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
50% drop in house sales in one year
August 21, 2008
The housing market has been experiencing major problems over the past few months, with sales activity hitting rock bottom and house prices plummeting. A recent report has shown that house sales over the past year have dropped by around 50%, further indicating the housing downturn is getting worse. There are a number of factors that have contributed to falling house sales, and estate agents have reported very poor sales figures over recent months. Read more
One in four buyers pulls out of buying a home
August 15, 2008
The situation in the housing market has been going downhill rapidly over recent months, and estate agents have reported very poor sales figures, with many sellers finding it difficult of even impossible to sell their homes. Many would be buyers have fund that they are unable to get a mortgage to buy a home due to the tighter credit conditions that have come about as a result of the global credit crunch. Many others have decided not to take the plunge because they are fearful that house prices could continue falling once they have purchased the property. Read more
Housing market still in bad state say house builders
August 9, 2008
Over recent months the housing market has been going through turmoil, and the sale of properties has plummeted. This is because credit conditions have become much tighter, and this has resulted in fewer people being able to get a mortgage. It has also been made worse by falling house prices, as many would be buyers are nervous about taking the plunge at the moment because they fear house prices could fall further after they have purchased the property. Read more
How a home improvement loan could help you
August 9, 2008
We’ve all heard about the problems that have dogged the housing and mortgage markets of late, and for many homeowners and would be purchasers this is causing real problems. Homeowners are now often finding that selling their home has become increasingly difficult, and those wishing to move are experiencing huge delays in terms of selling their homes, as well as being beaten down in price. Read more
Try before you buy housing seems a success
August 5, 2008
Most of us are only too well aware that there has been a slump in the sale of properties in the UK over recent months, with many people afraid to take the plunge due to falling house prices. However, property developers are hoping to aid the recovery of the housing market in terms of sales by allowing consumers to try the property out before they make any commitment to purchase. It is thought that this could help to sway many unsure potential buyers, particularly older buyers that may want to know more about the property or area before they reach a decision. Read more
Property sector faces toughest times in thirty years
August 3, 2008
Officials from the Royal Institute of Chartered Surveyors have recently stated that the UK’s property sector is facing its toughest challenges in thirty years, as house prices plummet and house sales figures go through the floor. Estate agents books are filled with properties that have been left unsold, with the global credit crunch continuing to bite and make it harder for consumers to borrow, and consumers being more cautious about buying due to expectations of further falls in house prices. Read more
Many homeowners at risk of losing their properties
July 30, 2008
According to a recent report many homeowners will be at risk of losing their homes over the coming year and a half, with over one million set to face the risk of losing their home. The data has come from a report by the UK’s financial regulator, the Financial Services Authority, with officials stating that a number of factors will affect the ability of many homeowners to keep up with repayments on their mortgages, despite the fact that interest rates have been cut twice in the space of several months. Read more
Property sale slump could mean surge in home improvement loan applications
July 30, 2008
According to a recent report the slump in property sales in parts of the UK could result in an increase in applications for home improvement loans, as homeowners resign themselves to the fact that they are not going to be able to sell their property – at least not at the price they might have expected for it – and decide instead to change the property to suit their needs and stay where they are. House sale figures have slumped over recent months, with estate agents suffering extremely poor sales figures. Read more
What’s caused the slump in property sales?
July 22, 2008
There is little doubt that the number of properties being sold in the UK has slumped, and many homeowners are now finding it increasingly difficult to sell their homes, with estate agents reporting the poorest sales figures for many years. In fact, the situation has now reached a point where the lack of property sales could affect employment levels in a number of industries, with around fifteen thousand estate agents set to lose their jobs as well as those in related industries such as solicitors, removal firms, furniture retailers, and more. Read more
Could the base rate drop as low as 4%?
