House prices down by 5.3 per cent
According to the house price index from Hometrack, house prices have fallen 5.3 per cent this year.
Richard Donnell is Hometrack’s Director of Research and he commented; “When the market turns it can take as long as 24 to 36 months for prices to reach realistic levels and we are now well into this process.”
We may well start to see a moderation in the rate of monthly price falls, however, with ever growing uncertainty among households over the broader economic outlook the current re-pricing of housing still has some way to run.”
“While demand remains weak with continued falls in new buyer registrations over August, a small but growing proportion of agents are reporting some improved signs of buyer interest on the back of lower prices and a modest reduction in the cost of mortgages.”
“This trend could well become more evident over the autumn as we continue to move towards more realistic levels of pricing.”
This is further evidence that homeowners are prepared to ‘ride out’ the affects of the credit crunch on the UK housing market. Low levels of property on the market combined with reduced prices must mean fewer people are consider moving home. Although on the other hand perhaps prices might get cheaper still, so are we all holding back to see if we can bag a bargain in 2009?
New VA 100% Cash Out Refinacing
Veterans' Benefits Improvement Act allows for 100% Cash Out Refi
http://www.va100refi.com
September 1st, 2008 at 1:35 pm
According to “Your Right Move” they claim UK Mortgage Approvals Record Low in July!
Mortgage lenders approvals slumped to a record low in July as the “Credit Crunch” bit harder than ever. Mortgage approvals sank to 33,000, the lowest reading since the series began in April 1993, from a downwardly revised 35,000 in June.
Yet net consumer lending came in stronger than expected, with over 4.3 billion in July from 4.0 billion in June.
Article : http://blog.yourrightmove.co.uk/2008/09/uk-mortgage-approvals-record-low-in.html