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30th of December 2010
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News Tag: December 2009

February 13, 2010

First-time buyer loans hit two-year high

by Gill Montia
First-time buyer mortgage approvals hit a two-year high in December as those buying properties costing up to £175,000 rushed their purchases through before the end of the stamp duty holiday. According to the Council of Mortgage Lenders (CML), 24,900 first-time buyer loans were sanctioned worth £2.9 billion, leaving both figures up 26% on November. In December, house purchase approvals in general totalled ...

February 10, 2010

Official rate of inflation hits 2.9%

by Gill Montia
Official rate of inflation hits 2.9%
The UK's official rate of inflation increased to 2.9% in December 2009, up from just 1.1% three months earlier. The rise was driven by higher petrol costs and the effects of the reduction in the standard rate of VAT a year earlier dropping out of the twelve-month comparison. In it quarterly inflation report, the Bank of England is predicting further rises in the ...

February 2, 2010

December dip in house purchase mortgage approvals

by Gill Montia
UK lenders sanctioned an additional £1.2 billion in mortgages in December 2009, according to Bank of England statistics. The figure fell below the revised November total of £1.6 billion, but remained above the previous six-month average of £0.9 billion. The annual rate of growth slipped to 0.9% (1% in November) but the three-month-on-three month measure held steady at 1.2%, when ...

January 25, 2010

Average loan-to-value ratio eases to 70%

by Gill Montia
The average loan-to-value (LTV) ratio on house purchase loans increased to 70% in December 2009, leaving the typical homebuyer requiring a 30% deposit. According to research from the Mortgage Advice Bureau, the tendency for lenders to require large deposits in exchange for reasonable rates is softening, having improved from an average LTV of 67% in November and 69% across the final ...

January 15, 2010

Barratt reports 4% rise in selling prices

by Gill Montia
A leading UK house builder has announced that its selling prices have risen by 4% to an average £167,000. The trading update from Barratt Developments also revealed that net private reservations increased 8.9% over the past six months. The group's forward sales surged 43% to £651.2 million, while first-half completions were in-line with expectations, at 5,028, comprising 4,381 private completions and ...

January 2, 2010

Mortgage lending steadily improving

by Gill Montia
In its latest Credit Conditions Survey, the Bank of England has reported that mortgage lending improved in the three months to early December 2009. According to the Bank, the upturn was "driven in part by improvements in the economic outlook and in prospects for house prices". Encouragingly for first-time buyers, the rise in mortgage availability was greater for borrowers with loan-to-value ratios above 75%. Bank and ...

December 31, 2009

House prices show 2009 gain of 5.9%

by Gill Montia
In its latest housing market survey, Nationwide reports that the average price of a UK home rose by 0.4% in December, compared to a month earlier, to £162,103. The increase takes the annual rate of gain to 5.9%, up from 2.7% in November. However, the three-month-on-three-month rate of change, which is regarded as a smoother indicator of the near-term trend, fell from ...

December 15, 2009

Rightmove asking prices down 2.2%

by Gill Montia
Rightmove has reported that the average asking price for a home in England and Wales fell for the second consecutive month during December. The property website recorded a typical 2.2% drop in vendors' ambitions over the four weeks to 5th December (to £221,463) following a 1.6% decline during the previous four week period. Meanwhile, the number of homes on the market has plummeted ...