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Home values drop
The UK housing market is looking increasingly dismal, with home values dropping in every corner of the country bar London.
Property website Rightmove revealed that average asking prices dropped by 0.7 per cent during the month to 10 November to hit £239,986 ($557,514).
Mortgage approvals hit record low
The number of mortgages approved by banks for house purchases fell to a record low in October, according to figures released by the British Bankers’ Association in November. 44,105 mortgages were approved during the month, down from 53,997 in September and 37.4 per cent lower than in October 2006.
Consumer debt sparks concern
A recent study found consumer debt has almost doubled in just seven years. According to a report released by PricewaterhouseCoopers in November, the average adult in the UK now owes around £33,000 ($77,627), compared with £17,000 ($33,998) in 2000.
The report also warned of a spike in personal insolvencies in 2008, with many borrowers attempting to cover increasing mortgage repayments and other costs with credit cards.
‘Young seniors’ access equity
In an unusual move considering tightening lending conditions, several UK lenders are reducing the age requirement for equity release products. Moneyfacts.co.uk says that two lenders have lowered their minimum age requirements to 55 and Scottish Building Society has even lowered its age limit to 50.
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