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5th February 2010 Issue #63
Welcome to this week’s property news round-up. In the mortgages arena there’s news that Halifax is clamping down on borrowers with cheap mortgages, forcing them to switch to more expensive deals if they wish to move house and several other lenders hiking up their standard variable rate (SVR) mortgages despite interest rates being kept on hold.
Elsewhere the market is taking on a less than positive feel with property intelligence group Hometrack warning that the UK residential market is slowing down, and that house prices rose in just 7% of the country reflecting a sluggish start to the year. And also this week, a paper has been released warning that there could be a second housing crash due to a week reform plan by the FSA.
Finally, from the not so gloomy to the gaga – there has been some good news from Halifax as research shows that the average UK house price has risen more than £15,000 since reaching a low last April - and why you should check the small print when you’re buying a house as you may be entitled to some unusual perks – free turf or fishing rights anyone?
Increasing numbers of lenders are expected to hike their standard variable rate (SVR) mortgages despite interest rates being kept on hold.
Telegraph, 04/02/10
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Britain’s biggest lender is clamping down on borrowers with cheap mortgages by forcing them to switch to more expensive deals if they move home.
Telegraph, 03/02/10
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Residential property prices in the UK are slowing and the general health of the market is overstated, it is claimed.
Property Wire, 03/02/10
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A second housing crash could occur shortly after the general election because recommendations by the Financial Services Authority (FSA) on reforming the UK mortgage market are too timid, a conference on long-term thinking in finance heard today.
The Times, 01/02/10
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House price rose by 0.1% in England and Wales in January, says Hometrack, but this was as a result of prices rising in just 7% of the country reflecting a sluggish start to the year as the market shrugs off the normal seasonal effects after an unexpectedly strong end to 2009.
Hometrack, 01/02/10
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The average price of a UK house has risen more than £15,000 since they began recovering in April, a new survey from Halifax Building Society showed today.
Telegraph, 04/02/10
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Check the small print when you're buying a house – you may be entitled to some unusual perks, says Graham Norwood.
The Independent, 03/02/10
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