Property Renovations Ely Ltd

House prices in the UK have recorded their first annual fall for 12 years (i.e. since year 1996).

Prices fell by 1.1% in April, the sixth monthly decline in a row, and were down 1% from the levels seen in April 2007, the building society said.

Nationwide said the price falls reflected a weakening market which had been hit by “poor affordability and tighter financial market conditions”.

An average home now costs £178,555 which is £1,759 lower than April 2007.

Property Renovations Ely Ltd

As of midnight on Tuesday 22nd April 2008 Mortgage Express no longer accepts any remortgage business where the borrower has owned the mortgaged property for less than six months.

From the same date, the Extended Criteria 110% rental cover option and all 2 year deals for BTL deals will be withdrawn!

Property Renovations Ely Ltd

In spite of the Bank of England decision to cut interest rates from 5.25% to 5% last Thursday, mortgage lenders appear not to have passed the cut to borrowers.

This is increasing speculation that the Bank of England has lost control over the actual interest rates faced by borrowers.

Alistair Darling, commenting in Washington, says that he will do everything in his power to resolve the mortgage crisis, for first-time buyers and the economy at large.

He also pointed to an inevitable slowdown in house prices. Confidence in the mortgages market is at a low, and with lenders making mortgage more expensive despite base rate cuts, many borrowers are dreading remortgage costs when their fixed, tracker or variable rate deal comes to an end.

Property Renovations Ely Ltd

The UK’s fastest growing dedicated property investment event returns to the NEC for a second year 11 - 13 April 2008.

This exhibition is the property event for serious investors. So if you are considering buying residential or commercial property for investment purposes - in the UK or abroad - this show will answer all of your questions.

Features property and property related services from approximately 100 exhibitors including major house builders, developers, estate & letting agents, lenders, brokers, property investment training companies, landlord associations and other leading property experts … many of whom will be appearing at the show for the first time.

Property Renovations Ely Ltd

The quarter-point cut is the third since December and comes amid signs of gathering economic gloom, with figures earlier this week showing that house prices fell 2.5% last month - the biggest monthly drop since the property crash of the early 1990s.

The decision will be a welcome boost to cash-strapped borrowers, already under pressure from soaring inflation. Monthly repayments on a £100,000 mortgage will fall by £16 if lenders pass on the cut in full, reducing them from £722.80 to £706.77 a month, based on a new rate of 7%.

Property Renovations Ely Ltd

The latest monthly figures from Halifax, the UK’s largest mortgage lender, reveal that house prices fell by 2.5% in March, the biggest monthly decline since September 1992. Prices are now just 1.1% higher than they were a year ago, the slowest annual growth rate for 12 years.

The Halifax has also revised its predictions and now expects prices to fall over the course of this year. The Nationwide took a similar stance earlier this month after reporting that prices had fallen for five months in a row.

Property Renovations Ely Ltd

Numerous mortgage providers have removed mortgage deals from the market or increased rates to discourage new business over the last month, with First Direct taking the shocking action of suspending its entire range of products.

The Co-operative Bank has recently withdrawn its two-year mortgage deals, and the US investment bank Lehman Brothers is withdrawing from the UK mortgage market with immediate effect.