Sell Your House Quick Help Blog

Jul 10, 2008, House prices fall further says the Halifax

UK house prices fell 2% in June according to the Halifax.

The lender recently revised its 2008 prediction downwards, to a drop of 9%.

Jun 23, 2008, House sellers out number buyers 15 to 1

House sellers now outweigh buyers by 15 to 1.

New figures released by HM Revenue and Customs show that the number of UK property sales has fallen 32%.

Jun 12, 2008, Changes to new-build valuations

The Council of Mortgage Lenders has announced changes to the way new build properties are valued.

It is hoped the changes will help combat mortgage fraud.

From 1 September all builders/developers will have to complete a form designed to make sure all incentives are disclosed.

Jun 2, 2008, Rentbacks set to soar

An extensive and balanced article from the Telegraph on the increasing popularity of rentback schemes.

An in-depth assessment of rent back schemes in the UK.

May 13, 2008, House price falls are spreading

The Royal Institute of Chartered Susveyors says its latest figures show house price falls are spreading.

But an RICS spokesman says the real news is the collapse in the number of sales.

Even Scotland, where prices have bucked the trend, is now showing a negative balance. Meaning, there is now a build up of unsold property.

May 9, 2008, New government measures for repossessions

A package of specific measures has been announced to help homeowners who have difficulty paying their mortgage.

Help is being targeted specifically at the homeowners whose fixed rate mortgage deals come to an end this year.

As well as a new debt advice service homeowners will also have access to free legal representation at all county courts in England.

Citizens Advice had earlier reported a sharp increase in the number of calls from people with debt worries and had lobbied hard for an additional service.

May 1, 2008, Bank of England warns banks of frozen markets

A speech by the Bank of England today marks a substantial change in emphasis.

The Bank has warned lenders they could prolong the credit crisis by being too cautious.

Although some lenders may have yet to come clean regarding their exposures, the Governor ultimately believes the banks fears are exaggerated.

Apr 30, 2008, How far will house prices fall this year?

Ian Pollock of the BBC presents a round up of the latest predictions for 2008.

It's clear that the outlook has changed dramatically since January.

And while few commentators are predicting falls of more than 10%, an economic shock or two could send prices tumbling.

Apr 22, 2008, Bank rescue plan has immediate impact

The Bank of England's rescue plan for banks, which could eventually amount to £100bn, has had an immediate impact on mortgage rates despite the view that the schemes purpose is to prevent another bank going to the wall..rather than reducing the cost of mortgages for borrowers.

The plan focus around "swaps": swapping mortgages for Treasury Bills.

Apr 16, 2008, Gentle decline for Scottish house prices?

Although yesterday's RICS figures suggest Scottish house prices are healthier than most, a leading economist has predicted prices will decline north of the border.

Apr 16, 2008, House price gloom is uneven across the UK

The most recent figures from the Royal Institute of Chartered Surveyors have suggested sentiment in the housing market is at its lowest level for thirty years.

However the picture is not the same across the whole UK.

The RICS survey suggests prices are holding up pretty well in Scotland.

Mar 29, 2008, House price growth hits 12 year low

House price inflation has hit a 12-year low according to the Nationwide.

On the back of this news the Nationwide has changed its prediction for property values for the coming year.

It no longer believes prices will be stable over the next 12 months - it's now predicting a fall.

Mar 27, 2008, Call for help with mortgages

Hot on the heels of the Bank of England pledging more help for the markets, The Council of Mortgages lenders is calling for more help for the mortgage market to prevent mortgage lenders (and their borrowers) facing further difficulties.

Mar 26, 2008, Number of Mortgage Deals Fall Sharply

Homeowners are finding affordable mortgage deals are thin on the ground.

Two thirds of all mortgage deals have been withdrawn since the summer of 2007.

Mar 26, 2008, Bank of England pledges more help

The Governor of the Bank of England admits that the credit crunch is having a wider impact on the UK economy than originally thought. However he believes house prices will be broadly stable over the next few years.

The Governor has pledged to pump more cash into the money markets.

Mar 11, 2008, Shrinking mortgage market

The problems in the banking sector are continuing to impact mortgage levels.

Essentially mortgage funds are in short supply, so banks are having to tighten up lending criteria.

New figures released by the Council of Mortgage Lenders for January show the level of new home loans fell to its lowest level for nine years.

Feb 25, 2008, Sell And Rent Back Edinburgh - Will Renting Back Solve Your Problems?

Sell and rent back Edinburgh. Whether renting back in Edinburgh is your best option really comes down to questions of motivation, money, and affordability....

Feb 24, 2008, Are lenders rushing to repossess?

The Financial Services Consumer Panel (FSCP) believes some lenders may be rushing to repossess.

Lenders should follow rules laid done by the Financial Services Authority.

