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House prices fell by 0.9% in August according to the latest Nationwide Monthly Housing Review issued today.

The three month rate of change shows price stagnation over the summer whilst the percentage of borrowers on variable mortgages has increased.

The average price of a detached family home has risen by more than any other property type over the past year, according to new research by Halifax.

Based on Halifax's own house price data, owners of detached properties have seen the value of their home increase by £91 a day over the past year with the average price rising by 13% from £266,060 in 2009 Quarter 2 to £299,295 in 2010 Quarter 2. Prices for all other property types rose by 8-9% over the period.

Confidence among landlords has dipped for the first time in almost two years, driven by uncertainties including housing benefits and tax changes announced in the emergency budget, according to the latest NLA Landlords’ Optimism Index.

The Index dropped from 51 to 47 points between Q1 and Q2 2010.

Schools in the South-East and South-West of England have been awarded a total of £26,000 after taking part in pioneering a new programme which sent top designers into schools to work with pupils and help them realise their own energy and water-saving plans.

Last week saw the culmination of two Design Council projects – the Eco Design Challenge and the Water Design Challenge – in Dragon’s Den-style finals with shortlisted teams from schools throughout the two regions pitching for a share of the prize pot to help bring their designs to life.

Local Government Minister Grant Shapps has today outlined plans to give councils a new power to review and revoke outdated byelaws.

This means that old local rules, like those about dickey straps in Hammersmith, fish frying in Gloucester, and carpet beating in Blackpool will be a matter for these areas, rather than central government.

Chinese buyers are anticipated to replace Russian investors as major players in the prime central London market as the number of super-wealthy individuals continues to grow rapidly in the country, new research from CB Richard Ellis revealed.

Buyers with foreign currency are still enjoying attractive discounts on prime central London property as Sterling continues to remain weak.

Gross mortgage lending by mutuals was £2.0 billion in July, the highest monthly figure so far this year, and 11% higher than the £1.8 billion lent in June. Mortgage approvals made in July amounted to £1.9 billion, the same as in June.
 
Commenting on the figures, Adrian Coles, Director-General of the BSA, said:
 

The Financial Services Authority (FSA) has taken action against two mortgage brokers whose reckless business practices allowed false and misleading mortgage applications to be made to lenders.

Ngozika Louise Ogboru who ran J N Finance (UK) Limited, a mortgage broking firm based in Harrow, has been banned from carrying out any regulated activity. Ronald Winton from Mortgage Healthcare Limited in Dundee has been fined £31,500, and will not be able to hold a senior position in a financial services firm for two years.

New rental laws mean many tenants will, from next month, automatically have formal Assured Shorthold Tenancies – this is a move that will push extra responsibilities on to landlords and agents with hefty fines if they do not comply.

Until now many tenants paying more than £25,000 a year (that is the equivalent of about £2,085 a month) fell outside the AST classification, but from October 1 the threshold increases to £100,000.

Average lease lengths fell to their lowest ever recorded levels this year, falling by more than 10 months to just five years in 2010.

An independent analysis of 91,000 tenancies published shows that small businesses are increasingly signing shorter deals, with 81% on leases of five years or fewer and therefore unlikely to face a rent review. By comparison just over 3% of small businesses have a lease of over 10 years.