- Lowest number of Mortgage Approvals since records began.
- In a breaking report from the Bank of England only 64,000 mortgages were approved last month.
- Tue 29th Apr 2008
- Are the Banks getting greedy?
- In a test case in the High Court today, 8 UK Banks may be deemed to have be charging their customers unfairly.
- Thu 24th Apr 2008
- Comparison websites under the hot spotlight.
- The centre for competition policy has produced a report saying independent checks need to be made of comparison websites.
- Sat 12th Apr 2008
Credit problems "hurting" property sector
Thu 20 Dec 2007 5pm
The credit crunch is having a negative impact on the UK housing market as mortgage providers become more cautious with their lending, an expert has stated.Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that "some would-be buyers will struggle to get the necessary finance" as uncertainty in the credit markets continues.
According to Mr Rubinsohn, 2008 could be a difficult year for homeowners in general, with many people facing increased mortgage costs as their fixed-rate deals come to an end. However, he also suggested that this month's interest rate cut has offered the nation's householders some hope.
He commented: "It is clear that the credit crunch is hurting the housing market.
"Crucially, however, the prospect of further interest rate cuts has increased … We expect base rates to be lowered by at least another half point during the first half of 2008."
Ray Boulger of mortgage broker John Charcol also recently predicted that interest rates would be cut to five per cent by mid-2008.
