Mortgage sector still experiencing difficulties
August 7, 2008
The mortgage sector in the UK is still experiencing immense difficulties, as it continues to reel from the damaging effects of the global credit crunch, which hit the nation last year and is still causing total chaos throughout the financial markets. Officials from the Council of Mortgage Lenders have said that whilst the government has taken action by injecting millions of pounds into the money markets and coming up with a £50 billion mortgage rescue plan the mortgage industry continues to suffer severe problems. Read more
House hunting season gets off to a slow start
April 17, 2008
Industry experts have reported that the spring house hunting season this year has got off to a very slow start, as the effects of the credit crunch continue to bite, and potential buyers struggle with trying to raise the money that they need to purchase a property. The global credit crunch has impacted heavily in the housing and mortgage sectors, and the additional predictions that house prices are going to fall over the next two years is also affecting consumer interest in purchasing a property. Read more
Poor DIY could see house prices tumble
April 11, 2008
There is already a great deal of concern over the drop in house price inflation, with house price growth now at its lowest in 12 years, according to industry professionals. However, there are also concerns that some consumers may end up reducing the value of their homes even further by attempting to carry out DIY home improvement when they do not have the skills or expertise to do a good job. Industry officials state that whilst some homeowners might think that they are improving the value of their home with these improvements, a shoddy end result could have just the opposite effect. Read more
Former government adviser casts gloomy outlook for house prices
April 3, 2008
A former government advisor and senior economist has cast a gloomy outlook for house prices, predicting that the value of the average property in the UK could plummet by 20% over the next two years, leaving some homeowners facing the pitfalls of negative equity, and seeing many others lose thousands of pounds off the value of their properties. Should this situation come to fruition the average house price could fall from £200,000 to £160,000 in the space of two years. Read more
Increased affordability for many first time buyers due to interest rate cuts
March 4, 2008
Officials from the Council of Mortgage Lenders have recently stated that affordability for first time buyers could be increasing, with interest rates already having fallen twice in the last few months, and set to fall further over the course of this year. First time buyers saw affordability fall to its lowest in sixteen years last year, with the average first time buyer paying out close to 20% of their income on mortgage interest, which is the highest level since 1991. Read more
Rise in gross mortgage lending for January states CML
March 2, 2008
Officials from the Council of Mortgage Lenders stated recently that there was a rise in gross mortgage lending for the month of January. The figures show that despite the turbulent housing market January saw a rise of 11% in gross mortgage lending compared to December. CML officials claim that in January lending levels rose to £26.5 billion compared to £23.9 billion in December. Read more
Over one million could lose their homes in next 18 months
February 11, 2008
Officials from the Financial Services Authority, the UK’s financial regulator, have warned that over the next 18 months over one million homeowners in the UK could end up losing their homes. Read more
Second UK home for two million Brits
February 6, 2008
According to a recent report around 5% of the adult population in Britain has a second home in the UK, equating to more than two million people with a second home. The figures show that more than two million people have a family home and on top of that have another property within the UK. Read more
House values drop an average £11,000 since October
February 4, 2008
According to recent research the value of properties in the UK have plummeted by an average £11,000 since October. This equates to an average daily fall of £120 a day in house prices, and many experts have stated that things are set to get worse over the coming year. The report was put together by property specialist website Right Move. Read more
First time buyers could face bleak home ownership prospects due to LTVs
January 22, 2008
Over recent years things have not been easy for first time buyers in the UK. With property prices soaring many first time buyers quickly found themselves priced out of the market altogether, unable to afford to raise a mortgage for the amount needed to purchase even a modest property in some areas. Banks and building societies tried to ease the situation by offering higher income multiples so that first time buyers could get onto the property ladder, even though this meant that they were saddled with huge levels of debt. Read more
Is 2008 going to be a good year to buy for first time buyers?
January 12, 2008
Over recent years first time buyers in the UK have really had to suffer when it comes to getting onto the property ladder, with many finding it impossible to get themselves onto the property ladder because of the increasing costs involved. In fact, figures have shown that fewer and fewer people are finding it possible to get onto the property ladder for the first time without having to pool funds with family or friends, which brings with it its own problems. Read more
First time buyer levels plummet
January 5, 2008
According to a recent report from Britain’s largest mortgage lender, the Halifax, first time buyer levels in the UK have plummeted to their lowest in nearly three decades. According to Halifax figures the number of first time buyers that entered the market in 2007 was 300,000, and this reflect a drop of 44% from five years ago as well as being the lowest figure since 1980. Read more
House share property owners could struggle in future
December 24, 2007
According to a recent report only 44% of consumers that have graduated in the last ten years have managed to get their foot onto the property ladder in the current housing climate, and out of these a whopping 72% have only managed to do this by pooling their funds with a partner, friend, or family member in order to get onto the property ladder.
Rocketing house prices and high interest rates have made it extremely difficult for first time buyers to go it alone, which is why so many have had to look at sharing a mortgage with another party. Read more