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RICS reaction to ODPM house price figures

Figures released by the Office of the Deputy Prime Minister today show that August’s house prices rose 2.8% from year ago levels, compared to a rise of 4.0% in July 2005. The pace of house price inflation is the slowest in over nine years, since recording a rise of 1.1% in Q2 1996.

House price rises have slowed from 13.6% in August 2004 due to the impact of last year’s rising interest rates. House price rises are now below 1% per annum in all the southern English regions, while remaining above 5% in the Northern English regions and Wales. Double digit house price rises are still being recorded in Scotland and Northern Ireland, reflecting in part a catch up with the rest of the country.

Whilst there is speculation that house price inflation may reach zero soon, this has been thrown into doubt by the modest upturn in housing market activity following August’s interest rate cut. Chartered surveyors estate agents indicate that buyer purchase enquiries have risen as confidence is boosted by lower interest rates. Speculation has grown that interest rates may fall again, possibly as soon as November. If this proves correct, Royal Institution of Chartered Surveyors believes this is likely to sustain a modest revival in housing demand into the New Year.


Equity withdrawal rises for first time since 2003

Figures from the Bank of England highlight an upturn in the amount of mortgage equity being withdrawn. The Bank’s estimate of mortgage equity withdrawal has risen to 8.7bn for Q2 2005 from 6.4bn from Q1 of the same year, an increase of 2.3bn. Dean Mirfin, business development director of Key Retirement Solutions, says people have […]

Cricket tops football in the property stakes

Propertyfinder.coms latest survey of estate agents reveals that properties near football grounds are less popular with home buyers, while those near tennis and cricket grounds attract premium valuations.Famous cricket grounds are estimated to add 3.3% to property prices nearby. While a property close to Lords in London could be worth 2.8%, or 14,500 above the […]

Website can help you avoid using unpopular 0870 numbers

From Jim Gillespie The infamous 0870 telephone numbers are still used by countless life offices, lenders and even networks, despite their unpopularity with the public and brokers. But there is something we can all do to minimise the chances of having to pay 0870 call charges again. Take a look at the excellent website, […]

Pru lifetime deal from next week

Prudential has confirmed its lifetime mortgage product will be open for business from October 17. It has also launched an online calculator to help advisers calculate the savings using its flexible product.


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