NEWS

Interest Rates slashed/ Accidental Landlord

The Bank of England has cut interest rates in the UK by one and a half percentage points to 3%, its lowest since 1955.<br />
'Bigger than expected'<br />
The cut comes after a raft of weak economical data recently. It is the first time the Bank has cut rates by more than half a percentage point since gaining its independence in 1997.<br />
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'Mortgage Fears'<br />
There have been concerns that following a cut,it would not be passed on to borrowers.<br />
Prime Minister Gordon Brown said " We want the Banks and building societies to pass on the interest rate cuts to their mortgage holders, We have trying over the last few weeks to get the liquidity into the system and get them to resume the lending that is necessary".<br />
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If you require upto date information on mortgage deals available and how this rate cut will effect you contact Brendan Brown of JP & Brimelow Money on 0161 8822238.<br />
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Accidental Landlord<br />
The term 'accidental landlords' refers to homeowners who turned to letting because they couldn't sell their properties - or didn't want to accept reduced offers - in the subdued housing market.<br />
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But, according to a report from Cluttons, the trend looks as if it could be drawing to a close, with many of these owners now prepared to price their properties more realistically in order to achieve a sale.<br />
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According to Cluttons fifteen per cent of accidental landlords across their London offices have placed their properties back on the sales market in the last fortnight. Over the next 2 weeks this is expected to increase by 25 per cent based on the number of sales valuations they are currently receiving. <br />
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This presents some good opportunities for buyers as there will be a greater supply in London and south easy which combined interest rate cuts <br />
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James Hyman, Partner for Residential Sales at Cluttons, comments: "Those people who need to sell their homes are realising it is not an option to sit tight and wait for prices to recover. <br />
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"This is good news for the sales market, which has been stalled in part by the reluctance of sellers to recognise that their homes are worth considerably less than they were a year ago. <br />
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"Many sellers, who are not in a position to rent their property out in the long term, are now accepting that they are better off selling at current prices, as the market is unlikely to recover to previous heights for some considerable time.

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