Mortgages Uncovered

I am going to move away from mortgage advice a little and show you a perspective that is affecting the housing market in a positive way. Although this is being a little a unfair as the people it affects are pretty much victims of bullying. Neighbors from hell are more and more common these days and they can start from simple arguments over:

• Aggressive behaviour
• Excessive noise
• Messy property or garden

Anti social neighbors can affect the property of your price by an average of £30000. These problems should be looked to be resolved as they more or less are normally a simple misunderstanding.

In February 2010 mortgage lending has risen by 6% to 9.2 billion pound. These figures come from the council of mortgage lenders. This is an unusual increase as February normally does not see any increases in fact these are possibly some of the harder time being the start of the year and being closely after the Christmas period.

These figures are encouraging for the recovery of economy in the UK and are expected to continue to improve. Provided house prices do not fluctuate too much the UK will find these figures continually rising, however this is a big ‘IF’ and could go the way we do not want it too.

Properties in the rental market are becoming harder to come by everyday. This means that tenants are now being faced with higher rental values and these impact houses for sale and the economy as a whole. Higher rental value means that first time buyers will struggle to buy properties. This also means that low paid work will not even be worth taking for a lot of people. The economy as a whole will become affected by this.

Either landlord’s are not finding the rental market to be as lucrative as it once used to be or they are not longer investing into further properties.

The number of houses for sales has now hit an 18 month high. Prices are falling again but speculators believe this sharp rise is due to the unexpected weather the UK has experienced this year. The typical asking price is now £230000 is up to 5.3% higher than March last year. First time buyers are still struggling a lot to even be approved for mortgages. This continues to get worse as house prices are very much fluctuating. The hardest hurdle for a first time buyer is the initial down payment.

Latest figures show that sales have halved at the start of the New Year.

The housing market in January 2010 saw large dip in activity so much so that lending fell by 17%. Mortgage advances also fell in the month of January y nearly £3 Billion. These figures come just as nationwide announced that house prices have fallen for the first time in ten months in February 2010.

This fall in house prices is according to Nationwide down to the harsh winter weather that the UK has been seeing. The following months will be very interesting to watch to see how the economy is continuing to recover from the recession and the house price demands.