Immigrants set to boost the buy-to-let sector

GMAC-RFC to provide an instant offer

Buy-to-let the best returning asset

Mixed-use scheme set for Radcliffe

Interest rates remain on hold - for now

Halifax : house prices rise in August

Immigrants set to boost the buy-to-let sector

An influx of new workers coming from overseas will further boost the residential buy-to-let sector, according to Nigel Terrington of paragon.

Terrington refers to Home Office data which reveals that immigration into the UK in 2005 stood at 600,000, with many migrants arriving from Eastern Europe.

Furthermore, the government recently claimed that net immigration will add 6 million people to the UK population by 2031.

GMAC-RFC to provide an instant offer

UK mortgage lender, GMAC-RFC has launched a system called POSO, which it claims will provide applicants with an instant formal decision to their mortgage application.

Jeff Knight of GMAC says: “This technology is not only responding to the immediacy of contemporary consumer demand, but is also reducing costs for our business partners while freeing up sales time for them.

“To be successful in today’s fast moving mortgage market you need to be able to envision the future and the technological developments that will get you there first.”

Buy-to-let the best returning asset

The UK residential buy-to-let sector has delivered the strongest returns of all the asset classes since the year 2000, according to fresh data.

Buy-to-let broker Landlord Mortgages, reveals that the buy-to-let property return on average 157% since the turn of the century.

Lee Grandin of Landlord Mortgages, said: "Investors who chose to stay close to home by investing in the FTSE 100 appear to have been burnt by the poor performance of the stock market and - in hindsight - might have done better by putting their capital in a savings account.

Mixed-use scheme set for Radcliffe

The Radcliffe Sun Quarter, a mixed-use development, consisting of 300 new residential apartments and retail units, spanning over 3.3 acres, is set to be constructed in Radcliffe town centre, Bury. King Sturge is currently trying to find a development partner for Bury Council.

Emma Fiedler of King Sturge says: “The Radcliffe Sun Quarter is one of several key developments, set to dramatically improve the central areas of the town. The mixed-use development will include 32,000 sq ft of retail floor space.

“A site of this nature with river frontage, proximity to open country side and good access the centre of Manchester, provides a prime development opportunity and is set to attract significant interest.”

Interest rates remain on hold - for now

Bank of England’s Monetary Policy Committee has opted to keep interest rates on hold at 4.75%.

However, increasing UK inflation remains a concern and has left many experts forecasting that interest rates will have to increase before the end of 2006, possibly in November.

Halifax : house prices rise in August

Average UK house prices continue to grow moderately, according to the Halifax.

The mortgage lender reports that house prices rose by 1% in August, an overall increase of just 0.2% over the past three months (May to August 06) compared with a 2.9% rise in the preceding three months.

Martin Ellis, chief economist at the Halifax, said: "August's increase was smaller than the 1.4% rise in August 2005, contributing to a slowdown in the annual rate of house price inflation to 8.2% from 9.4% in June. We expect this trend to continue over the coming months with the annual rate easing to 5% by the end of the year."