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Will the UK property market be even more depressed in 2012 than it was in 2011?Commentators and analysts expect sales to stay low – perhaps even lower than they have been in the past year. And prices are expected by most observers to fall a little – though some predict larger drops of up to 10% [...] First time buyers will no longer receive an exemption from stamp duty from March 2012 as the government says the relief is “ineffective”.Documents with Chancellor George Osborne’s Autumn Statement reveal the view that the tax relief failed to get more people on the property ladder. The temporary exemption meant first time buyers were free from the [...] Economic uncertainty makes the future of the UK mortgage market “difficult to call”, a mortgage lenders’ group has said.Paul Smee, director general of the Council of Mortgage Lenders (CML), said the market for home loans was currently stable. The number of mortgages taken out for house purchases was 48,200 in September, down 2% from the month [...] Mortgage interest rates could start to rise again as a result of the turmoil in the eurozone brokers are warning.Some lenders, including Woolwich, Halifax and Santander, have pushed up their tracker rates for new borrowers. This increase follows a rise in the rate at which banks lend to each other – Libor – which has been [...] Demand for buy to let mortgages continues to grow boosting UK property market.The Council of Mortgage Lenders(CML) has said the number of buy-to-let mortgages rose by 29,000 in the second quarter of the year, to 1,342,200. They now account for 12.4% of all mortgages, the highest proportion on record since the buy-to-let market took off at [...] Low interest rates have kept the level of UK mortgage arrears and home repossessions steady according to the Council of Mortgage Lenders (CML).A total of 9,000 homes were repossessed in the second quarter of the year – 100 fewer than in the previous three months, the CML said. The CML has predicted that a total of [...] Surveyors are “pessimistic” about UK house prices in the next three months following a slight fall in property values in July.Some 13% more surveyors expect prices to fall rather than rise in the next quarter, the Royal Institution of Chartered Surveyors (Rics) said. The predictions come amid a period of sluggish activity in the market. London is [...] Mortgage lending jumped in June- allbeit from a very low level, the Council of Mortgage Lenders (CML) has said.The total number of new home loans to house buyers rose by 22% from May, to 46,700. And those specifically to first time buyers reached a 10 month high, up 24% from May to 18,100. Although the level of [...] UK interest rates have been kept at a record low of 0.5% by the Bank of England’s Monetary Policy Committee (MPC).Economists had expected interest rates would remain unchanged due to the subdued economy. GDP figures for the second quarter showed growth of 0.2% with a majority of economists expecting mortgage interest rates to remain unchanged [...] The governor of the Bank of England has said that fears of home repossessions are overdone as UK interest rates are set to remain low. Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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