The governments latest statistics show that the average price of a home in the UK fell 0.8 per cent last October. According to a report this proves house prices in the UK are falling as fast today as they did during the property crash of the early 1990s.

Market predictions vary widely but leading industry figures such as Experian, Nationwide and Intermediary Mortgage Lenders Association are all predicting negative growth in 2008, with the latest report from Capital Economics putting the downturn at five per cent.

The Royal Institution of Chartered Surveyors (Rics) states the number of estate agents reporting falling prices is now at its highest level since 1992, when Britain was in the midst of its worst-ever house price crash. Rics spokesman Ian Perry warned: “The Bank of England may have to cut rates further if the market is to remain stable.” Last months interest rate cut which was intended to ease the strain on mortgage borrowers, did little knocking a mere £20 a month of the average mortgage of £100′000.

If you are worried about a downturn in the property market and would like to sell your property quickly Soda Estates could help.

In just a short time, all homeowners in the UK will be subjected to compulsory HIPs, or Home Information Packs. Before, only four bedroom homes were subjected to the HIPs requirement, but as of 14 December all homes in the UK will be required to have a HIP. The vast majority of homeowners in the UK are unhappy to say the least about this new requirement and many believe it will make selling a home even more difficult because of the added cost. It costs up to £1000 to have a HIP created and that is a barrier for many would be home sellers. The fact that HIPs are a done deal means that the buying and selling process in the UK just became more complicated, more expensive, and longer. The following drawbacks are just a few of the reasons why the new HIP law may make selling your home more difficult.
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The Bank of England have decided yet again to keep its base rate at 5.75 this month. This has been the fourth month in a row without a change in the interest rate.

Some analysts in the run-up to the Bank’s announcement, had begun to consider that the Bank’s Monetary Policy Committee (MPC) would surprise by announcing a rate cut.

Recent data had suggested certain parts of the UK economy were struggling. Figures from the British Retail Consortium this week showed consumer spending in October was its lowest for a year, definite signs of a slowing economy.

Interest rates as set by the bank of England have risen again to 5.75%. a move which could push many homeowners into mortgage arrears and financial hardship. Families could be faced with repossession as mortgage costs are on the increase. Read the rest of this entry »

Home infomation packs have been delayed again

The government has yet again decided to postpone the release of HIP’s. They were supposed to be mandatory from the 1st June, but have been delayed again until the 1st of August where they will only be mandatory for sales of houses with over 4 bedrooms. Read the rest of this entry »