House Prices Becoming More Affordable

House Prices Becoming More Affordable

House Prices Becoming More Affordable

There was encouraging news for first time buyers as it was revealed house prices fell by 0.9 per cent in February.

That slight slump, which was announced by Halifax, cancelled out a rise in the previous month.

And year-on-year prices have now dropped by 2.8 per cent.

The average home in the UK now costs 162,657 compared with 200,000 just over three years ago.

And with the news that mortgage lenders are beginning to sell 90 per cent mortgages it appears there is light at the end of the tunnel for people desperate to get that first foot on the property ladder.

The slump in property values that followed previous recessions has not been so evident this time around and the more stable prices will encourage confidence in the market.

This is good news for buyers and sellers and ought to boost the number of mortgages approved.

Martin Ellis, housing economist at the Halifax, said: "Fewer properties have been coming onto the market in recent months.

"This trend, if sustained, should improve the balance between demand and supply and help to prevent a more significant fall in house prices."

Our expert, Max Erskine of remortgagenow.co, explained: "There was a 0.9 per cent rise in house prices in January.

"But this fall obviously offsets that rise and in the last quarter there was a 0.4 per cent drop in prices.

"This is good news for first time buyers as buying a home is becoming more affordable and lenders are just becoming that bit more relaxed when it comes to lending to first time buyers.

"And the news is not too doom and gloom for current home owners as the trend is showing that although house prices will fall, they will fall modestly."

Why not visit us at remortgage now and find out the lastest news on the mortgage market in the UK. We also offer expert mortgage advice. Mortgage advice offered is free and should you decide to make a mortgage application with us then you will find we offer a fast and friendly service. Visit us now at www.remortgagenow.co read the latest news and get hassle free mortgage advice.

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