My online home! (soul for sale)

This is a quick test to see how the posting from the word works. Here is the RP release!

UK Mortgage market continues to weaken! (June 2008)

Latest figures show that the UK housing market continues to weaken; according to the Council for Mortgage Lenders (CML) the UK mortgage market today is still in a depressed state. However the rate of decline has slowed a little from those of recent months.

In April gross lending rose by eight per cent, reaching £26.1 billion. This was after two months of falling figures, down five per cent on April 2007. This compared with the figures for March 2008, which was 24 per cent down on March 2007, suggests a slight rise in confidence.

CML Director general Michael Coogan has said that monthly volumes of house purchase lending are lower than last year and are expected to continue weakening.

Remortgaging has continued to increase its share of the market and stands at 42 per cent of the market in April 2008. In April 2007 it was 38 per cent. A total of 83000 loans for remortgaging in April represent a 14 per cent rise in volume and 11 per cent rise in value since March.

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Total number of loans for home purchase for this period have continued to fall and loans for home purchasing now represent just 30 per cent of the market as opposed to 44 per cent one year ago.

April house purchase loans totalled 50,700 with a total value of£7.7 billion, a nine and ten per cent rise in volume and value respectively since March.

Loans to first time buyers were up four per cent from March totalling 18,500 but this was still 36 per cent lower than April last year.

Loans to Home movers totalled 32,000. This is 38 percent lower than April last year but up 13 per cent on March.

Among borrowers managing to get a mortgage fixed rate lending is becoming more popular as borrowers seek certainty.

In April 59 percent of borrowers took out fixed rate products as opposed to 54 per cent in March

Mr Coogan said that the squeeze on mortgage funding has lead to many lenders tightening their lending criteria and this will make it more difficult for some borrowers to get a mortgage, but it will reduce risk in a slower market.

Looking to give your home a makeover but constrained by your budget? Here’s a list of suggestions for creating a luxurious high end finish without breaking the bank.

Design sales. A lot of retailers offer great bargains on their end of line and ex display items. Researching these deals takes a bit of leg work, but you can save a lot of cash by keeping track of who is offering what.

Likewise, cultivate a good relationship with your local second hand furniture dealer. Second hand furniture often has more character than just buying it new from any old mass produced range or high street. You could end up with something unique, that comes already assembled and it costs less!

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Freebies. It is astonishing what people are willing to give away simply because they’re trying to create a bit of room in their home. Particularly with larger household items, such as furniture etc, people are often grateful to have someone to take it off their hands. Websites like Freecycle and Ebay are a good place to find some great deals, you just have to be willing to collect. It could even be worth hiring a van for a couple of days and spending the time driving around collecting you freebie goodies. They money you spend on petrol and van hire would be considerably less than you’d be paying to buy these items new.

Roping in your friends. Redecorating, DIY jobs, carpet laying. It’s time to call in those favours! While bigger more complex jobs should always be left up to the professionals, there nothing like getting a bit of help from a friendly neighbour in exchange for a few slices of pizza! You’re saving not only money but time. Just remember when it’s your turn to return the favour.

Research outside your budget. Half the battle with decorating is knowing what you want. Don’t be afraid to read designer magazines and browse the top of the line items for inspiration– Once you find a look you love, you are then ready to go out and recreate it for a fraction of the price.