House price data for December 2008 issued today by the Land Registry indicates that UK house prices fell by 13.5% during 2008. Property portfolio managers Young Group takes the opportunity to set 2008’s house price movements in its wider context against equity and pension fund performance. Neil Young, Young Group’s CEO also reflects upon untapped demand and constrained supply that could indicate future rapid recovery of house prices.
“There’s truth behind the phrase ‘as safe as houses’.
People will always need a roof over their heads; there’s
an inherent demand for homes.”
Neil Young, CEO – Young Group
The Property Market:
• Property prices do fall e.g. in the early 1990s, property in England fell by 15%.
• Property prices have fallen only in 5 out of the last 55 years. House prices are currently more than three times the level of the early 1990s. (Source: DCLG)
• Property has a 100% record of price recovery.
• Taking an aggregate of indicators, UK property prices fall by an average of 12.8% during 2008. (Source: Chesterton Poll of Polls)
• Historically property doubles in value every 7-10 years. (Source: DCLG) Continue reading →
Neil Young, CEO – Young Group, points out that in the current market, it’s vital to ensure that your credit rating is as healthy as possible; “Lenders are being more cautious than ever and prefer to lend to those with the most squeaky clean credit history. So if you’re considering applying for finance such as a mortgage or secured loan, it pays to make sure that your credit report is in the best possible shape.”
The way that you’ve dealt with credit in the past is the principal way that lenders assess whether they want to take the risk of lending to you or not. They get this information from credit reference agencies such as Experian and Equifax and look at how you’ve managed things like loans, credit cards, store cards and mortgage repayments in the past to decide whether your application will be approved.
The Spring Clean
The following simple steps should be used to improve your credit report before you make an application, to ensure that you stand the best possible chance of securing appropriate, affordable credit.
It is our pleasure to present our second annual U.S. Geothermal Energy Market Report. The overall development of geothermal energy is very positive in the US. The installed geothermal power generation capacity has increased by 4% to 2,958 MW. The overall number of projects has increased and projects currently underway would expand installed capacity in the U.S. by a 100-130% in the years to come.
Compared to last year the industry is better positioned and availability of drilling rigs has improved. The joint efforts of the Bureau of Land Management (BLM) and the U.S. Forestry Service to speed up the process for leasing geothermal resources on lands they manage will also have a significant impact on the industry.
Recent lease auctions by the BLM have shown the increasing interest in geothermal development and in developers’ confidence in the sector. On August 5, 2008 the BLM auctioned 35 parcels over leases on 105,312 acres for a total sales price of USD 28 million which is up from last year’s record of USD 12 million for 122,850 acres. This should increase the geothermal project pipeline in the U.S. even further.