SmartNewHomes.com has reported a slump in the UK property market in its monthly review.
The monthly report revealed a fall in house prices of 5.3 per cent, compared to the same time last year, with a monthly fall from August to September 2005 of 2.3 per cent.
Regionally only Scotland, Wales and East Anglia have reported positive price growth over the last year.
Northern Rock reduces product rates
Northern Rock has reduced its product rates including its two-year flexible and stepped product ranges.
Stepped flexible fixed products are now available at 3.49 per cent with two-year flexible fixed deals starting from 4.49 per cent.
The buy-to-let range has seen the introduction of a new Flexible Tracker for life, with no ERC and a rate of 5.49 per cent (BBR plus 0.99 per cent.
Nationwide cuts reservation fees
Nationwide has lowered the reservation fees on its five and ten-year fixed-rate mortgages in an effort to encourage borrowers to stay on a fixed rate for longer. Fees have been cut from £389 to £199.
Steve Clode, marketing director at Nationwide, said: “We hope that by cutting the cost of our reservation fees on five and ten-year fixed rates more people will choose to fix their payments for longer.”
