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The government is in a desperate race to try and refloat the UK economy before we see a major collapse in the UK employment market. A recent flurry of announcements from various recruitment...
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Tuesday 12th August 2008
The Council of Mortgage Lenders (CML) in the UK has today stepped forward with confirmation that the mortgage market is getting worse. It was confirmed that year on year gross mortgage lending has fallen by 32% and the average house in the UK is valued at just over £215,000. When you also consider that house price inflation year of year has now fallen to 0.6% the scene is set for a very rocky next 12 months.
More disturbingly, a quick glance at mortgage terms currently available on the market will show that the amount needed for a deposit has risen from 20% in May to 22% in June. Mortgage customers are also being squeezed yet further with the income borrowing ratio falling from 2.97 times income to 2.94 between May and June.
The news of falling mortgage interest rates is catching the headlines but it seems as though very few customers are actually benefitting. The higher the deposit ratio rises the more people will be barred from the first home market, a market which is literally the life blood of the property sector. Ask ten property experts when they feel the market will turn and you will get ten different answers, it is simply not a situation many have seen before. |
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