Thursday, Apr 16, 2009
Carry on ramping
Express: Housing slump nears end
THE housing slump is coming to an end as record low interest rates, bargain prices and more readily available mortgages tempt buyers, experts believe.Economists say a hat-trick of measures are driving house price recovery.
Repeated cuts by the Bank of England have seen the base rate drop to 0.5%, pushing mortgage rates to their lowest level in five-and-a-half years.
Secondly, house prices have fallen by an average of 20% since their peak in 2007, making homes a lot more affordable.
And, finally, there has been a gradual loosening of the purse strings by lenders.
Stuart Law, chief executive of property investment company Assetz, said: “All indicators now suggest that we are closing in on the bottom for house prices."
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7 Comments
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1. mark wadsworth said...
"Have Your Say is unavailable for this story"
That says it all, doesn't it? It's the internet equivalent of sticking your fingers in your ears, shutting your eyes and humming loudly.
2. Natasha's Dad said...
Is this the same Daily Express that in the Spring of 2007 told us that by 2010 the average mortgage will be 10* salary.
What acttion can we take if the hosuing slump is not 'nearing the end'
3. uncle tom said...
When the Express says something, then its officially not true..:)
4. Davros said...
Print what they like, it won't make it happen.
5. pelethar said...
Surveyors' attitudes will be crucial in the coming year. Some vendors will start to ramp up their prices (or at least will continue to deny the reality of the fall that's already happened). Some people will have been taken in by the positive spin we've seen over the last few months, and banks are slowly but surely releasing credit into the marketplace. Much will depend on surveyors' valuations IMO.
6. general congreve said...
Pelethar @3 - Valuations could play a big part, all things being equal, but I don't think the underlying fundamentals of the world economy and global finance are within the sphere of control of surveyors, I think the unfolding financial tsunami will have a bigger effect on prices IMO.
7. Alaninstockport said...
I think the market is being spun and ramped up with low interest rates and positive spin at every opportunity to try and save Uncle Gordon's neck at the forthcoming election. After the inevitable and with Lord Snooty aka Dave Cameron ensconced in No. 10 interest rates and taxes will be hiked to stave off the IMF who will be knocking at the door and the houseprice carsh will continue apace. We are firmly in the denial phase of this depression and reality has yet to kick in.