UK house prices were down 2.6% in value during November, representing an annual drop of 14.9% since last year according to new figures from the Halifax.
Research by Savills shows that the credit crunch is now affecting even the best property with values down by an average of more than 10%. This is considerably more than the 2.4% falls recorded for these properties in April.
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The Council of Mortgage Lenders has welcomed the measures announced by the Government, following consultation with the Bank of England and the FSA, to strengthen the capital position of banks and building societies, and to help re-open the market for medium term funding by providing guarantees of new debt issuance by eligible institutions.
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The Government has confirmed that Bradford & Bingley (B&B) is to become the second UK bank to be nationalised, with it’s savings portfolio being sold on to the Santander group.
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Remortgaging rose and lending for house purchase held steady in July, by comparison with June, although loans to first-time buyers continued to decline according to the latest survey from the Council of Mortgage Lenders.
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Nationwide Building Society has confirmed that it is in advanced discussions with The Derbyshire and The Cheshire Building Societies over the terms of independent and proposed mergers.
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House prices continued to fall during August, with Nationwide reporting that the total drop in house prices over the past year has been by 10.5% - the first annual double digit fall since 1990.
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The Liberal Democrats have set out proposals to help families who are unable to pay their mortgages and are facing the threat of homelessness due to the credit crunch.
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With household finances feeling the pinch there are ways to help yourself and organisations to help you cope if you are struggling, according to the Council of Mortgage Lenders, Citizens Advice and Shelter.
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Borrowers whose mortgage deals are coming to an end will spend more time shopping around and will be more interested in rates and fees than they were a year ago, according to new research from the Nationwide.
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The latest data from the Council of Mortgage Lenders show no surprises in terms of the number of mortgage arrears and possessions cases in the first half of 2008.
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