The average rent fell by 0.8 per cent in the December

A recent survey has suggested that, in December, the price of renting a home – rather than buying a house with a mortgage – in England and Wales had fallen for the second month in a row.

According to this study – carried out by LSL Property Services – the average rent fell by 0.8 per cent in the December compared to November, to £711 a month.

Rent has been recorded as falling in all regions across England and Wales – except for Yorkshire and the Humber, the West Midlands and the East Midlands – with varying levels of decrease depending on the area in question.

The monthly falls seen in November and December are the first falls in 10 months, with rises occurring in each month prior to this.

The LSL has also stated that the seasonal decrease that has been seen is shallower than the previous year.

“The rental market was sheltered from the full impact of the seasonal lull by the strength of underlying tenant demand as many prospective renters took the opportunity to move in the run-up to Christmas at a time when the market is traditionally less competitive,” commented Mr David Newnes director of LSL. (more…)

Many people are unaware that there is a company called Defaqto that specifically deals with researching and comparison in the financial industry. This is not necessarily just on critical illness insurance but on other aspects of the financial market such as general insurance, mortgages, bank accounts, credit cards, savings, investments, pensions and life and protection cover. (more…)

Figures have suggested that many people are failing to save as much as a result rises to the cost of household bills.

According to the British Bankers’ Association (BBA), The high street banks saw a rise in personal deposits and savings of £6.1bn in the first six months of the year.

However, the year on year rise over the same period in 2010 was more than double at £15.9bn, suggesting that an increase in the cost of bills may be to blame, the group said.

Mortgage and credit card activity also remained subdued, it added, after house prices continued to fall in recent times.

Different areas of household bills have been on the rise throughout the year, including fuel costs to drivers, as well as the cost of heating homes.

This has meant that consumers’ disposable income has been reduced, leaving less cash available to set aside for savings accounts, the BBA said. (more…)

Data published last week show that the average cost of a home fell during August.

New research has shown that those who are searching for competitive home loans saw the average cost of residential properties in the UK fall slightly last month.

According to the latest Halifax house price index published last week (September 7th), prospective mortgage holders will now have to pay an average of £161,743 to purchase a home.

This shows us that there has been a 1.2 per cent decline when we compare August to July, as well as there being a 2.6 per cent drop against the corresponding period last year.

Nevertheless, those eager to sell their home in the near future may be uplifted to know that this figure is even more positive in terms of the housing market’s short-term outlook, as the quarterly change in prices has gone up one per cent.

This comes after Ben Wilkie, editor of What Mortgage, insisted that tracker mortgages attached to the base rate – which has been maintained at 0.5 per cent for the last 29 months in a row – may not be the most cost-effective option at present, despite the prospect of low interest rates.
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When you ask yourself the question “how much mortgage can I borrow”, the answer is dependent on your individual financial circumstances and not the amount which the lender is ready to offer you. You must remember that it’s not wise to go for the biggest loan that is offered to you but you must rather attempt to become qualified for a loan that is favorable for your budget and requirements. (more…)

With mortgage loans, borrowers can purchase real estate without the need to pay the full value of the property immediately from their own resources. Mortgages have an interest rate and are scheduled to amortize over a set period of time.

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