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Many of us would say “yes”. And that attitude is especially common among first time buyers, with 66% agreeing that property in their area overvalued, according to Rightmove.
But will prices fall? That’s another question entirely. The same Rightmove survey suggests that the proportion of people who think prices will drop has itself reduced. (more…)
The surprise news that inflation has dropped back to 4% could spell good news for homeowners seeking to remortgage.
Many city commentators had pencilled in a rate hike in May, but few would be willing to bet on that now. Apart from the headline inflation figure, weak data on retail sales and consumer confidence suggest that an early rise in rates would be damaging as well as unnecessary.
The annual rate of inflation has fallen to 4% – relieving pressure on the Bank of England to raise interest rates. And it’s consumer pressure which lies behind the decrease, according to analysts.
In recent months the balance of opinion has shifted towards a rate rise, with a growing minority on the Bank’s Monetary Policy Committee ( MPC) – which actually sets rates – voting in favour. May had been widely tipped in the City and elsewhere as the likely date for a first step.
April 6th – and Worse Off Wednesday, so called. That’s because today is the day when many of the government’s tax changes take effect.
Hardest hit will be those at the upper end of the income scale – anyone, that is, earning above £42,475. The Treasury is keen to point out that some 80% of us, and especially the lower paid, will gain from the increase in what we can earn before paying tax at all (£7475). Though changes to working tax credit mean even some low earners will lose out.
(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…)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…)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…)There are some signs of vitality in the property market, but with wide variations across the country – that’s the picture which emerges from the latest housing market survey by the Royal Institution of Chartered Surveyors.
According to the majority of surveyors, prices were unchanged in February. Among the rest, more reported that property prices were falling than rising – but by a margin which is the narrowest since July last year. The number of sales agreed stabilised, while the number of new instructions rose slightly.
“It is clear that at some point bank rate will have to go up”. The words of Bank of England Governor Mervyn King. But when – that is the question.
According to some analysts, the balance has tilted back against an immediate rate rise in recent days. That is because of the state of the economy. With retailers voicing fears of a second bout of recession, growth and jobs have moved back to the centre of the political battleground.
Deutsche Bank has been fined and told to pay compensation to customers for irresponsible lending practices. The Financial Services Authority (FSA) has levied the fine of £840,000 on DB Mortgages, which no longer provides new loans. The sum includes a 30% discount for cooperating with the investigation.
The lender will also pay out some £1.5 million pounds in compensation, under a programme aimed at up to 8,000 customers.
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