Archive for the ‘Mortgage’ Category

Home Loan Approvals Are Up

Home Loans

Home loan approvals rose a little in March, after a slight drop in February, almost 20% up on the year. Mortgage lending has eased off as homeowners paid off debt.

Approved loans for house purchases rose to 34,905 in March from 33,360 in February and up from 29,212 in March 2009 according to The British Bankers’ Association.

The BBA said the figures indicated the effect of the reversal of a temporary increase in the property tax threshold at the start of the year. This had impacted the demand for home loans in February. (more…)

UK Home Owners Inject £4 Billion Equity

Home Equity

UK home owners injected more than £4 billion of equity into their homes in the 4th quarter of 2009 as record low interest rates encouraged home owners to pay down their debt.

Figures release by the Bank of England on Tuesday show home owners added £4.038 billion of housing equity between October and December, the equivalent of 1.6% of post-tax income. (more…)

House Prices May Dip Again

House Prices May Dip

The housing market may take another dip as potential buyers struggle to get mortgages according to Bank of England policy maker Kate Barker.

The global credit crisis saw house prices in the UK drop by 20% at the lowest point as banks wary of risking new lending withdrew from the market and confidence was dented.

The market has however come back strongly since hitting bottom.

Barker, who has penned reviews of Britain’s housing supply and planning for the government and helps to set the interest rate said she had been surprised by the rebound.

“It seems more likely than not to me that mortgage finance is clearly not going to be available going forward on the terms it used to be,” Barker told MPs. (more…)

House Prices Up 6.1% In The UK

Rising House Prices

House prices in England and Wales are now 6.1% higher than they were a year ago, the largest monthly rise since April 2007 according to a survey by Right Move.

The average property price nationally in February was £229,398 a rise of 3.2% on January.

In London prices were up 5% on the month to a record £427,987, prices are now higher then at the peak of the property boom in 2007 after rising 10.3% over the last year. (more…)

First Time Buyers Push To Beat Stamp Duty

Stamp Duty

First time buyers are going to find making that first leap on to the property ladder an almost impossible feat as prices continue to rise, demand outstrips supply and lenders remain strict in their lending.

Considering the cash deposit that is expected by most banks for a mortgage it will be very difficult for many first time buyers to attain that first step on the property ladder.

Thousands of property buyers are trying to benefit from the stamp duty holiday before it ends on 31st December. (more…)

House Prices Increase Reports Land Registry

House Prices

October saw house prices rise by 0.6% according to a survey by the Land Registry

This is now the fifth month in a row that prices have risen said a Land Registry spokesman.

The average house price is now £159,546, which is 3.4% lower than October last year.

North West England saw the biggest rise at 1.9% while Wales experienced the largest fall of 2.3%. (more…)

Banks Lending More Mortgages

UK Lenders are predicting mortgage availability to increase in the next few months as the outlook for the economy improves.

The Bank of England’s Trends in Lending report revealed that projection comes after availability dipped in the third quarter of the year.

New mortgages rates rose in August to an average of 4.3% up from 4.2% in July.

Credit card borrowing and loans continue.

Lenders have stated that there has been no increase in demand for car loans in spite of the rise in car sales on the back of the scrappage scheme. (more…)

UK House Prices Are On The Rise

Asking prices for homes in England and Wales rose on an annual basis for the first in more than a year in October, property Web site Rightmove said on Monday, buoyed by a dearth of properties coming onto the market.

October saw the first annual based rise in house prices in England and Wales for more than a year stated property based website Rightmove, this is a result of new properties coming on to the market. (more…)

Mortgage Approvals Jump

Mortgage Approval

According to Reuters, Banks have approved 81.4% more home loans in August than they did in August 2008 a survey showed on Wednesday a rise towards pre-credit crunch levels.

The British Bankers’ Association stated 38,095 mortgage applications were approved in August. That was slightly lower than the 38,186 approved in July but a significant rise on August 2008 when activity in the housing market almost stopped completely.

Other surveys indicate that record low interest rates have helped to stabilise Britain’s housing market after sharp drops in value last year.

Loan applications for house purchases have recovered to early 2008 levels, but low levels of consumer demand and a low number of properties coming onto the market will continue to impact on lending.

Analysts stated that the figures provided evidence of a recovery in confidence, despite the the annual rise in approvals being flattered by a particularly weak month last year.

House prices in the UK fell by a fifth during 2008 but appear to be picking up in recent months. A Reuters survey earlier this month indicated that most analysts think property prices have bottomed out but predict growth will be slow as supply gradually increases.