UK House Sales Fall

According to research by the Royal Institute of Chartered Surveyors, many estate agents are selling only one house per day. Mortgage approvals are down 71% on last year, pushing prices and home sales lower

I liked the cartoon by Matt in the Daily Telegraph today:

“If you want to move somewhere much cheaper have you thought about buying your own house?”

In a ray of good news, the Bank of England reported a slight easing in the cost of fixed mortgages. The cost of a 2 year 75% LTV mortgage fell from 6.6% to 6.3%. It is the first easing since February. However, the cost of mortgages is generally higher than 12 months ago - despite a cut in base rates. Banks have been boosting their profit margins by raising arrangement fees - bank profits rise