Snakes and ladders; our housing journey

Oxford from above

First time buyers are front of the pack in the Government’s drive for home ownership, with much recent housing policy aimed at supporting their first purchase.

But once they become home owners their journey doesn’t end, even if the state support does. This week we will be looking at the journey home owners face moving on for a second, third, fourth and eventually last time and what their onward mobility means for the rest of the housing market.

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Homeowners hurry to remortgage

MortgageRecently released data reveals homeowners are switching to record low fixed mortgage rates in a bid to take advantage of the ongoing price war between lenders and the increased equity available on their homes. The firm Legal Marketing Services have divulged the fact that the amount of remortgage loans increased to 26,756 in January, which is 20% more than December 2014. However, this is a figure 7% lower than in January 2014.

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Interest rate rise on the cards

interest-ratesMark Carney, talking to Birmingham Post, had claimed that inflation is likely to drop below 1% over the next few months, not rising again until late 2015. “…for this economy to have balance and inflation to get back to 2% [the Bank of England’s target] over the next few years…in all likelihood…interest rates are going to have to increase”. Mr Carney emphasised the probability of a gradual hike in interest rates, while expressing uncertainty about the exact time frame.

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Interest rates could be retained at historic low for a while yet, says a Bank of England Governor

 

Question MarkInterest rates might be retained at their historic low of 0.5% for far longer than first expected, the Bank of England’s deputy governor has identified, in what will be welcome remarks to those suffering from the inflationary pressures of stagnant wage growth in the UK at present.

Read moreInterest rates could be retained at historic low for a while yet, says a Bank of England Governor