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The UK economy is growing again – though not by that much.
GDP (what the UK produces measured in cash terms) was up by 0.5% in the first three months of 2011. The news came as a relief after the last quarter of 2010, in which the economy shrank by a similar amount. According to some analysts, the figure is in line with a reasonable recovery – given circumstances which include big public spending cuts.
A new iPhone app aimed at those considering separation or divorce is causing controversy. The new ‘Divorce?’ app has been designed in part by a specialist family lawyer, and claims to offer the first line of information to anyone facing marital breakdown.
The app has been criticised by family campaigners who argue that it trivialises a life- changing decision. Defenders say that cutting through the jargon and “legalese” around divorce has to be a good thing. Its inventors stress that the app itself directs users towards professional advice where appropriate.
Thinking of remortgaging? You could benefit from falling interest rates as a price war develops among the UK’s leading mortgage lenders.
That’s the analysis of industry insiders as the prospect of an early rise in Bank Rate recedes.
London property prices are now almost twice the average for England and Wales, according to research from a leading estate agent.
The latest Chesterton Humberts “Poll of polls” shows that the average price of a home in the capital has reached £338,583, compared with £174,367 elsewhere. London also stands out as the only part of England and Wales showing an annual increase in prices in the year to March – of 2.2%. Prices in Scotland held steady, with a “rise” of just 0.1%.
It’s cheaper to buy a home than to rent a comparable property, according to latest research.
Figures from Halifax Bank show that mortgage payments and other costs on a three-bed property total £608 on average. Renting a similar house would cost £706 a month – £98 more.
The UK mortgage market is recovering – but it’s a slow process. That’s the message from the Bank of England’s latest Trends in Lending report.
Compiled partly from data from banks and building societies, the report shows stability in mortgage lending over recent months, coupled with signs of increasing competition.
The UK property market is seeing a surge in demand, according to the National Association of Estate Agents (NAEA). The claim is based on a big rise in the number of potential buyers registering with agencies. But, says the organization, better access to mortgages is needed to sustain the housing market.
There has been a significant boost to mortgage lending, as the market emerged from “hibernation”.
According to the Council of Mortgage Lenders (CML), lending rose to £11.3 billion in March. That represents an increase of 21% on the previous month, and the highest total since November. The rise pushed lending for the first three months of 2011 just above the amount achieved in the first quarter of 2010.
Could falling inflation and a sluggish economy lead to a shift in mortgage options?
It’s a question on the minds of observers after the Consumer Prices Index dropped back to 4% in March, leading to speculation that interest rates might stay at historic lows for months to come.
Asking prices for houses in England and Wales are holding their own, according to Rightmove. And that’s despite a big rise in the number of unsold properties.
The latest survey from the property website saw prices increase by 1.7% – taking them more or less back to where they were a year ago. As ever London is a law unto itself. With demand strengthening, the typical property is on sale for £431,000 – some £200,000 above the national average.
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GoRemortgage.co.uk is a trading style of Green Money Limited which is authorised and regulated by the Financial Services Authority for regulated mortgages and non-investment insurance contracts. FSA Number 482743. Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The overall cost for comparison is estimated to be 5.01% APR. Subject to circumstance, a completion fee may be payable, typically 2%.
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