View more on these topics

Rate rise to cool market and damage confidence, says Spicerhaart

Estate agency group Spicerhaart says today&#39s rate rise will cool the housing market and damage confidence.

Russell Jervis, managing director at Spicerhaart, says: “This interest rate rise, if its hidden aim was to cool the housing market, is superfluous. Our current figures show that since the last rate rise the market has definitely cooled. New buyer applicants are down 18% in the first quarter of 2004.

 

“Property is staying on the market longer and the average selling time has moved from four to six weeks. Asking prices are not being achieved in the same percentages they were in quarter one. These will soon feed through to lower reported house price rises over the coming months.

He adds: “We are entering a cooling off period and the combination of football fever with the forthcoming Euro 2004 will also deter house hunters. The rate rise in May has had an effect and this rise is in danger of damaging confidence.”

Recommended

Nationwide announces changes to valuation fee structure

Nationwide has announced it will be changing its valuation fee structure from June 10. Nationwide says following this change, the mortgage valuation fees for home buyers will remain competitive. There will be no change for remortgage borrowers and existing customers applying for additional borrowing, who do not have to pay a valuation fee. The fees […]

Conveyancing arm is rebranded

Sherrards Solicitors, the Hertfordshire-based legal firm has rebranded its volume conveyancing and remortgaging division as &#39Homefast Property Lawyers&#39. Homefast is currently handling some 2000 transactions a month nationwide and provides services to three of the top five estate agency chains in the UK as well as five of the top 10 lenders. It also acts […]

Good start for new build deal

Accord Mortgages has signed over 30 broker firms to the new build mortgage deal it launched in March this year. The deal is designed as an exclusive product for intermediaries who specialise in arranging mortgages for people buying new homes, often working in conjunction with the builder. The Yorkshire subsidiary says a number of the […]

OneSearch Direct completes record 350,000 local searches over year

Electronic local search provider OneSearch Direct has completed a record 350,000 local searches over the last year, as it celebrates the first birthday of its nationwide service in England. Backed by 3i and HBOS, OneSearch Direct says it is now the largest private supplier of local searches in the UK and the company is anticipating […]