July 21, 2008
Over the past sixteen months or so homeowners on variable rate mortgages have really suffered financially, having seen their relatively low rates of interest rocket to sky high levels following a series of five interest rate rises from the Bank of England between August 2006 and July 2007. This has meant that their mortgage interest rate has also rocketed, and as a result of this their monthly repayments have gone through the roof in some cases, causing immense financial difficulties for some homeowners, and causing the level of repossessions to rise. Read more
Homeowners should keep their eye on interest rates
July 7, 2008
Following the recent cut in interest rates, announced earlier this month by the Bank of England following December’s Monetary Policy Committee meeting, homeowners with variable rate mortgages are being advised to keep an eye on the interest rate from their lender to ensure that they benefit from the interest rate cut. The interest rate was cur earlier this month from 5.75% to 5.5% after the Bank of England announced a quarter point cut. Read more
Cost of having home improvements on the up
June 30, 2008
The number of people that are deciding to have home improvement carried out is on the rise, and this is because many homeowners are now finding that it has become far more difficult and expensive to sell their property in the current financial climate, and with house prices tumbling many are reluctant to sell because of the potential losses that they could face. Many have therefore decided to try and improve their existing home rather than uproot and move to another one. Read more
House price falls – opinions from experts
June 29, 2008
Last year many industry professionals began to predict that house prices throughout the UK would fall, although most thought that the fall would be minimal and some thought that house price inflation for this year would remain stable. However, there is little doubt that house prices are indeed falling and are likely to continue to do so over the course of this year and into next. Read more
Challenging times ahead for homeowners
June 28, 2008
Homeowners in the UK are set to face some of their most challenging times over the course of this year according to officials from a debt advisory group. This comes after the Council of Mortgage Lenders recently changed its house prices forecast for the year from a 1% rise to a 7% fall. Officials from the debt group have recommended that homeowners that are likely to struggle should seek advise from professionals in the industry. Read more
October 2007 saw homeowners struggle with mortgage payments
June 19, 2008
Mortgage payers in the UK encountered a difficult month in October when it came to making mortgage repayments according to recent data from the Council of Mortgage Lenders. High interest rates and property prices, coupled with difficult credit conditions, saw many homeowners struggling with their mortgages in the month of October. According to the Council of Mortgage Lenders firsts time buyers were spending 20.6% of their income on mortgage interest in October compared to 20.4% in September. Read more
Sub-prime lenders slated by CAB
May 23, 2008
Sub-prime lenders in the UK have come under fire from the Citizen’s Advice Bureau, with officials from the CAB accusing sub-prime lenders of dishing out loans to consumers that cannot afford them, and then getting aggressive when the borrower naturally falls behind with repayments. In response the Council of Mortgage Lenders has stated that the CAB is being ’simplistic’ and ’sensationalist’. Read more
Homeowner that bought properties within last four years could face capital loss
May 14, 2008
According to a recent report homeowners that purchased their properties under four years ago are worst placed to face capital losses from the effects of the ongoing house price falls, as many will have paid a fortune for their homes by could see the value of the property plummet in a relatively short period of time. However, experts have stated that whilst this group is most likely to face capital losses due to falling house prices not all will face negative equity depending on how much deposit they put down on the property when they took out their mortgage. Read more
Should you remortgage or just take out a secured loan?
April 28, 2008
If you are a homeowner and you are looking to raise money against the equity in your home, there are a couple of routes that you may be able to take depending on your needs and circumstances. The two main choices that you will have are a remortgage or a secured loan, and it is important that you give each option careful consideration in order to ensure that you choose the right solution for your needs. Read more
Some borrowers can still enjoy good mortgage deals
April 11, 2008
Some officials have recently stated that there are still some competitive mortgage deals available for borrowers despite the gloomy predictions and outlook that has been seen in the mortgage sector of late. Officials from the online comparison site, mform, have stated that the outlook and panic relating to the mortgage market in the UK has been ‘overdone’ and there are still some competitive and affordable deals around for those that meet the lenders’ criteria. Read more
Mortgage lending restrictions put in place by smaller building societies
April 8, 2008
A recent report has shown that the global credit crunch is also taking its toll with smaller building societies as well as larger banks and lenders, with a number of smaller building societies reporting that they have had to restrict their lending because of lack of finance to fund their lending. Many consumers hoping to get their mortgage through a smaller building society may be affected, and may find it increasingly difficult to get a mortgage. Read more
Consumers turning to secured loans for home improvements
January 22, 2008
Recent data has shown that many homeowners in the UK are taking advantage of soaring property prices, and are turning to secured loans in order to fund home improvements that could potentially further raise the value of their homes. Many homeowners have seen their property value rise by thousands of pounds in the last year – it is reported that the average property in the UK is rising in value by around £50 per day. With soaring equity levels homeowners are able to enjoy increased borrowing power in the form of secured loans. Read more