firmer pricing in cities across southern England, according to the latest Zoopla Cities House Price Index for October.

But it was not all good news, with the rate at which house prices are rising slowing to below 5% in the most buoyant cities for the first time since November 2012.

See the source image

The housing market is currently at an interesting crossroads. During the past two years, the market has been characterised by subdued or falling prices in London and southern regions, where affordability has become increasingly stretched, and rising property values in cheaper northern markets.

But there are signs the situation is now changing. House prices in London registered their strongest gains in two years, while less than a quarter of London postcodes suffered falls in October, compared with 85% a year ago.

The shift in house price momentum in the capital has been driven by a decrease in the number of new properties for sale, which has restricted supply.

At the same time, there are signs that demand is picking up, which, combined with the falling supply, is pushing prices higher.

By contrast, although growth in property values is still strongest in northern cities, there are signs that the pace of gains is beginning to slow, with no city posting annual house price inflation of above 5%.

Meanwhile, the announcement of the General Election on December 12 is expected to bring forward the traditional seasonal slowdown seen in the run up to Christmas
Source: Zoopla Property News

Pls Comment, like and share

Thinking of buying a property?

Need help with property purchase in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

UK household debts excluding mortgage rose to £119bn

Debts excluding mortgages are on the rise in the UK, according to the Office for National Statistics.

Debts including credit card debt and personal loans rose 11% to £119bn in the two years to March 2018, according to the ONS study, which is published every two years.

Average household financial debt rose 9% to £9,400.

Debt graphic

Much of the increase is a result of higher student loan and hire purchase debt.

“The figures are skewed slightly by the £32bn of student debts – which the vast majority of graduates will never pay back in full,” said Sarah Coles, personal finance analyst at stockbroker Hargreaves Lansdown.

“However, even excluding that we’re carrying £87bn in loans, credit cards, hire purchase agreements, overdrafts and arrears.”

Source: BBC News

Climate Change: Greenhouse gas emission breaks new record

Atmospheric concentrations of carbon dioxide and other greenhouse gases once again reached new highs in 2018.

The World Meteorological Organization (WMO) says the increase in CO2 was just above the average rise recorded over the last decade.

Levels of other warming gases, such as methane and nitrous oxide, have also surged by above average amounts.

Since 1990 there’s been an increase of 43% in the warming effect on the climate of long lived greenhouse gases.

The WMO report looks at concentrations of warming gases in the atmosphere rather than just emissions.

The difference between the two is that emissions refer to the amount of gases that go up into the atmosphere from the use of fossil fuels, such as burning coal for electricity and from deforestation.

Concentrations are what’s left in the air after a complex series of interactions between the atmosphere, the oceans, the forests and the land. About a quarter of all carbon emissions are absorbed by the seas, and a similar amount by land and trees.

Using data from monitoring stations in the Arctic and all over the world, researchers say that in 2018 concentrations of CO2 reached 407.8 parts per million (ppm), up from 405.5ppm a year previously.

This increase was above the average for the last 10 years and is 147% of the “pre-industrial” level in 1750.

Source: BBC News

 

Thinking of buying a property?

Need help with property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

How to increase your Credit Score for a successful UK Mortgage

To get a mortgage in UK to buy a property, you will need to have a good credit score. UK mortgage lenders are required to carry out a credit check to access your present and past financial liabilities and details of how they are managed.

Credit score can affect mortgage eligibility, deposit requirement and rate. Other factors are also used.

Good-Credit-Score

Below are major steps you can take to increase and improve your credit score;

  1. Prove where you live.
    Register on the electoral roll at your current address – you can do this even if you’re in shared accommodation or living at home with your parents.
  2. Build your credit history.
    Having little or no credit history can make it difficult for companies to assess you, and your credit score may be lower as a result. This is a common problem for young people and people who are new to the country. Luckily, there are some steps you may be able to take to build up your credit history. default
  3. Make payments reliably.
    Paying your accounts on time and in full each month is a good way to show lenders you’re a reliable borrower, and capable of handling credit responsibly. Old, well-managed accounts will usually improve your score – although be sure to read about the potential impact of unused credit cards.
  4. Keep your credit utilisation low.
    Your credit utilisation is the percentage you use of your credit limit. For example, if you have a limit of £2,000 and you’ve used £1,000 of that, your credit utilisation is 50%. Usually, a lower percentage will be seen positively by companies, and will increase your score as a result. If possible, try and keep your credit utilisation at 25%.
  5. Limit credit applications.
    Applying for credit frequently in a short space of time can make lenders think you’re overly reliant on credit and therefore a higher risk. It doesn’t matter what form of credit you apply for, or how much you’re asking to borrow – each application will record a hard search on your report which companies can see. So, try to space out any credit applications – a good rule of thumb is no more than one every three months, but remember lenders’ criteria can vary. credit-score--mortgages_52572463eb46d_w1500
  6. Consider closing unused accounts.
    Having a large amount of available credit may make lenders think you can’t handle more. So, you may want to close any dormant credit accounts. Read more about deciding what to do with unused credit cards.
  7. Avoid delinquent and defaulted accounts.
    Delinquent accounts happen when you’re late on payments, and defaulted accounts are when your relationship with the company has broken down, usually because several missed payments. Both will harm your credit score.
  8. Only borrow what you can afford.
    Getting into trouble with debt may lead to things like County Court Judgements (CCJ), an Individual Voluntary Agreements (IVA) or even bankruptcy. These things will stay on your credit report for up to six years and will put a big dent in your credit score.
  9. Keep an eye out for fraudsters.
    Keeping a close eye on your credit report and looking out for any signs of fraudulent activity could help protect your credit score. If you see a surge in the amount you owe, or any applications you didn’t make, you may be a fraud victim. Note that if you do become a victim of fraud, your lenders should fix any damage to your score quickly.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

 

Save money not waste it on energy

Saving money is the most effective way of economic growth, recovery and sustainability for households and businesses. There are various ways of saving money which includes putting money away on a bank saving account, reducing your spending and managing your budget. But saving on energy is endless and provides the most effective means to maximize your savings.

energy photo

UK households spend on average of £106 a month on home energy according to DECC with energy making  up to 8.1% of household overall spending. It is also worth knowing that a recent report in 2015 found that UK energy consumption has fallen over the past 5 years by 14% but the average household spent more than ever before on energy bills.

Experts attributed the contrast between falling energy consumption and the rising cost of bills to energy supplier’s profit margins. so as a country, the UK is becoming more aware of the amount of energy that its using and making efforts to source it in a more cost effective and environmental friendly ways. But the average cost of a household energy bill continues to rise along with supplier profits.

Home energy

The solution is to stop wasting money on energy bills that only increase the profit margins of energy suppliers and switch supplier on a regular basis to the cheapest provider as it makes no difference to the energy supplied. Although there are various ways of saving money on energy but switching  supplier is the simplest, easiest and no brainer.

Switch & Save Now Home and Business energy with www.deneco.co.uk