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NAEA says rate rise could have detrimental effect

Following the Bank of England’s decision to raise interest rates from 4.75% to 5% today, the National Association of Estate Agents believes that it could be a rise too far for a significant number of areas in the UK where the housing market is under performing.

Peter Bolton King, chief executive of the NAEA, says: The national picture for the residential property market appears to be extremely strong and buoyant.

There are, however, vast regional differences with some areas significantly out performing others.

The high prices and high pace of activity that is being reported particularly in the South East is not reflective of all areas, with some agents reporting a relatively flat market in their respective regions.

This further rate rise could have a detrimental effect on these areas.


UK Coal to sell brownfield sites for development

UK Coal is poised to sell up to 49,500 acres of brown field sites around its mines, both active and closed. The move, which will earn the company more than £500m, will see the development of commercial, industrial and residential property on the sites. Jon Lloyd, former head of property at HBOS, joined UK Coal […]

PMPA exclusive deals from TMB

The Professional Mortgage Packagers Alliance has launched four exclusive products and one semi- exclusive product from The Mortgage Business. The first two deals are options in TMB’s Self 85 range that allows self-cert to a maximum LTV of 85%. The other two exclusives are in TMB’s house to house range. Both are two-year trackers with […]

IT should be used to help customers

Technology can be a boon to brokers and clients as it speeds the mortgage process, but some lenders are using it to mask flaws in their propositions, says Richard Coulson


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