Quick Move Blog
Thursday, 11 February 2010
House repossessions have reached a 14 year high, with an average of 126 repossessions a day in the past year.
The total for 2009 was 46,000 repossessions the highest level since 1995 and 15% higher than 2008.
The Council of Mortgage Lenders is forecasting a large increase in repossessions in 2010, blaming economic uncertainty and possible rising in interest rates. However, the CML did forecast 75,000 repossessions in 2009.
Thursday, 4 February 2010
Huse prices rose for the 7th month in a row in January, according to the Halifax. Prices rose by 0.6%, the lowest increase in 6 months. The average price of a home in the UK is £169,777, 9.9% higher than in April 2009 when prices hit their lowest point.
The Halifax data abcks up the opinion that rises are levelling out with many economists predicting prices to remain flat across the 2010, mainly as more properties come on to the market, as it is the lack of supply that hs bolstered prices over the last 12 months.
Wednesday, 3 February 2010
We currently seeing disparate movement in the mortgage market with some lenders raising their Standard Variable Rates, while others are reducing their foxed rate deals.
Several lenders have launched new 'best buy' mortgages this week and over 300 new mortgage deals have been launched since the start of 2010. This had given 26% mortgages available for borrowers with a deposit of less than 10%. We've seen falls in some fixed rate deals as banks start to compete again within certain specific markets. For instance the average 2 year fixed rate deal has fallen from 4.88% to 4.81% - a small percentage but still a fall. The average 5 year deal has gone down by 0.09%. Santander has this week launched a new 2 year fixed rate deal ar 3.44% for those with a 30% deposit.
The flip side of this is that some lenders, such as Skipton and today Norwich & Peterborough, have increased their standard variable rates, as they face more competition in the savings market, a major source of their mortgage funding.
Norwich & Peterborough's SVR has been increased from 4.85% to 5.35%, despite an historically low Bank of England Base Rate of 0.5%.
The Council of Mortgage Lenders has warned that borrowers will continue to find it difficult to access competitive mortgages for 'years to come' unless reforms are brought in to change the way lenders raise money.
The CML warns that when currentl government support schemes cease in 2014, there will be a £300bn gap between demand for new mortgages and finds available from lenders. This will lead to a fall, in the longer-term, in the choice of mortgages available.
The CML is requesting government support to re-establish a sustainable securitisation market, so that new wholesale funding can be raised.
Quick House Sale Calculator
Fall Through Index
Refer a Friend
T: 0800 068 3366 
Email Us