Emergency action to strengthen the capital position of banks and building societies should help free up the mortgage market and improve the prospects of borrowers, according to the Council of Mortgage Lenders. See: http://www.primelocation.com/news/mortgage-lenders-thrown-lifeline/
The Bank of England and other central banks have operated with unprecedented global co-ordination to announce a cut in base rates of half a per cent. The Bank of England base rate has now fallen to 4.5% – the lowest level for two years. See http://www.primelocation.com/news/dramatic-interest-rate-cut-takes-market-by-surprise/
Buy-to-let investors are facing a harder time obtaining mortgages – despite signs that income from property rentals is rising, as more would-be first time buyers opt to rent instead. See http://www.primelocation.com/news/rental-demand-rises-buy-to-let-mortgages-fall/
House prices fell by 12.4% in the last year, according to the latest figures from the UK’s second largest mortgage lender, the Nationwide Building Society. Analysis from the Royal Institute of Chartered Surveyors suggests that even larger falls may be on their way. See story at http://www.primelocation.com/news/house-prices-fall-further/