Following the recent down turn in the market, we will be looking at a more sensible and stable housing market.

The credit crunch has called for officials to analyse the mistakes that have been made and we are being told that the days of mortgages valued at five times a salary are over, as are inflated house prices.

Although the credit crunch caught many off guard – many who have been living on the credit – the credit crunch will now correct the problems caused by lending to those who cannot afford repayments.

The credit crunch, will leave in its wake, many repossession and the end of property ownership dreams as well as negative equity, but hopefully this will be the last time that we such an economic decline.

The problem, that many are now facing up to, is the fact that borrowing more than you could actually afford was only going to land you in hot water.

Fault has rightly be placed with the banks and The Bank of England is calling for tighter controls on the way that money is lent.We were living in a credit bubble that has now burst.Property shows that glorify and ‘fuel the greed’ for easy money have also been blamed and it is worth noting that although people have made money through property development, these people are few.

The days of being obsessed with the value of your home is over and a time when we bought a house because we fell in love with it is just around the corner.   We are going to go back to saving and buying a property because it suits the needs of our family and it is where you want to live.

The Government is now tackling this by pushing shared ownership and affordable housing.  This type of social housing is giving people the chance to get onto the property ladder without getting further into debt and having a realistic idea of what they can actually afford.If you want to speak to an expert about your mortgage or a shared ownership mortgage, then contact Click n go Mortgages on 0845 0945 474 or email us here.

September has seen a record 8% fall in annual house price figures in England and Wales.

The 8% figure is almost double that of August, giving more fuel to the fire that an estimated 1.2 billion people will be living in homes worth less than their mortgage.

The fall last month is biggest annual drop after August’s 4.6% drop, which was a record on its own.

This is the 13th month that the annual rate of house price growth has declined and more evidence of the pending recession.Wales has seen a huge slide of 10.7%, making it the only region to have a double digit dive.  This is quickly followed by the East Midlands and South West, with 9.9% and 9.7% falls.

The South West, South East, North East and East Midlands have seen drops of 2% with Yorkshire and the Humber recording drops of 1.2% in September.

London, typically, is still just about holding onto its house prices and has had the smallest year on year comparable decline of 6.1%, followed swiftly by the North West with a mere 6.3%.

The story goes that we are going to be looking at a 50% overall drop in house prices, over the forthcoming months, so with this in mind should we all be buying in London?  Let us know what you think of this story.  If you have any questions about your mortgage, or how you can get onto the property ladder in these ‘dark days’, then get in touch with Click n go Mortgages.

Following the 37 billion spent on bailing out The Royal Bank of Scotland, HBOS and Lloyds TSB, The Bank of England is looking at tightening all lending to avoid a repeat of this situation in the future.

Banks expanded to much during the ‘good times’ and did not have enough funding to cope with the fall out.  Now 1.2 billion people could be looking at negative equity as house prices drop 50% over the forthcoming months.

What do you think about this story?  If you wan tto talk to someone about your mortgage, then contact Click n go Mortgages today.

A store cupboard that was converted into a flat can be rented out for £135 a week.The store cupboard flat is located on the third floor of a block in swanky Notting Hill and measures a mere 62 square foot but somehow is comprised of a bed, shower room, wardrobe and kitchen.The flat is described as ‘tiny but trendy’ and takes ‘bijou’ (every estate agents favourite term) to the extremes.The store cupboard was converted into a flat over 20 years ago by a business man who used the ‘flat’ when he was in London on business and would only be suitable for someone who was often out.The bed is built on top of the shower and kitchen cubicles and so the bed has to be accessed by a ladder, which has proved dangerous for many of the tenants. In fact one tenant actually broke their arm when they fell from the ladder.The flat highlights the need for housing and the extremes that people go to, to get on to the property ladder or find a property in their ideal location.If the idea of living in a cupboard is not up your street, then perhaps you should look at the opportunities that are available to you through shared ownership schemes.If you would like to know where to start, then contact Click n Go Mortgages and we can talk you through everything that you need to know.

UK house prices have fallen 10.9% since last August, according to the Halifax.The Halifax are one of the biggest lenders in the UK and according to their findings house prices have fallen by 10.9% since last August.Prices in August fell by 1.8%, so that now the average price of a home in the UK is around £174,178, which also now means that the average UK home is exempt from stamp duty.Despite the help of the Government, the following months are going to be challenging for anyone trying to buy a home.The average price of a home in the UK is now the same that it was in February of 2006 and the recent change to the stamp duty policy should mean that many will now find buying more affordable, especially those who are looking outside of the South of England.With the pressure on income and the mortgage squeeze, prices are being driven down and will continue to go down until the Government manage to implement a tactic that stabilises the market and enables people to buy without landing themselves and the economy in more debt.If the current housing situation is working against you and you want to know what your options are for getting onto the property ladder then contact Click n Go Mortgages and talk to them about shared ownership mortgages. A shared ownership mortgage could help you to get onto the property ladder while sharing the cost of the property with your local housing association.