April 14, 2008

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Action required to fight credit squeeze

Permalink: Action required to fight credit squeeze
by Kay Murchie

Steven Crawshaw, chairman of the Council of Mortgage Lenders (CML), said more action is required from the Bank of England to tackle the credit squeeze to help lenders provide Britons with mortgages. Mr Crawshaw is urging the Bank of England to ...

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Interest rate cut will not entice first-time buyers

Permalink: Interest rate cut will not entice first-time buyers
by Kay Murchie

According to Convex.net, the convenyancing firm, last week’s interest rate cut is unlikely to be sufficient to ensure the speedy return of first-time buyers to the market. Last week, The Bank of England's Monetary Policy Committee (MPC) announced it ...

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Britons storing £18.6 billion in their gardens

Permalink: Britons storing £18.6 billion in their gardens
by Kay Murchie

According to a survey by Lloyds TSB Insurance, the average UK gardens is worth £1,237, with the typical most expensive item valued at £426. Research discovered that British gardens are turning into little goldmines containing hi-tech tools and luxury furniture ...

April 11, 2008

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Lenders follow Bank of England base rate cut

Permalink: Lenders follow Bank of England base rate cut
by Kay Murchie

Following the Bank of England's Monetary Policy Committee (MPC) meeting yesterday, interest rates were lowered 5.25% to 5%, as widely expected by economists. Barclays, first direct, HBOS, Lloyds TSB and Nationwide have all announced their intention to reduce their standard ...

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First-time buyers in decline

Permalink: First-time buyers in decline
by Kay Murchie

Figures from the Home Sale Network (HSN) show that the number of first-time buyers in the UK property market is falling. Their research shows first-time buyers made up for around 14% of the market in the first quarter of this year. This is down ...

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Mortgage rate increases means no relief from April interest rate cut

Permalink: Mortgage rate increases means no relief from April interest rate cut
by Kay Murchie

The Bank of England's Monetary Policy Committee (MPC) cut interest rates yesterday from 5.25% to 5%, as widely expected by economists. This is the third time since December that interest rates have been cut in an effort ...

April 10, 2008

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Banks still fail to pass on interest rate cuts to homeowners

Permalink: Banks still fail to pass on interest rate cuts to homeowners
by Kay Murchie

The gloom continues in the property market as research shows that millions of homeowners and savers are not reaping the benefits as banks fail to pass on the cuts in interest rates, according to findings by ...

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PM and Chancellor play down fears of house price crash

Permalink: PM and Chancellor play down fears of house price crash
by Kay Murchie

Yesterday, Chancellor Alistair Darling tried to calm fears of a house price crash. He said there will be a slowdown this year but said he thinks it is important that we try to manage through these things. The ...

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Credit squeeze sends FTB mortgage rates at 8-year high

Permalink: Credit squeeze sends FTB mortgage rates at 8-year high
by Kay Murchie

First-time buyer mortgage rates are increasing as a result of the credit squeeze and at their highest level for nearly 8 years. Last month, the average two-year fixed rate deals for borrowers with only a 5% deposit increased ...

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HSBC introduce Rate Matcher mortgage product

Permalink: HSBC introduce Rate Matcher mortgage product
by Kay Murchie

HSBC, Britain’s largest bank, is trying to attract those re-mortgaging by offering to match the interest rate of any borrower whose fixed-rate deal is near to expiry. From Monday 14 April, the bank will match peoples' expiring fixed-rate deals for a ...

April 9, 2008

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Indian property market shows signs of overheating

Permalink: Indian property market shows signs of overheating
by Gill Montia

Fears that the Indian property market could be overheating have been heightened by the actions of ICICI, one of the country's leading banks. Its managing director, KV Kamath, has confirmed that the bank will be applying stricter lending criteria to ...

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Repossessions expected to soar in next few months

Permalink: Repossessions expected to soar in next few months
by Kay Murchie

Recent Bank of England figures showed an increase in unsecured personal borrowing and as a result, could mean a rise in repossessions. Research from litigation organisation, Moore Blatch, discovered that 16% of repossession cases were due to borrowing from ...

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The UK sub-prime map of Britain

Permalink: The UK sub-prime map of Britain
by Kay Murchie

A survey carried out by Experian has resulted in a 'sub-prime' map of Britain which shows the risk of a debt crisis in each area. Experian, the credit rating agency, carried out an extensive study and looked at the financial risk ...

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London hit by property slowdown

Permalink: London hit by property slowdown
by Kay Murchie

Research from estate agency Knight Frank shows that the number of houses being sold in the capital is at its lowest level for over 10 years. The agent said prime properties in Central London have been affected. Sales of expensive homes from January ...

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New name for the C-NLIS

Permalink: New name for the C-NLIS
by Kay Murchie

Land Data is the new name for The Council for the National Land and Property Information Service (C-NLIS). The new name has been formed as a name and brand which will make the company more recognisable to its stakeholders. Alex Fraser, the organisation’s CEO, ...

April 8, 2008

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Paragon reports 2.4% rise in rental yields

Permalink: Paragon reports 2.4% rise in rental yields
by Gill Montia

Paragon, the buy-to-let lender, has reported a monthly rise in rental income in England and Wales of 2.4%, for February. The increase brings the average rent to £11,886 which is 15% above February 2007 levels. On a regional basis, last month saw ...

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New measures to encourage 2,000 onto property ladder

Permalink: New measures to encourage 2,000 onto property ladder
by Kay Murchie

A new scheme is to be announced by the Government which will help first-time buyers and key workers to get onto the property ladder. There will be £1,500 grants to help qualifying buyers with costs such as legal fees and ...

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Five-year fixed-rate mortgage deals growing in popularity

Permalink: Five-year fixed-rate mortgage deals growing in popularity
by Kay Murchie

Research from Abbey Mortgages said demand for five-year fixed-rate mortgage deals is set to grow. Abbey surveyed almost 1,000 borrowers, 24% said they would opt for a five-year fixed deal if they were to re-mortgage tomorrow. This is up from ...

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Last 100% mortgage is scrapped

Permalink: Last 100% mortgage is scrapped
by Kay Murchie

Last week saw internet bank first direct temporarily withdrawing all its mortgage products as it tries to clear a backlog of customer applications. Furthermore, Alliance & Leicester and Scottish Widows have both curtailed their product ranges and Northern Rock recently set its ...

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House prices down £5,000 in value during March

Permalink: House prices down £5,000 in value during March
by Kay Murchie

The latest Halifax house price survey shows that the average home declined nearly £5,000 in value last month. This is a fall of 2.5% and represents the biggest monthly fall since September 1992, when prices fell by 3% in ...