View more on these topics

Confidence in housing market reaches peak of 60%

Confidence in the housing market has increased to 60% in October &#45 the highest level in 2003, a report by The Woolwich reveals

The Woolwich&#39s consumer confidence balance has been rallying since March when it reached this year&#39s low point of 50%. This upward trend has seen confidence reach its current level of 60%, reflected in the annual rate of house price inflation, which increased for the first time in October after falling back from March.

George Johns, economist for The Woolwich, says: “The argument that house price growth is set to slow is compelling when you factor in that the price of the average UK property looks overvalued in relation to the average income. The psychological impact of the first interest rate hike since February 2000 will be far-reaching.

“It will almost certainly be a significant brake on housing market activity, particularly as households saddled with high levels of debt begin to adjust their finances to accommodate a higher interest rate environment. People are not going to have the financial clout next year to put significant upward pressure on house prices and we believe that house price inflation will fall to around zero by the end of next year.”


At your service

A study by TowerGroup and Frank Eve Consulting suggests that greater website functionality is critical to speeding up the lending process. When it comes to the internet, most of the headlines have to do with online direct to consumer lending. In 2002 consumer direct web, mail, and phone mortgage lending accounted for approximately 7% of […]

Newcastle launches 10-year fixed product

Newcastle has launched a 10-year fixed product with a rate of 5.99% until February 27 2014. The product offers borrowers a bi-annual opportunity to redeem their mortgage without penalty. Customers can redeem for free in December 2005 and then every two years until 2013. Robert Hollinshead, chief executive of Newcastle, says: “Although there is much […]

GMAC-RFC joins Mortgage Promotions&#39 direct access lending panel

GMAC-RFC has joined Mortgage Promotions&#39 direct access lending panel. Nick Baxter, director at Mortgage Promotions, says: “GMAC&#39s approach to underwriting and competitive products has always made it a popular choice with mortgage intermediaries and I am pleased that GMAC decided to give our members direct access to them.” Peter Izard, key account manager at GMAC-RFC, […]

Internet mortgage lending hasn&#39t peaked yet

Brian Ewing, head of intermediary sales, Intelligent Finance This summer&#39s internet traffic statistics published by Hitwise show that UK banking sites recorded a 65% increase in online visits over the previous year, with users aged between 25 and 44 being most active in managing their finances online. To examine the success of lending over the […]


News and expert analysis straight to your inbox

Sign up