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Cable expects 'serious grief in the housing market'
The UK housing market downturn will be "worse than mainstream forecasts" Liberal Democrat shadow chancellor Vince Cable has told myfinances. The former Shell chief economist singled out the property market crisis as the factor which could see the country experience a recession, admitting he expects more repossessions and house prices to tumble further. However, Mr ...
24th Jun 2008
Bank mortgage lending falls to record low
The number of new mortgage approvals by the UK's main banks fell 20 per cent in May and was 56 per cent lower than for the same period last year. According to figures released by the British Banker's Association (BBA), just 28,000 homebuyers were approved for mortgages by banks including the nine largest retail lenders in the UK, the lowest since records began in 1997. The ...
24th Jun 2008
Property news archive
Property sales drop by 40 per cent in a year
House prices are falling faster than at any time in the past quarter of a century, according to new statistics, with 40 per cent fewer properties sold this year compared to last. HM Revenue and Customs has released figures that show just 100,000 homes and offices were sold in May 2008, down from a peak of 160,000 in July last year. Furthermore, the market may get worse ...
24th Jun 2008
AHIPP warns local authorities over Hips mishandling
Local authorities must sort out their handling of home information packs (Hips) or "face the consequences", the Association of Home Information Pack Providers (AHIPP) has warned. Hips are currently subject to temporary measures, such as allowing private sector search companies to cover risks to consumers with insurance in cases where local authorities withhold ...
23rd Jun 2008
AHIPP warns local authorities over Hips mishandling
Local authorities must sort out their handling of home information packs (Hips) or "face the consequences", the Association of Home Information Pack Providers (AHIPP) has warned. Hips are currently subject to temporary measures, such as allowing private sector search companies to cover risks to consumers with insurance in cases where local authorities withhold ...
23rd Jun 2008
Homeowners worried about repossession
One in five homeowners is concerned about their home being repossessed, while 80 per cent believe people do not have enough access to affordable housing, according to an Equifax survey. If they were failing to keep up their mortgage payments, four out of every ten homeowners admit they would voluntarily give up their houses. Neil Munroe, Equifax's external affairs director, ...
23rd Jun 2008
Mortgage lending slump continues
Gross mortgage lending slipped two per cent in May as the property market continues to struggle, according to new data. Figures released by the Council of Mortgage Lenders (CML) show that the amount lent to individuals taking out a mortgage last month stood at £25.5 billion, down two per cent on April. This also represents a 19 per cent drop year-on-year from ...
20th Jun 2008
Home improvements could "offset any potential price falls"
Homeowners can combat falling property prices by spending money on renovation projects, according to an industry expert. Jason Orme, editor of Homebuilding & Renovating Magazine, insisted individuals should take advantage of "good value" improvements. He said: "They're an investment for people who want to try and offset any potential house falls. You need ...
20th Jun 2008
Halifax warns housing market slump set to accelerate
Britain's biggest mortgage lender Halifax Bank of Scotland (HBOS) has issued a trading statement claiming that house prices will fall by nine per cent in 2008. The revised forecast comes after analysts decided that a previous prediction of a "mid-single digit" drop was too optimistic given the downturn in the housing market. The move comes comes after the Halifax ...
19th Jun 2008
Homeowners hit by rocketing mortgage costs
Borrowers looking to take out a two-year fixed-rate mortgage are having to pay almost £1,300 more than just six months ago, according to reports. Figures published by Times Online show that the total cost of a two-year loan now stands at £25,517, up £1,271 from the corresponding amount in January. Leeds Building Society heads the sector for imposing higher ...
19th Jun 2008