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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Tuesday 24th June 2008
The average UK two year fixed rate mortgage has now risen to over 7% for the first time since 1997 according to a report from Moneyfacts. The move is yet another nail in the coffin for the housing market and affectively wipes out any faint hopes of a short term recovery. The average rate for a two year fixed mortgage deal now stands at 7.02% but more importantly lenders are now asking for much higher deposits.
As the fixed mortgage rate has been creeping higher many have been speculating as to where it might stop but with money market funding costs on the rise yet again over the last couple of months some fear we may actually see rates edge even higher. The market for first time buyers has all but died but slowly we are seeing more and more people squeezed out of the market. As the finance companies pull in their reins it seems as though they are more than happy to concentrate on getting their existing lending books in order.
When you consider that the late 1990s saw the last main crash in the property market, the signs are there for more trouble in the short term. |
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