Financial highlights this week

Lots of news in the financial markets this week, the Halifax released their latest house price index, the highlights showed a fall in house prices for the month of March by 2.5% overall in the UK, there was a mixed regional picture with house prices in London, East Anglia and East Midlands with marginal increases whilst prices in Wales and the West Midlands took bigger falls. The price index revealed that the average UK house price has risen by £120,860 during the past ten years from £70,696 to £191,556 this is an increase of 171%, again there were regional variations ranging from 146% 10 year house price increase in Scotland to 271% in Northern Ireland.

 On Thursday this week The Bank of England’s Monetary Policy Committee voted to reduce the official Bank Rate by 0.25 percentage points to 5.0%. Lots of news and comment on Mortgages with lenders withdrawing products on a daily basis seems the 100% mortgage has had its day and the lenders are withdrawing or being very cautious on attractive fixed rate deals.

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