A round up of this week’s housing news

Housing & mortgage round upEvery week new figures pointing to the state of the UK housing market are released. This last week has been no exception, with data from the Nationwide Building Society, Land Registry and The Bank of England. Figures from the Land Registry and Nationwide Building Society point to a "stagnant" and "subdued" housing market, whilst the Bank of England's research shows fewer house sales and potential issues for both lenders and borrowers in months to come....

Mortgage availability increases, but house sales fall. Confused?

New figures from Moneyfacts and HMRC show that whilst mortgage availability is rising, property sales actually fell in August. Sales In August a total of 78,000 properties were sold, 6,000 fewer than the previous month of July. August generally sees less property sales, so the fall is not unexpected, perhaps more worryingly the figure is 3,000 lower than the same time last year giving cause for concern that the housing market is slowing down. At the peak of the property boom in July 2007 151,000 homes were sold. Mortgage lending Despite the drop in sales, the Council of Mortgage Lenders (CML) have also released figures this ...

Borrowers opt to fix as interest rates fall

Two thirds of borrowers are now choosing the security of a fixed rate mortgage. Latest figures released by the Council of Mortgage Lenders (CML) show that in May 62% of borrowers opted for a fixed rate mortgage compared to just 22% who selected a tracker mortgage. Fixed rates are becoming more popular, at the same time last year 46% of mortgages were arranged on fixed rate. Conversely the popularity of tracker mortgages is receding, in May 2010 36% of deals were arranged on this basis. Fixed rates fall Two factors could be behind the increasing popularity of fixed rate mortgages. Firstly, until the surprise slowing ...

Number of mortgage products rise

The number of mortgage products available to consumers in the UK has risen to the highest level since November 2008. The survey by Moneyfacts showed that the availability of mortgage products was increasing and more deals available for borrowers with just a 10% deposit. At the start of July there were 261 mortgage deals available for people with deposits of 10%, an increase from the same time last year when only 176 mortgage products were available. Homebuyers with a deposit of 25% or more still have the most mortgage products to choose from and benefit from the lowest interest rates. However, the survey ...