According to a recent report the lack of first time buyers entering the housing market at present is resulting in problems further up the chain, with homeowners who are already in starter homes unable to sell up and move to larger properties due to lack of demand and poor house sale performance. The housing market has seen a real slump in sales figures, and many people have found that they cannot sell their homes because first time buyer numbers have dwindled. (more…)
Archive for July, 2008
Lack of first time buyers causes problems throughout housing market
Wednesday, July 30th, 2008
Much higher deposits needed by first time buyers
Wednesday, July 23rd, 2008Ten years ago before the housing boom in the UK began someone with £40,000 handy could look at purchasing a property outright. However, these days many will be lucky if this covers much more than the deposit on a property. A recent report has shown that the average first time buyers in London needs a whopping deposit of around £32,500 these days, as lenders are now asking for around 13% of the property value by way of a deposit. (more…)
Rocketing fees from mortgage lenders
Tuesday, July 22nd, 2008The hefty fees that many mortgage lenders have charged have been under fire for some years, but is seems that the fees that were being charged a couple of years ago are nothing compared to the ones that are now being charged. A recent report has shown that mortgage arrangement fees have soared over the past couple of years, and at a time when finances are tighter than ever and credit conditions have become incredibly difficult, consumers are being charged through the nose by lenders through extortionate arrangement fees. (more…)
MP called consumers miserable
Tuesday, July 22nd, 2008A Labour MP was slated recently after calling people in the UK ‘bloody miserable’ adding that people these days were wealthier than ever. This is despite the fact that bills, food prices, and petrol costs have been soaring, credit conditions have become far tighter due to the global credit crunch, and many people are facing repossession because they cannot afford their mortgage repayments. Even though many households are struggling to make ends meet financially due to the current financial climate, Transport Minister, Tom Harris, described them as being miserable. (more…)
House price predictions changed by Halifax
Monday, July 21st, 2008Earlier this year it was reported that the Council of Mortgage Lenders had changed earlier predictions relating to house price movement for this year. In the latter quarter of last year officials from the CML had predicted that house prices would rise by around 1% over the course of 2008. However, just a few months into the year the CML changed its prediction, and based on figures showing that property prices were already falling predicted that property values would fall by around 7% over the course of the year. (more…)
Getting a financial adviser to help you find a mortgage
Friday, July 18th, 2008Finding a suitable and affordable mortgage can be difficult at the best of times, but in the current financial climate many people are finding it more difficult than ever to get a mortgage that suits that needs and is affordable. For many people trying to go it alone when it comes to finding a mortgage is a difficult if not impossible task, and this is why more and more people have turned to mortgage intermediaries in order to get help with finding a mortgage. (more…)
Homeowners urged to talk to lenders if they are struggling
Sunday, July 13th, 2008Homeowners who are struggling with their mortgage and debt repayments are being urged by industry officials to seek assistance and talk to their creditors as early on as possible, to avoid getting into even deeper financial trouble, and more importantly to avoid the risk of repossession. Many homeowners are now struggling with their finances for a number of reasons. Many are still reeling from the five interest rate hikes that were applied between August 2006 and July 2007, and whilst the base rate has been reduced a few times over the last six months many lenders are still continuing to hike up borrowing costs. (more…)
No change for the base rate for June
Thursday, July 3rd, 2008Last week saw members of the powerful rate setting Monetary Policy Committee meet up for their monthly meeting, and following the meeting the Bank of England announced that the base rate would be staying on hold at 5% for this month – a move that many industry officials have already been expecting. Most already knew that the decision faced by MPC members was a tough one, as they have to balance the slowing economy with soaring inflation levels when determining interest rate movement. (more…)
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