Middle England to see £40,000 house price fall
Homeowners in Middle England could see house prices fall by as much as £40,000 before the end of the year, new research suggests.According to figures from Axa, property in Middle England may drop by 18.3 per cent before Christmas as a result of the current economic downturn.Across all demographics, the company predicts a house price fall of 12.9 per cent by 2009, with negative equity a possibility for some homeowners.Increases in the cost of living and higher mortgage rates will make it difficult for consumers to meet repayments. Nine per cent of homeowners are expected to miss mortgage payments over the next 12 months.Steve Folkard from the AXA Financial Taskforce, explained: "We expect a very tough 18 months for Middle Britain's housing market. "Middle Britain may have managed to weather the storm before now, but that resilience is being seriously tested by the ongoing effects of the credit crunch."
Barclays introduces more competition into the mortgage sector
Barclays Bank will this week introduced significant competition into the UK mortgage sector using its Woolwich brand as the vehicle of choice. The company is the fifth-largest lender in the UK and will be introducing a mortgage base rate tracker which will be set at 1.99% above base. This currently equates to 2.49% and is by far and away the cheapest of the new mortgage trackers on the market at t...Read More
Police bonus payments under review
In what many believe will be a total restructuring of the UK public sector it has been revealed that the police bonus system is to be reviewed, a move which has been backed by Metropolitan Police Commissioner Sir Paul Stephenson. Sir Paul, who is said to have turned down bonus payments of around £100,000 since 2005, believes that the system is flawed and potentially costing the UK taxpayer £40 m...Read More
Tories plan to cut welfare state by £21 billion by 2014/15
There is no doubt that the welfare state is at the centre of cost-cutting exercises by the coalition government with a previous estimate of £11 billion of savings by 2014/15 having been increased by £7 billion with a further £3 billion of "waste" also identified. This is a major reversal of recent times which have seen the welfare state, predominantly benefit payments, mushroom out of control a...Read More
Homeowners warned to consider Christmas fire risk
Homeowners have been urged to consider the potential danger for an accident when putting up Christmas lights on their home.While those who go overboard with Christmas lights and decorations will not have their home contents policy affected in any way, Halifax Home Insurance said, they do need to ensure that simple safety tips are followed in order to minimise the risk of fire.David Rochester, head...Read More
Should mortgage companies help troubled homeowners?
Over the last few days there have been stories in the press regarding couples who are finding it difficult to keep up with their mortgage repayments, with many on capital and interest repayment deals. A number of homeowners have requested a temporary move to interest only mortgage arrangements although there appears to be resistance within the UK mortgage industry to allow this particular strategy...Read More