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Inflated property prices worry prospective buyers

Nearly a quarter of prospective homebuyers worry about overstretching themselves financially while worrying about paying an inflated price for a property is a concern for 22 per cent of homebuyers.

A survey by Kensington Mortgages of 1,000 new homebuyers shows that 23 per cent are worried about overstretching themselves compared with the fear of losing their job which is a concern for 14 per cent. Fears over job security rose to 34 per cent among those with defaults on their credit record.

Prospective buyers are taking comfort from financial experts&#39 predictions that the housing market will avoid a hard landing, with only 4 per cent concerned about the possibility of finding themselves with negative equity.

People in the North were most concerned about interest rate rises and an economic downturn, with 24 per cent concerned about a rate increase and 33 per cent worried about job losses in their industry.

Londoners were the most concerned about being unable to get on the housing ladder, with 14 per cent giving this as their highest concern.

Kensington chief executive John Maltby says: “While there is some evidence to suggest that the housing market is beginning to cool, there is also evidence to show that people are overstretching themselves financially. With consumer debt and spending on the up, it is imperative that people take a hard look at their financial affairs before they commit to a mortgage.”


Non-Gar Equitable clients win time deal

Lawyers representing non-GAR Equitable Life policyholders have signed an agreement with the life office not to bar claims on the grounds that they have run out of time.The agreement allows people in the class action to pursue claims if they took the policy out after March 1996 despite delays to the Equitable-commissioned report into misselling […]

A consumer&#39s view

The recent landmark decision in the High Court, which found against the Inland Revenue when it tried to block an inheritance tax loophole, throws into sharp relief the urgent need for reform of IHT and the inherent unfairness of this tax.Perhaps the most disreputable aspect of this case is that there is no doubt that […]

Farnborough firm wins Bupa award

Protection and PMI specialist Company Benefits has become the first firm to win Bupa&#39s Intermediary of the Year award.Based in Farnborough, Hants, Company Benefits focuses on the corporate benefit market. It has enjoyed a 20 per cent increase in turnover in the last year and now manages the benefit packages of 350 companies.Bupa key intermediaries […]

Homeowners Investment Fund Managers – Homeowners Equity Isa

Friday, August 16, 2002Type: Oeic maxi IsaAim: Growth by investing in the Homeowners investment growthfundMinimum investment: Lump sum £500, monthly £30Maximum investment: Lump sum £7,000Catmarked: YesInvestment choice: 100% in Homeowners investment growthfundCharges: Annual 1%Commission: NoneTel: 0800 0286248


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