What's making headlines in the rest of the press
For once, the papers are in agreement. With new Bank of England boss Mervyn King cutting interest rates to 3.5% last week, the housing market is bouncing back, they say. Things are looking best in the North, where house prices have been catching up with the rest of the country. The Guardian reports that, with an average yearly growth of 36% last year, "house price growth in the North of England raced ahead of a stagnant market" (12 July).

The Daily Mail cites a study by the National Association of Estate Agents showing property sales last month were up 21% on March. "Agents are predicting an annual increase of up to 25%" on prices in London and the South-east (14 July), the paper says. The Independent adds that these figures were compiled before Friday's surprise cut in interest rates, which, it says, "should lead to fresh falls in mortgage rates and trigger renewed interest in the property markets" (14 July).

According to The Express, big mortgage lenders were reluctant to pass on the full interest rate saving immediately to customers – "Millions robbed by home loans rip-off", it screamed on 11 July – and the Financial Times' Business and Money section splashed with the same story the next day, revealing: "Thousands of homeowners hoping for cuts in their mortgage repayments were left disappointed this week."

But by Monday, even The Express was excitedly reporting that "homeowners are cashing in on a mini summer boom in house sales" (14 July).

Source

Housing Today