House prices experience \"third largest ever fall\"
The average UK house value fell £4,470 to £186,482, its third largest ever fall according to an index published in association with HBOS.
Bradford & Bingley ups mortgage rates
Bradford & Bingley has announced that it is raising its mortgage rates for new borrowers, according to reports.
Planning Bill delayed due to \"legislation process\" concerns
The planning reform Bill has been delayed due to a number of issues raised about the process of legislation, a CLG spokesperson has stated.
Bank holds interest rates at 5%
The Bank of England\'s monetary policy committee has held interest rates at 5%, as it faces the competing pressures of a slowing economy and housing market, coupled with rising inflation, in making its decision today.
Halifax index shows 3.8% year-on-year house price fall in May
House prices have fallen by almost 4% year-on-year during May – the fastest rate of decline since 1993, according to the latest house price index from Halifax. Prices fell by 2.4% in May compared to April, and by 3.8% year-on-year during the month.
HBF calls for 0.5% interest rate cut
HBF has made an urgent case the Bank of England’s monetary policy committee, urging a 0.5% rate cut today to help ease “rapidly deteriorating conditions in the housing market.”
Bellway reservations down 31%
An interim management statement from Bellway has reported that deteriorating market conditions have driven down reservations by 31% across the country. It also reported that the midlands, Yorkshire and north west have been “particularly hard hit” by the downturn.
VA£UE DRIVERS - A changing market
Your monthly tip on improving margins from RICHARD JONES OF EC HARRIS
The View From Here – Fionnuala Earley, Nationwide
Nationwide chief economist Fionnuala Earley expects the market to continue slowing as a result of more prudent lending policies among cash-strapped banks and building societies, coupled with the weakening economy and decline in consumer sentiment and demand
City focus - Bargain hunters
The latest trading updates from AIM-listed housebuilders provided further confirmation of the market’s decline since April. Steve Menary reports on analysts’ latest perspectives on the sector
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