Quick Move Blog
Monday, 30 March 2009
Mortgage approvals for house purchase rose in February with 38,000 approvals, up from 32,000. The figures suggest that low interest rates and falling house prices may be encouraging people back into the market.
Despite this larger than expected increase, mortgage lending has a long way to go to recover to previous levels that we saw prior tothe credit crunch and recession.
Friday, 27 March 2009
House Prices are falling faster than before. Prices fell by another 2% in February, taking the annual rate of decline from 15.1% to 16.5%. This takes the average property value down by £30,361 in the past 12 months to a level last seen in Sept 2004.
Prices have now fallen for 18 striaght months.
New figures this week also showed that actual house sale transactions has also reached a new low. Just 42,000 transactions were completed in February, half the level of the previous February.
Thursday, 19 March 2009
Mortgage lending was down again in February. Gross lending levels were down 60% on the previous year and down 15% on January 2009.
The Council of Mortgage Lenders blames a lack of available funding for the fall in lending. Banks are predominantly reliant on retail savings to fund mortage lending (just like old fashioned banking practices!), and yet the current low interest rates are not encouraging people to save or they are choosing to put their money into National Savings instead.
Tuesday, 17 March 2009
The Dept for Communities & Local Government (DCLG) has just released figures to show that house prices are continuing to fall, with prices in January 2009 down 11.5% on the previous January. This shows that prices fell faster in Janaury than they did in December when they were down 10.2% annually.
The figures do however show prices have not fallen by as much as the main mortgage companies' surverys have suggested.
The DCLG commented that the lack of mortgage funding for first-time buyers is having a distinct effect in driving down prices.
Home repossessions rose 68% in 2008 as the economic downturn left many homeowners struggling to pay their mortgages.
46,750 properties were repossessed in total, up from 27,900 in 2007.
People behind in their mortgage payments was also up in the last quarter of 2008. 68,000 more people got in arrears in the last quarter, up 13% from the previous quarter, with a total of 377,000 homeowners in arrears, 31% higher than in 2007.
When mortgage companies repossess homes, they often sell at far less than the actual market value, so it's crucial that if you're falling behind in mortgage payments that you talk to your provider asap. If your lender has already started repossessions proceedings against you, it is still not too late to do something about it - call quickmovenow.com. As the UK's leading quick house sale company, we can buy your house quickly, helping you clear your mortgage arears and helping you move on without a damaged credit history.
Call quickmovenow.com now on 0800 068 3366 and see how we can help you.
Thursday, 12 March 2009
Mortgage lending continued to fall in January, with just 23,400 mortgages completed for all house buyers, with only 8,900 for first time buyers.
These figures aer down 28% on December and 52% on the previous January. With the restriction of credit, first time buyers are increasingly having to find larger deposits with the average now being 24% of the purchase price. House movers are also putting down larger deposits, averaging 35%, the highest level since 1984.
Numis Securities, a City investment bank, has warned its clients that house prices could fall by a further 55%.
The bank reckons that UK property prices are still between 17% and 39% overvalued, but warns that when there is a property crash, prices tend to fall under thewir fair value, hence its warning of a 55% fall in values.
Numis expects buy-to-let investors to start panic selling and warns that city centre flats and executive homes to suffer the largest price reductions.
Sobering stuff!!
Tuesday, 10 March 2009
RICS has reported today that UK house sales between December and February were at their lowest level in 31 years.
9 homes were sold per surveyor in 3 months, the lowest since records began in 1978. This was despite the cut in interest rates, stamp duty changes and some rising interest from buyers as price falls improve affordability.
February saw enquiries from buyers rise at its fastest pace since August 2006, particularly in London, Wales and the South West of England. However, many buyers are failing to follow through because of the lack of mortgage finance available.
Thursday, 5 March 2009
HBOS reports that house prices continued their fall into February with the average price down by 2.3%. This brings the average house value down to £160,327.
HBOS's rate of annual change, based on a 3 month average, is down 17.7%. This was despite HBOS reporting a rise in prices in January of 2%.
These falling prices however, are making homes more affordable, with HBOS's affordability index at its lowest level in 6 years, meaning that the house price to earnings ratio is improving.
However, for house prices to stabilise or even rise, their needs to be more confidence in the economy, more affordability and more availability of finance.
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