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The Mortgage Mole

DIGGING THE DIRT IN THE MORTGAGE WORLD…

ON THE STRIP While most of us were stuffing our faces with chocolate eggs during the Easter break, Mortgage Strategy’s online editor Natalie Thomas was enjoying a different kind of overindulgence on a trip to Las Vegas.

Thomas revealed to Mole she was tempted to stay on in Nevada after seeing some of the property prices on offer.

Las Vegas homes have the highest rate of repossession among all US cities, which means you can grab a property just off the famous Las Vegas Strip for a fraction of the price it once was.

But with a 13% unemployment rate Thomas thought her work options might be limited and decided against it. The thought of living by the Strip might have been enticing, she revealed to Mole, but another kind of strip was not so appealing.

STARTER PALACE Kate Middleton not only nabbed herself a future King of England when she married Prince William on Friday but also an impressively pricey first home.

Property website Zoopla values the couple’s first home, Clarence House in central London, at an estimated £47m – roughly 343 times more expensive than the average starter home for first-time buyers.

Luckily the young couple will not need a mortgage for their first house – they might have found it hard to secure one given the current affordability tests and William’s RAF salary.

The royals, however, are not immune from the current housing slump. Buckingham Palace has reportedly fallen in value by £95m – 8.8% during the past three years.

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Leader: Bad news keeps on coming

No doubt when the gross lending figures are tallied for April they will show a dip. As Nigel Stockton, finance services director at Countrywide, points out in his column, from a work perspective last month ended on April 21.

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