Recent news from the Bulgarian banking sector confirms what many property investors have known for a while – investment potential in Bulgarian property is one of the best in the world. Not only does capital growth top global rankings, but the Bulgarian mortgage sector is booming. There is no doubt that the Bulgarian banking industry is growing at a rapid pace on the back of rising housing and property mortgage loans and a strong real estate sector. RNCOS, a leading market research company has released a new research report on the Bulgarian banking sector, which says that increase in mortgage loans is one the fastest growing markets for the Bulgarian banking industry. Indeed, the industry is expected to grow at a Compound Annual Growth Rate (CAGR) rate of around 88% over the next three to four years.
According to the report, the Bulgarian housing mortgage loans experienced high growth in recent years at a CAGR of nearly 87% from 2004 to 2006 due to liberalisation of the mortgage market, coupled with lower interest rates that made mortgage loans hugely popular in the country. Bulgarian National Bank figures report that Bulgarians took out over €2.5 billion in mortgages over the last year and home loans now account for almost half the loan total (a rise of nearly 25% over the last 3 years).
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Monday, December 15, 2008
Monday, December 8, 2008
Homeowners' development rights "could evaporate"
The permitted development rights of homeowners could "evaporate" under the new reform posed by the government, one sector commentator has claimed.
In news that may be of interest to those seeking to re-mortgage, Simon Smith, a permitted development expert and chief executive at Betternest, was responding to Article 4 directives, which are issued by a local council in circumstances where specific control over development is required.
According to Planning Portal, permitted development rights allow homeowners to make certain types of minor changes without needing to apply for planning permission, but are partly removable by the local planning authority by issuing an Article 4 direction.
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In news that may be of interest to those seeking to re-mortgage, Simon Smith, a permitted development expert and chief executive at Betternest, was responding to Article 4 directives, which are issued by a local council in circumstances where specific control over development is required.
According to Planning Portal, permitted development rights allow homeowners to make certain types of minor changes without needing to apply for planning permission, but are partly removable by the local planning authority by issuing an Article 4 direction.
Source
Monday, December 1, 2008
Lack of mortgage funding must be addressed
"High octane volatility" in the money markets is making predictions on the future of the housing market more difficult, according to the Council of Mortgage Lenders (CML).
The CML claims the latest development in the banking sector, like the bail-out of HBOS by Lloyds TSB and the collapse of Lehman Brothers, were unexpected and the body said decisions have been made that many would have deemed impossible a few months ago.
With house prices falling, sales plummeting and remortgaging activity low, the CML said the lack of credit available for people wanting to take out a mortgage needs to be addressed immediately.
Source
The CML claims the latest development in the banking sector, like the bail-out of HBOS by Lloyds TSB and the collapse of Lehman Brothers, were unexpected and the body said decisions have been made that many would have deemed impossible a few months ago.
With house prices falling, sales plummeting and remortgaging activity low, the CML said the lack of credit available for people wanting to take out a mortgage needs to be addressed immediately.
Source
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