Market predictions vary widely but leading industry figures such as Experian, Nationwide and Intermediary Mortgage Lenders Association are all predicting negative growth in 2008, with the latest report from Capital Economics putting the downturn at five per cent.

The Royal Institution of Chartered Surveyors (Rics) states the number of estate agents reporting falling prices is now at its highest level since 1992, when Britain was in the midst of its worst-ever house price crash. Rics spokesman Ian Perry warned: “The Bank of England may have to cut rates further if the market is to remain stable.” Last months interest rate cut which was intended to ease the strain on mortgage borrowers, did little knocking a mere £20 a month of the average mortgage of £100′000.

If you are worried about a downturn in the property market and would like to sell your property quickly Soda Estates could help.

Some analysts in the run-up to the Bank’s announcement, had begun to consider that the Bank’s Monetary Policy Committee (MPC) would surprise by announcing a rate cut.

Recent data had suggested certain parts of the UK economy were struggling. Figures from the British Retail Consortium this week showed consumer spending in October was its lowest for a year, definite signs of a slowing economy.

The government has yet again decided to postpone the release of HIP’s. They were supposed to be mandatory from the 1st June, but have been delayed again until the 1st of August where they will only be mandatory for sales of houses with over 4 bedrooms. (more…)

Otherwise known as Home Buyers Insurance, or HBEI, could be offered throughout England and Wales to all house buyers and is only available in these countries. (more…)