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According to the Council of Mortgage Lenders, or CML, total mortgage lending fell in August for the second month in a row. This information generally dovetails with other data that has been released in recent days, but it doesn’t mean that the country is heading into another recession. Several other points concerning issues like the number of home sales, estate agents’ asking prices and a dearth of buyers on the market are all converging to point to a rough time for the real estate market. Of course, one needs to keep the big picture in mind when considering these points – unemployment is still high and many people are relying on cash advance services in order to scrape by. (more…)

In news that is sure to make many people around the UK nervous, the Office of National Statistics recently reports a surprise decline in the number of new construction orders. At the same time, a dramatic slowdown in the services sector could spell additional woes for the already shaky economy. In the second quarter of 2010, the ONS reports that new construction orders fell by 14% – that was the first fall of any kind in more than a year. It would appear that people around the UK are still relying heavily on payday loans and that there just isn’t enough of a demand for new construction to help improve these numbers at this time. During the first quarter of 2010, new construction orders stood at £13.5bn; during the second quarter, they stood at £11.6bn. (more…)

According to Nationwide building society, house prices in the UK fell for a second straight month in August. In July, house prices fell by 0.5%; in August, they fell by 0.9%. This two-month trend is the first time since February of 2009 that prices have dropped for two consecutive months. Although some would automatically assume that this bodes poorly for the state of the economy, financial analysts believe that it’s simply the housing market’s way of stabilising itself after all of the recent turmoil. Prospective home buyers, of course, are pleased with the development; however, lenders are being more wary than ever and have been imposing high security deposits in order to protect themselves. (more…)

According to the Land Registry, house prices in England and Wales – the only two parts of the UK that are surveyed by the Registry – have returned to 2006 levels. Currently, the average property value for homes in those parts of the UK stands at £166,072, which represents a meager 0.1% increase from May to June. However, those who are looking for good news amid all of the current economic turmoil are sure to be heartened by what the Land Registry has to say. So many people in the UK are scraping by with payday loans that any decent news is met with enthusiasm. Like so many other pieces of positive news, however, there are some definite caveats at play. (more…)

In an economic climate in which everyone is looking for the slightest bit of positive news, a recent report by HM Revenue & Customs is sure to be very well received. According to them, approximately 86,000 homes were sold in the UK in June of this year. That represents a 21% increase from May and is the highest figure so far this year. UK home sales this June are up by 15% from June of last year, too, which could be a sign of a long-term trend. Home sales during the first half of 2010 were 21% higher than for the same period in 2009, as well, which further solidifies the data. If the good news keeps up, the popularity of the cash advance in the UK could begin to wane as more and more people get on their feet financially. (more…)