Interestingly, this piece of information has served as the tonic for the potentially-
Howard Archer, who works as a chief economist with the Global Insight, said, “ Even if the Bank of England cuts interest rates as early as next week, as we now expect, this is likely to provide only very limited support to the housing market given that elevated money market rates are exerting upward pressure on fixed rate mortgages.”
The UK loan market which already is not in the best of shape, is finding it hard to generate any kind of revenue from its chief housing loan products such as Homeowner loans and Loans against property, mainly due to strict rules and regulations being enforced by the premier lending institutions across the country. This further has multiplied the problems for the likes of genuine borrowers and economy itself.
The survey which was conducted under the guidance of Nationwide, also revealed that the house prices in the month of September, were 12.4 percent less then what they were in the same month, an year ago.
The acute slump in the prices of residential properties for consecutively 11 months, has further reduced the chances for any recovery from the existing miserable market conditions.
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