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Rightmove sounds warning over house prices

Rightmove is warning there could be an overcorrection in house prices if confidence between lenders does not improve.

The website’s house price index re-leased last week shows that the average asking price fell 3.7% between March and April, while the average unsold stock held by estate agents rose from 67 to 70 properties.

Rightmove says the correction in house prices is being driven to an ex-treme and that the shortage of liquidity could trigger a price crash if sellers have to seek lower LTV mortgages.

Miles Shipside, commercial director at Rightmove, says: “Although a slowdown is a natural reaction to over-heated prices, the current correction is in danger of reaching unreasonable extremes if the lack of mortgage liquidity continues to be a problem.”

And Nicholas Leeming, director of, says: “While we are not seeing an overcorrection at the moment, if lenders are still in trouble in a few months’ time there could be a problem because sellers will be forced to reduce asking prices in line with the market.”


MAB sees remortgaging rise 27%

The Mortgage Advice Bureau has seen its amount of remortgaging business rise 27% in Q1 2008 compared to Q1 last year.

HBOS rights issue rumours clarified

In a HBOS trading statement to be released tomorrow shareholders will find out if a rights issue will be signed off.

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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