No change in interest rates for January
January 27, 2010
There has been no further change in interest rates for the month of January. An announcement was made by the Bank of England following the Monetary Policy Committee meeting for January, where it was confirmed that the base rate was to remain at 0.5 percent, where it has been since March 2009. The current base rate is at its lowest level in the central bank’s three hundred and fifteen year history. Read more
Lower interest rates helping homeowners
January 23, 2010
Recently released figures have shown that the lower interest rates that have been in play for the past nine months are helping many homeowners to cope better in terms of their finances. It appears that some homeowners are up to £200 a month better off as a result of the base interest rate being at just 0.5 percent, where it has been for the past nine months. Read more
Advice offered to homeowners regarding making money from their homes
December 13, 2009
With the value of property in the UK having plunged over the past couple of years since the onset of the global credit crunch many people who were convinced that they could rely on the equity in their properties were shocked to find that their equity levels suddenly melted away. Read more
Right Move report a return to peak for London house prices
November 11, 2009
According to recently released figures property prices in London have managed to claw their way back to the level that they were at when they reached their peak back in 2007. Read more
More price rises reported by surveyors
October 14, 2009
It has been reported that a rising number of surveyors have been reporting property price increases, further fuelling speculation that the property market may have bottomed out and that prices are now on the up. Read more
More people looking to move house
October 2, 2009
Officials from a well known financial website have reported that consumer confidence in the mortgage and property markets seems to be growing, as it has seen a significant increase in the number of potential buyers that are enquiring about getting a mortgage. Read more
Two thirds of equity release advisors not up to scratch
August 17, 2009
It has been claimed that around two thirds of equity release financial advisors are not up to scratch, and are letting down the many pensioners that are turning to them for advice in the current climate. Read more
Repossession levels may not be as high as predicted
July 16, 2009
The Council of Mortgage Lenders has stated recently that the level of repossessions likely to go ahead over the course of this year may not be as bad as originally estimated, and as such the agency has revised its original prediction over the number of repossessions that will take place over 2009. Read more
Many homeowners could face repossession over the summer
July 13, 2009
Officials from the housing charity Shelter have recently expressed concerns that a high number of homeowners in the UK who are saddled with high risk sub-prime mortgage loans could be facing repossession action over the course of this summer. Read more
Homeowners turned landlords feel the financial pinch
July 7, 2009
Over the past year or two, since the downturn of the housing market and the problems that have hit the mortgage market, many people that were hoping to sell their homes have found that they just cannot find a buyer that is willing to pay the right price, and in some cases cannot find a buyer at all. Read more
Homeowners could be in for nasty mortgage shock over the next year
July 5, 2009
It has been claimed that many homeowners in the UK may be in for a nasty mortgage shock over the next year, as tighter mortgage lending regulations result in many being able to refinance to similar deals when their existing mortgage deal comes to an end. Read more
Broker and lender optimistic about housing market
June 18, 2009
A major High Street lender and a well known mortgage broker have both made optimistic predictions about the housing market recently, predicting that by the end of this year house prices could start to increase again. Read more
28% fall from peak to trough for house prices
June 10, 2009
Earlier this month figures were released that showed there would be a fall of 28 percent in house prices from the time at which they peaked in October of 2007 to the time at which the property downturn comes to an end. Read more
Fees hiked by Land Registry
May 11, 2009
In another blow for consumers hoping that affordability will be increased when it comes to purchasing a home, the Land Registry has recently announced that it is increasing its fees by nearly one third with effect from July. Read more
Speculation over mortgage support scheme rises
April 8, 2009
According to a recent report there is rising speculation over a proposed government mortgage support scheme, with uncertainty over which lenders are prepared to support the scheme and when the scheme will actually go ahead. Read more
More money wiped off average house price in February
April 4, 2009
Recently released figures from the Halifax have indicated that yet more money was wiped off the average house price in February. Read more
Another fall for house prices in February
March 24, 2009
Britain’s largest building society, the Nationwide, has recently reported that house prices in the UK took yet another battering in February, with property prices reported to have fallen by around 1.8 percent. Read more
Will interest rates drop to 0%?
