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Mortgage Lending Up £1.7 Billion (GBP)

Mortgage Lending Up £1.7 Billion (GBP)

UK Mortgage Lending Up £1.7 Billion (GBP)

The latest mortgage lending figures released by the Bank of England show that lending secured on residential property increased by £1.7 Billion (GBP) in December 2013, compared to the average monthly increase of £1.1Billion (GBP) observed during the previous six months of the year.

The increase is generally being credited to the success of the Government’s Help-To-Buy scheme, with London leading the way on residential property price rises, but what is the real situation affecting the UK?

Director of e.surv chartered surveyors, Richard Sexton, explained: “Mortgage lending in the UK is improving at lightning-speed. Lending has hit a six year high, as banks continue to offer cheap loans and interest rates, and repayments remain low. Mortgage lenders have dramatically increased lending to borrowers with smaller deposits, which has encouraged more first-time buyers to the market. And the government’s Help-To-Buy scheme has given consumers a huge confidence boost, which has increased lending volumes further. But the heart of the market remains in London and the South East. In other areas of the country the recovery is far slower. House prices may be increasing quickly, particularly in the capital, but it’s important not to withdraw Help-To-Buy too soon. In London, buyers need the scheme to get on the ladder. In many other areas, wage growth has been comatose since the economic crash, would-be property buyers simply don’t have enough income to save for a deposit. Building more houses would be a far more prudent approach to capping price rises than trimming down the Help-To-Buy scheme prematurely.”

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EU Commission Fines Rate-Rigging Banks

EU Commission Fines Rate-Rigging Banks

EU Commission shocked that competing banks were in collusion

The European Commission has fined eight banks – including RBS – a total of £1.4 Billion (GBP) for forming illegal cartels to rig interest rates. The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.

A number of banks were engaged in the rigging of interest rate products intended to reflect the cost of interbank lending in euros, while another group fixed prices for products based on the Japanese yen.

The rates are used to set the price of Trillions of dollars (USD) of products, including mortgages.

Some were involved in both markets and more than one cartel, including RBS, which was fined a total of £325 Million (GBP). The fines are the first ever penalties for interest-rate rigging by the EU.

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UK Property Prices Increase Again

UK Property Prices Increase Again

UK Residential Property Prices
Return To Good Health

UK residential property prices increased again in June 2013, marking the return to good health of the property market.

Property price rises are at their fastest rate in over two-and-a-half years as mortgages became more available and less expensive, adding to fears of another property market bubble as overall housing supply remains low.

The latest monthly residential property price index from UK mortgage lender, Nationwide, shows that UK property prices were up 0.3% in June 2013, while the annual increase of 1.9% was the sharpest residential property price increase since September 2010, but those gains were below the 0.4% monthly rise and 2.1% year-on-year price increases forecast by many economists.

In May 2013, residential property prices rose an unrevised 0.4% on the month and 1.1% on the year overall, signalling the recovery of the UK property market.

The number of mortgages approved by UK banks also increased by a quarter in the twelve months to May 2013. However, over the same period, the value of outstanding mortgage loans secured on property dropped by 0.2%.

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MyPropertyPowerTeam.co.uk are pleased to be able to share a very special offer from our site sponsors with our UK landlord readers… lettingaproperty.com

Gold Rush
 

We are celebrating Team GB’s success by offering a promotional discount equivalent to the number of Gold Medals won by our team!

That’s a whopping £29 off our landlord property advertising!

To advertise your property on Rightmove, PrimeLocation, Zoopla, FindaProperty, Gumtree and more claim your very own £29 promotional code which can be used against our Silver, Gold or Platinum Packages.

  • Advertising on Rightmove, Prime Location, FindaProperty, Zoopla & Gumtree
  • Comprehensive tenant checks
  • Tenant lines open 365 per year
  • Text message and email alerts
  • Members of the Ombudsman for Letting Agent
  • Landlord Buy-to-Let “Best Website” finalists
    3 years running

This offer ends on the 31st August 2012 don’t delay claim your £29 advertising promotional code today!

Best wishes

lettingaproperty.com

 

Competition

PS – Don’t forget, 2 weeks remaining to enter our prize draw to win £500 towards your rent or mortgage!

Win with LettingAProperty.com

Win with LettingAProperty.com

Property to advertise? Find out about our online advertising.

Win £500 with LettingaProperty.com

Our MyPropertyPowerTeam.co.uk sponsors LettingAProperty.com would like to invite MPPT & Spotlight Readers to take part in a great free to enter competition…

WIN £500 towards your rent or mortgage!

With the London Olympics just around the corner, lettingaproperty.com are giving Landlords and Tenants the chance to win £500

Enter the draw now by answering a very simple question  CLICK HERE!

Win with LettingAProperty.com

Win with LettingAProperty.com

Good Luck!


Our sponsors LettingAProperty.com would like to invite Spotlight Readers to take part in a great competition…

 
WIN £500 towards your rent or
mortgage
Win £500
 
 With the London Olympics just around the corner,
lettingaproperty.com are giving Landlords and Tenants the chance to
win £500 towards their rent or mortgage.

To enter, simply visit our Olympic Competition page and answer one simple question!

Closing date is the 31st August 2012. 

Winners will be announced on the 30th September 2012.

Good luck!

The Team at lettingaproperty.com


Search for property during the Olympics?

Property to advertise? Find out about our online advertising.

RULES:
1) Entry to the competition is restricted to one entry per person. 
2) Multiple entries will be disqualified. Automated entries, bulk entries or third party entries will be disqualified!
3) Competition is open to UK residents only.
4) Prize funds can only be sent to a valid UK address by cheque unless otherwise stated.
5) Winners will be chosen at random from all valid entries and will be contacted via email.  Names will displayed on our website and associated
websites.
6) The Judges decision is final and no correspondence will be entered in to.
7) The competition will run from April 2012 until 31 August 2012.
8) lettingaproperty.com is compliant with the data protection act. Our policy is such that we will not pass on your details to any third party without your prior consent.
9) By entering our competition, you agree to our competition rules.
10) Competition is not open to employees

 
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