The Times and Sunday Times both reported this weekend that buyers are having to wait as long as 5 weeks for properties to be valued. Industry experts put the delay down to a shortage of qualified surveyors as the housing market gains pace, and warn that if a vendor is not prepared to wait they may elect to put the property back on the market. Several companies say they are on a recruitment drive to address demand, but this is unlikely to provide a quick solution to a growing problem. The Sunday Express looked at the rock-bottom interest rates available at the moment as lenders continue to try and undercut competition. Many fixes are now on a par with, or lower than, variable rates, but the Financial Times highlighted the recent increase in the cost of funding 5 year fixed rate and suggested that UK rates are unlikely to get any cheaper. The midweek financial news continued with this theme, urging borrowers who had been hanging on for further rate cuts to act now. Mervyn King used his final appearance as Bank of England Governor to suggest that borrowers use current low rates to reduce their debts and prevent them becoming unmanageable when an increase does eventually take place.
What the papers say – Week 22nd June 2013