View more on these topics

2003 to see more stability in housing market

Surveyors and mortgage brokers are predicting a more stable year for the UK housing market than 2002, with prices due to rise by a modest 7%.

Nationwide&#39s house price survey revealed prices nationally rose by 25.3% during the year to the end of 2002. Although this magnitude of increase is unlikely to be repeated during 2003, experts are still predicting that house values this year will increase by several times the rate of inflation.

Latest reports from The Halifax predict a rise of 9% nationally, while The Nationwide is anticipating an increase of 10%. While this means that homeowners won&#39t be able to view their homes as the guaranteed money-spinners as they did last year, it will bring welcome stability back into the market.

From the broker perspective, pundits expect business as usual for the mortgage market in 2003, as lenders clamour to introduce market-leading fixed and discounted rate products. Andy Frankish, director of Rotherham-based mortgage broker Mortgage Talk believes 2003 could be the year when fixed rate mortgages start to overtake discounted loans as the product of choice.

He says: “With global circumstances likely to have a more significant bearing on our domestic economy than during 2002, fixed rate products offer the certainty of pegging to a known rate for up to 10 years.

“All in all, this year will see a period of consolidation and stability return to the housing market, which has to be good news for a sector that saw first-time buyers priced out of the market in many regions. Luckily, we in Yorkshire and Humberside are well positioned to build on the trends that 2002 brought, and to profit from what 2003 has in store for us.”

Robert Bryant Pearson, Bristol-based chief executive of Allied Surveyors, says: “From our own experience we know that many overheated hotspots have already plateaued and there is the likelihood of some downward adjustment occurring in some locations.

“In what will be another benign year for the property market, house prices will increase by about 7% overall but some segments will see a slight decrease.”


Private banks struggling with high street competition

Private banks in the UK are facing a bigger threat than ever from high street banks that have adapted best to customer demands in the 21st century financial services market. Research from independent market analysts Datamonitor suggests that high street banks have both the national branch networks to reach rural and ex-London wealth as well […]

TMG launches PR comeback campaign

Truro-based The Mortgage Group has agreed a public relations deal with Axis Media Group in a bid to restore its tarnished reputation. The Mortgage Group is run by Tony Murtagh and was the subject of an undercover investigation by the BBC&#39s Panorama programme in 2001. Murtagh is also a director of Capital Credit, based at […]

The Finance Centre appoints new BDMs

Sub-prime packager The Finance Centre has appointed two new managers to its business development team TFC is looking to attract specialist mortgage intermediaries throughout London and the South-East to its proposition during the next 12 months and has recruited experienced mortgage professionals Ibi Samuel and Joe Burton to lead the effort. Samuel joins TFC from […]

Tax questions needn&#39t be so taxing

One part of the CeMAP paper one syllabus that gives many students particular difficulty is that relating to taxation. The IFS study manual begins by working through income tax, capital gains tax and inheritance tax before moving on to consider VAT, stamp duty and business taxation. While the coverage of each is broad rather than […]

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


News and expert analysis straight to your inbox

Sign up