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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

Housing slowdown continues

20/02/2008

The housing market is continuing to slowdown but prices of properties are still rising, new research has uncovered.

According to a study by MoneyExtra found that house prices rose by 1.41 per cent year-on-year in January, down from a rise of 1.85 per cent in December - affecting people with mortgages.

The statistics show that the average house price in the UK now stands at £185,551, while the average mortgage sought by homebuyers is £135,051 - a decrease of £740 over the year of 2007.

Robin Amlôt, senior editor of MoneyExtra, said: "December`s cut in base rate has yet to be reflected in the housing market with many lenders dragging their feet in reducing their mortgage rates before Christmas.

"Will February`s further rate cut have any real impact on the weakening housing market? It seems unlikely."

Earlier this month, the Bank of England reduced interest rates by 0.25 per cent to 5.25 per cent.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according