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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.”
Read more…Category: Current Market News
22-Mar-2011
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Chancellor George Osborne is being urged to re-think stamp duty in the run up to the Budget next week.
Stamp duty of 1% is payable by purchasers if the price of their new property is more than £125,000 – and at higher rates further up the scale, with thresholds at £250,000 and £500,000.
Category: Finance News Tags: Business, Companies, Economy
21-Mar-2011
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Mortgage lending held steady in February, according to latest figures from the Council of Mortgage Lenders (CML). At an estimated £9.5 billion, total lending was a shade up on the amount for January. Nevertheless, the figures show levels of activity which according to the organisation remain “very subdued.”
Remortgaging was once again the bright spot. The CML cite Bank of England data showing 33,000 remortgage approvals in January, and suggest the strengthening performance will have continued in February.
Category: Current Market News Tags: Economy, Industry, Markets
21-Mar-2011
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Recent figures present a snapshot of today’s mortgage and housing markets.
Surveyors Connells report an upturn in activity, particularly focused on remortgaging. Their figures for February show an increase of no less than 107% in the number of valuation surveys for remortgage purposes compared with a year ago.
Category: Current Market News Tags: Economy, Housing Market, Industry
21-Mar-2011
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The property market is getting busier. That’s the verdict from the National Association of Estate Agents (NAEA), whose members have reported an increase in both supply and demand.
Figures for February show that the number of properties coming onto the market grew by a quarter in the year to February, with the average estate agent’s branch now having 70 properties on its books as against 56 a year ago. At the same time, there are more enquiries from buyers, with larger numbers registering an interest in buying a property.
Category: Money Saving Advice Tags: Economy, GoRemortgage, Housing Market
18-Mar-2011
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George Osborne has identified housing, along with education and climate change, as one of three areas for action in his second budget.
The remarks came as part of the Chancellor’s attempt to move the policy agenda from spending cuts to the promotion of “growth” – increasing the value of what the UK produces – and creating jobs.
Category: Current Market News Tags: Economy, Industry, Markets
18-Mar-2011
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A new scheme designed to help first time buyers could provide a welcome boost to the mortgage market.
The measure targets first time buyers who can afford repayments on a 95% mortgage, but are unable to raise the larger deposit required by the deals currently available. Under the scheme, local authorities will lodge an additional deposit of up to 20% as security with the lender, rather than simply giving it to the purchaser. Nevertheless, the purchasers will own the property outright.
Category: Current Market News Tags: Economy, Housing Market, Markets, Mortgage Rates
16-Mar-2011
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Variable rate mortgages – those with a fluctuating interest rate – are increasingly in the spotlight. The reason? The possibility that the Bank of England will raise base rate from its all-time low of 0.5%.
How many homeowners are actually on a variable rate? According to official numbers from the Financial Services Authority it’s 68% of us. That includes tracker deals, generally tied to the Bank of England’s rate. But now an economist from Legal and General has caused a furore by claiming that the figure could be as high as 9 out of 10. That’s down to the number of borrowers whose mortgage deals are thought to have lapsed, leaving them on their lender’s Standard Variable Rate.
Category: Current Market News Tags: Housing Market, Markets, Mortgage Rates
15-Mar-2011
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A leading housing charity has warned that a rise in interest rates could come as an unwelcome surprise for many homeowners.
Shelter is highlighting research carried out last year by the Council of Mortgage Lenders which showed that one in four mortgage borrowers did not appreciate that rates are at an historic low. According to the research, many of those borrowers believed that current rates were in fact significantly higher than they had been previously.
Category: Money Saving Advice Tags: Business, Economy, Markets, Mortgage Rates
14-Mar-2011
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A highly regarded monthly survey paints an encouraging picture of the housing market in England and Wales.
The latest LSL /Acadametrics House Price Index shows that prices rose by 0.3% during February, equating to an increase of £657 in the value of the average property. The number of transactions increased by 2.4% to 41,200 – although that’s still almost 40% down on the long-term average.
Category: Finance News Tags: Business, Markets, Mortgage Rates
14-Mar-2011
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