Debt Newshttp://www.the-debt-clinic.co.uk/DebtNews/http://www.the-debt-clinic.co.uk/images/logo.gifhttp://www.the-debt-clinic.co.uk/DebtNews/Surveyors have argued that a cut is necessary to revitalise the property sector.]]>A BBC study has confounded the political credo that tumbling house prices are universally unpopular, as prices continue to fall across the UK.]]>The Bank of England has revealed that mortgage lending dropped again in March, along with house prices, although borrowing on loans and credit cards increased.]]>In his most strongly-worded statement yet, the Chancellor insists that mortgage lenders have to “play their part” in helping Britain to weather the global credit crunch.]]>The Bank’s move to cut rates to 5 per cent is intended to help stabilise inflation and provide relief to mortgage holders. However, hard-pressed banks seem unlikely to pass the cut on in full.]]>The leading lender says that the annual rate of house price inflation has fallen to its lowest since 1996.]]>Generous mortgage deals are becoming a thing of the past as lenders feel the impact of global economic turmoil.]]>Analysts have said that impartial mortgage advice is more important than ever as many fixed-rate five-year deals come to an end.]]>In the last quarter of 2007, the number of approved mortgage applications fell by 35 per cent compared to the same period the previous year, according to a study by Halifax. This is backed by figures from the CML showing that the amount of new mortgages also dropped. Bad news for those trying to make a clean break from debt.]]>Further evidence from Nationwide, the Land Registry, and IPD this week has shown that average property prices are still falling. This could spell trouble for those trying to clean up their act and increase the need for more consumers to seek help to get out of debt.]]>It’s been reported that the amount of newly approved mortgages fell in November, more home owners are expected to default on their mortgage payments, and astronomical house prices dropped for a second month in a row in December. This evidence points to falling house prices in 2008 and could be good for first-time buyers but not for those wishing to remortgage or seeking credit.]]>Interest rates in the UK have been cut from 5.75 per cent to 5.5 per cent today by The Bank of England’s Monetary Policy Committee. Although this means that consumers may see less interest accumulating on their savings, the cut ought to help those looking to clear their debt by lowering borrowing costs and decreasing monthly mortgage repayments.]]>