March 18, 2009
Since October of last year the UK has seen the base interest rate plummet, and it has fallen from 5 percent in October to just 1 percent following the February Monetary Policy Committee meeting, following a series of base rate cuts over a number of months. Read more
Equity release sector slumped last year
March 9, 2009
According to recent reports the Northern Rock crash from last year resulted in the equity release sector in the UK taking a huge knock last year, with the take up of equity release slumping. Read more
UK base rate hits another record low
March 2, 2009
Following the January Monetary Policy Committee meeting the base interest rate in the UK was cut to its lowest level in the history of the Bank of England, falling to just 1.5 percent.
However, following the latest MPC meeting in February the base rate has been cut yet again, dropping to just 1 percent, and sending it plunging to a fresh record low. It is now at its lowest in the history of the central bank, which spans over three hundred years. Read more
Struggling homeowners to be helped by government
February 28, 2009
According to a recent report the government is to offer help to struggling homeowners who have properties worth up to £400,000 in value. Read more
Improvements made to state help for homeowners
February 4, 2009
According to recent reports a number of improvements have been made with regards to state help that is made available to homeowners that are unable to pay their mortgages after losing their jobs. Read more
September was a bad month for estate agents
February 2, 2009
A recent report has shown that September of last year was the worse month ever for the estate agency industry, with many estate agents failing to sell even one property over that month, as the housing slump and mortgage meltdown continued to cause turmoil. Read more
Property prices could fall by 35 percent before they rise again
January 25, 2009
A leading economist has warned that house prices in the UK could be set to fall by as much as 35 percent in total before they start to go back up again. The warning comes from George Buckley, chief UK economist of Deutsche Bank. Read more
Reports that property prices may pick up next year
January 23, 2009
Recently an industry official predicted that house prices would have to continue falling up to an overall 35 percent before starting to recover again. Read more
House prices set to continue falling
January 19, 2009
Recent reports have suggested that house prices in the UK are going to continue falling with one industry group predicting that there will be a further 10 percent fall in house prices over the coming year. Read more
One in ten struggling to pay their mortgage
January 14, 2009
Recent reports have suggested that around 10 percent of homeowners are struggling to make repayments on their mortgages. Industry officials have stated that one in ten homeowners is finding it difficult to make mortgage repayments. The data comes after a survey was carried out into unemployment figures for couth east Essex. This showed that more than seven thousand people in the area were unemployed and were now claiming benefits. Read more
Homelessness could be increased through struggles with mortgage repayments
January 12, 2009
According to a recent report the number of people that will find themselves struggling to make their mortgage repayments next year could lead to a rise in the number of people becoming homeless. The Council of Mortgage Lenders has already predicted that repossession levels could rise to 75,000 in 2009, and whilst the government is trying to take action to reduce the number of people being repossessed it is likely that the number of homeless people may soar over the course of the year. Read more
New buyers could benefit from slashed auction prices on property
January 8, 2009
With the housing market experiencing volatile conditions and mortgages becoming increasingly difficult to get, many new buyers have found that when it comes to purchasing a property they have had to hold off because of affordability problems or simply because of the risk of property prices falling further after they have purchased the property that they want. However, some people could find that they are able to get their hands on a bargain property by going to auction, where they could end up paying far less than they imagined. Read more
Increase sales resulting from falling house prices
January 6, 2009
Over the past few months property sales levels in the UK have been plummeting, with tighter credit conditions and a range of other factors resulting in fewer and fewer people purchasing property. With property prices falling many people have been nervous to take the plunge and purchase a property in case house prices continue to fall leaving them quickly facing negative equity. Read more
Is there good news on the horizon with regards to property sales levels?
