If the Bank Of England keep the mortgage rate at 0.5% why are our mortgage payments rising? The fact is that the mortgage rate is a guideline and since the good times of pre-2007 lending are over and the seemingly bottomless pit of cash is empty meaning this disparity is set to grow in the months to come. If that was not enough the the base rate is set to rise later this year. So will we see mortgage lenders falling in line with the base rate?
With mortgage approvals down again in 2011 and many mortgage products removed from sale the number of mortgage defaults has risen steeply in the first quarter of 2011.
House prices in the UK are now falling faster than disaster riden Spain, which will worry anyone wqho has been keeping tabs on the Spanish market with much property virtually worthless and the construction industry in crisis.
Posted in General April 25th, 2011 by Kenny | No comments
A little bit of optimism is good, lets not get dragged into doom and gloom which creates a loop downward into a recession, but have we been a little bit overly optimistic? Asking prices have jumped by the biggest amount since 2007 pricing a large slice of buyers out of the market, leaving a large number of over priced properties on the market.
The average asking pricing for a property in the UK rose by 1.7% to £235,000. Are we being unreasonable with our expectations or are we right to dig in and wait it out?
Many industry experts are predicting that if individual sellers dont get real with the prices they are asking the market will stall and prices will have to fall, worst case scenario 25% in total, and then we will see a double dip.
With interest rates going up and inflation rising to 4.4% the signs are not good for late 2011. Sign up for free updates and information at House Price Spy!
Posted in General April 18th, 2011 by Kenny | No comments
Figures for the average house price in the UK rose very slightly in March by a tiny 0.1% according to the Halifax. OK, so nobody will be getting too excited about that but in general prices have been holding steady in 2011 so no cause for disaster just yet.
House prices in the last year have remained static but mortgage lending is noticably down, as the mortgage market is squeezed with many now not able to afford property.
The Bank of England have held the mortgage rate once again at 0.5%. Although with inflation at 4.4% this cannot last forever.
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Posted in News April 11th, 2011 by Kenny | No comments
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Posted in General April 4th, 2011 by Kenny | No comments
