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Welcome to this week’s MMS property news round-up. There has been some good news concerning mortgages this week with the Council of Mortgage Lenders announcing that lending was up 6% from January’s figures with them hoping this will be the start of an upward trend. And on another positive note the number of borrowers behind with mortgage repayments fell by 4% in the last quarter of 2009, as low interest rates continued to help homeowners meet their monthly bills. This has also been followed by a cry from the FSA chairman to banish 100% mortgages in a bid to prevent another boom and bust in the housing market.
Following on from last week’s headlines regarding first-time buyers, research has now shown that at least 75% of people that fall within this bracket would need to borrow from the bank of ‘mum and dad’ to be able to start on the property ladder – and according to Prickett and Ellis, high-end property is doing better than the lower-end due to this problem.
And to the crazy world of house prices – what sort of property do you think you would get for £200,000 – not a flat smaller than the size of a snooker table that’s for sure!
Mortgage lending edged higher in February after diving by a third during the previous month, figures showed today.
The Telegraph, 18/03/2010
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Total number of mortgages in arrears in 2009 below predictions, as government continues to promote options available to struggling borrowers.
The Guardian, 16/03/2010
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- Borrowers 'should be forced to save for a deposit'
- Fears that lending at high loan-to-value ratios may return
The City's top regulator has called for curbs on 100% mortgages and a return to mortgage rationing to prevent another boom and bust in the housing market.
The Guardian, 17/03/2010
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More than half of all first-time buyers think they will be unable to buy their own home without parental help.
The Telegraph, 18/03/2010
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Things have never been better for property investors who have been in the game for a long time, it has been claimed.
Aboutproperty.co.uk, 17/03/2010
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High-end property is doing better than the lower-end, according to Nigel Ellis, director of Prickett & Ellis.
Aboutproperty.co.uk, 15/03/2010
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The flat, which measures 11ft by 5.5ft, is priced at £35,000 more than the average home in Britain. A full-size snooker table measures 12ft by 6ft.
The Telegraph, 15/03/2010
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