December 29, 2008
Things have been looking very bleak in terms of property sales in the UK over recent months, and the level of property sales in the UK has gone through the floor for a number of reasons. In fact, just weeks ago the average number of property sales per estate agent per week had dropped to below one, and many homeowners trying to sell their homes were finding themselves experiencing real problems in terms of getting their property sold within a reasonable time, it at all! Read more
Government moves on mortgage lending and repossessions
December 29, 2008
Following the pre-budget report, it has been announced that the government is to set up a new review panel that will monitor lending to businesses and consumers. The announcement came from the Chancellors, Alistair Darling, shortly after a report from Sir James Cosby, who said that urgent government intervention was needed to stop the mortgage market from shrinking further in 2009. Read more
House price falls slow in pace
December 26, 2008
Over the past year house prices have been falling month on month in the UK, with average house prices said to have fallen by close to 15% recently compared to the same period last year. However, although house prices are still falling, one major lender claims that the fall have started to slow in pace, with November having see a house price fall of just 0.4 percent, taking the annual rate of decline compared to the same time last year to around 13.9 percent. Read more
Drop in property prices leads to increased sales
December 22, 2008
According to recent reports there has been a drop in the amount that many homeowners are asking for their properties, and this has led to an increase in property sales. With property sales having slumped to an average of less than one sale per week per estate agent, the increase in sales is much needed. Officials have said that sellers are now becoming more realistic with regards to their asking prices, and this has helped to boost sales in what has become a very challenging housing market. Read more
Household spending goes up to £459 per week
December 21, 2008
According to official figures released by the Office for National Statistics, the average household in the UK is now shelling out £459 per week to fund household costs. The data from the Family Spending Survey showed that the costs associated with mortgages and energy costs have rocketed over the past five years. In the past five years the average monthly mortgage payment has gone up by around £16 per household. This equates to an increase of over £830 a year for each household. Read more
Property website reports loss of three hundred estate agents a month
December 1, 2008
The property website Right Move has recently reported that each month around three hundred struggling estate agents are quitting the service, as the housing market continued to decline and the housing slump affects the estate agency business dramatically. With many estate agents struggling to weather the effects of the housing slump, many are unable to afford services such as these. Read more
125 families a day hit by repossession
November 27, 2008
According to figures that were recently released around 125 families a day across the UK have been getting hit by repossession, as many households continue to struggle to keep up with mortgage repayments on their homes. In the three months to September 30th the number of repossessions increased to 11,300, which reflected a rise of 12 percent. The data comes from the Council of Mortgage Lenders. Read more
Will the base rate cut really help borrowers?
November 24, 2008
In the past the rules behind interest rates charged by mortgage lenders seemed to be pretty simple - when the Bank of England put up the base rate then mortgage lenders would put up their borrowing rates by the same amount, and when the Bank of England cut the base rate then lenders would cut their borrowing rates by that amount. Simple and straightforward. Read more
Possible £40,000 fall in house prices by end of 2009
November 19, 2008
According to recent figures house prices could fall by as much as £40,000 by the end of 2009. The figures indicated that compared to the peak of last October the average house price could fall by around 20% by the end of December next year, and this would mean that property prices were back down to the same level as 2004. The data comes from the Centre for Economics and Business Research (CEBR), which has predicted that it will take until 2010 for the housing market to show any signs of stability. Read more
Firmer regulation needed over sale and rent back schemes
November 15, 2008
According to industry officials firmer regulations is needed when it comes to sale and rent back schemes, which have seen take-up increase over the past year as an increasing number of homeowners have struggled to keep up with repayments on their homes. These schemes work by purchasing the property from the homeowner and then renting it back to them so that they do not have to move but can stop worrying about the mortgage, paying rent on the property instead. Read more
Homeowners not cashing in on their equity
November 12, 2008
