Friday, Oct 02, 2009

Oo-er (3)

Mortgagestrategy: House prices back to 2008 levels (part 2)

David Smith, senior partner at property consultancy Carter Jonas, thinks now is the ideal time for home owners to sell up. "We are in the eye of the storm, at present. "House prices are rising, due to a combination of low supply and more positive news generally emerging from the economy, and yes we are almost certainly past the worst, but we have to expect more turbulence ahead, specifically as a result of rising unemployment and interest rates. "This toxic combination will bring more property onto the market as people struggle to meet their repayments, which will apply downward pressure on prices and potentially reverse the recent trend, at least for a time. "As a result, we are saying to anyone wishing to sell in the near future that now is the best time to do so."

Posted by jack c @ 01:49 PM (2261 views)
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2 Comments

1. jack c said...

Micheal White, chief executive of Email Mortgages, said the 0.9% increase in average UK house prices maintains Nationwide's ‘Summer bounce' which saw small monthly increases during Q2 and Q3. He added: "One must expect that the recent house price increases, if they are to be maintained at all, will only be in very small increments and this will be the pattern for the foreseeable future."

White added that the real issue for the UK housing market continues to be the low level of mortgage lending by the banks.

He said: "Our view is that lenders will continue their risk-averse nature for the foreseeable future leaving first-timers still needing substantial deposits to get any kind of mortgage, let alone a vaguely competitive one."

Full story @ http://www.mortgagesolutions-online.com/mortgage-solutions/news/1557159/house-prices-rise-fifth-consecutive-nationwide#

Friday, October 2, 2009 01:56PM Report Comment
 

2. mark wadsworth said...

I was sorely tempted to post the re-hash of the press release as it appeared in The Metro with the heading "Oo-er (3)" ;)

Friday, October 2, 2009 03:06PM Report Comment
 

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