Mortgage approvals rise in October
Recent figures relating to the UK mortgage market continue to cause confusion and scepticism in equal measures with October seeing a 5% increase in mortgage lending compared to September. The situation is complicated by a number of issues which include the fact that the stamp duty holiday is due to end, the winter period is traditionally a quiet time for the mortgage market and there are signs and hopes of a recovery in the UK property sector.
However, on the back of these improved figures there is still a renewed scepticism after yesterday's statement from the Nationwide which seemed to indicate that one of the U.K.'s leading mortgage lenders is adamant that UK house prices will fall in 2010. There is growing concern that the "bubble" in the UK property market will not last and those who have been "sucked in" may well see a short-term realignment in the value of their assets which could push some into negative equity.
The UK property sector is proving more and more difficult to understand and this is most certainly a worst-case scenario for those operating in the mortgage arena. Scepticism and confusion will eventually lead to reduced mortgage applications which will again place more pressure on the sector and rates.
Share this..
Related stories
Abbey Zero credit card returns to the market
In a move which will please many holidaymakers in the UK, the ever popular Abbey Zero credit card has returned to the market. This particular credit card has been very popular with holidaymakers in the UK as it offers fee free credit when overseas, i.e. there are no exchange rate charges. The credit card also comes with a 0% balance transfer deal which will last 12 months and free purchases for up...
Read MoreBank of England MPC set to maintain base rate at 0.5%
January's meeting of the Bank of England MPC is widely expected to see little change in the current policy with base rates set to remain at 0.5% and the quantitative easing program unchanged at £200 billion. However, there is a feeling that February could well be a crunch meeting for the MPC with a suggestion that inflation is starting to come to life, the manufacturing industry is improving but...
Read MoreClocks going back leads to bills increase
27/10/2014 The clocks going back one hour in October each year adds £630 million to the nation's winter energy bills. A study by B&Q has claimed that the switch back to Greenwich Mean Time at the end of October each year adds £24 to a typical households annual energy bill. The switch means as it gets darker in the evenings, households are more likely to turn their lights on sooner, leading t...
Read MoreFinally the cost of fuel starts to mirror falling oil price!
It has taken weeks to move down, even after the oil price collapsed from around $150 to under $100, but now we are seeing signs of a concerted fuel price war across the UK. Not only are we seeing the supermarkets reduce their prices to attract customers but we are also seeing the oil major reducing the price on the forecourts of the UK. So why now? What has happened?
It seems as t...
Government pulls rank on choice of Lloyds Bank chairman
After apparently being behind the ejection of Sir Victor Blank, the former Lloyds bank chairman, it is rumoured that the UK government is pulling rank again and demanding that Sir Blank's successor is an external candidate. In what many will see as an opening up of the UK banking sector to outside candidates, the government is very keen to appoint somebody whose reputation has not been tarnished b...
Read More