According to recent figures released from the Bank of England the number of homeowners in the UK that are now cashing in on their equity by borrowing against it has dropped. It is thought that the number of people borrowing against their equity dropped between April and June of this year, according to a recent report. Read more
Future of house prices looks bleak
October 30, 2008
Over the past year the housing market in the UK has fallen into a slump, with house prices having fallen month on month, leaving them considerably lower than they were at their peak this time last year. However, the bad news is not over for homeowners, with industry officials warning that property values are set to continue falling. In fact, one firm of economists has warned that by this time next year property prices could have dropped by up to 35%. Read more
The pressure is on for the Bank of England
October 23, 2008
Further pressure is being piled on the Bank of England to cut the interest rate, as officials points out that Britain could otherwise face the worst effects of recession. With the Monetary Policy Committee meeting due soon, the governor of the central bank and other senior officials are feeling the heat, as industry groups and professionals warn them to put inflation worries on the back burner and focus on the state of the economy and the rising risk of a full blown recession. Read more
Mixed reactions on housing proposals from government
October 19, 2008
The government in the UK has made a number of new proposals recently to try and kick start the slow housing market, and amongst the actions taken by the government are a suspension in stamp duty for properties up to £175,000, and also the provision of loans for first time buyers looking to purchase new build properties. Industry groups and officials have offered mixed reactions to these moves, some of which can be seen below. Read more
Is it time to scrap HIPs?
October 17, 2008
There is no doubt that when legislation relating to Home Information Packs was brought in the year before last there was a great deal of controversy and dissatisfaction amongst both homeowners and various industry groups, such as estate agents. Officials from the Labour government have been insisting that these packs are a good idea, and that they will make the house selling process far faster. However, whilst Labour officials continue to defend these HIPs officials from other parties are insistent that they need to be scrapped. Read more
Credit crunch does not stop asking prices from rising
October 15, 2008
According to recent reports asking prices on some properties are still increasing despite the fact that property values have been falling for almost a year. Figures have revealed that the mortgage famine and falling property values have not stopped asking prices from rising in the London area, as hopeful sellers try and get as much for their homes as possible with many reluctant to accept the fact that property values are falling. This practice is adding to the housing downturn, with buyers unable and unwilling to pay the high prices that sellers are demanding. Read more
Could stamp duty relief help to boost the housing market?
October 14, 2008
Over the past few months the housing slump in the UK seems to have become more and more pronounced, with estate agents unable to shift many of the properties on their books and with sellers resigning themselves to the fact that even if they do manage to sell their homes it will most likely be at a far lower price than they are asking. The effects of the global credit crunch, the state of the economy, and soaring inflation levels have all affected the low level of property sales over recent months. Read more
Attracting buyers for your property
October 8, 2008
If you have been trying or even thinking about selling your home over recent months you will already know what a tough time you could be facing. Property sales have plummeted over recent months, and the situation has been fuelled by falling house prices, which is putting potential buyers off due to the risk of falling into negative equity, and also by tighter credit conditions, which is resulting in many would be buyers being unable to get the necessary funds required to purchase a property due to the global credit crunch. Read more
Make sure you keep up with repayments on your secured loan
October 7, 2008
In the past many people were nervous about taking out a secured loan, as the very fact that the loan was secured against the home made some people extremely wary. However, for those with damaged credit there was very little choice other than to opt for a secured loan, as most unsecured lenders would not entertain the idea of lending to someone with damaged credit. Read more
Will house prices rise or fall?
October 6, 2008
A huge number of industry officials and agencies have been predicting since last year that since the housing bubble burst house prices would continue to fall for the next couple of years in the UK. Some officials have predicted that house prices could plummet over the next couple of years, with a number of professionals sating that the value of properties could fall by 17% over the next year and by up to a third over the next couple of years. Read more
Is it worth waiting to save money on stamp duty?
