House Prices Drop Again
For the 10th time in a month during July alone, housing prices have dropped again, this time claims have been made that the housing market is about to bounce back and be stronger than ever.
In the past 4 weeks homes in England and Wales have lost value of up to 1.2% on the property, with the slump in the last year averaged at 4.4%. This has been sighted as the fastest decline in housing prices ever recorded, with the average home now costing $168,500, which is the same as October of 2006.
However, the National Housing Association have predicted that over the next 5 years prices will rise again by 25%.
The number of people registering with estate agents according to Hometrack has fallen by 6.4%, which has followed a drop in June of 5.7% and one in May of 6.7%. At the same time as the fall in people looking to buy, properties on the market rose by 1.1%, while the average time that it takes to sell increased, again, to a further 11 weeks and those selling are looking at getting an average of 90.9% of the asking.
Research by the National Housing Federation has claimed that the current market downturn will be over by 2010 and that by 2013 the average cost of a home in England will cost £274,700.
In the meantime the NHF have predicted more decreases in housing prices by a further 2.1% in 2009 and then 2010 will see the turn around.
The demand for housing has not changed, but the supply has and so with this in mind it is worth pursuing all of the options. Click n go Mortgages offer a range of products including shared ownership mortgages and self cert mortgages, so whatever your situation we can find the right mortgage for you.