The FSCP suggests that the rules are not always taken into account when lenders go to court to seek possession.

Feb 12, 2008, New mortgages slump 35%

The number of new mortgages granted has slumped 35% compared to this time last year.

The new figures released by the Council of Mortgage Lenders(CML) show winter lending to be at its lowest level since 1995.

The CML attributes the slump to higher interest rates and tighter lending criteria.

However the CML predicts things will get easier this year as recent and further predicted rate cuts begin to have an impact.

Feb 7, 2008, Cut in UK interest rates to 5.25%

Today the Bank of England's Monetary Policy Committee cut interest rates to 5.25% from 5.5%, in an attempt to stimulate growth in the UK economy.

Many forecasters are predicting further cuts in UK interest rates this year but probably not to the extent seen in the US.

Feb 1, 2008, Shelter sees sharp rise in mortgage calls

Shelter England says it received eight times as many requests for advice on mortgage problems in 2007 than 2006.

Shelter would like lenders and the Financial Services Authority (FSA) to set up a free dedicated advice line.

The other measures Shelter is calling for include a national mortgage rescue scheme which would allow homeowners in difficulty to remain in their homes. Scotland already has a scheme in place.

Feb 1, 2008, House prices fall for the third month running

The latest figures from the Nationwide show that house prices fell for the third month in a row.

The annual rate of house price growth has dropped to 4.2%, its lowest level since December 2005.

Many economists believe the MPC should cut interest rates at its meeting this month.

Jan 25, 2008, Mortgage Approvals at Lowest Level

The number of new mortgages approved is a measure used to assess the health of the housing market.

The British Bankers Association (BBA) has confirmed that new mortgage lending in December was its lowest level since records began in 1997.

These latest figures are broadly in line with other data published earlier by the Council of Mortgage Lenders (CML). The CML data confirmed lending was down 25% in December.

Jan 12, 2008, Scottish house value total up 16%

New figures from the Bank of Scotland show that the total value of Scottish housing stock rose 16% in 2007, the highest rise in the UK.

While house prices have risen faster in Scotland since 2002 than the rest of the UK, they still lag behind the ten year UK average.

Jan 4, 2008, Housing market slowdown set to continue

The Bank of England has announced that the number of new mortgage loans approved fell again in November.

The Royal Institute of Chartered Surveyors believes this is further evidence of the sharp downturn in activity in the housing market.

Off the back of successive down beat news stories there is a view emerging that house prices will fall or at best stay level throughout 2008.

Dec 29, 2007, House prices fall for second month running

House prices fell in December according to new figures released by the Nationwide.

According to the Nationwide, in 2007 prices rose fastest in Belfast and Aberdeen.

The lender exepects lower interest rates to help prices recover towards the end of 2008.

Dec 22, 2007, First time buyers at lowest level since 1980

A new Halifax report confirms that the number of first time buyers is at its lowest level since 1980.

The average house is now out of reach for first time buyers in 96% of UK towns.

Dec 15, 2007, Banks prey on customers in debt

More from the BBC on lenders treatment of 'high risk' customers.

Citizens Advice says some banks put some customers under pressure to get deeper in debt - even although they have some form of payment plan in place.

Dec 14, 2007, Scottish house prices still rising

The latest figures from the RICS show that house prices fell for the fourth consecutive month. 58% of RICS members report a drop in prices over the previous three months.

Only in Scotland are prices still rising.

Dec 12, 2007, Lenders 'at fault' on home loans

Citizens Advice has accused 'sub-prime' lenders of knowingly giving mortgages to people who can't afford them - then getting aggressive when borrowers get behind with payments.

Although the CML calls the attack 'simplistic' it does have some bearing on the widely reported rise in repossessions.

Dec 11, 2007, Mortgage costs squeeze homeowners

The Council of Mortgage Lenders (CML) says mortgages became even more expensive in October because of higher interest rates and higher house prices.

Meanwhile David Cameron (rightly in our view) wants lenders to take a more sympathetic approach to homeowners struggling with their payments.

And if you are struggling with mortgage payments the best advice remains the same - contact your lender as soon as possible.

Dec 8, 2007, Scottish house prices will buck the trend

The latest economic forecast from HBOS suggests Scottish house prices will out perform the UK as a whole during 2008.

The bank suggests Scottish prices will rise by around 4%.

Scotland has the most favourable earnings to house price ratio in the UK.

Dec 6, 2007, UK Interest rates cut to 5.5%

Amid concerns of falling house prices and faltering consumer confidence, the Bank of England has trimmed interest rates to 5.5%.

The Halifax and Nationwide immediately cut their rates puting other lenders under pressure to do likewise.

Dec 5, 2007, UK House prices fall 1.1% says Halifax

According to the Halifax UK house prices fell 1.1% in November, taking the annual rate of growth to 6.3%, down from 8.9% in October.

