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We are still a nation of home improvers. Research by two banks have highlighted our continuing desire to ‘do up' properties in the hope of adding style and value.
The Nationwide sought to reassure homeowners after releasing data that showed average UK house prices down by 2.5 per cent in May.
Mortgage lending in April was up on the previous month and a little higher than the trend rate for the last six months.
The cost of home improvements has risen by 20 per dent over the past two years according to the RICS Property Makeover Price Guide 2008.
Signs that the credit situation may be improving came with news that a new agreement will allow some Northern Rock customers coming to the end of their fixed rate mortgages to switch to switch to Lloyds TSB.
The Halifax released its latest monthly report showing almost exactly the same fall in prices reported for the same month by the Nationwide just a week ago.
The credit crunch is having less of an impact on the Scottish property market than in the rest of UK and repossessions in Scotland will be below levels seen elsewhere.
Interest rates remained unchanged at five per cent last week despite calls from business and property professionals for a cut.
Millions of homeowners are planning to make a profit on their homes during the slow down in the property market.
The Bank of England will have been cheered by news that earnings growth has hardly changed despite the rise in inflation.
One reason for a more positive outlook north of the border could be the better than average employment figures.
Surveyor sentiment in Scotland remains significantly more positive than it does elsewhere, although it is clear that the property market is slowing significantly.
But the rate of interest charged on loans is not the key factor slowing the property market.
Mortgage lending rebounded in April with a rise in the number of loans approved for house purchase and an increase in the total amount lent to homeowners.
Ravenscraig, the former steelworks, is to host a showcase of energy saving and low carbon solutions to domestic energy needs.
The Office of Fair Trading has launched a study in to the services provided by factors in Scotland.
HBOS says that the number of property sales this year will be 45 per cent lower than last year and predicts that average prices will fall by nine per cent.
Could interest rates be on the way up, reversing the two cuts in rates earlier this year?
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