In the last six months the property market house prices remained unchanged in June.

The value of homes remained the same in June as in previous month but lower than of June 2010 said the Nationwide.

The average cost of a UK home cost is £168,205. They do not see a change in the near due to the state of the economic climate.

Price were higher in the three months up to June at 0.3% higher than the past three months figures based on the building society own mortgage Leicestershire data.

The market as moved sideways in the past six months and June’s data suggest that it will remain the same trend throughout the summer months.

Economic growth looks set to gather pace in the future months ahead but it looks like it will only effect employment and a sluggish wage increases which will hold buyers back to the sidelines.

There would not be a forced sales surge as the banks rate remaining at an historic low of 0.5%.

Borro announce its first £1 million loan, this was secured on a fine arts collection and was introduced by a borro specialist intermediary.

The 19^th century fine arts collection was valued at £5 million to complete a large property deal.

Malcolm Scanlon of Niche commented

Our client needed short term finance to bridge a shortfall in funding to purchase a property and Borro provided a solution.

Borro said there were no restrictions in pace meaning the money was transferred faster than traditional lenders the client will pay back the money once he receives the proceeds from another sale in the next 4 months.

Borro have seen an increase of 11% in loans over £20,000 over the last six months and the vast majority have come from small business owners and the self employed.

Paul Atkien said

It is clear from the size of the loan which we have just made to Niche, along with the increase in loan sizes we have seen this year that Borro’s service fills growing need for larger loans which is not being met by banks. Our ability to lend against assets provides a huge effective facility that gives clients a way of securing a deal which would otherwise be lost but offers an excellent new income for introducers.

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The FSA have decided to initiate special resolution regime and a subsequent application to the court by the bank of England, Southsea  Mortgage and investment Company Limited has been placed in the bank insolvency Procedure and BDO LLP has been appointed bank Liquidator.

That means as of today they no longer can trade.

The bank which as only 250 depositors and follows a deterioration in its financial position and as a result of management decisions. At the time of failure they have retail deposits of 7.4million.

There are insured limits of up to £85,000 as a result of the Southsea entering the SRR the FSCS will pay compensation to each eligible depositor up to that £85,000 limit.

The FSCS intends to pay out as quickly as possible and try to avoid as much disruption as possible retail depositors don’t need to contact them as the FSCS contact them

Depositors with more than the eligible insured limit maybe entitled to receive a share of their savings above that limit as part of the insolvency progress.

Depositors who are not covered by FSCS will like other creditors of Southsea be able to claim in the insolvency. Such creditors should contact the bank liquidator.

Those with mortgages and loans from Southsea should still make payments and service their debts in the usual way again if they have concerns they may contact the BDO.

In making this decision the FSA have determined that the conditions for initiating the SRR under the banking Act 2009v were met.

In applying to the court the Bank of England has acted under the powers conferred on it by the Banking act 2009 and having regard to the Code of Practice issued by H M Treasury.

This decision followed discussions with the FSA and H M Treasury and an evaluation of possible resolution options against the SRR objectives laid down in the Banking Act.

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Almost 66% of first time buyers believe they will not manage to get on the property ladder for the foreseeable future due to the continued low loan to value mortgages Leicester and high deposit requirements.

Almost half of the general public believe Britain is due to become a nation of property renters for future generations despite most non-homeowners eventually wanting to purchase their own home. The large deposit requirements is felt to be the biggest barrier in obtaining a first home for prospective buyers. Few are sacrificing to make the larger deposit when compared with those who have simply given up hope of obtaining the high savings mark.

Coupled with current pay freezes, redundancies and a lack of consumer morale in the financial services industry it looks set to continue this way for some time to come.

This means that the need for social housing will become greater causing more construction requirements and less assets for retirement in the future. The wealth gap between homeowners and renters is set to widen should the market continue as present.

There are still fears that the property market will come to a standstill due to the lack of first time buyers investing in the market. This however leaves property prices low enabling portfolio rich Landlords to purchase properties at a low price and sustain the higher rental yield due to the demand for properties to let which again in turn increases the wealth gap between homeowners and renters.