October 5, 2008
Affordability for first time buyers looking to get onto the property ladder has continued to dwindle over recent months despite the fact that house prices have been falling month on month and are now said to be at their lowest since August 2006. When house prices started falling many thought that this was the news that many first time buyers had been waiting for, having been priced out of homeownership for some years. However, this was not to be because over recent months the mortgage meltdown has resulted in many first time buyers being unable to get a mortgage due to lack of affordability. Read more
Cut out the middle man and sell your home online
October 4, 2008
People buy all sorts of things online these days, from holidays and cars to entertainment and groceries. According to one recent report some people also look for a new home online, and the struggling homeowners that are looking to sell their properties but are experiencing financial issues could save themselves a fortune and gain more control of the situation by selling their property online rather than go through an estate agent. Read more
London sellers dropping asking prices
September 29, 2008
According to a recent report many property owners in the London area are being forced to drop their asking properties when selling their homes as a result of the slowdown in the housing market. With estate agents reportedly selling less than one property per week on average many homeowners have found that in order to even generate interest from cash strapped buyers they are having to slash the asking price on their properties by an average of over £20,000. Read more
Will house prices go back up again?
September 26, 2008
Over recent months the financial headlines have been filled with stories about falling house prices, and many industry officials have been making one gloomy prediction after another in relation to how quickly and by how much house prices are likely to continue falling over the next year or two, with some claiming that house prices could fall by as much as a third over the next two years, which could plunge many homeowners into negative equity. Read more
Some homeowners could face 40% hikes in repayments
September 24, 2008
A worrying report has shown how some homeowners in the UK who are due to come to the end of special cheap mortgage deals, such as cheap fixed rate mortgages, could face hikes of up to 40% when it comes to their mortgage repayments, which could mean an increase of hundreds of pounds a month for some. Many people are due to come to the end of special mortgage terms, and this means that they will either have to look for an affordable alternative or they will have to switch to the lender’s standard variable rate, which can be very high. Read more
Repossession levels have rocketed
September 23, 2008
There has been a huge jump in the level of repossessions in the UK since the start of this year, according to a recent report. Since January of this year repossession levels have jumped by 41%. There are a number of reasons why many homeowners may have fallen so far behind with their mortgage repayments, resulting in this increase in repossession levels. This includes higher living costs and bills, which are impacting on household finances, and also the fact that many people have been coming off cheap fixed rate deals and having to switch to far more expensive mortgage deals. Read more
July saw biggest house price fall on record
September 17, 2008
According to recent reports from a leading lender the month of July saw the biggest annual house price drop since records began, which was in 1991. House prices for the month fell by 1.7%, which took the annual fall to 8.1%. This comes from figures from the Nationwide. House prices have been falling for a number of months now, and many industry officials have predicted that they will continue to fall over the next couple of years, with some predicting drops as large as 20% or more over this period. Read more
Rise in repossession orders
September 1, 2008
According to a recent report there has been a significant rise in the number of repossession orders being filed. Another report has already shown that there has been a rise of 41% in actual repossessions in the first half of this year compared to the last six months of last year, and 48% compared to the first six months of last year.
This recent report shows that there has also been a rise in repossession orders. Read more
Inflation to get worse states Bank of England
August 27, 2008
Over recent months the nation has seen the rate of inflation spiral out of control, and in July inflation levels hit an all time high of 4.4%, which is the highest since records began. This is more than double the government’s 2% inflation target, and according to officials has been pushed up by factors such as the soaring cost of food and petrol. These inflation levels have also resulted in the Bank of England keeping the base rate on hold, and it is unlikely that there will be any further cuts in the base rate over the course of this year. Read more
Cost of home improvements rising for homeowners
August 25, 2008
Homeowners have received more bad news recently, after a report showed that the cost of home improvements has rocketed over the past couple of weeks. This comes at a particularly bad time, as many homeowners who are unable to sell their homes due to tighter mortgage lending conditions and falling house prices have decided that they may as well stay put and improve their homes to suit their needs rather than selling up at a low price and moving on. Read more