Mortgage loans suffer slump

Published on Saturday 19 December 2009 19:10

MORTGAGE lending fell 10 per cent in November, according to data from the Council of Mortgage Lenders. A seasonal decline between October and November is typical; however, the 10 per cent fall is markedly larger than usual.

The estimated 12 billion gross figure for this month is also 14 per cent lower than the 13.9bn lent in November of last year. The CML says the data shows the market conditions are holding steady and predict there will be little underlying change in the coming months.

November also saw the lowest proportion of first-time buyers getting a foot on the ladder for 12 months, according to the National Association of Estate Agents. Just 19 per cent of registered buyers managed to join the property ladder, compared with six months ago when 43 per cent of the market was made up of first-time buyers.

Despite the traditional seasonal lull, the number of sales remained steady in November, while the number of properties available for sale per branch increased slightly.

Spending spree

PARENTS are forking out more than 300 on their children's gifts this Christmas, triple the value in today's money of the average Christmas stocking 60 years ago, according to research from AXA home insurance.

However, parents are in denial about the cost of Christmas, estimating they will spend just 84.88 on their children's gifts.

Despite the tough economic climate, more than half the population plan to spend the same amount on presents as last year, with one in ten planning to spend more.

Stamp duty deal

YORKSHIRE Building Society has launched a new fixed-rate mortgage to help home-movers cover the cost of the increase in stamp duty from 1 January, 2010.

The new deal offers a rate of 3.89 per cent fixed for two years, with a 1 per cent cashback on mortgages up to 250,000. Customers have the option of a two-year offset version costing 3.99 per cent, also with a 1 per cent cashback.

The new mortgages are available for house purchases with a 25 per cent deposit.

Currency refunds

M&S MONEY is offering to refund foreign currency purchased by victims of the Flyglobespan collapse.

Customers who booked flights with the Scottish airline and are now unable to travel can take their unused currency into any M&S bureau de change and exchange it for the full amount of sterling they paid.

Customers must provide proof that they purchased their currency from M&S and proof of a booking with Flyglobespan.

M&S is issuing refunds until Saturday, 9 January.

North-east nicest

RESIDENTS of Aberdeenshire have the best quality of life in Scotland, according to the annual Bank of Scotland Quality of Life Survey.

Inhabitants of Aberdeenshire tend to be healthy, with 93 per cent reporting good health, and have a relatively high average life expectancy of 77.5 years. Those in full-time employment typically enjoy relatively high incomes, with weekly average earnings of 640, and almost three-quarters of residents (74 per cent) own their own home.

Residents also enjoy a relatively good climate; there is, on average, less rainfall per year and slightly more hours of weekly sunshine.

East Renfrewshire was second in the survey, followed by East Dunbartonshire and East Lothian. All three are in the top ten Scottish areas for weekly annual earnings and home ownership there is at, or above, the Scotland average.