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The debate over interest rate rises remains finely poised, with some calling for a rise now and others warning about the risks for the economy.
According to Reuters, economists are pretty evenly split about which way the Bank of England will jump. Their latest poll shows a small majority of forecasters expect no increase until the third quarter of the year. Others believe a May increase remains on the cards. A few even think that borrowers can rest easy until 2012.
(more…)The number of those remortgaging is at its highest for more than two years, according to latest figures. And, to the surprise of some, there has been an increase in the number of mortgage approvals for house purchase.
Figures from the Bank of England show that there were 35,725 loans for remortgaging approved in February (up from 33,972 the previous month), and not far short of 47,000 loans for house purchase. The remortgaging total was the highest since 2008.
(more…)Average house prices are falling, says the Land Registry – but the picture is patchy.
Latest figures show that the average cost of a home in England and Wales fell by 0.8% to £162,215 in February, leaving them 1.7% lower than a year ago. As ever, though, there are regional variations, with London showing an annual rise of 3.2%, and the East of England registering a leap of 1.2% in February alone. The biggest annual falls were recorded in the North East and West Midlands.
(more…)Remortgaging continues to grow, while overall mortgage lending remains subdued – that’s according to figures from the BBA (British Bankers’ Association).
Continuing speculation about a rise in Bank of England base rate is thought to have encouraged more borrowers to consider remortgaging and the option of a fixed-rate deal in particular. Some homeowners have also sought to take advantage of interest rates at historically low levels, to re-gear household finances and minimize monthly repayments.
(more…)The Bank of England’s chief economist has called for a rise in interest rates to curb inflation, in a speech to financial leaders.
With the likelihood of the inflation rate staying high, Spencer Dale noted that by mid-2012 it would have been above the official target for more than six years. Higher interest rates were needed to stop rising costs becoming ingrained and continuing to push up prices.
(more…)Some mortgage deals could become cheaper after recent movements in the money markets. Longer term fixed-rate deals in particular may become more competitive.
At the start of the year there was something of a race to remortgage – with fixed- rate deals attracting particular attention. As speculation grew that interest rate rises were on the way, such deals became relatively more expensive, with some fearing they had missed the boat as far as the lowest rates were concerned.
(more…)It looks like 2011 could be a good year for anyone seeking to develop or improve property.
Sweeping reforms to the planning system are set out in the Budget and other government documents. The aim – to create far more favourable conditions for all kinds of development to help boost growth. There will now be a presumption in favour of “sustainable development” – which, in other words, doesn’t conflict with key environmental goals, set out at a national level.
(more…)George Osborne claimed to have “put fuel in the tank of the British economy” in a Budget said to contain help for families and businesses alike.
The Chancellor surprised commentators and wrong footed his opponents by knocking 1p off a litre of fuel, as well as postponing the 5p increase due under the fuel duty escalator. Introducing what he described as a “fair fuel stabiliser”, he announced a £2 billion-plus raid on the profits from North Sea oil and gas to pay for it.
(more…)Inflation is up again – fuelling expectations of a rise in interest rates this summer. The news that the Consumer Prices Index surged in February to 4.4% came like a dash of cold water for the Chancellor as he launched plans to boost the economy in the Budget.
With inflation heading remorselessly towards 5%, it’s not surprising that many mortgage borrowers have been seeking security against potential rate rises and opting for fixed-rate deals. On the other hand, some are being attracted by falling rates on trackers. Either way, it looks likely that the trend towards remortgaging seen in recent figures will continue.
(more…)Business leaders are calling for a “pro-enterprise Budget” to turn the government’s rhetoric on the economy into reality.
In recent weeks ministers have signalled a change in the government’s message. Shifting the focus away from cuts, they have emphasized policies designed to boost the economy. Now, according to David Frost, Director General of the British Chambers of Commerce (BCC), “George Osborne needs to step up and deliver the promised big bang for growth.”
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