The Bank of England has also revealed that new mortgage approvals have dropped to an almost a three-year low.

Some commentators are arguing that the case is stronger than ever for the Bank of England's Monetary Policy Committee to cut rates at its next meeting on Thursday.

Nov 29, 2007, House Prices fall sharply in November

The Nationwide's latest figures, out today, suggest November saw the biggest monthly fall in 12 years.

According to the Nationwide the annual rate of house price inflation now stands at 6.9% down from 9.7% in October.

Nov 28, 2007, Mortgage Fees Double In Two Years

Mortgage arrangement fees have risen sharply in part to counter income lost as a result of having to reduce exessive exit fees.

According to the BBC the highest arrangement fee is currently 3.5%, linked to a Northern Rock product.

Nov 22, 2007, HIPS required for all properties

The Government has announced that Home Information Packs (HIPS) will be required for all properties being sold in England and Wales from 14 December.

The news comes at a time when commentators are continuing to suggest HIPS is already having a negative impact on the property market.

Nov 16, 2007, Nationwide 2008 forecast - 0% growth

Nationwide predicts this time next year UK house price inflation will have dropped to 0% growth.

As usual there will be widespread regional variation..

Nov 8, 2007, Latest Halifax house price report

The Halifax's latest monthly survey of house prices shows that prices fell by 0.5% in October.

This latest report contradicts the Nationwide's October figures which suggested prices were still rising.

Nov 7, 2007, Irresponsible lenders fuel soaring debt

It would be niave to assume that regulation offers consumers full protection.

Citizens Advice is calling upon the financial services industry to protect consumsers from irresponsible lenders.

The charity is developing new services to help prevent debt but says businesses and regulators must do their bit.

We agree.

Nov 4, 2007, Selling Your House Before Christmas?

This review of house price forecasts for 2008 in today's Sunday Times contains some excellent pointers for house sellers hoping to sell their house before Christmas.

Nov 3, 2007, Latest Scottish House Price News

Although Edinburgh remains the most expensive place to buy property in Scotland, Scotland's other cities are playing catch-up with the Bank of Scotland's figures singling out Dundee as the star performer.

Oct 30, 2007, 50% Rise in home repossessions in 2008

The Bank of England says the number of new mortgage approvals is down 20% year on year.

Coming off the back of what the Land Registry for England and Wales is calling a "noticeable dip" in house price growth, the property market does indeed seem down..but not out.

While the Council of Mortgage Lenders says the market is not stagnant, it is still predicting a 50% rise in house repossessions in 2008.

Oct 23, 2007, Regulation for Sale and Leaseback and Equity Release?

The Council of Mortgage Lenders, Shelter and the Citizens Advice Bureau are calling on the Government to regulate sale and leaseback schemes (also known as sell and rent back).

This is a difficult area for us to comment on.

While we behave responsibly and ethically, we realise not all providers do.

Shelter and CAB are widely respected and we wish them well in their role of drawing the Government's attention to an increasingly important area.

However, the CML also needs to get its house in order with regards to responsible lending.

What's more the traditional equity release schemes - provided by the banks and insurance companies also need to be legislated for..as equity release schemes are thus far unregulated and offer the poorest value for money.

Oct 23, 2007, MPC - House prices vulnerable to a downturn

A member of the Bank of England's Monetary Policy Committee has admitted that UK house prices are vulnerable to a downturn.

However, Kate Barker, the longest serving external member of the MPC also added that the widely reported "credit crunch" was not a likely trigger.

Oct 11, 2007, Watchdog programme investigates sell to rent providers

The BBCs Watchdog programme has put the spotlight on sell to rent companies.

Shelter's chief executive joins the growing band of voices inside and outside the industry calling for regulation.

Oct 11, 2007, House prices are falling at fastest rate in 2 years

House prices are continuing to turn down says the Royal Institute of Chartered Surveyors.

The RICS says a combination of rising interest rates, introduction of HIPS and tightening of lending criteria are having an impact on buyers' and sellers' confidence.

RICS also added that there is widespread regional variation with East Anglia worse off, but prices continuing to rise in London and Scotland.

Oct 5, 2007, Renting is now cheaper than buying

Hometrack says renting in England and Wales is now cheaper than buying.

Since 1994 the cost of property has tripled while rents have only risen with earnings.

Sep 23, 2007, Are we talking ourselves into a slump?

Thoughtful discussion from the Sunday Times on whether we're likely to see some form of "correction" in the housing market.

Sep 3, 2007, Sell and Rent Back in the News

A further BBC investigation purports to shed light on unscrupulous practices amongst some companies offering Sell and Rent Back services.

The sooner some degree of regulation is brought in the better.

But the BBC is in danger of demonising a service which in the overwhelming majority of cases allows homeowners to remain in their homes for a mutually agreed period of time.