House price inflation hits 10.5%, says the Nationwide

The Nationwide building society has reported that house prices increased by 1% during the month of April, with the cost of the average home now being £167,802. According to the building society this increase means that UK house prices have risen by 10.5% in the year to the end of April.

The following link provides a full summary of the Nationwide's latest house price figures:

http://news.bbc.co.uk/1/hi/business/10090047.stm

Chamber of Commerce Golf Outing.

Tuesday saw the first of this year's Edinburgh Chamber of Commerce Golf Club outings which was held at Dunbar Golf Course. All those that participated had a great day and found the course to be in excellent condition considering the damage that had been caused by the recent storms. The winner of the days outing was our very own Chris Laidlaw.


Our last Investor Newsletter offered the opportunity for our clients to join us for a game of golf on one of the Chamber outings. So, if you'd like the chance to test your skills at some of the best courses that Scotland has to offer, please email steve@cullenproperty.com giving your first second and third choices from the following table:

Events are organised by the Edinburgh Chamber of Commerce Golf Club so you will need to be a member at a recognised club and have a handicap of 18 or less. The round is followed by a meal and prize giving and is a thoroughly enjoyable day out so we hope you'll be able to join us on the first tee in 2010!

Please note: we only have two guest invitations available per event and will unfortunately have to apply a "first come, first served" policy.

UK interest rates remain on hold.

Yesterday the Bank of England's Monetary Policy Committee (MPC) announced that interest rates were to remain at a record low of 0.5% for a fourteenth consecutive month.

It is likely that as a result of this descision, mortgage rates will remain as they are and we will continue to see buy to let rates of between 4.5% to 6% with a minimum deposit of 30% being required.

This week also saw the Halifax Building Society announce that the average house price in the UK has risen by 1.1% for the month of March. Martin Ellis, economist for the Halifax said: "An increase in the number of properties available for sale is begining to reduce the imbalance between supply and demand. This should help to contain the upward pressure on house prices."

We have seen first hand an increase of properties being offered for sale within the Edinburgh market. As a result we are seeing an increase in properties that are offering a good investment oppotunity.

To read more regarding the outcome of the MPC's meeting, the link to the following BBC article provides an overview: http://news.bbc.co.uk/1/hi/business/8609259.stm

The minutes from the Bank of England's Monetary Policy Committee meeting held on the 7th & 8th of April will be available as of the 21st of April and can be viewed by using the following link: http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2010/index.htm