http://www.ccbusters.co.uk Your jargon busting guide to the current crunch crisis Wed, 04 Mar 2009 00:40:18 +0000 http://wordpress.org/?v=2.7 en hourly 1 Your jargon busting guide to the current crunch crisis Credit Crunch Busters http://img81.imageshack.us/img81/3649/emblem6ts3.jpghttp://www.ccbusters.co.uk Credit Crunch, Recession, Credit Crunch Busters, VAT, Money, Finance, Bank, Mortgage, Stock Exchange, Stock Market, Interest Rate, Loan no Jamie Bradley 06029001@students.lincoln.ac.uk http://www.ccbusters.co.uk/features/housing-market-in-e-state http://www.ccbusters.co.uk/features/housing-market-in-e-state#comments Thu, 11 Dec 2008 17:30:52 +0000 Jamie Bradley http://learninglab.lincoln.ac.uk/blogs/oj3/?p=93 http://www.ccbusters.co.uk/features/housing-market-in-e-state/feed With the recession seemingly sending the housing market into a decline, Credit Crunch Busters went to investigate why so few people are investing into a new house, by getting a local perspective on the matter. With British banks offering such high interest rates on loans due to the crunch, it means that for first time buyers getting onto the infamous property ladder can be an arduous first step. But for those already well nestled into the market, why are so few keen to take the next step and invest in a bigger, better property, especially with house prices currently at such economical rates here in Lincolnshire? House prices have in fact fallen by 2.8% on a national average, despite a continuous inflation in living costs; whether it be a trip to the local supermarket or simply paying off your bills, living expenses are at an all time high. Simon Fotheringham, manager of Winkworth Estate Agents, told us of how the company is struggling to do business in light of the recession, with sales down by 50% in comparison to last years figures. The big change that Ive noticed is that people arent really buying unless they have to. Its becoming increasingly difficult to make sales at the moment - people are wanting properties to be really, really cheap and vendors are still wanting to get as much as they possibly can. With there not being as many buyers around, what were finding is that the only people buying are those that have got to, which means that the vendors are taking lower offers because the offers are few and far between. However, despite a decline in business for Winkworth and other agents alike, Simon is anticipating a much brighter future and is confident that the government will ensure that the credit soon becomes nothing more than a financial pinch and interest rates are cut back to allow for future borrowing. Im still hopeful that things will still pick up in 2010. I think the recession were in has crept up on us and no one was really prepared for it. The government has started to show signs of actually doing things about it to aid the market and to stop the country going into recession. The government have recently cut valued added tax rates by 2.5% in a bid to help reduce costs of living for those in financial complexities due to loan rates. This 13 month plan is designed to help kick start the economy, in the words of Gordon Brown, but whether it will have any impact upon the housing market remains to be seen. With there being approximately 20 estate agents based in Lincoln, there is no doubt that it is a competitive market that Simon has to contend with, but remains optimistic that an economic boom is awiating, just around the corner. Its a particularly tough time that were going through, but hopefully it wont be long before things start to pick up and the phone starts to ring again. Listen to the interview in full >>> By Jamie Bradley   With the recession seemingly sending the housing market into a decline, Credit Crunch Busters went to investigate why so few people are investing into a new house, by getting a local perspective on the matter. With British banks offering such high [...]