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&#39Interest rate rises beginning to bite&#39

June saw house prices rise by just 1.2 per cent – the smallest gain since last November, according to the Halifax&#39s monthly house price index.

The gain was well below the average monthly rise of 2.1 per cent in the previous six months. Halifax says this suggests recent increases in the cost of borrowing are beginning to curb demand.

The second quarter saw a further narrowing of the North-South divide, with the average house price in the South falling from a peak of 2.19 times higher than in the North in the second quarter of 2002 to 1.74 times higher now. Halifax says this is the smallest gap for five years.

Halifax says the average house price in the West Midlands and East Anglia climbed over £150,000 for the first time in the second quarter, joining Greater London, the South-east and South-west.

Chief economist Martin Ellis says: “House prices increased in all regions of the UK during the second quarter. Scotland recorded the biggest rise (11.9 per cent), the highest quarterly rise we have seen north of the border.

“The next biggest gains were in the East Midlands (8.7 per cent), North (7.8 per cent) and North-west (7.6 per cent). The smallest price rises in the second quarter were in Greater London (1.8 per cent), Northern Ireland (1.8 per cent) and the South-east.”


Co-op and Unum Provident in income protection deal

Co-operative Insurance Society will be offering specially tailored versions of Unum Provident&#39s individual income protection products following a new partnership between the two companies. CIS will offer an earnings&#39 protection plan and an expenditure protection plan covering mortgage payments. It will sell the products through its tied salesforce of 3,000 and Co-operative Bank Mortgage Centre. […]

Does the FSA believe that software-driven advice is perfect?

The FSA is suggesting that perfect advice is software-driven rather than faceto face through an IFA. Buried in the back of a companion document to the stakeholder sales process consultation paper CP04/11, the FSA says it has identified the benchmark for perfect advice by configuring a web-based financial planning tool. IFAs are in uproar at […]

Lenders create partnership to smooth run-up to M-Day

Tenet&#39s mortgage and general insurance subsidiary Lifetime Insurance Mortgage Experts has joined with 10 UK lenders to set up the Select Lender Partnership providing information in the run-up to M-Day. The partnership will offer support in all areas of mortgage business to its 2,500 IFA members. The main aim is to provide support and information […]

IFA calls for focus on Provident Mutual policies

A Glasgow IFA says clients with endowment-style products sold by Provident Mutual have had no communications about the endowment review. Internet IFA director Alex Docherty says the “flexible mortgage plan”, which was inherited by Norwich Union when it bought Provident Mutual, was sold as a long-term investment product to pay off a mortgage at a […]

IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


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