The construction sector is bracing itself for what looks like will be the first major industry to experience a double dip recession. This is based on the latest forecasted figures from the Construction Products Association. Experts within the CPA estimate residential, as well as commercial builds will continue to drop through the end of 2010, and into the first quarter of next year.

Loyalty, in and of itself, has become quite an advertisement tool for banks looking to benefit from their current customer base. Customers like to shop around, especially for an item that is as important as a mortgage. They typically don’t rely on their bank to offer the best deal on banking needs, aside from the routine savings or checking accounts.

Mortgage availability in the UK is on the rise for some, and not for others. There is a unique trend developing in housing mortgage availability. Recent data has demonstrated, those future homeowners providing a 20 per cent down payment has risen, while availability for those which have offered 40 per cent has dropped. This trend is illogical in that, home buyers providing more should have more opportunities to buy and not the opposite effect. Also, in recent months the best rates have been offered to those able to pay the largest down payments. But not now.

The demand for residential developments has hit a cold streak, adding to concerns that the recovery in the house building sector is losing momentum. The value of new orders fell 24 per cent between the first and second quarters of 2010, even though interest rates remain at very attractive levels.  Government funded house construction even fell 23 per cent.

The Nationwide building society has issued some more unfortunate news regarding the housing market. Prices dropped again last month by another 0.9 per cent. This is the third month in a row for a drop, resulting in the average price of a home dipping to 166,507 pounds. The Nationwide is using the term "stagnate" to describe what prices have done over the summer, with no relief in sight.

Remortgages are not as active as many would expect it to be and the reason is that homeowners don’t see any incentive to change to a different mortgage. Rates are low enough that those on a standard variable rate are happy with their situation at least until rates start to increase. Also many are finding it difficult to remortgage due to a lack of equity available in the home.