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Archive for the ‘Mortgage Lending’ Category


Ozzy

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Signs that the property-driven boom in consumer spending has collapsed comes today with news that two  large high street retailers have hit the rocks:  Moben and Habitat

Habitat

1,300 jobs are at risk at the home improvement firm behind Moben Kitchens, Dolphin Bathrooms, Sharps Bedrooms and Kitchens Direct, as it prepares to appoint administrators.

And all but three UK Habitat stores are being put into administration in a deal to sell the indebted furniture chain.

Home Retail Group, owner of Argos and Homebase, will buy the Habitat brand and three central London stores for £24.5m in cash.

Habitat has appointed administrators for its other 30 outlets, which will continue trading for now.

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Charlie Sheen

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So says Jennet Siebrits Head of Residential Research at CB Richard Ellis. In a new report she notes (and this is an estate agent speaking):

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The Council of Mortgage Lenders have just published  an updated assessment of prospects for the mortgage and housing markets.

The key messages:

  • The UK economy is experiencing a weak and patchy recovery. We are at a difficult juncture, with households suffering a fall in real incomes as a result of consumer price pressures and the accelerated pace of fiscal cuts this year.
  • Outside London and the south east, we face a period of soft house prices.  We do not foresee a sharp fall in prices, in the absence of a significantly higher volume of forced sales.  Moreover, with a modest recovery in household incomes anticipated next year, the housing market should develop a more positive tone in 2012.
  • The factors dragging down household confidence point to subdued demand for house purchase loans. Property transactions look set to remain at the low levels of the past few years.
  • The availability of credit to support mortgage lending remains constrained, but has eased a little.
  • Buy-to-let seems likely to progress positively relative to the overall market, reflecting strong rental demand.
  • Arrears and possessions are set to rise and to remain at higher levels this year and next.


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The number of loan approvals for house purchase fell in April to 45,166, lower than the previous six-month average (46,179). a 9.2% decline on the same month in 2010, says the Bank of England.

Approvals for remortgaging (28,091) and other purposes (19,970) also fell in April and were also below the previous six-month averages (32,534 and 21,138 respectively).

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New research by Santander reveals that 26% of those questioned are stuck in their current home and will not be able to move until its value increases.

Without sufficient equity they simply cannot contemplate moving.

Many “frustrated middle-movers” are also struggling to find an affordable mortgage for the amount they need to borrow, while others said wider economic issues, such as personal fears about the state of the economy and their own job security precluded a move.

Phil Cliff of Santander Mortgages says: “There are a lot of frustrated middle-movers who made compromises on their first homes and have been stuck with these for longer than they wanted, as they are finding it difficult to move up the property ladder.”

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