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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

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.

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