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In an attempt to protect consumers the Financial Services Authority (FSA) has announced a crackdown on unauthorized mortgage brokers. On October 31st last year the FSA took control of regulating mortgages in the UK. Under the new regime mortgage brokers have to provide a “key facts illustration” when selling mortgages, lenders have to offer consumers a suitable mortgage product, and borrowers gain access to new compensation and dispute settlement services.

However, some mortgage brokers are still operating outside the FSA’s auspices and the authority is determined to bring these firms under its control.Tracking down firms operating outside our regime is a major priority for the FSA. This is vital to protecting consumers since they do not have access to statutory redress and compensation if they deal with unauthorised firms,” said Clive Briault, FSA managing director.The organisation is using every means at its disposal to find these firms, combining tips from the public and the industry as well as using the FSA’s database of firms that registered or applied for authorisation, but then withdrew.Transgressing firms face the possibility of criminal proceedings, although the FSA has said that where failure to register is based on a mistake or confusion it will react less harshly.

Wales has the highest proportion of people who own their homes outright in the UK, a new survey reveals.Research by the Royal Bank of Scotland found that more than a third of Welsh homeowners have paid off their mortgages and the average age of people who had settled their debt was 50, slightly younger than the rest of the UK and the youngest age since 1979.The total time that Welsh homeowners spend paying off their mortgages is now down to 24 years, a year shorter than the average mortgage term.

In Southgate near Swansea, 56 per cent of homes are owned outright, the highest percentage in the country.Almost half of those with mortgages surveyed by RBS Offset said security was their main motivation for paying off their mortgage. Meanwhile, 91 per cent of holders said they wanted to pay off their mortgage as soon as possible, 24 per cent higher than six months ago.A spokesman for RBS said, “We are now seeing a wave of people who took out their mortgages in the 1980s and are benefiting from an uplift in house prices.”

First-time buyers are now struggling to raise the funds to purchase a home and are facing a 25-year mortgage when they are older.

Since Mayor of London Ken Livingstone established a target that 50 per cent of new homes in the capital should be affordable, the delivery of total new homes has exceeded the targets set out in his London Plan.The Mayor’s minimum target was 23,00 new affordable homes, but a thousand more than that have now been built - representing 104 per cent of the targetFurthermore many boroughs are meeting both their overall housing and affordability targets at the same time.Neale Coleman, the Mayor of London’s housing director, revealed the positive figures at the launch of the London Delivery Plan at the CBI in London.Mr Coleman said: “It has been argued, by those with vested interest in doing so, that the London Plan affordable housing requirements are holding back housing delivery.

However, the facts demonstrate the opposite is true. “Those boroughs that delivered the biggest increases in supply are also those most committed to affordable housing. He added: “This proven ability to deliver is a tribute to our partners from the public and private sectors as well as to the boroughs and, whilst many are meeting their targets, all 33 London boroughs need to up their game if we are to produce the required social housing and satisfy the desperate need for homes that are affordable to first time buyers.”

Many people living in rented accommodation are not buying houses because they do not want to, a new report has found.A more flexible lifestyle, and a large availability of good-quality rental property, means that affordability is not the only thing stopping people climbing onto the property ladder, a study by GMAC-RFC has revealed.The study found that almost three quarters of potential first-time buyers (71 per cent) see buying a property as synonymous with settling down. GMAC-RFC, the 12th largest mortgage lender in the UK, adds that there is a strong cultural trend to postpone big life commitments, especially amongst graduates.

According to figures the single biggest stumbling block to buying a first home was raising the deposit - cited by 48 per cent of prospective first-time buyers - but attitudes towards settling down, getting married and having children are very nearly as important and cited by 44 per cent of people. This implies that Government initiatives, based on affordability and aimed at boosting the number of homeowners in the UK, might be missing the point.In addition, the new report found that most people are comfortable with the idea of renting into their 30s, and eight in ten tenants preferred renting as it meant they did not have to make a long-term commitment to a specific area.Seven tenants in ten preferred renting as it allowed them to live close to friends, while six in ten said renting let them live in a better area than they could afford to buy in.

