View more on these topics

Property price rises showing slowdown

Nationwide says property prices in the first quarter of this year rose at a slower pace than in the final quarter of last year.

The increase of 3.9 per cent in Q1 was a marked decline on the 6.7 per cent rise in Q4 last year.

However, Nationwide is maintaining its forecast for the year of 10 per cent growth, which would be substantially lower than the 25 per cent growth in the market last year.

It has reduced its prediction for the bank base rate level by the end of 2003 to close at the current 3.75 per cent from its earlier 4.5 per cent estimate.

Nationwide says if the Iraq conflict drags on, it could have a negative effect on confidence and the housing market.

It says the average house price during the first quarter was £119,938, up from £115,940 in the last quarter in 2002 but lower than Halifax&#39s average price of £127,040 for March.

Remortgaging continues to grow at a fast pace, according to Nationwide, with February seeing loans for remortgaging of £8.5bn, a 55 per cent increase on February 2002 when it stood at £4.68bn.

The society concludes that as 60 per cent of remortgage lending is used for home improvements, more homeowners are deciding to improve rather than move.

Group economist Alex Bannister says: “There has been much speculation about the housing market slowdown in recent months but our index suggests that house price growth remains buoyant although the trend over the last few months has moderated.”


Long-term loan review &#39is on the wrong track&#39

Lenders and IFAs have denounced the review of the UK fixed rate mortgage market announced by Chancellor Gordon Brown in the Budget, branding it pointless and irrelevant to the majority of borrowers. The Chancellor announced in the Budget he was commissioning a review investigating why there is such a low take up of long term […]

Kenmir claims PI crisis will root out &#39bad IFAs&#39

“Bad IFAs” `will be forced out by the professional indemnity crisis, says FSA head of investment firms David Kenmir.He says that, in some ways, a clearout is a good thing because it will leave a better IFA sector which will increase confidence in the market.But Kenmir&#39s comments have been called complacent by trade bodies, which […]

Planning for the new simplified tax regime

Although neither the commencement date nor the finalised rules have been made in respect of the new simplified tax regime there are a number of areas where clients will be seeking advice. The introduction of the new simplified tax regime will not greatly impact on the vast majority of clients whose retirement fund is never […]

Gartmore head of sales leaves the company

Mike Smith, head of sales at Gartmore, has left the company by mutual consent.Smith, who had been with the company for 10 months, left this week following a restructuring of the fund manager&#39s sales team. Gartmore is implementing a flatter management structure to focus on key IFA relationships.Smith had joined in July from HSBC.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm