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More signs have emerged that property prices are stabilising. The Land Registry reported that prices fell 15.9 per cent in the 12 months to the end of May. That is somewhat better than the 16.2 per cent fall recorded for both April and March this year and a noticeable improvement on the 16.5 per cent fall recorded for the year to February.
Mortgage lending to buyers rose again in May in according the British Bankers Association (BBA).
The Council of Mortgage Lenders (CML) has cut its forecast for repossessions this year and lifted its estimate for net mortgage lending in 2009.
The new boss of Royal Bank of Scotland (RBS), Stephen Hester, has said that banks lent too much money to buy residential and commercial property, but that RBS would allow commercial and residential property owners the time they need to manage their debts.
A fall in total mortgage lending in May is largely the result of a decline in re-mortgaging and probably conceals an increase in lending for house purchase according to the Council of Mortgage Lenders (CML).
Homes in Scotland are selling at prices closer to their asking price than anywhere else in the UK. And the gap between asking prices and selling prices is narrowing across the country.
The latest house price index issued by the Department for Communities and Local Government (DCLG) provides yet more evidence that the decline in house prices is slowing. It also confirms that prices in Scotland have proved far more stable than elsewhere in the UK.
The number of mortgages lent to home buyers in April rose by 16 per cent compared to March. And the total amount lent was up by 19 per cent.
The Scottish Government will change the law to make it harder for lenders to repossess residential property.
More enquiries from buyers, more sales and fewer homes coming on to the market have begun to provide some support for property prices, according to the latest RICS’ UK housing market survey.
Just days after the Nationwide reported house prices up in May, the Halifax followed suit, saying that prices were 2.6 per cent higher in May than in April.
Mortgage lending to buyers rose again in April according to figures from the Bank of England.
Just days after the Nationwide reported that house prices had risen by 1.2 per cent in May, the Land Registry issued a report saying that they fell in April by 0.3 per cent. So, what’s going on?
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