View more on these topics

Redundancy fears are hitting property recovery, warns BSA

Unemployment passed the two million mark last week, as the Building Societies Association warned redundancy fears were denting consumer enthusiasm to get on the property ladder.

Figures from the Office for National Statistics show unem-ployment is now at 2.03 million, or 6.5% of the working population.

The Building Societies Assoc-iation’s Property Tracker survey found that 54% of people believe now is a good time to buy property in the UK, a leap from June last year when just 27% reckoned it was a good time to buy.

Biggest barriers to home pur-chase remained the same as in December – lack of job security, access to a large enough mortgage and raising a deposit.

People expect prices to fall by a further 6% over the next year, found the survey but just under a third viewed falling prices as a barrier to buying at the moment. Paul Broadhead, head of mortgage policy at the BSA, says people are beg-inning to recognise that there are bargains to be found and they are increasingly interested in buying.

But he says: “It is also clear from the survey that it is the declining economic situation and perceived problems securing a mortgage that are viewed as preventing this desire to buy from being realised. Until economic confidence improves it is hard to see the feel-good factor returning to the housing market.”

Meanwhile a study by the Centre for Economics and Business Res-earch says tax from the financial service sector for 2009 and 2010 will be down £29bn.


MBL includes direct-only products

Mortgage Brain is to include direct-only products on its sourcing system by the middle of next year.The company has developed a search and filter facility that will feature on the upcoming latest version of the Mortgage Brain software due for release by mid 2009.Mark Lofthouse, chief executive of Mortgage Brain, says brokers want to review […]

Your intergalactic dividend

Apparently the UK Shareholders’ Association is forming an action group to represent shareholders angry at the merger of Lloyds TSB and HBOS and what it describes as creeping government control of the now super-bank.

Consulting Consortium partners with PFS

The Consulting Consortium and the Personal Finance Society have joined forces to support PFS members in meeting their TCF requirements.

Bid to revive council mortgages

Exact is calling on the government to reinstate local authority mortgage lending in a bid to kick-start local mortgage markets and take the pressure off high street banks.It has put together a White Paper arguing that specialist lenders should white label mortgage origination for local authorities.It wants government to divert fund-ing to reinvigorate local authorities […]


News and expert analysis straight to your inbox

Sign up