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Prices continue to fall as housing market slump accelerates
The price of an average home has fallen by nearly £13,000 over the past twelve months following a 2.4 per cent drop in May, according to the Halifax House Price Index. The rate of this latest decline was significantly higher than the 1.3 per cent fall recorded by Halifax in April. Rival lender Nationwide recently noted a 2.5 per cent drop in May, the biggest monthly ...
5th Jun 2008
Homeowners 'should consider equity release to counteract falling property prices'
Consumers planning to withdraw equity from their homes should act quickly to avoid being stung by declining property prices, according to a financial expert. Alex Edmans, Saga personal finance adviser, said: "With falling property prices customers will see a reduction in the amount of equity they can raise, therefore if you are considering arranging equity release in ...
4th Jun 2008
Property news archive
Rising costs limit access to property ladder
A growing number of young people are unable to purchase affordable housing in their local area due to high property prices and increasing mortgage costs, according to new study. Research by the University of York, on behalf of Hometrack, claims that 28.3 per cent of young working households are unable to get on the local property ladder. A shortage of financially viable ...
4th Jun 2008
Credit crunch 'traps' almost half of under 25 homeowners
The number of homeowners who feel trapped as a result of financial difficulties has swelled to 3.6 million, according to a new survey. Research by comparison website Gocompare shows that young homeowners have been worst affected by the current economic downturn, with 44 per cent of under 25s feeling stuck in their current home and 32 per cent scrapping plans to move to a ...
3rd Jun 2008
Home improvement costs rocket
Increasing fuel costs, strong global demand for raw materials and fewer eastern European workers have pushed the price of home improvements up by 20 per cent in the last two years, according to the Royal Institution of Chartered Surveyors (Rics). Figures published by the organisation's Building Cost Information Service (BCIS) show that the cost of adding double glazing has ...
3rd Jun 2008
'Advisers can help consumers find better value mortgages'
Consumers should turn to intermediaries as they look to secure competitive mortgage deals in a "bewildering market place", according to an industry expert. The Intermediary Mortgage Lenders Association (IMLA) claims that advisers remain "an essential part of the landscape of the market" that can help buyers decide from a wide array of products. Peter ...
3rd Jun 2008
Housing market slump not likely to match 1990s decline
The number of homeowners struggling to afford their monthly mortgage repayments will remain "considerably lower than the levels achieved in the early 1990s", according to the Council of Mortgage Lenders (CML). The CML estimates that around 170,000 households will fall into arrears of more than three months this year, which represents an annual rise of over 30 per ...
2nd Jun 2008
House prices continue downward trend
House prices fell for the eighth successive month in April as buyers continue to struggle in the current economic climate. Data released by the Land Registry shows that the average price of a home now stands at £183,626 after a 0.2 per cent monthly decline. House price inflation also dipped 0.9 per cent during the same period to 2.7 per cent. The largest regional drop ...
2nd Jun 2008
Regulation needed for sale and rent back market
The sale and rent back sector of the property market "desperately" needs to be regulated, the Homeowners Advice Centre has claimed. According to the firm, which provides free debt advice to homeowners, the trend of homeowners selling their property at a discount in return for the option to remain as a tenant has increased significantly in the last few months, as ...
30th May 2008
Monthly overpay 'could combat LTV problems'
Overpaying mortgages each month could help homeowners to avoid running into loan-to-value (LTV) problems when it comes to remortgaging. A new report from Fool.co.uk suggested that overpaying £109 a month, or £3 a day, on a typical £200,000 mortgage at 5.5 per cent would counteract the effect of a five per cent drop in the property's value and the resulting ...
30th May 2008