Housing slowdown: Consumers are tightening their belts in the face of cooling house prices, shunning spending in favour of reducing their debts, according to research. Nationwide Building Society said the effects of the five interest rate rises in the ten months to August last year were still being felt. This, coupled with the slowdown in the housing market, had left people feeling more cautious. The study followed Halifax reporting a 0.6 per cent fall in house prices last month, with annual house price inflation running at 5.7 per cent. Nationwide said it was 90 per cent certain that interest rates would remain on hold this month.
Property investment: The UK's largest quoted residential property investor has splashed out £5.15m to increase its portfolio. Grainger Trust, based in Newcastle, has bought 159 legal charges from the Nationwide Building Society.
The charges are held over retirement flats built in the 1980s, throughout the UK. They give Grainger a retained equity share in each flat, which is redeemed either at a fixed expiry date, or when the flat is sold.
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