The Royal Institution of Chartered Surveyors have announced that house prices in the UK have started to fall for the first time since July 2009.

The Royal Institution of Chartered Surveyors said that there was an increase in homes being put up for sale, with interest form new buyers dwindling.  Despite the drop in house prices making homes in the UK more affordable, many buyers are struggling to get accepted for mortgages due to stricter lending criteria that has been brought in by banks

Recent surveys from both the Nationwide and the Halifax have shown that house prices have been cooling off recently.  New property coming onto the market in the UK has increased at its fastest pace since May 2007, which has left many surveyors braced for further decreases.

The government’s house price index has also confirmed that house prices in the UK have started to drop recently.

Some surveyors and valuers have gone on record as saying that they had been astounded by the ferocity of the downturn in the market since the government’s emergency budget in June.

One firm said: “The market is the worst it has ever been. The government’s determination to balance the books has undermined confidence,”

On top of this, some surveyors have warned that their might be more repossessions in the months to come as many struggle to pay for their current mortgages.

In the 12 months, figures show that nearly all parts of the United Kingdom have seen house prices increase.  The only area that did not increase is Northern Ireland.  House prices in Northern Ireland have fallen by 8% on average over the last year.

The rise in house prices over the last year has been largely due to a shortage of homes being put on the market, but with more homes now going up, the market does not have that issue.

The talk surrounding public spending cuts is also unsettling consumers and they are concentrating on essentials rather than purchasing new homes.  The government aims to cut spending which will put thousands of public sector jobs at risk.  With these expected job cuts, buying a house is the last thing on many peoples mind.

It is expected that the decrease in UK House prices will continue over the next 6 – 9 months at least.

Not so long ago getting approved for credit card in the UK was a piece of cake.  Even for people with bad credit there were quite a few options available.

UK credit card providers have tightened their lending criteria and are now focused on good quality customers with immaculate credit ratings and secure jobs.

As credit ratings in the UK start to deteriorate many people are being rejected for credit cards or being offered less than competitive APR’s

The first thing you should do before applying for a credit card is to check your credit history with the credit reference agencies.  Credit reference agencies are companies which compile information including electoral roll status, county court judgement history and information from financial institutions.

These credit reference agencies sell this information to lenders in the form of credit reports which help the lenders work out whether to accept a persons application for credit.  The main credit reference agencies in the UK are Equifax and Experian.  You should check your fie to make sure all the information they hold on you is accurate and up to date.

The mist important part of your credit report is your credit history. The credit history details on these reports are very thorough with information listed such as all your credit card accounts, the date they were opened and the credit limit.  These companies also keep a record of any payments you have missed in the last six years.

If you want to increase your chance of being approved for a credit card you should ensure that you are on the electoral roll.  Being on the electoral roll shows lenders that you live in the address that you are applying under for credit.

The 0% balance transfer deals are still on offer if you shop around. If you are interested in one of these cards you should insure that your credit rating is well maintained as banks will usually offer these deals to the customers with a good credit rating.

If your credit rating is not good you will find it extremely hard to get accepted for a new credit card that offers a decent rate.

The current credit card market in the UK is designed to entice new customers in the form of 0% introductory offers and rewards, although even if you are lucky enough to be offered a 0% balance deal, your credit limit on the new card may not be enough to cover the entire balance transfer.

You may, for example, have an outstanding balance of £6,000 but only be authorised to transfer £3,000

You should remember that no lender in the UK is obliged to provide anyone with credit.  However, you can ask a lender to reconsider your application if you believe you have further information that may benefit your case.

Companies such as Virgin, Natwest and Barclaycard are all currently offering 0% credit card deals to UK customers and if your credit rating is good, you should definitely consider taking advantage of these deals and make them work in your favour.

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