As the year draws to an end a raft of data has been released which will have caused mixed reactions amongst home-owners & would-be buyers:

• Bank of England once again holds interest rates at 0.5%
• House prices fell by 0.1% in November
• Mortgage Lending fell 5% in November

The Bank of England’s Monetary Policy Committee has now kept interest rates on hold for 21 months which is good news for everyone with, or looking to secure, a mortgage. Not such good news for savers of course & we expect to see rates remain low throughout 2011.

The Halifax House Price Index reported a 2.1% reduction in the three months to November. The Halifax attributed this trend to higher numbers of properties for sale combined with reduced demand. On a more positive note for homeowners a spokesperson said that fewer properties coming onto the market and continued good mortgage affordability would prevent a significant fall in house prices.

The Council of Mortgage Lenders reported a 5% drop in mortgage lending for the month of November.  However, it is widely accepted that this fall was accentuated by a relative peak a year ago as first-time buyers came into the market ahead of the withdrawal of Stamp Duty concessions.

Whether you are looking to move, improve your current home or remortgage, EBS can provide independent mortgage advice. An initial consultation is free from obligation & conducted at our expense. Get in touch to find out how we can help you.

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