November 28th, 2009
Mortgage interest rates have fallen below 5% for the first time in five months, according to financial website MoneyFacts. The figures are based on average rates for a two-year fixed rate mortgage.
In the past two weeks, major lenders including Cheltenham & Gloucester and Alliance & Leicester have dropped their interest rates.
Experts at MoneyFacts say the news reflects improving fortunes for borrowers and the economy in general: they say it suggests that lenders are competing to win business, which should in turn encourage more buyers into the market and will provide a vital step on the road to financial recovery.
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November 23rd, 2009
The Royal Institution of Chartered Surveyors has warned that the end of the stamp duty holiday is likely to blight signs of recovery in the housing market.
The lower threshold for stamp duty was raised from £125,000 to £175,000 to give the property market a boost, but from 1 January 2010 the starting point will return to its previous level.
RICS experts are concerned that in regions of the UK where housing activity is particularly weak – such as the East and West Midlands, and also in Wales and Scotland – the market will grind to a virtual standstill. They say that any rise in the cost of purchasing a property will act as a deterrent to potential buyers, and threaten the recovery of the market in these regions.
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November 19th, 2009
Housing market asking prices fell by 1.6% in the four weeks leading up to 7 November, in figures released by Rightmove, the UK’s biggest property website. The company said that it expects to see three months of asking price falls before a shaky recovery begins early in the spring. It reports that the usual seasonal shrinkage of the housing market is exaggerated because of a shortage of properties for sale – 89,000 houses were put on the market during the four weeks to 7 November, 30% lower than levels recorded at the same time two years ago. There is still reason for optimism in the housing market, however, as Rightmove said that annual house price inflation is at its highest since May 2008, standing at 1.6%.
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