QCFP Residence Market Update Report

Article by Rebecca

QCFP ReviewThere is a cloud that still hangs over the property market and that cloud is The Bank of England. Let’s take things back to when The Bank of England reduced the base rate to 0.5% and when it did, homeowners’ mortgage payments were reduced. It is only a matter of time before The Bank of England decides to increase the rate, pushing homeowners mortgage payments up, impacting monthly outgoings and the general increase in cost of living. At the end of 2010, the CML has stated that 169,000 home owners behind on their mortgage payments. An increase in the rate will surely increase the number of people behind on their mortgage payments. Many people are using credit cards to pay for their mortgage payments pushing debts levels up.

QCFP UnemploymentUnemployment can hit relationships very hard. The stresses that can be put upon people at such difficult time such as a relationship breakdown can make decisions that much harder to make. If you have been hit by unexpected unemployment with concerns and worries over what the future holds with your financial commitments and relationship commitments, there are people who can help. If your situation has escalated to a point where you are considering selling your house, have you considered selling your house for cash? QCFP market reports state that quick property sale solutions are an alternative to selling through normal estate agency routes and these options are on the increase with more and more enquiries on a monthly basis.

QCFP ProgressCould 2011 turn out to be the toughest year for the UK housing market? Public sector workers will facing losing their jobs and those with jobs could see their real income fall again as food and petrol increase. The typical value of home set to drop 1.7% in 2011. Public sector cuts will feel it most as a result of unemployment and minimal growth in disposable incomes. It won’t be until 2012 until we start to the mortgage lending criteria relaxed allowing consumer confidence to grow slowly. QCFP reports that they don’t see much change within the housing market throughout 2011 and will more than likely be similar to 2010.

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