House prices edged up a whisker in May, according to the latest Halifax index.
At what is traditionally a busy time of the year for the housing market, prices rose by just 0.1% on average, to leave the price of a typical property at £160,519.
Posts Tagged ‘Economy’
Market Subdued, Outlook Improving, Says Halifax
Friday, June 10th, 2011Mortgage Market: Lenders See Positive Signs
Thursday, June 2nd, 2011Mortgage approvals tailed off this spring – but forecasts and figures from lenders give a more upbeat picture looking ahead.
Latest statistics from the Bank of England show that the number of loans approved for house purchase fell in April by a thousand or so, to 45,166. Nevertheless, the total amount of mortgage lending secured against dwellings remained in line with the average for the previous six months, at £11.2 billion.
Switch To Interest-Only Causes Concern
Wednesday, June 1st, 2011It’s being suggested that as many as 300,000 hard-pressed homeowners may have converted their mortgages to interest-only in recent years.
FSA data shows that the total number of interest-only borrowers went up by almost 370,000 in the three years after the financial crisis hit in late 2007. According to an analysis by The Daily Telegraph, most are people who have switched – because of financial difficulties and the need to minimize repayments to avoid a default.
Help On The Way For Mortgage Borrowers
Tuesday, May 31st, 2011Lenders and house builders have been involved in secret talks aimed at easing the supply of mortgage finance, it’s reported.
According to The Times, leading house builders such as Taylor Wimpey and Barratt have been in discussion with the Council of Mortgage Lenders and major banks, including Lloyds and Santander.
House Prices Edge Up As Outlook Brightens
Saturday, May 28th, 2011Property prices were up in May according to Nationwide – though not by much.
Statistics from the lender show that average prices rose by 0.3% to leave the typical home worth £167,208. The increase comes after a slight fall in April, and contributes to a rise of 0.6% for the quarter – often taken as a more reliable measure.
Mortgage Lending Holds Steady In April
Friday, May 27th, 2011Figures from the banks present a subdued but steady picture of today’s mortgage market.
According to the BBA (British Bankers’ Association), there was some growth, with net mortgage lending – taking into account repayments – increasing by 2.2% in the year to April.
Call For Interest Rates To Rise
Thursday, May 26th, 2011A prestigious international body has said that UK interest rates should rise soon.
The Organisation for Economic Cooperation and Development (OECD) has urged the Bank of England to follow the example of the European Central Bank, and act to raise rates by the end of the year. Economists fear that inflation may become entrenched, as workers demand higher wages to cope with rising prices.
Loans Attract Higher Rates
Wednesday, May 25th, 2011Forget the Bank of England and its record low base rate – the rates we pay on personal loans are at their highest for a decade.
That’s among findings from new research by Moneyfacts. They calculate that the typical rate on a £5,000 loan is now 12.7% – the highest seen since May 2000.
Chief Economist Warns Of Rate Rises Ahead
Monday, May 23rd, 2011A leading Bank of England official has stressed that higher interest rates are likely to be necessary to curb inflation.
And that could leave many homeowners needing to take a close look at their mortgage options – and other financial commitments – in the next few months.
Mortgage Borrowers Consider Home Improvements
Monday, May 23rd, 2011Home improvements are in the air – though too late for troubled DIY chain Focus Do It All. Rivals Wickes, more at the no-frills end of the market and catering for the building trade too, are taking over a clutch of stores.
Now’s the time of the year when the thoughts of householders traditionally turn to extensions and refurbishments. But current difficulties in the housing market are giving added impetus to the plans of many of us.
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