Archive for July, 2010
Rising House Prices Versus The Average Wage
Although house prices are slowly but surely rising there is a growing concern that the average pay packet is not rising in accordance. This basically means that the vast majority of new homebuyers are finding it increasingly difficult to get onto the property ladder for the first time and this is made even more difficult due to the fact that larger deposits than ever are now required in order to secure a mortgage.
Overall Mortgage Approvals Stay The Same
The number of new UK mortgage approvals over the next year is more than likely to remain static according to industry insiders. According to the latest figures to emerge from the Bank of England, the number of mortgages that were approved in May was just under fifty thousand and this is approximately the same number of mortgages that were approved in April.
The main reason for this is undoubtedly the new level of job uncertainty alongside the predicted rise in unemployment in the public sector which the government has deemed necessary in order to tackle the country’s debt which stands in the region of £160 billion.