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UK economic brief March 2008 weak activity and higher inflation keep interest rates on hold [electronic resource]

By: Language: English Series: RICS UK Economic Brief ; March 2008Publication details: London RICS 2008Subject(s): LOC classification:
  • 333.33 $2 18
Online resources: Summary: Evidence of the credit crunch is not hard to find in the residential property market at the present time. Lenders have been scaling down loan to value ratios on mortgages and there has been a marked reluctance to pass on the benefit of the two base rate cuts already sanctioned to new borrowers. On the back of this, mortgage approvals have plunged and house prices have begun to slip albeit in a very modest fashion to date. However, away from the property arena the picture is rather more mixed. It is true that well regarded surveys such as those produced by Chartered Institute of Purchasing Managers are suggesting that the pace of economic growth will moderate over the coming quarters. On the other hand, the hard data continues to demonstrate rather greater resilience.
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Book Virtual Online ONLINE PUBLICATION (Browse shelf(Opens below)) 1 Available L148295

Evidence of the credit crunch is not hard to find in the residential property market at the present time. Lenders have been scaling down loan to value ratios on mortgages and there has been a marked reluctance to pass on the benefit of the two base rate cuts already sanctioned to new borrowers. On the back of this, mortgage approvals have plunged and house prices have begun to slip albeit in a very modest fashion to date. However, away from the property arena the picture is rather more mixed. It is true that well regarded surveys such as those produced by Chartered Institute of Purchasing Managers are suggesting that the pace of economic growth will moderate over the coming quarters. On the other hand, the hard data continues to demonstrate rather greater resilience.