The urge to travel also played a part in the desire not to buy, with 72 per cent of tenants saying renting gave them the option for future travelling and 71 per cent said it let them move jobs more easily.

The number of loans given to first time buyers has fallen by 37 per cent since 1999, according to research from Woolwich.However, this is despite the spiralling costs of purchasing a property, with high house prices being compounded by stamp duty charges.And in comparison the cost of property rose by a staggering 90 per cent between 1998 and 2003. In response to the problem Woolwich has launched a new suite of mortgages to help first time buyers onto the property ladder.

“First time buyers face particular problems in the UK, through a combination of high house prices, and stamp duty costs which can be the final financial straw,” commented the head of mortgages at Woolwich, Andy Gray.He explained: “We have taken on board the views of consumers wanting to get their feet on the property ladder and developed a range of leading products in terms of price and benefits, in what is a very competitive marketplace.”The new range includes a three-year discount mortgage with a best buy rate of 5.29 per cent and a two-year stepped tracker with 1.50 per cent cashback.

Indian real estate sector, the growth of which has been constrained by rising interest rates and falling inflow of funds, is now set to consolidate, industry experts feel.

“For big developers there is no impact of rising interest rate but small players are finding it difficult to raise money for their proposed projects. They would need to sell their projects to big developers,” said, Ansal API Vice-President (Marketing) Kunal Banerjee, was quoted in a Business Standard article. Distress sale of projects is already happening, he said, adding the industry would witness more of it in days to come.

Seeking to check excessive capital inflows in real estate sector, the government last month decided to bar developers from raising money abroad to develop integrated townships.

Though tightening of External Commercial Borrowing (ECB) norms was related to only integrated townships, the spill-over effect is felt across the sector.

Besides, RBI has raised risk weights on housing loans, followed by interest rate hikes to curb demand in the sector.

Edelweiss Capital Senior Vice-President George Mathew was also quoted as saying that RBI is squeezing all sources of funds gradually to rein in inflation and a possible correction in this sector could be in the offing.

“Higher funding cost is expected to reduce attractiveness of real estate projects, reduce the land banking run and bring prices down,” he said, adding debt financing is not available for land acquisition.

Finally, the commercial banks have waken up to the home truths. Concerned over an ‘asset bubble’ on top of a recent warning from the RBI, commercial banks has slowly started going slow on the hosuing loan portfolio. In fact, they are working overnight to slow down their growth rates in the segment.

According to industry experts, housing loan portfolio of most of the public sector banks were growing by about 35% to 40% year-on-year. Recently the Reserve Bank of India (RBI) has asked the banks to focus on productive sectors like infrastructure, small and medium enterprises (SMEs) and curtail the credit offtake to unproductive sectors like commercial real estate, credit card spends, second and third housing loans, clean loans and personal consumption loans. The idea is have a check on the bad debts.

This has forced banks which have grown their home loan books significantly to restrict the advances to the sector. On the other hand, the hardening of interest rates have also slowed down the demand for housing loans as customers are averse to taking loans at higher rate of interest. They are hopeful of the rates moving southwards in the near future.

K Ramakrishnan, chairman and managing director of Andhra Bank said, “as such there are no problems with the credit offtake in the home loans. What has actually happened is that banks have suddenly started restricting their growth to 20% to 25% as against the 35% to 40% growth they had registered earlier. If a customer walks in for his or her first housing loan then banks extend credit. But if it is the second or third housing loan, then it is treated as a commercial deal and banks are hesitant to offer loan. The lull in the home loan segment is because the focus is slowly shifting to productive sectors from the unproductive sectors. At our bank, we will continue to lend to productive sectors but will go slow in the case of unproductive sectors”.