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Pause in house price movement |
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When conflicting information is received it can be very difficult to decide which is giving the true picture - can a month really make so much difference? In a report looking at the picture for house prices in December the Royal Institution of Chartered Surveyors stated that falling prices had been claimed by the highest number of estate agents since 1992 - 300 out of a total of 500 questioned. Home Information Packs have received a share of the blame in that many owners who would have put a house on the market to 'test the water' and maybe subsequently sold the property, have been deterred by the need to buy the pack. However, the more usual blame is aimed at interest rates - one agent is quoted as saying that the interest rate needed to come down early in 2008 or "the country can expect a bleak time for the next two to five years". Well that could happen, with another base rate reduction expected during February, but for how long will that suffice? The next report comes from the Halifax bank - it tells us that in January there was no change in prices from the previous month, but that, despite this, the annual rate of increase stood at 4.5%. When this information comes from the country's biggest mortgage lender it has to be accepted, although whether it represents a temporary blip in the recent large increases or a sign of harder times is open to conjecture; The chief economist for the Halifax went on record to forecast flat house prices in 2008. This may well be subject to their expectation of two interest rate cuts in the year, which they say should support the housing market and prevent a sharp slowing in the economy. In a similar vein, Nationwide recorded a fall of 0.1% in January prices; the combined Halifax /Nationwide figures were interpreted by Howard Archer of Global Insight as significant cooling but not a dramatic fall, whilst Capital Economics expect any pause to be short-lived followed by further falls during the year. |
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January 2008 Pause in house price movement Banks battle out charges case in court The changing value of money Heating costs climb Sub-prime mortgage problems spreading Which way for interest rates? December 2007 Focus on house prices Direct debits in demand Political attitudes to marriage FSA arms to examine comparison sites Household costs increase Debt is now a way of life November 2007 PIN mania Loans companies reorganise Which way to the Rock benefits? Top financial tips for 2008 Investing in the future Treating customers fairly initiative October 2007 Bankers Association report on future protection Sub-prime mortgages effect continues FSA targets financial websites When a loan becomes necessary BBA worried about negative commentary on PPI Home owner's worries September 2007 Bank of England provides savers guarantee FSA continues assessment of PPI selling Self-employed options under review No consensus on UK house prices Debt review for Scotland released Loan plans subject to change August 2007 Dealing with debt is normal today The real cost of raising children Situation with bank charges unresolved Subprime mortgages to be reviewed Second homes set to outperform domestic market Buy-to-Let sector remains buoyant July 2007 Are credit cards encouraging debt? Interest rate increases good for savers Fixed rates making comeback at a cost TCF is good news for customers Borrowers making choices based on reputation Spotlight now on home insurance June 2007 Has the interest base rate reached its ceiling? High street retailers drop the cheque First Direct fee has desired effect Yorkshire Bank pushes penalty fee cases into small claims court Mortgages take bigger slice of income Popular reasons for a loan May 2007 More families rely on two incomes Judgement on overdraft charges Personal insolvency rates slowing down Challenge to home information packs Further interest rate rises expected by consumers April 2007 Annual inflation rate continues to rise House price index shows slight fall Homeownership prospects for public sector workers Current accounts in the UK Mortgage equity borrowing Chip and pin security initiative March 2007 Inflation rate rises again Green mortgages all the rage Car loans can help you buy a better car Debt consolidation loans popular Mortgage companies give way to FSA pressure Significant changes in UK home buying The cost of moving house |
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