Ravenscraig set for regeneration.

North Lanarkshire Council has given planning permission for the former Ravenscraig site to be transformed into a £1billion new town.

Once developed, the new site is expected to generate 12,000 new jobs, 3500 new homes, along with schools, a leisure centre, transport links and a shopping centre.

Councillor Jim McCabe, leader of North Lanarkshire Council said: "This is an economic regeneration project of national importance and work must press ahead to deliver the range of economic benefits that will be felt across Lanarkshire and the west of Scotland."

The Department for Productivity, Energy and Industry (DPEI) has taken court action against six property firms, in order to cease them from trading, deeming it to be in the public interest.

The companies that DPEI (formerly DTI) has tackled for allegedly exploiting 'get-rich-quick' schemes are Sterling Mansion (UK) and Mansion Investments, SMI (Overseas), Turningpoint Seminars, Portfolios of Distinction and CM2 Services.

The fear is that investors are being given misleading information regarding achievable rental returns and consequently being conned out of tens of thousands of pounds to enable these companies to construct buy-to-let apartments.

Market Slowdown Confirmed.

The number of house sales (actual transactions) in the first quarter of 2005 has fallen dramatically, compared to the same time last year.

The latest Land Registry figures reveal that 159,116 properties changed hands during the first quarter of 2005, 35% lower than the period last year.

However the average property sold for £183,486, compared to £163,404 pounds last year.

Mick McGuire of the Principality Building Society says: "The figures are very accurate but people need to take into consideration that there is a lag on the information provided and it does not reflect the market as it stands."

He adds: "Recent figures from building societies and estate agencies have indicated that house prices growth has slowed across the UK at an even greater rate than the 10% growth quoted by the Land Registry for the first quarter of 2005."

Mortgage companies Scout for new business.

An increasing number of mortgage companies are relaxing their lending criteria in an attempt to attract new business, due to a slow down in the residential property market.

The average loan in the buy-to-let market for example has usually been 75% of the property's value, but some companies are now increasing the loan to value (LTV) to 85% for all of its buy-to-let products.

Mortgage lenders, Paragon is predicting a £3 billion boost to the property market next April when new rules on Self Invested Personal Pensions (SIPPs) come into effect.

Yet John Heron, Paragon chief executive believes that this figure could be even higher. He says: "Everybody is phoning us with requests for information on both the buy-to-let and second homes side."