Robust housing market
UK house prices hold-up

UK house prices are still continuing to rise despite the turmoil we have witnessed in the global financial markets and the crisis at mortgage lender, Northern Rock.

The problems which began in early August resulted in higher wholesale funding costs that have lead to a reassessment of the pricing of credit in the mortgage market. The positive news is that there has been no immediate impact on house prices.

Nationwide said that while some lenders are still willing to lend at cheap rates - Northern Rock will still give mortgages to borrowers at 5.9 times salary in exceptional circumstances – although other providers are now reassessing their position.

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This article is for your general information and use only and is not intended to address your particular requirements. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without appropriate professional advice after a thorough examination of their particular situation. Your home may be repossessed if you do not keep up repayments on your mortgage.

Article date: 09.07