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housebuyer
Money Saver
Joined: 02 May 2005
Posts: 81
Cash Points ££ 2815.22
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 Posted: Wed Jan 17, 2007 2:59 am Post subject: MOneyweek - Will the UK housing market stumble in 2007? |
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As regular readers will know, MoneyWeek has been worried about the UK housing market for some time.
So far, our fears have been unfounded. House prices - after a brief hiatus in 2005 - have continued to soar beyond even the most optimistic commentator's predictions.
But despite all that, we can't just relax and join the party. And this year - for a change - it seems we're not the only ones who are starting to believe that this can't go on forever...
Life is being made more difficult for potential homebuyers by the banks and building societies. The latest surprise interest rate rise has seen them somewhat unsportingly yank their fixed-rate deals off the shelves.
This may seem like good business sense - but the banks really are profiteering out of the Bank of England's hike. You see, when they launch these fixed rates, they've already borrowed the money to fund them - so they've already locked in their own rate. Now, unless the rush to remortgage has exhausted the funds for all of these fixes (and we doubt that - rates only rose a few days ago, and most people we know are pretty slow - unsurprisingly - when it comes to things like remortgaging) then what they are planning to do is relaunch the offers, but at a higher rate - which means much more profit for them.
http://www.moneyweek.com/file/24117/will-the-uk-housing-market-stumble-in-2007.html |
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