The OECD has warned that UK house prices were rising at an alarming rate when compared to rents and household income.
Read More
Category Archives: Mortgage Buyers
House price surge is the biggest threat to UK financial stability according to the deputy Governor of the bank of England.
Property values in London are up by over 12% leading the UK which has seen mortgage lending 4% higher in March and 37% higher for the quarter.
The regulators are introducing tougher tests for home buyers based on affordability to prevent mistakes leading to the financial crisis.
The Office for National Statistics (ONS) have reported UK house prices are up 9.1% in the last year to February 2014.
Mortgage debt in central London now exceeds that of Wales and the rest of the capital is now seeing faster house price rises.
Data from the Bank of England shows the number of people taking out mortgages in February has fallen for the first time in the last year.
About 95% of all mortgages are fixed rate with the threat of interest rates rising and homeowners want certainty in the future.
Warnings from the Bank of England that interest rates would rise six fold by 2017 means higher mortgage costs for almost three million households.
Almost half a million households in the UK struggle with negative equity with the greatest number in the regions rather than London.