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Economic gloom is keeping a lid on property sales

Uncertainty surrounding the economy kept property sales depressed in August, the latest housing market survey from the Royal Institution of Chartered Surveyors shows.

The number of sales per surveyor over the three months to August dipped slightly to an average of 14, taking transactions back to June 2009 levels. Meanwhile, average stocks on surveyors’ books fell from 70 in July to 67 in August.

When asked why sales continue to be subdued, 79% of surveyors cited economic uncertainty and 70% said a lack of finance. And 40% said fears over price falls were holding back buyers and sellers.

The survey also reveals that new buyer enquiries fell in August as 3% more chartered surveyors reported a decrease rather than an increase.
Alan Collett, housing specialist at RICS, says: “Our indicators suggest demand for homes remains steady, albeit at low levels, despite the renewed bout of economic gloom. But the risk is that the worsening economic picture will begin to have a more material impact on sentiment and discourage purchasers even if finance is available.”


Wilson’s journey

Since its parent group was bought by Lloyds TSB in 2009, Halifax Intermediaries has gone through many changes, not all which have been embraced by brokers. But its head of sales Ian Wilson says the company welcomes their feedback and is working hard to resolve issues and bring the best products to market

Remortgage drop in Q2 likely to be trend for next quarter too, says FSA

Remortgage business as a proportion of new lending fell from 38% in Q1 to 34% in Q2 2011, and is set to drop further in the coming months, according to the Financial Services Authority. The FSA’s latest Mortgage Lending Data report, published last week, shows remortgage lending fell 3.1% between Q1 and Q2, from £12.7bn […]

Fitch confirms rating of RMBS from sub-prime lenders

Fitch Ratings has affirmed the rating of a residential mortgage-backed security originated by Advantage Home Loans, Amber, GMAC-RFC and Victoria Mortgage Funding due to its stable arrears levels. Fitch says the affirmation of ResLoC UK 2007-1’s rating is a reflection of the relatively stable performance of the non-conforming RMBS’ underlying assets in the past year, […]

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


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